89 Investors Receive Allocation Letters For Kugbo Estate

A firm, Praco International Ltd announced on Wednesday the issuance of allocation letters to 89 allottees at Praco Estate, Kugbo, in the Abuja Municipal Area Council of the Federal Capital Territory (FCT), as part of ongoing efforts to regularise ownership and guide stakeholders through the next stage of the estate development process.

Speaking during the presentation, the managing director/chief executive officer of Praco International Ltd., Chief Success Obioma Akagburonye, said the occasion was organised to update investors, recognise their commitment and provide guidance on the steps required to secure their interests in the estate.

He explained that the estate, known as Plot 1831, currently covers about 53 hectares, down from 131 hectares earlier, and noted that the exact size of individual plots will be determined after the site plan is approved by the relevant authorities.

According to him, the Urban and Regional Planning Department and other government agencies remain responsible for the final approvals needed for development.

Chief Akagburonye stated that he has already paid for the Certificate of Occupancy but is still awaiting collection, adding that allottees should work within the framework of the FCT land administration process.

He urged all stakeholders to form a proper platform, register their names and plot numbers, and appoint a representative familiar with the process to follow up with the FCDA and other relevant agencies.

He further advised investors to address all issues related to plot size, development timelines, dues, and fees with 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.

The Praco boss also noted that the company has put in place a Praco Desk to receive complaints and reports from stakeholders starting next week.

He emphasised the need for peace, patience, and compliance with lawful procedures, adding that stakeholders should ask questions where necessary and avoid speculation.

Praco International Ltd. reaffirmed its commitment to transparency, lawful process, and the orderly development of the estate in collaboration with relevant government authorities.