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Expert urges govt to explore bidding for property disposal

Expert urges govt to explore bidding for property disposal

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Maureen Ihua-Maduenyi

The Principal Partner, Emeka Okoronkwo and Associates, Mr Emeka Okoronkwo, has said government agencies such as the Economic and Financial Crimes Commission and the Asset Management Corporation of Nigeria can dispose of properties in their care through the process of bidding.

Okoronkwo stated this at the opening of bids for some bank properties across the country, which was organised by his firm.

The estate surveyor and valuer said the bidding process would not only generate income for the government, but would also make properties available to those in need of them in the society.

He stated, “It is unnecessary to have all the properties in the hands of government and quasi-government agencies doing nothing when there are people who can utilise them for different reasons. A lot of them do not know how to go about it; a lot of these agencies do not even know the true values of the properties; value is objective because it is dynamic and determined by market forces.

“So, when we bring these two values to bear, the society is the better for it; otherwise, why is it that so many people are under housed and there are many vacant properties in the hands of government, whether it is the EFCC or AMCON; there is absolutely no reason I should take your property and let it deteriorate in my hands in the name of looking for who to buy it. It doesn’t make sense. Bidding is what we do to achieve results and we recommend it to a lot of people.”

The 23 properties put up for bids are scattered around the nation and had bids submitted by individuals and corporate organisations.

Almost all the properties got bids and winners emerged in the process that was monitored by an estate surveyor, Sam Eboigbe, as well as bankers, the media and the bidders.

Okoronkwo said the bidding process was created to reduce the time of transaction and also ensure that the properties were sold to those who needed them.

According to him, banks have needs to dispose of properties most times and the society needs these properties, but the banks are not in the business of selling properties, hence the need to work with professionals in that field.

He added, “This is about the seventh bid process I have done so far for different banks. When organisations really need results, we come in and creatively make processes to achieve results for them; not just banks, but a lot of companies that own properties and the decision is beyond one person, transparency is needed.

“The bid process cuts down the time for purchase. For instance, a bank that had wanted to sell its properties for five years called us to sell the properties on its behalf; when we got involved, we did it in six weeks and sold 32 of the properties nationwide through a transparent process like this. It is a technical process that requires a lot of creativity; but because of what we do, we are able to get people interested in the properties.”

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