Real estate firm, Praco International Ltd, said it has issued allocation letters to 89 investors at its estate in Kugbo, Abuja.
The move came as part of efforts to regularise ownership and guide stakeholders through the next phase of the estate’s development.
Speaking during the presentation, the Managing Director/Chief Executive Officer of the company, Chief Success Obioma Akagburonye, said the exercise was organised to update investors, recognise their commitment, and outline the steps required to secure their interests in the estate.
He said the estate, identified as Plot 1831, currently covers about 53 hectares, down from the earlier 131 hectares.
According to him, the exact size of individual plots would be determined after the site plan is approved by the relevant authorities.
Akagburonye explained that the Urban and Regional Planning Department and other government agencies remain responsible for the final approvals required for development.
The Praco boss disclosed that he has already paid for the Certificate of Occupancy and is awaiting its collection, adding that allottees should operate within the framework of the Federal Capital Territory land administration process.
He urged stakeholders to form a proper platform, register their names and plot numbers, and appoint a representative familiar with the process to liaise with the Federal Capital Development Authority and other relevant agencies.
He further advised investors to direct all issues relating to plot size, development timelines, dues and fees to the appropriate government authorities.
“Every other thing regarding the size of the land, when to start work, payable dues and fees, you have to ask FCDA from today,” he said.
Akagburonye also said the company has established a Praco Desk to receive complaints and reports from stakeholders starting next week.
He called for patience and compliance with lawful procedures, while reaffirming the company’s commitment to transparency, due process and the orderly development of the estate in collaboration with relevant government authorities.
