By Ebuka Anichebe

In a sweeping move that has sent shockwaves across the Federal Capital Territory (FCT), the Federal Capital Territory Authority (FCTA), under the directive of the new Honorable Minister of FCT, Mr. Nyesom Wike, has embarked on a significant land revocation exercise. This exercise has impacted a wide array of individuals and entities, including prominent political figures like Peter Obi and some other People’s Democratic Party (PDP) chieftains, as well as established corporations like Julius Berger.

The primary justification behind these land revocations is the non-submission of building approvals. However, it is noteworthy that even those who have submitted building approvals but have not commenced development on their land are not exempt from the revocation process. This has understandably created a sense of urgency and concern among landowners across the FCT.

The implications of this land revocation exercise are far-reaching. It serves as a stark reminder to landowners that possessing a piece of land without actively developing it may no longer be a viable strategy. In the past, many individuals and companies engaged in “land banking,” holding onto undeveloped land in the hopes of future appreciation. However, the current actions by the FCDA signal a shift in policy that demands more active land utilization.

For those affected by this exercise, there is a pressing need to take proactive measures to protect their investments. Instead of allowing their lands to lie fallow and risk falling victim to ongoing land revocations, landowners should consider partnering with real estate developers to kickstart development projects.

This is where realtors, agents, and estate agents play a pivotal role. They can guide their clients through this uncertain terrain, advising them to take immediate action by collaborating with reputable real estate developers. By doing so, landowners can not only safeguard their assets but also start generating value from their investments. Developing the land and having a credible development plan in place could make the difference between retaining ownership and losing it to revocation.

To address this critical need, a handful of experienced real estate professionals are well-positioned to help landowners connect with the right developers and formulate viable development plans. Collaborating with real estate experts can expedite the process and ensure that landowners are well-prepared to navigate the changing landscape of land ownership in the FCT.

In conclusion, the FCDA’s land revocation exercise serves as a wake-up call to landowners across the FCT. It underscores the importance of active land development and the need to protect one’s investments. For those affected, partnering with real estate professionals is a prudent course of action to avoid potential losses. The era of land banking is no longer tenable, and proactive measures are essential to safeguard valuable land assets in the FCT.