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Agency Practice In Nigeria

(A Case Study Of Enugu)

5 Chapters
|
43 Pages
|
5,719 Words

Agency practice in Nigeria refers to the dynamic and intricate landscape of professional representation and collaboration within the Nigerian business environment. It encapsulates the myriad ways in which individuals and entities engage in mutually beneficial partnerships, acting as intermediaries to achieve specific goals. In this context, agency practice involves agents facilitating transactions, negotiations, and collaborations across diverse sectors, contributing to the synergistic development of the Nigerian business ecosystem. This intricate web of professional relationships underscores the importance of trust, transparency, and expertise in navigating the complexities of the Nigerian market. Agents, acting as conduits for clients, play a crucial role in fostering successful business endeavors, whether in real estate, commerce, or other industries. The practice demands a nuanced understanding of local regulations, market trends, and cultural nuances, allowing agents to adeptly navigate challenges and seize opportunities for their clients in the ever-evolving Nigerian business landscape.

ABSTRACT

The Agency practice in Nigeria and some other problems encountered in Agency work through the practice of non-professionals agents known as quacks
Actually, it talks about agency practice and the of the agents duty towards the principal known as the landlord and his tenants.
In analysis the agency practice in Enugu in researcher carried out a research work around Enugu and got information and contribution from professionals Estate surveyors and non-professional through questionnaires.
The project also highlighted the various methods of data presentation and analysis.

TABLE OF CONTENT

Title page
Approval page
Dedication
Acknowledgement
Abstract
Table of content

Chapter One
1.0 Introduction

1.1 Agency

Chapter Two
2.0 Literature Review

2.1 Types of Agency Practice in Nigeria
2.2 Sole Agency
2.3 Joint Sole Agency
2.4 Sub Agency
2.5 Multiple Agency
2.6 Quacks
2.7 Termination of Quacks Agency
2.8 Conditions for the Creation of Agency in Nigeria
2.9 Who then can be an Estate Agent
2.10 Right and Duties of the Estate Agent
2.11 The various segments of Estate Agency
2.12 practice and activities of Quacks

Chapter Three
3.0 Research Methodology

3.1 Source of Data
3.2 Secondary Sources
3.3 Primary Sources
3.4 Methods of Data Collection
3.5 Research population
3.6 Sample size
3.7 Instrument
Questionnaire
Observation schedule

Chapter Four
4.0 Data Presentation and Analysis

4.1 Research Question 1
4.2 Research Question 2

Chapter Five
5.0 Summary of Findings, Recommendation and Conclusion

5.1 Summary of Findings
5.2 Recommendation
5.3 Conclusion
Appendix 1
Appendix 11
Reference

CHAPTER ONE

INTRODUCTION AGENCY
Commercial activities have been on the increase in Nigeria in the past few years. This is also reflected in the fact that there has been an increase in real estate activities. The real agency business has therefore in the recent past become a business for all comers market women, housewives, mechanics, taxi drivers, lawyers, doctors, engineers, and in a case I know of, even a battery charger have all cashed in on this burgeoning business. The reason is not far fetched.
The aim of this rather limited. This is to examine the practice of real estate agency in Nigeria to determine whether only estate surveyors and valuers can engage in such business. The main question this paper is trying to answer is do estate surveyors have an exclusive right to engage in the acquisition and disposition of interests in real estate? Is there any law granting estate surveyors and valuers such a right? What role should legal practitioner play in the acquisition and disposition of interests in land? Real estate to a lawyer simply means an interest in land and so the lawyer talks about real property, as distinct from personal property. Real property or realty, simply means, immoveable property (natural fixed).
Actually, agents are used in this field of real estate. An agent can be defined as a person who act or perform on the behalf of another person known as the principal”. An agency is a relationship between two persons by their agreement, while one person (the agent) acts on behalf of another, the principal. An agency is a relationship of another, the principal. An agency is a relationship between in which someone (the estate agent) acts on behalf of another person (the principal) who seeks to acquire or dispose an interest in the property.
Generally speaking though, agency work consists of work done in the course of business, pursuant to instructions received from another person who wishes to dispose of or acquire an interest in landed property.

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Agency Practice In Nigeria:

Agency practice in Nigeria, like in many other countries, refers to the business of acting as an agent or intermediary on behalf of clients or companies in various transactions and activities. These agencies can operate in a wide range of industries and provide services such as marketing, advertising, real estate, recruitment, travel, and more. Here are some key aspects of agency practice in Nigeria:

  1. Types of Agencies: Nigeria has a diverse economy with numerous sectors, and agency practices are prevalent in various areas. Some common types of agencies in Nigeria include advertising agencies, real estate agencies, travel agencies, employment agencies, and public relations agencies.
  2. Regulations and Licensing: In Nigeria, some types of agencies may require licenses or registration with specific regulatory bodies. For example, travel agencies may need to be registered with the Nigerian Civil Aviation Authority (NCAA), while real estate agencies may need to adhere to regulations set by the Nigerian Institute of Estate Surveyors and Valuers (NIESV).
  3. Legal Framework: Agency relationships in Nigeria are typically governed by contract law. Agreements between the agent and the principal (the client or company being represented) outline the scope of services, compensation, and other terms and conditions. These contracts should comply with Nigerian contract law and any industry-specific regulations.
  4. Commissions and Fees: Agents in Nigeria usually earn commissions or fees for their services. The specific structure and amount of these commissions vary depending on the industry and the nature of the services provided. It’s crucial for both the agent and the principal to clearly define the compensation structure in the agency agreement.
  5. Marketing and Advertising Agencies: Marketing and advertising agencies play a significant role in the Nigerian business landscape. They help businesses create and implement marketing campaigns, advertising strategies, and branding initiatives. These agencies work closely with clients to achieve their marketing and sales objectives.
  6. Real Estate Agencies: Real estate agencies assist clients with buying, selling, leasing, or renting properties. They often act as intermediaries between property owners and potential buyers or tenants. Real estate agents are expected to be knowledgeable about local property laws and market conditions.
  7. Employment and Recruitment Agencies: Employment agencies help connect job seekers with employers. They source candidates, conduct interviews, and match individuals with suitable job opportunities. They may also provide services related to workforce development and training.
  8. Travel Agencies: Travel agencies assist individuals and businesses in planning and booking trips, including flights, accommodations, and transportation. They often work in partnership with airlines, hotels, and other travel-related companies.
  9. Challenges: Like in many countries, agency practice in Nigeria faces challenges such as competition, regulatory compliance, and economic fluctuations. Economic conditions and government policies can influence the demand for agency services.
  10. Digital Transformation: With the increasing adoption of technology and the internet in Nigeria, many agencies have embraced digital marketing, online booking systems, and other tech-driven solutions to better serve their clients.

It’s important for businesses and individuals engaging with agency services in Nigeria to conduct due diligence when selecting an agency, review contracts carefully, and ensure compliance with relevant regulations. Additionally, agencies operating in Nigeria should stay updated on industry-specific guidelines and any changes in local laws that may affect their operations.