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Inspection Fee and Its Negative Impacts on Real Estate Transactions,

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Inspection Fee and Its Negative Impacts on Real Estate Transactions,

By Oluwakayode Abe

The profession of Estate Management and Valuation faces significant challenges due to the prevalence of unqualified individuals operating as quacks on a daily basis. The lack of awareness about the role and importance of an Estate Surveyor, along with the advantages of dealing with them, has had detrimental effects on various stakeholders in the Real Estate sector.
An Estate Surveyor is a qualified professional who has undergone formal education in “Estate Management” from an accredited institution. They have obtained certification from reputable organizations like the Nigerian Institution of Estate Surveyors and Valuers (NIESV) and been elected by the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) to practice in the field of Estate Management and Valuation. Despite the importance of their expertise, many Nigerians remain unfamiliar with their roles and qualifications.
This lack of awareness has allowed unscrupulous individuals to exploit unsuspecting individuals by posing as Estate Agents. These self-proclaimed agents can be found on the streets, ready to take advantage of those seeking real estate services. They lack the necessary qualifications, knowledge, and professionalism required in the industry.
These quacks typically charge exorbitant fees, often as high as N5,000, for property inspections, even for properties that have already been rented. To maximize their profits, they may take multiple people to the same property in a single day, disregarding the needs and interests of their clients.
Their unprofessional conduct is another cause for concern. They often exhibit rudeness and a lack of respect towards potential tenants, tarnishing the reputation of legitimate Estate agents and eroding public trust in the industry.
Apart from the financial implications for individuals, these quacks also lack an understanding of the legal aspects of their work. This ignorance leads to poorly drafted tenancy agreements and legal disputes between tenants and landlords, causing unnecessary stress and inconvenience.
Moreover, the impact of these quacks is not limited to individuals alone. The Nigerian government suffers revenue losses in terms of property tax due to their involvement in the real estate sector. The presence of unlicensed agents reduces the government’s ability to collect taxes from unreported rental income.

READ ALSO: https://dailypost.ng/2023/08/02/niger-tribunal-set-to-give-ruling-on-17-petitions-445-exhibits/
To address this pressing issue, several measures need to be taken. Public awareness campaigns are essential to educate the public about the risks of dealing with unlicensed agents and the benefits of engaging registered and qualified Estate Surveyors and Valuers. Empowering consumers with knowledge on how to verify an agent’s credentials will help them make informed decisions and avoid falling victim to fraud.
Collaboration between the government, real estate industry, and consumer protection organizations through public-private partnerships can also make a significant impact. By pooling resources and expertise, stakeholders can develop comprehensive strategies to combat the presence of quacks and protect the interests of the public.
Additionally, governments should enforce strict regulations in the real estate sector, ensuring that only licensed professionals are allowed to operate. Implementing minimum qualifications, conducting background checks, and regular audits of real estate agents and agencies can help maintain the integrity and professionalism of the industry.
By taking these proactive measures, the real estate industry can effectively curb the spread of quacks, foster transparency, and build trust among all stakeholders, ultimately ensuring a safer and more reliable real estate market for everyone involved.
Oluwakayode Abe contributed this article through abeoluwakayode99@gmail.com

Inspection Fee and Its Negative Impacts on Real Estate Transactions,

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Zulum goes tough, Inaugurates committee to curb the menace of anti-social vices

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Zulum goes tough, Inaugurates committee to curb the menace of anti-social vices

By: Our Reporter

Borno State Governor, Babagana Umara Zulum, on Tuesday inaugurated a committee to combat the rising cases of social vices in Maiduguri, the capital city of the state. The committee will address issues such as drug abuse, youth restiveness and all other forms of violence.

The Governor emphasised the urgency of the situation, citing alarming instances that indicate a significant increase in criminal activities linked to social instability. “The increasing cases of criminality in the state, such as thuggery, theft, and armed robbery, among others, are a matter of great concern to the public, not only in Maiduguri Metropolis but also in Borno State in general.”

“Prostitution and gangsterism are increasing daily; It is sad to note that a few days ago some were even killed behind the UMTH; in fact, it has now become the order of the day. Many places in Maiduguri are littered with hoodlums.

“In addition to this, political thuggery must be curtailed; it constitutes a lot of public disturbances. Enough now, we must take decisive action,” Zulum stated.

The committee, which comprises community leaders and law enforcement officials, including military and police, is expected to conduct extensive outreach programmes aimed at educating the public about the dangers of social vices and prosecuting those found wanting according to the law.

The Governor, however, cautioned that if allowed to continue, criminal activities can lead to insurgency, further deteriorating the fragile security situation in Borno.

Speaking on behalf of the committee members, the Chairman, Barrister Hauwa Abubakar, who is the state ‘s Attorney General and Commissioner for Justice expressed gratitude to the Governor while assuring that they would work up to expectations.

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Financial Inclusion: FG Moves To Fast Track Cash Transfers To 15m Households

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Financial Inclusion: FG Moves To Fast Track Cash Transfers To 15m Households

By: Our Reporter

The Federal Government has commenced the implementation phase of its economic and financial inclusion strategy aimed at improving access to economic opportunities for Nigerians.

To this end, the government has established an inter-agency task force to address challenges delaying President Bola Ahmed Tinubu’s approved conditional cash transfers to 15 million vulnerable households.

Speaking at the inaugural meeting of the Technical Committee of the Presidential Committee on Economic and Financial Inclusion (PreCEFI), Deputy Chief of Staff to the President (Office of the Vice President), Senator Ibrahim Hassan Hadejia, explained that the meeting brought together high-level stakeholders from government agencies, financial institutions, and academia to align on the President’s vision and execution roadmap.

“We are off to a very good start. What has led to the success of what we’ve done so far is alignment and inclusive stakeholder engagement. Financial inclusion is not just about having a bank account—it means access to quality services, credit, and the visibility that digital platforms offer,” he said.

Senator Hadejia cited recent discussions that were had at the World Bank Spring Meetings, noting that “the whole conversation was about India and what it has been able to achieve in lifting its population out of extreme poverty through financial inclusion.”

Earlier, the committee’s Secretary, Dr. Nurudeen Abubakar Zauro, who also serves as the Technical Advisor to the President on Financial Inclusion, said the meeting also approved PreCEFI’s strategic roadmap and governance structure.

“An inter-agency committee has been established to address delays in the disbursement of conditional cash transfers to 15 million households as mandated by President Tinubu,” Dr. Zauro said..

The inter-agency task force includes the National Identity Management Commission (NIMC), National Social Safety-Nets Coordinating Office (NASSCO), National Cash Transfer Office (NCTO), Central Bank of Nigeria (CBN), and the Nigeria Inter-Bank Settlement System (NIBSS). Their goal is to unlock bottlenecks and fast-track the distribution of critical financial support to Nigeria’s most vulnerable.

The meeting also endorsed steps to work with state governments in localising data from the EFInA Access to Financial Services survey – a biennial study conducted by the Enhancing Financial Innovation and Access (EFInA) in Nigeria.

“We will be presenting the report to the National Economic Council and the Nigerian Governors Forum to ensure data is domesticated and acted upon at the subnational level,” Dr. Zauro said.

Also, Director-General of NIMC, Engr. Abisoye Coker-Odusote, explained that digital identity plays a foundational role in achieving inclusion goals.

“The beauty of the NIN is that it bridges the financial divide. It provides access to health, education, and agricultural services and strengthens national data infrastructure,” she said.

On her part, Director of Consumer Protection and Financial Inclusion at the CBN, Dr. Aisha A. Isa-Olatinwo, urged the committee to focus on implementable outcomes that serve those at the base of the pyramid, adding that “Financial inclusion is one of the eight reform pillars of the President’s agenda.”

Dean of the Lagos Business School, Professor Olayinka David-West, said the meeting was solution-oriented.

“We identified key challenges impacting the achievement of the President’s Renewed Hope Agenda and how we would use our collective wisdom to solve the problems,” she said, adding that “economic and financial inclusion is every Nigerian’s problem.”

Other members of the committee present at the meeting included the National Information Technology Development Agency (NITDA), the Nigerian Governors’ Forum (NGF), the National Cash Transfer Office (NCTO), the Nigerian Communications Commission (NCC), the Federal Competition and Consumer Protection Commission (FCCPC), the Bank of Industry (BOI), Gates Foundation, Ahmadu Bello University, Zaria (ABU Zaria), the Egbaraden Traditional Council, IQS Africa, and Google.

Financial Inclusion: FG Moves To Fast Track Cash Transfers To 15m Households

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EXCLUSIVE: COAS relocates to maiduguri to rejig counter-terrorism operations

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EXCLUSIVE: COAS relocates to maiduguri to rejig counter-terrorism operations

By: Zagazola Makama

The Chief of Army Staff (COAS), Lt.-Gen. Olufemi Olufemi, has relocated to Maiduguri, Borno State, along with his strategic commanders as part of renewed efforts to rejig and restrategise counter-terrorism operations in the North East.

Zagazola Makama report that the relocation comes amid heightened operational activities against remnants of Boko Haram and ISWAP terrorists operating in the Lake Chad Basin and Sambisa forest axis.

Lt.-Gen. Olufemi Oluyode, who has spent the past three days in the frontline, is leading a high powered team of senior military officers to conduct on-the-ground assessments and tactical reviews of ongoing operations under Operation Hadin Kai.

A top military source disclosed that Army Chief is also using the visit to interact with commanders, frontline troops, Theartre Commander and members of the military high command to enhance synergy and coordination in the fight against insurgency.

“The COAS is fully on ground. His presence in the theatre is to drive home the urgency of operational recalibration and to ensure our troops are adequately supported in all aspects,” the source said.

Lt.-Gen. Oluyode has also held closed-door sessions with field commanders, intelligence units, and other components of the Joint Task Force to fine tune approaches toward dismantling remaining terrorist strongholds.

His visit is expected to further boost the morale of troops and reassure residents of sustained efforts by the Nigerian Army to restore peace and stability across the region.
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