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The Managing Director and Chief Executive Officer of Arkey Limited, Mr Valentine Chinedu Okoye, has applauded Governor Peter Mbah of Enugu State for what he described as “landmark reforms” in the state’s land administration system, saying the new policies would significantly boost real estate investment and housing development.
Okoye made the remarks in a statement, following the stakeholders’ town hall meeting convened by the governor on January 29 at the International Conference Centre, Enugu, where sweeping reforms in the land sector were unveiled.
He said the policies had dismantled long-standing bottlenecks that discouraged investment in land and property development in the state and have instead created a transparent, efficient and investor-friendly environment capable of attracting both local and diaspora investors.
According to him, the reforms align with Arkey Limited’s vision of providing affordable housing and secure, profitable investment opportunities for members of the public.
“We warmly welcome these transformative land sector reforms announced by His Excellency, Governor Peter Mbah. These bold policies dismantle long-standing obstacles to investment and growth, creating a transparent, efficient and investor-friendly environment that aligns perfectly with our vision at Arkey Limited to provide affordable housing and secure profitable investments for the public,” he said.
He particularly commended the reported reduction of over 60 percent in the cost of processing certificates of occupancy and the unification of land use charges, noting that the development would lower entry barriers for investors and reduce the overall cost of property investment.
“By reducing the cost of processing certificates of occupancy by over 60 percent and unifying land use charges, the government has effectively created low entry points for investors. This reduces the overall cost of investment, ensures maximised returns and ultimately makes housing more affordable for ordinary citizens,” he stated.
Okoye also praised the abolition of what he described as illegal levies, including the controversial ‘Ogbonecheagu’ fees, saying the move would eliminate extortion and restore confidence in land transactions.
“The abolition of illegal levies, including Ogbonecheagu fees, eliminates extortion and restores trust in the system. Investors and property owners can now carry out transactions in a secure, predictable and lawful environment without fear of hidden charges or harassment,” he added.
He further noted that the integration of technology into land administration and the creation of a transparent one-stop platform for land transactions would provide the legal certainty and speed long desired by investors.
“By integrating technology and ensuring a transparent, one-stop platform for land transactions, the government has provided the legal certainty and speed that local and diaspora investors have long craved. This is a major step towards modernising land governance in Enugu State,” he said.
The Arkey Limited boss also described the decision to declare more areas as urban as a strategic move that would open up new development corridors and stimulate rural transformation.
“Declaring more areas as urban opens new development frontiers and robust investment opportunities that will promote rural transformation and support inclusive economic growth across the state,” Okoye noted.
He said the company was ready to leverage the new enabling environment to deliver sustainable, high-value housing projects in line with the governor’s vision of growing the state’s economy.
“We are prepared to leverage this enabling environment to deliver sustainable, high-value housing projects that support the Governor’s vision of transforming Enugu into a premier investment hub. This is not just a policy announcement; it is a major boost for real estate investment that will redefine the future of housing and property development in the state,” he said.
He congratulated Governor Mbah and his team for what he described as a forward-thinking initiative that would have lasting impacts on investment, housing and economic growth in Enugu State.
