Prominent entrepreneur and Chairman of M.I. Okoro and Partners, Meckson Okoro, has said that there is no standard measurement for a plot of land in the country.
Making the disclosure recently on a television show, National Real Estate Today, sponsored by his company, Okoro said: ‘There is no standard measurement for a plot of land in Nigeria. Some may even tell you that if you can’t build on an acre, forget it. I can authoritatively tell you that there is nothing like an official measurement for a plot of land in Nigeria. It varies from state to state, and neighbourhood to neighbourhood, but no such thing as a standard measurement in the country. In Ikoyi today, some talk of a 3/4 acre. So, the issue of measurement has to be treated independently.
‘There is a difference between a tenancy agreement and a lease agreement. The tenant has no right to sublet to a third party without the consent or the landlord or his agents and he must also not carry out any structural renovation without the approval of the landlord.’
In a bid to drive home his point, Okoro explained the obligations of a tenant in every tenancy agreement.
His words: ‘The tenant may not refuse to carry out his obligations as contained in the tenancy agreement. For any reason, if the tenant wants to vacate the premises, there is a clause in the agreement that he must inform the landlord before the tenancy expires. Such notice must be issued between three to six months. The tenants can’t just wake up and pack out. If the tenant is living with other tenants, he has to consent to what is called service charge to ease the cost of the services commonly enjoyed by all. On such issues like the septic tank, waste management or generator power supply. These are the obligations of the tenant. He is even to repair what has been spoilt due to wear-and-tear during the tenancy or the occupation of the house.’
Okoro had recently called on investors, entrepreneurs and small business owners to invest in the Lekki Trade Centre. Similarly, the popular entrepreneur also spoke on the ultramodern Tejuosho Shopping market which has over 1,600 shops in the care of his company.
His relentless calls on prospective entrepreneurs had necessitated a sightseeing visit by the members of Phone and Allied Products Dealers Association (PAPDA) to the Lekki Trade Centre.
Okoro recently disclosed that efforts to promote real estates related ventures have taken a new shape, necessitating him to float the property television show, National Real Estate Today, aired on Sundays at 5:30 pm on Television Continental (TVC), Saturdays at 10 pm on NTA 2 Channel 5 and Thursdays at 2 pm on Silverbird TV.
Having bagged several advertorial deals, owing to its rich content and massive publicity, the show has continued to appeal to the senses of many businessmen and investors in the real estate subsector.