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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.
1.2 STATEMENT OF PROBLEM Agreements in which one party has agreed to act as in the interest of another and has difficulty in monitoring the activities are the main issues in agency theory. An agency relationship is one in which one person called the agent agrees to act for the benefit of another called the principal. The main problem comes up when the principal cannot monitor the agent’s performance. The shareholders of a corporation who hires the manager to work for them have a big challenge in getting the manager to act in their interests because of the likelihood of the manager acting in his own interest. This is caused in part by the principal’s inability to observe the agents actions and the existence of information asymmetries. Information asymmetries occurs when there is difference in the information processed by the two parties i.e. the principal and the agent. The agency theory assumes that every person will give up as little as possible in any exchange. Agents according to Boatright (2008), can then be expected to engage in opportunism by seizing any chance to enrich themselves at the expense of the principal. The principal / agency relationship suggests that hired managers will have different objectives from that of the owners as they will use the firm’s resource to satisfy their own demand (Oyejide and Soyibo, 2001). The cost inherent in the agency problem can be reduced by investments in monitoring and the structuring of relationships such that agents are induced to act in the interest of the principals without a need for further monitoring such as offering bonuses and inducing them to monitor each other. Another way is the payment of stock options as this aligns more closely with the interest of the agents (Jensen &Meckling, 1976). It is difficult to avoid conflicts in the financial services sector because in acting as an intermediary for other peoples’ financial transaction and custodian of their financial assets, the agents are often forced to choose among the competing interest of others and weigh them against their own.
This conflict primarily arises as a result of trying to provide as many possible services as they can to different parties at the same time. In the banking industry, the agency problem is mainly between the management and the shareholders and solutions are likely to be found in the procedural rules and incentive contracts or it could come in the form of external support through banking regulations. According to Arun and Turner (2003), however, the nature of the contractual form of banking in developing economies calls for corporate governance mechanisms in the banks to include both the depositors and the shareholders. In the financial industry, the retention of public confidence through the enthronement of good corporate governance remains of utmost importance given the role of the industry in the mobilization of funds, the allocation of credit to the needy sectors of the economy, the payment and settlement system and the implementation of monetary policy (Wilson, 2006). According to Andres and Vallelado (2008), the relevance of banks in the economic system and the nature of the banking business make the problems involved in their corporate governance highly specific, as are the mechanisms available to deal with such problems. The complexity of the banking business increases the asymmetry of information and diminishes stakeholders’ capacity to monitor bank managers’ decision. In the Nigerian banking industry, poor corporate governance has been identified to be responsible for the distress in the sector in previous years. With the recapitalisation exercise of 2006 where the banks were required to raise their minimum share capital from $13.4m to $167.5m, the banks were faced with a lot challenges. Key amongst these challenges were the availability of the required skills and competencies needed by the board of directors and management of the banks to improve the shareholders value and balance of same against other stakeholders interests in a competitive environment (Central Bank of Nigeria, 2006).
RESEARCH QUESTION 1. What is effect of principal on the performance of agency? 2. What are the conditions for the Creation of Agency in Nigeria? 3. Who then can be an Estate Agent? 4. What are the Right and Duties of the Estate Agent? RESEARCH HYPOTHESIS H0: There is no significant relationship between the principal and agent performance H1: There is significant relationship between the principal and agent performance AIMS AND OBJECTIONS OF STUDY 1. To determine the effect of principal on the performance of agency 2. To determine the conditions necessary for the creation of an agency 3. To know who an estate agent is 4. The investigate on the right and duties of and estate agent
SIGNIFICANT OF STUDY The research work will discuss the conditions necessary for the creation of an agency, the study will also elicit information on the relationship between the principal and agent performance
SCOPE OF STUDY The study is limited to agency practice in Nigeria, the conditions required for the creation and the role of the principal in agency performance METHODOLOGY This study will discuss the on the historical background of the topic, it will discuss the concept of agency, the research work will make use of the primary data for the purpose of the analysis, the data collected from the research questionnaires will be analysis using the Pearson correlation method.
REFERENCES Ahunwan, B. (2002). Corporate Governnace in Nigeria. Journal of Business Ethics 37 , 269- 287. Al-Faki, M. (2006). Transparency and Corporate Governance for Capital Market Development in Africa: The Nigerian Case Study. Securities Market Journal , 9-28. Andres, P., &Vallelado, E. (2008). Corporate Governance in Banking; The Role of the Board of Directors. Journal of Banking and Finance, 32, 2570-2580
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