Despite the significant contribution of the real estate sector to the Gross Domestic Product and economic development, disputes arising from property acquisitions, ownerships and investments are increasing in courts, and limiting the potential of investors.
Nigeria’s legal system protects the rights of property owners based on the Land Use Act of 1979. There are many ways to settle property disputes; these include settling out of court or taking the case to the court. The judiciary often described as the last hope of the common man considering its role in justice dispensation, now constitutes a clog in the wheel of progress with the delays in the administration of justice particularly across various forms of litigations.
Findings show that in most cases that linger in the court, loss of return on investment could be as high as over N2.5 billion per case. In most landlord-tenant disputes, many of the landlords resort to legal action to either compel the tenant to pay the rent owed or to recover their property. Disputes arising from property-related matters have caused project failures, delays in project delivery timelines and abandonment.
An estate surveyor and valuer, Mr Francis Opaleke, said real estate and construction by their nature are timely; uncertain and cost-sensitive, hence, investors in the sector avoid a resolution process that may tie down their projects. According to him, this is why litigation is often the last resort because of the associated challenges, especially the slow justice delivery.
A fellow of the Nigerian Institution of Estate Surveyors and Valuers, Chief Biodun Olapade, emphasised that litigation is a difficult task and chances that it ends in Supreme Court for 20 to 25 years is certain and where it ends, matters will be referred to the high court for possession order before a claim can be made.
“The law of tenancy also favours tenants more as conditions for ejection of tenants must be followed. Such grounds for ejection can be owners’ intention for personal use or major repairs that are evident.
According to him, two things need to be done urgently to encourage property investment; make the tenancy matter end in the high court, where it is an action of the Magistrate Court, or at the Court of Appeal if it starts from the High Court depending on the jurisdiction of the originating Courts and help tenancy matter from dragging, through regular regulations, which need to be done by the Chief Justice of the State in line with the provisions of the Tenancy Law of Lagos state as an instance...
A Senior Advocate of Nigeria, Ebun-Olu Adegboruwa told The Guardian that a situation whereby parties to dispute shun alternative dispute resolution is also applicable to the law profession, where some practicing lawyers resist its application. The Ojoo Roundabout in Ibadan, capital of Oyo State, was heavily militarised, yesterday, with well-armed security agents, which include the army, police, Nigeria Security and Civil Defence Corps , Nigerian Correctional Service , Federal Road Service Corps
الإمارات العربية المتحدة أحدث الأخبار, الإمارات العربية المتحدة عناوين
Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.
مصدر: GuardianNigeria - 🏆 1. / 94 اقرأ أكثر »