Real Estate, Construction Industry Stakeholders to Brainstorm at Lagos NIOB’s Conference

Fadekemi Ajakaiye

Building and construction stakeholders will gather to brainstorm on the challenges in the industry at the 31st Lagos Builders’ Conference and Annual General Meeting to be organised by the Nigerian Institute of Building (NIOB), Lagos State chapter.

The theme of the conference, which is, ‘The Shifting Landscape – Redefining the Real Estate Industry’, will be held on Wednesday 19th and Thursday 20th October 2022 in Lekki Phase 1, and according to Bldr. Olusesan Phillips, FNIOB, the Chairman, 31st Lagos Builders’ conferences, all stakeholders in the built environment are expected to attend. 

These include, include Real Estate Developers, Building Materials Manufacturers, Suppliers, Professionals in the building industry, Top Government Officials, Regulatory Bodies, Royal Fathers, Investors and Financiers, Mortgage Bankers and so on. The array of Special Guests includes but not limited to the Executive Governor of Lagos State, Mr Babajide Sanwoolu; KeyNote Speaker, Special Adviser to the Governor on Housing, Chief Mrs Toke Benson Awoyinka; The Royal Father of the Day, Oniru of Iru Land, HRM Oba Gbolahan Lawal; Special Guest, Special Adviser on Works and Infrastructure, Engr. Mrs Aramide Adeyoye; Commissioner for Physical Planning and Urban Development, Engr. Bamgbose Martins; Commissioner for Housing, Honourable Moruf Akinderu Fatai; Permanent Secretaries and all heads of Agencies in the Ministry of Physical Planning and Urban Development and lots more.

According to Bldr. Phillips, the theme, “The Shifting Landscape – Redefining the Real Estate Industry”could not have come at a better time, considering the frightening incidences of building collapse in the country. “This is worrisome and hence calls for urgent attention by all stakeholders in the State.”

He said, “The rapid growth of our population is responsible for the buoyant real estate sector that we enjoy in the state but regrettably, rather than being a blessing it has been a curse as you can see in the number of death toll recorded in two years. “The industry is presently faced with momentous challenges that will require a decisive shift by all stakeholders in the industry to achieve meaningful results. These challenges which include invasion by quacks, infiltration of substandard materials, penetration of the industry by scammers, corruption, lack of effective monitoring, lack of political will, sabotage and so on have been identified as some of the major factors responsible for the incessant building collapse experienced in the state.

“While we must commend the Lagos State Government for the unrelenting efforts to forestall incessant building collapse in the State; we must admit that the State Government cannot do it alone. The limitations on the part of the government include limited manpower for effective monitoring, limited funding, limited equipment and technology, governmental bureaucracy, corruption, lack of political will, lack of continuity of policies, inducement of officials and so on.”

He said “It has been proven in other sectors that collaboration between the public and private sector if well utilised will birth good results. Hence, the need for the government to utilize the teaming professionals in the private sector for effective monitoring of building construction sites in the state. This and other solutions are what this conference is set to proffer to the State government in finding lasting solutions to the challenges confronting the Real Estate industry in the state.”

Advising professionals on what to do to be compliant with global standards, the Immediate Past Chairman, NIOB Lagos State Chapter, Bldr. Sunday J. Wusu, FNIOB, in his presentation, ‘Responsible Investing: Environmental, Social and Governance (ESG) Criteria,’ stated these are a set of standards for a company’s operations that socially conscious investors use to screen potential investments.

Bldr. Wusu said, “Whether done by government, individuals or corporate organisations, investment ought to be done responsibly. Change is constant, and change happens to the environment–which is the conditions in which we live. Responsible investing must therefore be preceded by a careful identification and analyses of critical criteria such as, Environment, Social and Governance (E.S.G). Investment in real estate, just like investment in any other industry, has associated risks; but investment is always a worthy thing because of abounding opportunities for business profit. This makes Risk Management an inevitable business tool.

“These days, institutional investors only invest in companies or businesses that dutifully undertake ESG studies, and perform “ESG performance reports” – wherein, information translate to business intelligence that would determine appropriate financial decision making. In a nutshell, when an investor handles ESG as a tool to decide on investing in a company, the investor is considering the company’s Environmental criteria, that is, its operation’s environmental impact and stewardship; the Social criteria, that is, its relationship management with – and value creation for, stakeholders; and Governance criteria, that is, how the company is led and managed. In other words, ESG is the framework for assessment of a company’s management of risks and opportunities, in the waves of shifting market and non-market conditions. You would then agree with me, that acquiring these skills or knowledge cannot be overemphasized for professionals in the real estate industry, especially for builders.”