According to the Nigerian Institute of Estate Surveyors and Valuers (NIESV), over 80% of Nigerian lands lack certificates of occupancy and cannot be used for financial transactions.
They went on to say that the country’s constant occurrences of collapsed structures were due to the non-engagement of key specialists in the construction business.
Emmanuel Wike, the President and Chairman of the Council of NIESV, said this to journalists on Wednesday at the institute’s first Valuation Day, which was themed “unlocking the nation’s wealth via valuation.”
According to the NIESV president, most of Nigeria’s lands are “dead capital,” meaning they can’t be used for anything since they lack title Certificates Of Occupancy.
He said, “It is only in Nigeria that we have 80percent of lands not titled with C of O and cannot be used for any financial transaction and until we unlock the potentials of our lands, it will be very difficult for us to use.”
Wike believes that a strong partnership between the NIESV, other professionals in the construction business, and the federal government regulator will put an end to building collapses across the country.
According to him, the building sector has around eight professional bodies. “When a building collapses, it signifies that some of the resources employed in that particular construction have vanished,” he explained.
“So, you need an estate surveyor and valuer to actually come to carry out the valuation of the development’ that the investor has carried out.”
Wike went on to say that the valuation day will be marked with free valuation services for Nigerians who could not pay estate surveyors and valuers.
“So, people should be able to consult professionals from the design to the construction and to the use of that particular structure. Our advice is that both the professionals and the regulatory body of the government should work together for the benefit of society.
“This will reduce it (building collapse) because as professionals we will ensure that round pegs are put in round holes.”