Nwachukwu: Govt Should Remove Unnecessary Taxes on Building Materials to Stem Soaring Construction Cost 

Bennett Oghifo

The Managing Director and Chief Executive Officer of Richland Property and Homes Limited, a Lagos-based real estate development company, Dr. Ifeanyi Nwachukwu, has advised the federal government to remove unnecessary taxes on building materials and tax waivers on some imported items to stem the soaring construction cost.

Nwachukwu, who gave the advice at a press conference, stated that the government must “intervene by providing an enabling environment for cement manufacturers to produce at a cost that Nigerians can afford.”

He said the cost of cement, iron rods, wood, roofing sheets and other building materials are rising uncontrollably, making it difficult to predict construction cost and that this could truncate the plans of some developers who are not very strong in the business.

“Permit me to say here that the real estate sector is not by any means insulated from the challenges thrown up by the rising cost of building materials and services as a result of the current economic situation in the country.

“We hope that the government would come up with interventions that would boost our efforts to continue helping more Nigerians become happy homeowners in line with our vision and mission.”

On investment in real estate, he said Richland Property and Homes has a project known as land-banking that is designed to provide good returns on the investment of prospective homeowners in the company’s estates.

He said, “Landed properties are the only investments that do not depreciate but keep appreciating whether cared for or not.”

According to him, “Invest in land-banking in any of our estates and get great returns on your investment (ROI) from 20 percent (for 12 months) to 65 percent (for 24 months). What this means is that when you invest in a certain square metre of land in any of our estates and hold it for a certain period of time, between 12 to 24 months, we rebuy it from you and pay you both the capital and interest.”

Nwachukwu said, “At Richland Property and Homes Limited, we create wealth by empowering enterprising individuals, especially, young people, whom we have helped to earn passive income through real estate.

“Through our diverse networks in the industry, we help Nigerians to discover affordable properties in fast developing areas across the country, and equally help them to obtain them. Since we commenced operations, our esteemed clients can testify that every property purchased from us is 100 percent safe.

“In keeping with our guiding vision, our clients do not need to be moneybags to acquire any of our properties. We have a very client-friendly payment arrangement whereby people can pay on installments that are very affordable to many Nigerians. We must hasten to add that all our titles are government approved, ranging from registered surveys, gazette, C of O, Governor’s Consent, etc.

“People have asked us why there is a large concentration of our properties in the Ibeju Lekki area of Lagos State. As many of you are already aware, Ibeju Lekki is a rapidly developing area distinguished by its immense potentials for investments and development and so is fast becoming a choice area for many enterprising Nigerians to locate their homes and businesses.

“The area is strategically positioned to benefit from various government initiatives and infrastructural developments, such as the Lekki Free Trade Zone, Lekki Deep Sea Port, etc., and other industrial projects already springing up there. The area is also home to the Dangote Refinery with its vast network of business activities and thousands of staff, and equally the several ancillary businesses that usually spring up wherever petrochemical industries are sited.

“Richland Property and Homes ensures physical allocation of properties purchased from us immediately. In fact, once payment is made, allocation will be done immediately. And what we are selling is not just any property, but we offer our clients standard and smart estates with beautiful features.”