A real estate development firm Landshop founder Prince David Omaghomi has called for the amendment of the Land Use Act to recognise ancestral ownership of land and make them bankable.

At a briefing, Omaghomi said though he could not challenge the Land Use Act, he could call for its amendment on it as many cases were still pending in the court.

Citing a PwC report, he revealed that Nigeria has over $30 trillion dead capital that are lying fallow.

According to him, there were many valueless land across the country.

“Our primary challenge is the amendment of the Land Use Act to recognise ancestral ownership of lands, because they make lands bankable,’’ he said.

Explaining their market segments, he said the youth is an important aspect of their value and to underscore that, they had a scheme dedicated to them.

He said: “We have the Land Ajoh Scheme. It is a key aspect of wealth and emotional security. Our target market is the youth. The youth occupie a major segment and form that section of the population who cannot afford their place in property market. So, we have created this product for that market. It enables people pay for their land for as low as N833 daily.”

On a larger scale, he stated that they were looking forward to a situation where Nigerians could own property with ease.

He pledged the preparedness of his organisation to reduce the housing deficit in the country by 10 per cent in the next five years.

The firm’s Brand Director and General Manager, Mr. Samuel Rotimi Onalaru, said the scheme would be open to the employed where friends, family and colleagues could band with their resources to purchase land for either commercial or residential development.

“The scheme, which is also enabled by blockchain technology, avails Nigerians from various walks of life the opportunity to own real estate investment with ease,” he said.

At the event, the firm also allocated plots and houses at Merit Park and Famous Garden Estate on the Lekki/Ajah axis.

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