A professor of Property Investment and Valuation at Rivers State University(,RSu) Nkpolu Oroworukwu port Harcourt,Prof. Chukwuemeka Edmund Ekenta, has identified poor valuation and weak documentation as the major drivers of land grabbing and property disputes in the State.
Ekenta said if valuation processes were strengthened and property records properly kept, incidents of land grabbing would be reduced to the barest minimum.
He stated this on Wednesday while delivering her inaugural lecture at the 136th inaugural lecture of the university held at the Dr. Nyesom Ezenwo Wike Senate Building in Port Harcourt.
The lecture titled _”Valuation As Fulcrum of Property Investments And Systemic Governance: Inquests From Scholarship”_.
The professor told the audience that the lecture was intended to expand public understanding of property beyond physical assets.
“Property is not limited to real estate — things you can feel and touch,” he said
He noted that intellectual property also constitutes valuable assets.
“Intellectual property, which many of us have the potential to create, also matters. This includes creativity of the intellect such as scholarly articles and music. These are things that have great potential as major investments,” Ekenta said.
Focusing on Rivers, he said valuation gaps remain a critical challenge.
“One of the major challenges in Rivers State is lack of valuation,” he stated.
According to him, proper valuation and documentation would help curb land grabbing.
“If there is effective valuation and proper property documentation, it will bring land grabbing to a halt,” he said.
Ekenta disclosed that he is currently conducting research on land grabbing, adding that the findings, when released, would contribute to solving the problem.
He further explained that early involvement of estate surveyors and valuers is key.
“If there is proper documentation and estate surveyors and valuers are involved on time, I don’t think the issue of land grabbing will be something we will be dealing with,” he said.
The professor also attributed the high cost of leasing to inflation. He urged government to reduce costs and encourage local production of building materials to bring down the price of property across the country.
On professional regulation, Ekenta said the Nigerian Institution of Estate Surveyors and Valuers is working to incorporate real estate agents into a formal body.
“We are going to enlighten and train them so that the embarrassment they bring to our profession will be reduced to the barest minimum. Some of them who want to become professional estate surveyors and valuers can migrate from there and become colleagues,” he stated.
He recommended that stakeholders engage the services of estate surveyors and valuers before, during, and after property transactions.
He also called on RSU management to ensure regular valuation of university assets using the Department of Estate Management.
In his remarks, Vice Chancellor of RSU, Prof. Isaac Zeb-Obipi, commended Ekenta for the lecture. He said the university was proud to have produced him as a professor and assured that management would act on his recommendations.