Praco International Limited, an Abuja-based real estate firm, has commenced the issuance of provisional land allocation papers to its investors and subscribers following the resolution of a dispute that lasted nearly two decades.

At an event marking the development on Tuesday, the Managing Director and Chief Executive Officer of the company, Chief Obioma Success Akagburuonye, described the occasion as a landmark moment that opens new opportunities for investors to take possession of their allotted plots in line with existing agreements.

Akagburuonye said the exercise also signals the commencement of physical activities on the land, marking a transition from prolonged disputes to actual development.

He noted that the move underscores the company’s commitment to transparency and its determination to ensure that all subscribers have clear and documented interests in the project.

The CEO, however, clarified that the allocations remain provisional, pending final approval of the site plan by the appropriate planning authorities in the Federal Capital Territory (FCT).

He explained that the approval process would determine the exact plot sizes and layout in line with regulatory standards.

Akagburuonye further revealed that the original land size of 388 hectares had been reduced due to government policies and actions, leading to a restructuring of available portions to accommodate subscribers within the revised space.

He commended investors for their patience, cooperation, and perseverance over the years, particularly those who made concessions to enable others benefit from the limited land available.

He urged all subscribers to remain supportive as the process progresses toward full documentation and development.

Some subscribers, who spoke at the event, expressed optimism that the issuance of allocation papers represents tangible progress after years of uncertainty.

Company officials also advised allottees to properly document their allocations and liaise with relevant government agencies on approval and compliance matters.

The Guardian gathered that the development has paved the way for site planning approvals and subsequent infrastructure development, raising renewed hope among investors that the long-awaited project is finally on track.