Wednesday December 6th, 2023 was a significant day for Estate Surveyors and Valuers in Lagos state. It is a day of additional learning as the Lagos branch of the Nigerian Institution of Estate Surveyors and Valuers held its 2023 Mandatory Continuous Professional Development (MCPD) program for members at the NECA Building in Alausa, Ikeja Central Business District of Lagos state.
The event which was attended by members, industry leaders and experts in the real estate industry is the first under the present executive of the institution led by ESV Gbenga Ismail, FNIVS, Chairman of the NIESV Lagos Branch. The program is a 3 credit awarding course creating an avenue for members to learn, unlearn and relearn.
This year’s MCPD programme was a day event centred around the theme: “Opportunities and Challenges in Joint Venture and Development Lease” while experts in the built industry were invited to come discuss the critical aspects of the theme.
ESV Godspower Omozusi, Principal Partner, GP Omozusi & Co., Chairman of the Branch 2023 MCPD program, opened the event with his welcome address. He promised the participants a robust session after the opening prayer by ESV Bashir Raheem. ESV Gbenga Ismail, FNIVS, Chairman of the NIESV Lagos Branch, welcomed the participants and assured them of an interactive session with immense benefits for everyone. The Chairman of the day, ESV. Offiong Samuel Ukpong, promised an interactive session with all the facilitators and highlighted the positive impact of the seminar on attendees.
The first speaker, Mr. Akintola Oladejo, Chief Executive Officer of Prestigious Homes, discussed the opportunities and challenges in joint ventures and development leases. He emphasised the significance of real estate development for Nigeria’s economic growth and the challenges faced by developers, such as lack of access to finance, high land acquisition costs, and inadequate infrastructure. He opined that if practised well, joint venture can provide a lasting solution to the many challenges faced by developers.
Oladejo delved into property development joint ventures, describing them as innovative solutions to development challenges. He stressed the importance of clear joint venture agreements, careful planning, and effective management for successful projects.
Mr. Ayoolanrewaju Kuyebi, CEO of GMH Luxury Limited, addressed “Issues Relating to Financing, Sharing Ratio and Premium in Joint Ventures.” He emphasized the role of Special Purpose Vehicles (SPV) and the importance of obtaining financing for successful development. He shared strategies for success, including due diligence and transparent agreements.
Engr. Kayode Olorunfemi, the CEO of Caih Resources Limited, discussed Strategies for off-plan joint ventures, with a focus on factors such as location, value, and disciplined project management. He highlighted the benefits of off-plan sales, including capital appreciation and wealth preservation.
Mr. Abijo, a representative of ESV Shonibare Ibidapo, covered the legal aspects and discussed the difference between leases and tenancies. He cited a case study from the Nigeria Supreme Court to illustrate his point.
ESV FRANCIS C. OKPALEKE, FNIVS, RSV, MCIArb discussed Conflict resolution options for joint ventures and emphasized the importance of preparing for exit in every written agreement.
The event concluded with a vote of thanks from the NIESV Lagos branch Vice Chairman, ESV Kadiri. He expressed gratitude to all speakers and participants for contributing to the success of the MCPD programme. The wealth of knowledge shared is expected to have a lasting impact on the real estate sector in Nigeria.
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