Professionals advocate jail terms for quacks, pseudo-practitioners in real estate

Professionals in the real estate sector who are aggrieved by the unwholesome activities of people they describe as quacks and pseudo-practitioners have advocated proper sanctions, including jail terms, for such people.

The professionals, who spoke at a Brokers Engagement for One Ocean and Blossom Condominium, an ongoing luxury residential project in Lagos, reasoned that such action would send a red signal not only to the market, but also to the industry as a whole.

“Let people be jailed, not for just three years, but probably 10 years without option of fine and that will send a signal to the markets and the industry. By doing so, people will begin to curtail all kinds of malpractices and unholy alliances,” Adeniji Adele, President, FIABCI-Africa and Near East Region, fumed.

“If you are an estate surveyor, an architect or any other professional in the built industry, you must be accountable to your clients. And you need to be very transparent in anything you do,” Adeniji said.

He explained that, “when the chips are down, clients are likely to go and report you to a professional body and you may lose your license. So, most of the people you see outside might not be brokers, they are quacks because they are not trained and registered.”

Adeniji lamented the lack of proper training among brokers which, he said, has contributed to lack of professionalism in the sector

“I think it has to do with trainers and regulatory authorities, who have the responsibility of controlling the brokers because if I belong to an association, I have a minimum requirement in terms of standard, ethics, and procedure.

I cannot just do anything otherwise there will be sanctions against me. So, most of the so-called brokers in Nigeria are not properly trained and the idea of being transparent is not in their dictionary,” he said.

Adeniji noted that CEPSTAR7 and a group of developers teamed up to launch the ultra luxury apartment called One Ocean and Blossom Condominiums, pointing out that the construction is a unique one in terms of the structure, amenities and facilities that are being provided

“If you look at the height of that building, and you look at the grid architecture, in terms of the design, it’s so unique; you can’t compare it with any property in Lagos; probably in Nigeria,” he said.

The project, according to the partners, consists of 43 units including two-bedrooms, three-bedrooms and four-bedrooms, all en-suite with penthouses. It is located in Lekki Peninsula Oceanfront at Okunde, Blue Water tourism zone, Lagos.

The edifice, which is off the Lagos-Calabar coastal road, will offer amenities and sustainable features such as stable power supply, motion sensitivity, smart homes, carbon emission sensor, among others.

The project, which has less than two years delivery timeline, will be completed by early 2026.

Akin Opatola, FIABCI-Nigeria president, stated that every single apartment in the luxury project will have a view of the ocean, noting that it will be superb and unrivaled.

“We are about 65 per cent complete now; in the next one month, we are going to be picking up the imported items from the ports. So, gradually, we are going to start the finishing. By January, I’m sure a show flat will be ready and we’ll be able to show people exactly what a finished unit will look like,” he said.

Opatola revealed that there are huge opportunities in the real estate industry, pointing out, however, that inflation is a major challenge.

Rei Obaigbo, a certified international property specialist, who is the project secretary, added that Cappa and D’Alberto,a renowned construction firm, is in charge of the project proposed to last up to 100 years.