An estate surveying and valuation firm, the best way to combat poverty is to make sure that properties are properly documented, according to Ubosi Eleh + Co.
Emeka Eleh, a principal partner at Ubosi Eleh + Co., made this claim on Friday in Lagos while speaking to reporters at a press conference ahead of the company’s 35th anniversary, which is scheduled for the second week of June.
Eleh emphasized that it will be simpler for the owner to obtain loans using the property if it is properly titled.
“We have always said that granting people titles to their homes is one way to boost the economy, combat poverty, and put money in their hands. Because property is available to everyone in one way or another. Every property has a value, and if you don’t have one in Lagos, you have one in your town.
It is challenging for you to raise money from what you possess without a title, but if you give me the title to what I own, let’s say the property can bring in N1 billion or N2 billion. That is a significant sum of money for a small firm. Because an automobile is registered in your name, you may sell it with ease if you possess one, Eleh explained.
Eleh recommended that the government pursue a land reform process that would grant each person ownership of their land.
“Once that’s done, you know every property now, so the government can make more money from property taxes,” he suggested.
He claims that making sure properties are properly titled—as is the case in industrialized nations—allows the government to locate the properties, which aids in the collection of property taxes.
Every government’s main source of revenue is property taxes. The primary source of funding for American cities, he stated, is property taxes.
Prior to this, Chudo Ubosi, a major partner at Ubosi Eleh & Co., stated that the Nigerian real estate industry is changing from a time when selling a home was considered a secret to a time when people are free to express their desire to do so.
In retrospect, we are moving away from a real estate company where the selling of real estate was practically a secret. You don’t promote when you’re selling your property, so you have to be quiet. We’re moving away from that and toward, “Look, it’s my property; I can sell it if I want to.” If I want to, I can put a bond on it,” Ubosi remarked.
Ubosi expressed gratitude to God for guiding the business over the past 35 years, noting that it began tiny and has now expanded into a vast empire, emphasizing the importance of marketing in the company’s development.
