By; PETER NOSAKHARE, Kaduna
Nigerian Institute of Estate Surveyors and Valuers (NIESV), has said over 80 per cent of lands in Nigeria do not have certificates of occupancy and cannot be used for any form of financial transaction.
They added that incessant cases of collapsed buildings in the country was a result of the non-engagement of core professionals in the building industry.
The President and Chairman of the Council of NIESV, Emmanuel Wike, said this while speaking to journalists at the institute’s maiden Valuation Day themed, ‘unlocking the nation’s wealth through valuation’ in Port Harcourt, Rivers State on Wednesday.
According to the NIESV president, most of the lands in Nigeria are dead capital, as they cannot be used for anything since they do not have title documents, which is 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 stated that a robust collaboration between the NIESV, other professionals in the built industry, and the Federal Government regulator would put an end to building collapses in the nation.
According to him, there are over eight professional bodies in the built industry. He said, “When you have a building collapse, it means that some of the resources used for that particular construction.
“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.”