30,000 Edo residents got C of O – Obaseki

Edo State Governor, Godwin Obaseki, has disclosed that his administration has issued no fewer than 30,000 Certificates of Occupancy to eligible homeowners and investors to boost real estate investment in the state.

The governor disclosed this at the inauguration of the Nigerian Institution of Estate Surveyors and Valuers headquarters in Abuja recently.

He mentioned that about 2,000 C of Os were issued before his tenure as governor of the state, highlighting the need for the institution to tackle profession-related challenges like building collapses and real estate scams.

He stated that the country was contending with several issues in the built environment, including the high cost of building materials, building collapses, real estate scams, among others.

The governor called on professional bodies to maintain the highest standards and principles.

Obaseki stated, “When we came on board, only 2,000 CofO were issued to residents, but today we have approved over 30,000 certificates. The initiative has opened up the space so that people can easily acquire the certificate in 60 days to access capital for development.

“In Nigeria today, we must contend with numerous issues in the built environment, such as quackery, building collapses, and real estate scams, among others. This calls into question the purpose of professional bodies and challenges their standards of existence.

“Amid these challenges, it is reassuring that this institution has held steadfast to its mandate of raising professional standards and ensuring its members offer nothing but the best services within the field’s value chain.”

He disclosed plans to implement the 30-year Edo Regional Development and Benin City Master Plans to provide direction and pathways for development for the next 30 years.

“We are currently working on the development of the 30-year Edo Regional Development and Benin City Master Plans, which are documents that would provide direction and pathways for development for the next 30 years.

“In times like this, some clients may seek to compromise on quality and ethics. However, I trust that you are well-versed in your practice to guide them right, especially considering the dangers of compromising on materials and standards in constructing public and private projects.

“This implies that your coverage area profoundly impacts the larger economy, and the responsibility on your members is enormous as we navigate these troubling times, considering the foreign exchange crisis and its impact on valuation and assets within the country,” Obaseki remarked.

He emphasised the critical position NIESV holds in the economy due to its wide spectrum of influence, including areas like plant and equipment valuation, project finance and management, land and building valuation, facilities and infrastructure management, real estate consulting, environmental valuation, and business assets and intellectual property valuation.

Earlier in his opening speech, the NIESV President, Johnbull Amayaevbo, highlighted the institution’s commitment to the country’s development and its role in the built sector.

“NIESV’s role in the built sector and national development cannot be overstated. In laying the parameters for professional and ethical conduct, healthy competition, and continuous professional development, NIESV has helped guide the evolution of a real estate industry that has grown to become the envy of the continent,” Amayaevbo stated.