Nigerian real estate professionals, architects, surveyors and environmentalists are backing up the proposed Property Verification Number (PVN) reform for different reasons, but the topic is still open for debate.
The proposed property regulation is set to improve transparency in home ownership, halt corruption in the real estate sector and produce additional revenue for the government.
The idea was first vehiculated under the express concern of the Africa Network for Environment and Economic Justice, ANEEJ, a non-governmental organisation, which mentioned high corruption risks and enrichment on the back of property acquisitions.
If the proposal gets the passing vote, every property will be given an identification number to stipulate its rightful ownership. The system could help curb the corruption and money laundering in the property sector and drive much-needed transparency in the industry.
The move can also promote commerce and trade, and improve business investors’ prospects in the country, commented Secretary-General of Association of Professional Bodies of Nigeria (APBN) and Immediate past Nigeria Institution of Surveyors, (NIS) Secretary General, Olumide Adewebi, quoted by local newspaper The Guardian.
The Charmain of Lagos State Chapter of Nigeria Institute of Architects (NIA), Umar Fitzgerald, welcomed the prospect, adding that property ties to every individual and transactions could be verified through the identification number and the link to the Bank Verification Number (BVN) when funding a real estate project.
The adoption of PVN will enable better population planning at a nationwide level, and should not be limited to property, but have a broader approach, according to the Chairman Lagos chapter of Nigerian Institution of Estate Surveyors and Valuers (NIESV), Olurogba Orimalade.
The system has the potential to give better insights into how individuals own assets and how to explain the tax they pay to the government, he added, concluding that the PVN system adoption should include addressing the bigger picture of Ghana’s current challenges.
Mobus Properties Ltd. is a privately-held Ghanaian property investment, development and management company focusing on commercial and residential property development. The company has property portfolios in Ghana and Nigeria.
Want to live in the city? Try one of our upmarket, world-class developments.
Contact Mobus Property Development today for more information on the range of properties in our portfolio.
Contact Mobus Property for more information.
For more exciting industry news and updates follow us on LinkedIn.