Industry experts are of the opinion that incessant building demolition is, directly and indirectly, discouraging real estate investment in the country. DAYO AYEYEMI reports.
HOUSING experts have expressed worry over the incessant demolition of property in Nigeria, saying such action is discouraging real estate investment in the country.
The experts’ worry is not unconnected with the spate of demolitions of property in Lagos and Abuja in the past weeks.
Recall that many Nigerians lost their property and project sites to the ongoing construction of the 700-kilometre Lagos-Calabar Coastal Highway in Lagos, while some lost theirs’ to demolition that took place in SabonLugbe, Abuja.
Expressing worry over the situation, the President, Real Estate Developers Association of Nigeria (REDAN), Mr. AkintoyeAdeoye, raised the alarm that demolition of houses was scaring investors from investing in Nigerian real estate.
Besides, he said the destruction of property had caused hardship to members of his association and Nigerians.
Adeoye pointed out that the ongoing destruction of project sites and investments across Lagos had already forced many developers to seek opportunities in other states.
“The government must ensure that fairness and transparency prevail as the demolition has significant economic and social impacts on the people,” he said.
He called on the Federal Government to pay fair compensation to the affected members or persons.
Adeoye also pleaded with the Lagos State Government to work with the federal government on how adequate compensation could be paid to affected property owners.
“Such compensation should be paid promptly,” he said.
Also, REDAN Vice President, South West Zone, Dr. Kunle Adeyemi; Chairperson, Contact and Alliance Committee, Dr Ololade Abuta; Chairman, Lagos Chapter of REDAN and Tony Kolawole Aspire, expressed deep concerns about the manner in which houses were demolished, calling for the observance of Nigerians’ constitutional rights.
Redan as an association stands firmly with property owners including our affected and we are calling for immediate observer of Nigeria citizen questioner vice with full respect for due process and the rule of law,” Adeoye said.
Adeoye said that the video circulating on social media showing the Minister of Works, Engr. David Umahi, instructing security personnel to eject a woman protesting against demolition of her property without due compensation was deeply troubling.
This incident, he said highlighted the urgent need for the minister of work to ensure that all procedures as stipulated by the constitution of federal government of Nigeria are followed before any property is demolished.
“Redan stresses that the government should be governed by law rather than individual discretion; any action that disregards the rights of citizens sets a major that others might.
“As we have seen in recent times, these unfair demolitions are causing hardship for those affected and threatening the livelihoods of many Nigerians including our members,” he said.
While urging the government to adopt more inclusive approaches, he said, “Investment in Nigeria by Nigerians is the best investment.”
“So we REDAN Nigeria and REDAN Lagos are pleading with our government to still work with the federal government on how compensation can be adequately paid.
“We are pleading with the Lagos State Governor Babajide Sanwo-Olu to see what he can do as a father because lot of investors’ money is being destroyed every day. Their investments are being destroyed. What we hear every day is that they don’t even want to invest in Lagos anymore.”
“In every meeting that we have been holding, even those that want to buy property from us as real estate developers, they don’t want to put down their money. They are looking at what is happening, saying we can take our money elsewhere.
“People from the south-east are saying they want to take their money back to the east and we are still seeing Lagos State as the best place to invest.
“We are begging the governor with the federal government to come together and listen to REDAN. We don’t want all that is happening anymore. It is scary and we have to come out to say the truth to ourselves. Both the federal government and the governor should make Lagos a safe place,” the REDAN president said.
He urged government to adopt dialogue by calling for negotiation rather than embracing forceful ejection.
“The best is call for dialogue, call for negotiation, and if that person is rightfully a squatter, what we are saying is that squatters still have rights all over the world.
“You give them notice and there are legal ways to get squatters out of the perceived land, but then it is not a criminal act to be on a land. If you have paid to one person or the other until it is proven, it is not a criminal act, and it should not be treated as a criminal act,” he said.
Also, Lagos-based estate surveyor and valuer, Mr Femi Oyedele, stressed that the incessant demolition of houses in Abuja and Lagos was discouraging real estate investment in Nigeria.
“Nigeria is now number six in the real estate investment index from number three which it used to be,” he said
To encourage investors at this particular period, he warned that demolition of houses must be stopped and due process must be followed before demolition.
To stop these demolitions, he urged the government to adopt rule of law and punish the senior civil servants that encourage illegal development of property by developers.
“It is a factor of corruption. If we can reduce the corruption level in this country and practise integrity, investors’ confidence in real estate sector will improve,” Oyedele said.
READ ALSO: Ways to avoid losing money on bad real estate deals —Awolaja
