Gbadamosi, CEO of Red Bricks Homes, told newsmen on Monday in Lagos that the repeal of the law would help attract the much-needed investment in real estate sector.

He said that the repeal of the Land Use Act would also remove land ownership from state governors and guarantee security of land ownership for the people.

He said countries like the United States, United Kingdom and other developed economies had used the freehold land ownership system to catalyse massive economic development, saying that the same was possible in Nigeria with the abolition of Land Use Act.

”The Land Use Act has an unsalutory effect of taking away the ownership of land from the people of Nigeria and handing it to state governors.

”In fact, it is something that, in my opinion, detracts from the possibility of an economic growth in Nigeria.

”And this is manifesting in the level of development we have seen in the country compared to what we see elsewhere in the world.

”The United States, the United Kingdom and all these big economies that we have gone to borrow our constitution and systems, all have freehold system and have greatly moved their economies forward with it.

”Whereas in Nigeria, there is no freehold. This is what we have to look at to catalyse economic development,” he said.
Gbadamosi added that the Land Use Act vested governors with powers to revoke land ownership, describing the law as unfair and retrogressive.

The real estate mogul, whose firm is the promoter of AMEN Estate in Lekki, said the process of obtaining Certificate of Occupancy in states was costly and cumbersome and called for the simplification of the process.

He said poor road infrastructure was a threat to real estate development in Lagos and called on Gov. Babajide Sanwoolu to give construction and rehabilitation of roads a priority.

Gbadamosi, a chieftain of Action Democratic Party (ADP), said there was also the need to address the skills deficit in the real estate sector to catalyse development.