Praco International Ltd. Reinforces Commitment to Transparency and Orderly Development
Praco International Ltd., a prominent real estate company, has reiterated its unwavering dedication to upholding principles of transparency, adhering strictly to lawful processes, and fostering orderly development in its projects. This commitment was underscored during a significant event held in Abuja, where allocation letters were formally issued to 89 allottees of the Praco Estate in Kugbo, within the Abuja Municipal Area Council of the Federal Capital Territory. The company’s management issued a statement on Thursday, highlighting that this exercise is a crucial component of their ongoing strategy to regularise land ownership and guide all stakeholders through the subsequent phases of estate development.
The issuance of these allocation letters signifies a pivotal moment for investors, marking a step towards solidifying their interests in the Praco Estate. The event was strategically organised to provide investors with essential updates on the project’s progress and to acknowledge their continued commitment.
Clarifying Estate Size and Future Development
During the presentation ceremony, the Managing Director and Chief Executive Officer of Praco International Ltd., Success Akagburonye, elaborated on the current status and future trajectory of the Praco Estate. He explained that the estate, identified as Plot 1831, now encompasses approximately 53 hectares. This represents a reduction from an earlier projected size of 131 hectares. The precise dimensions of individual plots will be definitively established once the site plan receives final approval from the relevant governmental authorities.
Mr. Akagburonye stressed the critical role of key government agencies in the development process. He highlighted that entities such as the Federal Capital Development Authority (FCDA) and the Urban and Regional Planning Department are the designated bodies responsible for granting the ultimate approvals necessary for any construction and development activities within the estate. This underscores the company’s commitment to working within the established regulatory frameworks.
Navigating the Certificate of Occupancy and Stakeholder Engagement
In a move to ensure clarity and provide assurance to allottees, Mr. Akagburonye disclosed that he has personally settled the fees for the Certificate of Occupancy (C-of-O) and is currently awaiting its formal collection. This proactive step demonstrates the company’s commitment to expediting the ownership documentation process.
Furthermore, the company strongly urged allottees to conduct their affairs strictly within the established framework of the Federal Capital Territory’s land administration system. To facilitate effective communication and engagement with the relevant authorities, allottees were advised to organise themselves into a cohesive body. This includes:
- Forming a formal platform: Establishing a structured group for collective representation.
- Registering names and plot numbers: Maintaining an accurate record of all members and their allocated plots.
- Appointing a representative: Designating an individual with a thorough understanding of the administrative processes to liaise with agencies like the FCDA and other relevant bodies.
Mr. Akagburonye also directed investors to channel all future inquiries concerning plot dimensions, projected development timelines, and applicable statutory fees directly to the appropriate government agencies. “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 stated, emphasizing the shift in direct communication channels.
Establishing a Dedicated Praco Desk and Call for Patience
To further enhance communication channels and address stakeholder concerns, Praco International Ltd. announced the forthcoming establishment of a dedicated Praco Desk. This desk, set to commence operations next week, will serve as a central point for receiving complaints, reports, and feedback from all stakeholders involved in the Praco Estate project.
The company leadership strongly emphasised the paramount importance of maintaining peace, exercising patience, and adhering to all lawful procedures throughout the development process. Stakeholders were encouraged to actively seek clarification on any matters of doubt and to refrain from engaging in speculation, which can often lead to misunderstandings and unnecessary anxiety.
“There is a need for peace, patience, and compliance with lawful procedures. Stakeholders should ask questions where necessary and avoid speculation,” Mr. Akagburonye reiterated, underscoring the company’s vision for a collaborative and transparent development journey. This approach aims to build trust and ensure that the Praco Estate development progresses smoothly, efficiently, and in full compliance with all legal and regulatory requirements.
