SAN FRANCISCO, June 06, (THEWILL) – Emmanuel Alao, Chairman, National Institution of Estate Surveyors and Valuers (NIESV), on Monday called for immediate suspension of the Land Swap scheme initiated by the Federal Capital Territory Administration (FCTA) sequel to its haphazard implementation.
Alao gave the submission at the investigative public hearing on Land Swap scheme, being conducted by the House of Representatives, at the National Assembly complex, Abuja,
He argued that the Land Swap model contravened Part III section 15 and Part VIII section 44 of the Public Procurement Act 2007, and did not call for expression of interests via advertisement.
He added that there was no tendering or competitive bidding process and as such failed to meet international best practices as done in other climes such as Connecticut Land Swap, the Falls Creek Resort and the Alphine National Park Swap, the Tennessee Land Swap programmes in America.
Alao specifically called for valuation of all the land to be allocated with the view to ascertain the market value and quantum of infrastructure to be provided by the investors just as he recommended the inclusion of the NIESV in any of the implementation committee.
“Investors who do not have the requisite funds to honour their developmental obligation will pre-sell the plots before they are serviced. This will escalate the price of each unit and subsequently push up the price of housing, whether capital or rental,” he said.
“Thus, the government intention that the programme will bring down rents by fiat will be negated. The mass housing scheme suffered the same fate.”
