Showing posts with label Property. Show all posts
Showing posts with label Property. Show all posts

Thursday, July 2, 2015

Court may jail managers of NCC property

MANAGERS of the property of the moribund Nigerian Coal Corporation (NCC) may soon be jailed for allegedly disobeying the orders of the Enugu High Court.
The court has issued Form 48 to the Bureau of Public Enterprises (BPE), its estate surveyors and valuers, C.A Chizea and Co, for allegedly offering the corporation’s property to one Ibe Okpokwu, against the court’s order.

Wednesday, October 8, 2014

Lagos’ rising cases of abandoned property and challenges before govt

Reports compiled by experts in the housing sector reveal that there are many abandoned properties in
Lagos State; a development experts have said is not healthy for the development of the economy of not only Lagos, but Nigeria as a whole.

A recent report has it that the value of some of the abandoned properties, especially those in Victoria Island, currently stands at above five billion naira, while private individuals, the Federal Government as well as various state governments have been found to be guilty of this development.

Tuesday, March 18, 2014

WEF on Africa 2014: Positioning Nigeria for infrastructure investment

In 2008, when Kingsley Eze, a Nigerian entrepreneur, met with Norman Markgraaff in South Africa to explore partnerships in real estate projects in Nigeria, it was clear to both parties that he was swimming against the tide. Corruption and 419 fraud letters hung like a halo over Nigeria. Boko Haram was yet to join the mix. As Chief Executive of Private Estates International, Norman had been in the real estate business for over 35 years, built thousands of housing units, expanded the business into other parts of Africa but had never considered the Nigeria market.

 Kingsley had a simple strategy for the meeting. He would acknowledge the gory stories of fraud but would show that they were not endemic to Nigeria. He would recount how Vodacom passed up an opportunity to acquire a GSM license in Nigeria, and how MTN, which at the time was the number 3 operator in South Africa, took the leap of faith with Nigeria and became the biggest phone operator in Africa. When Norman asked for another example, Kingsley discussed the performance of Shoprite, a South African retailer that had recently entered the Nigeria’s retail space. If that meeting was held today, Kingsley would have proudly informed Norman that Shoprite has become so successful that it plans to build 44 retail outlets within the next three to four years. According to the Economist magazine, the seven Shoprite outlets in Nigeria sold more bottles of Moet & Chandon champagne than all the Shoprite outlets in all of Johannesburg combined.

 That is the quantum of return on investment Nigeria delivers. According to Jim O’Neill, an economist, Mexico, Indonesia, Nigeria and Turkey (MINT economies) are expected to produce the highest return on investment in the next 10 years. In fact, Nigeria is poised to become one of the world’s largest economies in the 21st century overtaking economies such as Italy, France and the United Kingdom.

 This goal is realisable. Between 1999 and 2012, Nigeria’s GDP grew at an average of 7.9 percent. This is remarkable when compared with a GDP growth rate of 2.2 percent in the United States, 1.8 percent in the United Kingdom and 0.4 percent in the Euro zone, notwithstanding that Nigeria is starting from a much lower economic base. In this same period, Nigeria became the second largest economy in Africa (behind South Africa) with a GDP per capita that grew from US$700 to US$2,600.

 In this same period, Nigeria has become an attractive destination for Foreign Direct Investments (FDI). Between 2010 and 2013, Nigeria attracted over US$20 billion in FDI, equivalent to 10 percent of the total FDI to Africa. This reversal of fortune has been attributed to Nigeria’s current political, economic and demographic realities. Nigeria has had 14 years of uninterrupted democratic rule. The external debt portfolio decreased from US$36 billion (in 2006) to US$4.5 billion (in 2010) resulting in a debt to GDP ratio of 19 percent, one of the lowest in the world. Inflation has remained in the single digits. With 170 million people, Nigeria is one of the ten largest populations in the world. With over 60 percent of the population below the age of 25 years, Nigeria has more people eligible to work than otherwise.

 Despite the phenomenal economic growth, unemployment is still a major challenge. Poor infrastructure is a key driver of the unemployment profile. Nigeria’s economic growth is more remarkable given its low infrastructure stock. According to the National Planning Commission (NPC), Nigeria’s infrastructure stock is about 35 percent of its GDP compared to 87 percent for South Africa. This situation offers significant opportunities for the savvy infrastructure investor. For instance, Nigeria generates about 3,600MW of power, which is about 13 percent of its projected electricity demand by the year 2015 (28,360 MW). There are not many countries in the world that provide this level of suppressed effective demand: people willing and able to pay for as long as the service is provided.

 The NPC estimates that Nigeria needs over US$2 trillion in infrastructure investments over the next 30 years (2013-2043). To meet this investment need, Nigeria needs to ramp up its spending on infrastructure from the current 3-5 percent of GDP to an average of 9 percent over the next 30 years. Given Nigeria’s high GDP growth projection for the period, such a ramp-up would be particularly challenging for the government. Therefore, private sector investment is critical to meet this need. The government has shown commitment to private sector-led growth. In September 2013, government privatised 15 power companies. Another 10 power plants are in the process of being privatised providing further proof of government’s commitment.

 Despite these opportunities, there is no doubt that investing in Nigeria is not for the faint of heart. The country still presents significant challenges for business development. The 2014 Doing Business report places Nigeria as 147 out of 189 countries, this is a 9-step drop from 2013. The 2014 Economic Freedom report placed Nigeria as 129 out of 175 countries, also a 9-step drop from its 2013 position. In terms of corruption, Nigeria is ranked 144 out of 177 countries on the Transparency International’s 2013 Corruption Perception Index. Although the anti-corruption institutions still exist, there has not been any high profile case to communicate government’s commitment to fighting corruption. However, continued commitment to privatisation of major government enterprises may be a way to reduce the size of government bureaucracy and stem the resultant leakages.

 There is no doubt that Nigeria presents a compelling case for the infrastructure investors, like Norman, who are able to move beyond the gory “single story”. Private Estates International set up office in Nigeria in 2010 and is currently developing a track of land measuring 1,100 hectares into the new Enugu Lifestyle & Golf City. The city, which is built around an 18-hole golf course, has a residential, commercial and industrial layout. This investment happened because an entrepreneur was willing to tell a compelling investment story and the investor was willing to listen with objectivity.

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Friday, October 4, 2013

Lagos could accommodate at least 20 shopping malls, says property developer

The construction of shopping malls in Nigeria and the country’s retail potential is a hot topic, as highlighted by discussions at last month’s Africa Property Investment Summit in Johannesburg.

South African food retailer Shoprite Holdings, which has partnered with different property development companies to take the anchor position in a number of these planned malls, is emphasising the demand for mall expansion across the West African country.

According to Hakeem Ogunniran, managing director of UACN Property Development Company (UPDC) in Nigeria, Lagos could effectively hold 20 malls. The rapidly expanding city and commercial hub currently has three large modern shopping malls (with a fourth to be opened soon) and has seen a growing consumer class and a number of international retail companies enter the space.

Ogunniran told How we made it in Africa that Johannesburg, with a population of 4-5m people, has substantially more malls than Lagos. “Lagos with 17-20m could presumably take up to 20-25 malls.”

UPDC, which is also developing in the residential and commercial (office) real estate markets, is looking at the country’s potential in its “B and C grade” cities for formal retail infrastructure, office spaces and residential developments, said Ogunniran.

This is in alignment with what Resilient Africa’s managing director Holden Marshall told How we made it in Africa last month. Resilient Africa is focused specifically on developing smaller shopping centres in Nigeria, of which Shoprite is a partner.

Although Resilient Africa is securing sites to develop malls in the popular retail hubs of Lagos and Abuja, it is also targeting a number of other cities in the country. Warri in the Delta State in southern Nigeria will see the Delta City Mall completed by November next year. Marshall said the company has either secured or is in the process of securing sites in Asaba, Benin City, Port Harcourt, Owerri, Yenagoa and Abeokuta.

According to Marshall, the growing middle class population in these cities is underserviced. “And that’s why the retailers are going there… [They] have got money to spend and are looking for good brands, a nice environment, and a modern facility. And that’s what we are hoping to capture and deliver.”

Warri, where Resilient Africa’s first mall is being built, is seeing rapid growth and has a good income per capita.

“That whole south Delta region of Nigeria, a large part of it is based on an oil economy,” Marshall explained. “All those cities in that region are growing exceptionally fast. In the last three years they have all sort of quadrupled in size. So Warri is quite a substantial city. [There are] indications of a population of 1.5m that is sort of countable but there are a lot more [people].”

Thursday, September 26, 2013

Actis $1.5bn investment in Nigeria, others’ property market targets middle class

Actis, a private equity company, will lead investment of as much as $1.5 billion in African commercial property to meet rising demand from international companies targeting a growing middle class, its officials have revealed.

The London-based company has a five-year plan to invest in projects including shopping centers, office towers and industrial parks in fast-growing economies such as Nigeria, Ghana and Kenya.
Kevin Teeroovengadum, director of Actis’ sub-Saharan Africa real estate unit, revealed recently in an interview in Johannesburg that the company is seeing a shift in interest from South African brands to European retailers.

Michael Chu’di Ejekam, Teeroovengadum’s counterpart in Nigeria, had noted in Lagos that African market is “huge, under-supplied and growing”, adding that there is a sharp demand-supply imbalance which they are trying to bridge.
“This is sub-Saharan Africa and in comparison with some other markets, it is one of the fastest growing in the entire world. Africa dominates the list of the fastest growing economies in the world”, Ejekam, who spoke in an interview with BusinessDay, said.
African Development Bank’s annual outlook also notes that Africa’s economy, excluding Libya and Somalia, is forecast to expand 4.5 percent in 2013 and 5.2 percent next year amid a rise in oil and mining projects and direct investment from foreign companies.
Teeroovengadum points out that Nigeria, the continent’s most populous country, grew 6.6 percent in the first quarter while South Africa, the continent’s biggest economy, expanded by an annualised 0.9 percent.
Actis has raised about $1.4 billion across seven Africa funds since 2003, according to data compiled by Bloomberg. The company is also pursuing deals in South America and Southeast Asia in sectors including energy and technology.

McKinsey & Co. says in a 2010 report that Africa is home to the world’s youngest and fastest-growing population, predicting that household expenditure in the continent is forecast to expand 63 percent to $1.4 trillion by 2020. Shantayanan Devarajan, World Bank’s chief economist for Africa, said in May last year that “this is a very good time for retailers to get a foothold in Africa.”
In Nigeria, Ejekam notes that within 8-kilometre radius of Ikeja City Mall in Lagos, household expenditure is about $18,000 per annum per household, adding that with about one million households within this radius, household expenditure per annum is about $18 billion. “For us as private equity investors, we find this very compelling”, he said.

This is the number of jobs the Federal Government is proposing to create on a yearly basis.
The Information Minister, Labran Maku said it is part of a deliberate policy to expand the Nigerian economy.
With an average official rate of unemployment put at about 18 million adults or about 23 percent of the adult population, it would take the Federal Government an average of 49 years to absorb all the unemployed even if the unemployment rate remains unchanged.
What this clearly shows is that the creation of jobs will have to go beyond what the Federal Government can do directly to enable the private sector also create jobs.

Sunday, September 15, 2013

Nigeria's property boom: only for the brave

(Reuters) - On one of the most exclusive streets in Nigeria's capital sits a crumbling mansion with an unwelcoming message painted at its entrance: "BEWARE! THIS HOUSE IS NOT FOR SALE".
The warning refers to a popular property scam. In the most elaborate version, robbers break into your house while you are away, change the locks, and then produce multiple copies of fake title deeds. Posing as estate agents, they show buyers around your house and sell as many copies of the deeds as possible. When you get back, your house belongs to six people.

This sort of deception epitomises the tricky nature of Nigeria's real estate business, but despite the risks, there are huge returns to be had in a market where around 16 million homes are needed just to meet current demand.
Navigating through opaque land laws, corruption, a lack of development expertise and financing, a dearth of mortgages and high building costs will take courage and influential local partners.
"There are sizeable challenges to overcome but in many ways Nigeria represents the perfect storm for real estate investment; huge population, rapid urbanisation and a growing middle-class," said Michael Chu'di Ejekam, Director of Nigerian Real Estate at Actis, a London-based private equity firm.
Actis has $5.2 billion under management, including two sub-Saharan Africa real estate equity funds totalling $434 million, which it says are attracting U.S. and European investors.

Nigeria's population of nearly 170 million is bigger than Russia's and its economy is growing at 6 percent, a combination which is producing a new wave of property buyers from bankers and airline staff to mobile phone and fast food shop owners.
"I see demand from the middle-class higher than ever before," said Deolu Dara, Associate Vice President at Nigeria-based Avante Property Asset Management, which manages several multi-million dollar residential projects in Lagos.
A successful real estate investment in Nigeria can earn an returns as high as 30-35 percent, while rental income yields in cities such as Lagos and Abuja can easily reach 10 percent, developers and estate agents say.

Property in Lagos, a heaving metropolis of around 20 million people, can be among the most expensive in the world with two-bedroom flats costing more than $1 million in upmarket areas.
However, the top-end range is dominated by well established players and developers should target middle-income workers in major cities, such Lagos, Abuja and the oil-hub Port Harcourt. The most popular units fall in a price bracket of 20-35 million naira, developers and estate agents say.

Nigeria's middle class make up around 23 percent of the population and earn around 80,000-100,000 naira per month, according to report by investment bank Renaissance Capital.
In smaller cities and rural areas, a lack of information about land and regulation is off-putting, while a violent Islamist insurgency has made the north of Nigeria unattractive, despite huge unmet demand in cities such as Kano and Kaduna.

The majority of Nigerians live in poverty in shanty towns or in basic concrete block and iron-roofed houses they have built themselves, but building mass housing for the poor is not a popular investment.
"If you know the market, the people, focus on middle class and cherry pick your deals, you can clean out," added Dara, who said Africa's biggest oil and gas industry is also driving demand. One foreign oil major bought 300 flats recently.
Nigeria's construction and real estate sectors are growing at more than 10 and 12 percent respectively, a boon for foreign and Nigerian construction firms, including UPDC (UACN.LG), Cappa D'Alberto (CAPALBE.LG) and Julius Berger (JBERGER.LG).

Yet, there is still not enough quality affordable housing because business is frustrated by widespread corruption, poor state infrastructure and a lack of expertise and financing.
Constructing a block of flats costs three times as much in Nigeria than in South Africa, builders say, and many developments are abandoned when projects run out of money or become slums because they are poorly built.

London-based estate agent Jones Lang LaSalle (JLL.N) ranks Nigeria 96th out of 97 on its transparency index, just in front of Sudan but behind six other African countries.
Having support from powerful politicians or business magnates will help to avoid terminal financial pitfalls.
"It's a business that requires local partners and local knowledge or you'll run into problems," Dara at Avante says.

Avante's chairman is Wale Tinubu, the head of oil and gas firm Oando (OANDO.LG) and a close relative of former Lagos state governor Bola Tinubu, who still wields influence there.
London-based Actis has given directorships to Nigerian energy firm Seven Energy and local conglomerate UAC (UACN.LG).

Once the supply challenges have been overcome, there remains a problem with that huge latent demand. No mortgages. Unless you are willing to pay a 25 percent interest rate.
The mortgage debt-to-GDP ratio in Nigeria is under 0.5 percent, compared with 72 percent in the U.S. and over 30 percent in Malaysia and South Africa, government figures show.

"In places like America you seem to be able to buy property without a stress but it just isn't like that here," said Ike Ejekam, 31, who is about to buy a newly-built two-bedroom apartment for 20 million naira in a gated community in the popular Lekki district on the Lagos peninsula.

Ejekam represents the new breed of buyers who expect well-built housing with all the modern conveniences. He works at a branch of a local bank and is using his life savings and funds borrowed from family members to buy his property outright.

"I don't like to think about mortgages because it scares me when I see how difficult it is for my friends to get a loan."

Nigerian banks don't like giving out mortgages because reliable information about buyers and land is scarce, while there is no secondary market to offset the risks.

The government says it is trying to fix this by securing a $300 million loan from the World Bank to establish a mortgage refinancing company, which should free up some bank lending.

A Federal Mortgage Bank was also launched this year, which government hopes will help build 500,000 new homes. The bank plans to float a 200 billion naira mortgage bond, the proceeds from which can be handed over to home buyers with the state guaranteeing against default for five years.
The government is also discussing passing legislation to create a secondary mortgage market and to improve land laws.

"With this sense of urgency we could have a significant improvement in the mortgage market by 2015," United Bank for Africa (UBA.LG) CEO Phillips Oduoza told Reuters.
This optimism is also being felt by developers as dozens of well-financed projects are underway, including the Eko Atlantic City - a multi-billion dollar project built from 9 square kilometres of land being reclaimed from the sea in Lagos.

The billionaire Chagoury brothers, who are of Lebanese descent, are leading the mega-project, which will feature parks, swimming pools and skyscrapers with floor-to-ceiling glass. Banks, including France's BNP Paribas (BNPP.PA), Belgium's KBC (KBC.BR) and several Nigerian lenders are on board.
In Abuja, UPDC has started its 228-unit 'Metro City', which consists of well-designed blocks with balconies built in palm-fringed private compounds. Privately owned Churchgate Group is building its ambitious $1 billion World Trade Centre, a series of skyscrapers housing offices, flats and upscale shops.
"Nigeria is a huge real estate opportunity," said Ejekam at Actis. "The story is getting out, slowly."
(Writing by Joe Brock; Editing by Giles Elgood)

Thursday, August 8, 2013

Nigeria: Towards an End to Property Demolition

The demolition of a housing estate in Abuja last year has remained a sore point for estate developers in the territory. While the affected developers are still trying to recover from the loss, stakeholders in the sector are of the opinion that more investment could be lost if conscious efforts are not put in place to checkmate these activities. Even though some stakeholder consider the destruction of such building as unnecessary since the country is faced with an alarming housing deficit, others are of the view that the government needs to put in place the right policies so that housing will be available for everyone. Evelyn Okoruwa writes Billions of money invested in property has been lost of recent to the demolition of such properties, often termed illegal by the authorities.

According to stakeholders in the housing sector, the ripple negative effect demolition of property has on the economy cannot be over emphasised as it cripples economic activities.
One of such negative effects is the resultant unemployment as workers employed in these demolished sites have been out of work.

The build industry employs labourers such plumbers, carpenters, iron benders, brick layers, masons, painters and professionals like architects, surveyors, engineers and other relevant professions.
Apart from that the transport sector has been greatly affected since people hardly move building materials from one point to another, this has invariable affected both the building materials sellers and the transporters. While in the mining sector only few aggregates are being bought, in addition to that, the developers themselves have lost the money invested in developing such sites.

An independent developer who craved anonymity told LEADERSHIP that he lost over N20 million during the demolition exercise and is yet to receive any compensation from the government.
He disclosed that he took ill when his site was demolished and is still yet to recover from the shock due to the money he lost, emphasizing that the money was borrowed and he is still trying to service the loan he took to develop the site.
Speaking on the issue, the President Real Estate Developers Association of Nigeria (REDAN), Chief Olabode Afolayan, noted it is really difficult to quantify the loss as millions of money have been lost in the whole demolition exercise.He disclosed that the exercise ha not only affected the housing sector but all other sectors that depend on it to strive.

"For a couple of months, Dangote Cement had to close its factory in Benue State because of drought. You can begin to itemise it that way. So the loss is really much. It is unquantifiable. I can authoritatively say that it has affected the GDP of the country by the time things are being put together at the end of the year."
However, the government has promised to forestall any future demolition. REDAN's Executive Secretary, Mr. Goke Odunlami, disclosed that members affected in the Lugbe demolition has agreed to take the advice of the chairman, Senate committee on the FCT, Senator Smart Adeyemi, to go into negotiation with the FCT Minister, Senator Bala Mohammed, instead of pursuing the court case.

He further disclosed that most of the affected members have agreed to opt out of court and negotiate with the minister, while reaffirming that the Lugbe crisis will soon be over. Rrecall that over 1,004 houses were demolished in Lugbe, Abuja, between August and October last year and it was estimated that property owners may have lost over N37 billion to the demolition of illegal structures.

While stakeholders continue to groan over their loss, they lament the unseriousness of the government to provide housing for Nigerians considering the huge housing deficit which is widely acclaimed to be between 16 to 18 million. While noting that the housing deficit is much more than the estimated number, they lamented that rather than encourage developers, the government is making it difficult for them to help ease the deficit.
As part of the Federal Government's transformation agenda, it had on many occasions promised to deliver affordable housing to Nigerians.

However developers have argued that the federal government is not ready to provide housing and have implored Nigerians to know that their future is in their own hands in terms of housing delivery.
They urged Nigerians not to rely solely on the government but contribute their own quota, stressing that the implication of the government's laid back attitude to the housing sector is that for there to be adequate housing in Nigeria, the sector must be 99.9 per cent private sector driven but however urged the government to bring the right policies into play in order to move the sector forward. Stressing the importance of the right policies, the National Secretary General, Nigeria Institute of Quantity Surveyors, Mr. Akinpelu Adewumi, noted that any government policy that is not implementable, measurable or sustainable will not give any result.

He disclosed that if government is serious about mass housing, it must be seen to be driving the policy. He opined that one way the government can drive it is to provide infrastructure, noting that if developers are allowed to provide infrastructure for buildings, such houses will not be affordable.
Adewumi urged the government to provide infrastructure first and then see how to incorporate local materials into the production and as such the cost would be brought down drastically.
By encouraging our local goods, he said more jobs would be created in the process while building cost would also be reduced.

Sunday, August 4, 2013

Nigeria: EFCC Detains Party Chairman Over Alleged N66 Million Property Scam

Abuja — Two-time presidential candidate of the Hope Democratic Party, HDP, Chief Ambrose Owuru, has been detained by the Economic and Financial Crimes Commission, EFCC, for alleged property scam worth N66 million.
Owuru, who is also the National Chairman of the party, was arrested and taken into custody on Wednesday over alleged involvement in the scam.
Acting Media Head of the EFCC, Wilson Uwujaren, confirmed the arrest of Owuru in a statement made available to Vanguard in Abuja, yesterday.
The commission explained that Owuru, a lawyer, was arrested for obtaining the said amount from one Ikechukwu Eze under false pretence.
The complainant alleged that he paid the sum of N60 million through Skye Bank, Olu Obansanjo Road branch, Port Harcourt, to Barrister Owuru for a property located on Nzimiro Street, Amadi flat, Port Harcourt.
The complainant in a petition to the commission alleged that in the process of taking possession of the property, he discovered that a portion of the said property had been sold to another person.
Owuru is reported to have demanded additional N6 million from Eze to settle the other buyer, one Chief Austin Omire, which Eze promptly paid, bringing the total amount to N66 million.
The commission said however, that its investigations revealed that since the payment of the amount to Owuru, Eze had not been allowed to gain access to the property and his money not refunded to him.
The commission said: "Upon receipt of the petition and commencement of investigation, the EFCC invited the suspect severally but he refused to honour the invitations, prompting us to arrest him" .
He is to appear in court soon, Vanguard learnt.
Owuru has contested as the Presidential candidate of the HDP twice without winning even a local government in the country but that has not deterred him from contesting.
It is not clear if the arrest would stop him from contesting in 2015.

Wednesday, July 31, 2013

Nigeria: Dubai Property Deal Turns Sour As Marketing Company Drags Businessman to Court

An attempt by a Nigerian businessman, Mr. Washington Umweni to own one of the luxury apartments in Dubai, the United Arab Emirates, has resulted in a legal tussle between him and the companies marketing the apartments in Nigeria.

In a suit filed at the Lagos High Court Sigma 111 Limited, TFG Real Estate Limited and four others plaintiffs have dragged one of their investors, Umweni and his lawyer, Mr. Tunde Abioje to court asking the court to compel Umweni to pay his overdue instalments for the purchase of Unit 2212 TFG Marina, a high luxury apartment hotel situate in Dubai Media City.

They are also asking for the payment of N170 million as damages arising from Umweni's refusal to continue to pay the instalments. They claimed that the refusal of Umweni to fulfil his obligations under the contract he executed with them constituted a breach of contract.

In his response to the suit, Umweni stated that it was The First Group who was in breach of their contract hence it made three separate proposals to make a refund and noted that there would not have been any problem if the company had refunded him his contributions.

He said: "I am amazed by their action. They earlier claimed in one of their numerous letters to me that no Nigerian court can delve into this matter and that I should go to Dubai and sue them there, now, they have gone to a Nigerian court in Lagos. This shows that they are beginning to come to terms with reality. I will get justice no matter how long it takes. The First Group cannot take my money for nothing."
In his statement of defence, Umweni said he was no longer interested in the TFG Marina Project and wanted his contribution which stood at N9.7 million refunded to him.

He stated that the project was a mere paper work and that the suit by the defendants was a cover up to tie down his money. In an affidavit he deposed and attached to the statement of defence, Umweni said that at all material time, he was made to believe he was dealing with The First Group (TFG) and not with the two companies that filed the action against him.


Monday, July 29, 2013

Dubai Property Deal Turns Sour As Marketing Company Drags Businessman to Court

An attempt by a Nigerian businessman, Mr. Washington Umweni to own one of the luxury apartments in Dubai, the United Arab Emirates, has resulted in a legal tussle between him and the companies marketing the apartments in Nigeria.  In a suit filed at the Lagos High Court Sigma 111 Limited, TFG Real Estate Limited and four others plaintiffs have dragged one of their investors, Umweni and his lawyer, Mr. Tunde Abioje to court asking the court to compel Umweni to pay his overdue instalments for the purchase of Unit 2212 TFG Marina, a high luxury apartment hotel situate in Dubai Media City.

They are also asking for the payment of N170 million as damages arising from Umweni’s refusal to continue to pay the instalments.  They claimed that the refusal of Umweni to fulfil his obligations under the contract he executed with them constituted a breach of contract.

In his response to the suit, Umweni stated that it was The First Group who was in breach of their contract hence it made three separate proposals to make a refund and noted that there would not have been any problem if the company had refunded him his contributions.
He said: “I am amazed by their action. They earlier claimed in one of their numerous letters to me that no Nigerian court can delve into this matter and that I should go to Dubai and sue them there, now, they have gone to a Nigerian court in Lagos. This shows that they are beginning to come to terms with reality. I will get justice no matter how long it takes. The First Group cannot take my money for nothing.”
In his statement of defence, Umweni said he was no longer interested in the TFG Marina Project and wanted his contribution which stood at N9.7 million refunded to him.

He stated that the project was a mere paper work and that the suit by the defendants was a cover up to tie down his money.
In an affidavit he deposed and attached to the statement of defence, Umweni said that at all material time, he was made to believe he was dealing with The First Group (TFG) and not with the two companies that filed the action against him.

Friday, July 26, 2013

Nigeria: Widow, 80, Drags Nephew to Court Over Property

Kaduna — A'isha Abdullahi, an 80-year old widow of Anguwar Dosa, Kaduna, has dragged her nephew, Abdulrahman Mohammed, to Magajin Gari Sharia Court for allegedly claiming her inherited property.
Abdullahi told the court: "Our late father left the house to us. I left the house to his (Abdullahi's) mother to take care of, I don't have a child.

"I took three of her children and at that time I resided at Warri, Delta state, with my husband."
The complainant added that she returned to Kaduna after the death of her husband.
"For almost 13 years they asked me to go to the house, I them told I can't stay with her husband and children using one toilet and bathroom. So I rented a single room," Abdullahi said.
She said that she never collected rent from them, but asked her sister to use the money generated from the house for her upkeep.

According to her, Mohammed claimed that he bought the house from her after the death of his mother at the cost of N250, 000.
The accused, however, denied the allegation.
Mohammed told the court that the house in dispute was "inherited by my mother and when her (A'isha) husband died she came back to Kaduna, but she refused to stay in the house for no reason.
"She has nobody than we because she brought us up; right from childhood I grew up with her in Warri."
He recalled that one day some community elders came to the house to say that the complainant wanted her share of house to be sold.

"They asked me if I am interested, which I said 'yes' and I gave them first N140,000 and later I paid N110,000, making N250,000 all in all," he said.

He said "the elders were there, we all sang and she sang, but she later took me to Kawo Upper Area Court on same matter which the judgment was in my favour."
The presiding officer, Khadi Ibrahim Mohammed, asked the accused to produce a copy of the judgment of the Upper Area Court on the matter before the court.
Mohammed adjourned the case to Aug. 6 for hearing and continuation. NAN

Tuesday, July 16, 2013

Lagos actions to guard investors in property market

Plans are underway by the Lagos State government to protect the interest of real-estate investors and everyone through sanitisation and regulation of the actual estate market, Kehinde Abayomi, director of estate in the state ministry of housing, has said.

Abayomi, who represented Bosun Jeje, the state commissioner for housing, at the opening ceremony of the ninth edition of the Luxury Living Africa Property Exhibition, said the move was necessary to help curb the excesses of dubious real-estate agents who defraud investors in the sector.

“Real-estate agents must register with the state before they could be licensed as the sanitisation process may also involve screening and training of accredited estate agents within the metropolis,” he said.

Organised by Campaign Hype, the exhibition created a platform for trade promotions, exploring of investment opportunities, networking and market development for all stakeholders in the actual estate sector.

The expo also afforded property developers opportunity to showcase their recent products to prospective customers. “The aim of the exhibition is to display innovative real-estate products as Nigerians now see real-estate as new hub for investment after the crash of the stock market,” said Ike Steve, head, organising team.

“The growth of Africa's real-estate industry within the last six years has been impressive, signalling that the entranceway for opportunity and innovation has opened right in Africa; the need for a platform where new real-estate products could be showcased is important,” he explained.

The event also provided a platform for stakeholders to go over and chart the way in which forward on what investors can benefit from the mini property boom on the continent at present.

A number of the exhibitors at the expo include Rainbow Town Development Limited, developer of Rainbow Town, Port Harcourt; Vava Furniture, Howard Roark Multi Dynamics Limited, developer of Lakeview Park; Beaufort Properties, developer of Beaufort Ridge, Accra, and Kano Emirate Council, developer of Ado Bayero Royal City, Kano, etc.

Sunday, July 14, 2013

Part 1: update:$27Million Saga: Senate Never Approved OBJ,GEJ To Purchase And Disburse Nigerian Real Property Qualities In U.S.--Reports

Part 2, Part 3

New York[RR] New York--Update:$27Million Tale: Senate Never Licensed OBJ,GEJ To Sale And Disburse Nigerian Real Property Houses In U.S.--Reports. Following constant analysis by Nigerian Senate Committee on International Affairs on $27Million accruing from Real Property Houses revenue in the United Claims, sitting at the Federal Capital Place (FCT) Abuja, indicate clinically distinct that Nigerian National Assembly/and the Nigerian Senate never whenever approved the former Leader Obasanjo (1999 to 2007) to get the sale of the Real Property properties, neither achieved it authorize recent administration led by Leader Goodluck Jonathan to issue presidential authorization to Nigerian Ambassador Ade Adefuye, Nigerian International Affairs Minister, Olugbenga Ashiru to disburse now lacking $27Million gathered from illegal revenue of Nigerian Real Property Houses in the United States.

Republic Reporters investigations revealed. Signs display that the $27Million which, has curiously disappeared from the unique banking account at Manufacturing And Trading Bank (M&T Bank) in Washington,DC, and attracted down seriously to less than $400,000 was misappropriated, clearly makes Senate investigations really necessary. Curiously experts and international political analysts are questioning employing techniques of Nigerian Embassy legal Counsel whether it following principle of law. Rotimi Osunsan in Massanutten Hills Resort,Virginia, wondered: "I when requested but never got an answer: were the employing of the Embassy lawyers, including Emeka Ugwuonye and the young Aluko in submission with the established fair, competitive, process?

 Was the Embassy clear with the employing techniques of the lawyers and any one of their team for instance?\ Enormous recurring allegations of financial improprieties at the Nigerian Embassy in Washington,DC, and corruption by Nigerian diplomatic officials all over the world is heart-breaking. The embattled Nigerian Ambassador to the United Claims Ade Adefuye feeling the warmth from Senate Committee on International Affairs, said: "I have no submit the lacking $27Million accruing from revenue of Nigerian Real Property properties in the United States. He said: "The claim that I used $23.5Million was high since what I met in the bill of the embassy when I resumed whilst the Ambassador of Nigeria to the United Claims was only $10Million...", he said. Adding that:"Operations at the embassy in Washington,DC was poorly financed since it was getting only $200,000 of their monthly entitlement of their $600,000... to meet up financial obligations, I obtained presidential authorizations to make up for the shortfall from the $10million in their account..",

he informed reporters in Washington,DC, Republic Reporters communication in Washington,DC confirmed. Curiously, Minister of International Affairs, Olugbenga Ashiru, stated that $27 Million or $23.5million was not lacking at the Nigerian Embassy in the United Claims, without providing details. Ashiru, who was simply clearly sweating in Abuja heat informed reporters in FCT-Abuja. said the sale of Federal "Government house in Washington DC was properly authorised by ex-President Olusegun Obasanjo, but could not explain how the funds were attracted to less than $400,000.00 as M & T Bank closes the Particular records on allegations of fraud and multiple income laundries. In the record he said: “The eye of the Ministry of International Affairs has been attracted to the above-mentioned allegation as moved in many national magazines of Friday, August 28, 2013.

“The magazines reported a public hearing done by the Senate Committee on International Relations, at which Nigeria's former Ambassador to the United Claims, Prof. George Obiozor, Nigeria's recent Ambassador to the same Goal, Prof. Ade Adefuye, and Nigeria's recent Permanent Representative to the United Countries in New York, Prof. Delight Ogwu appeared. “The Committee was meeting to examine allegations of the embezzlement of $27 million, being proceeds from the sale of Federal Government properties in Washington DC. The Ministry, however, wishes to share with most people the following:That all charges active in the sale of Federal Government properties were properly and completely accounted for..."

Saturday, July 13, 2013

Nigeria: N5 Billion Pension Fraud - Ex-Director Protects N500m Bail

Having spent thirty nine days at Kuje Maximum prison, a Federal High Court in Abuja, yesterday, granted bail to the former Director of Pension Accounts in the Office of the Head of Civil Service of the Federation, OHCSF, Dr Sani Teidi Shaibu, to the tune of N500 million.

Justice Adeniyi Ademola further directed the ex-pension boss who was simply said to own connived with a former manager with the defunct Oceanic Bank Plc, Mr Udusegbe Omoefe Eric, and diverted about N5 billion designed for pensioners across the federation, to make two sureties in like sum..
Likewise, the court also released his alleged accomplice, Eric, on a single bail terms, stressing that the sureties should be owners of landed property with the jurisdiction of the court. Besides, the sureties are to deposit the title deeds of the property with the Deputy Chief Registrar of the court.

Based on the judge, "The accused persons should equally deposit their travelling documents with the court registrar and mustn't travel without the permission of the court. If the travelling passports already are with the court, they must be used in the registrar with this court."
Before adjourning hearing on the substantive case against them till October 23, Justice Adeniyi directed that in the case the accused persons fail to meet up the conditions upon which these were granted bail yesterday, they must be returned to Kuje prison.

It is going to be recalled that the court had earlier suspended ruling on the bail application indefinitely sequel to a petition the ex-pension boss wrote from the presiding judge.  Teidi, who was simply said to own acted without the consent of his lawyer, wrote the Chief Judge of the High Court, Justice Ibrahim Auta, accusing the trial judge of deliberately allowing him to stay in prison custody despite he had filed his application for bail.

It had been the contention of the accused individual that the judge had on several occasions thwarted efforts by his legal team to secure his release.
Consequent upon the petition, Justice Adeniyi adjourned the case in order to answer to react to the petition as he was directed to do by the CJ.

Monday, July 1, 2013


NGN 1,500,000  Bedrooms : 5Bathrooms : 5
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Saturday, June 29, 2013

Need for SA property from Nigeria

 With the Rand hanging across the R10 to the US Dollar, home in South Africa has become a actual bargain. The greatest amount of enquiries attended from Nigeria where the oil boom has resulted in really well-heeled entrepreneurs seeking greener pastures. Michael Steffers, handling director of Krugersdorp-based Pinnacle Home Brokers claimed he had numerous enquiries from many different nations and the need was particularly solid from nations in Africa. "We've notched up a few ales of upmarket homes in gated estates throughout the West Rand.

"Because we deal primarily with home to the West of Johannesburg, home costs are substantially less than in almost every other towns in South Africa.
Which means that consumers get substantially more value for his or her money. The quick devaluation of the neighborhood currency has started off something of a mini home boom and we presently have significantly more consumers than vendors," he said.

Upmarket homes on the West Rand have been in need for quite a while by pensioners in particularly southern Europe who're seeing their pensions and other benefits erode consequently of austerity actions presented by the European Union. Many of the numerous enquiries he had all through November and December last year from Europeans who have been on christmas in South Africa and who have been seeking to resettle have resulted in sales.
"Obviously the truly well-heeled crowd are looking at the Western Cape including the winelands and the Natal South Coast.

"For the hard-pressed Greeks, Spanish and Portuguese nationals, something that offers substantial greater affordable and are at once economical has brought the West Rand into sharp focus.  "Giving a number of the cheapest rates per sq metre for upmarket homes anywhere on earth, we have been marketing houses and townhouses in upmarket parts like Noordheuwel, Featherbrooke and Chancliff in Krugersdorp while homes in Constantia Kloof, Ruimsig and Helderkruin in Roodepoort have been moving quickly," Steffers said.

The greatest amount of enquiries attended from Nigeria where the oil boom has resulted in really well-heeled entrepreneurs seeking greener pastures.
"South Africa has for quite a while today been popular with Nigerians. The customers we get from that location are usually really well-off consumers who often want to buy a swish townhouse as a holiday home or as a secure haven."

The fact that bonds are reasonably common if the buyer is able to ante up a considerable deposit is an additional component that makes the country a stylish proposition as is the truth that curiosity rates have reached historic lows. He explained South Africa offered enormous benefits for consumers from creating nations in Africa.  "The extremely produced state of our infrastructure is just a solid bring card and the truth that they're generally built to feel really welcome with recognized Nigerian towns across South Africa makes South Africa a very attractive proposition for them," Steffers said.
Over all rates range between just around R1-million to homes in the R3 million to R4 million range.

"We see many a great deal more simple homes - mainly in older suburbs -selling for substantially lower prices."  "We're today looking at setting up a operation in Nigeria from wherever we will be able to support the whole of West Africa. We have presently received enquiries from property brokers in areas of Europe who wish to industry our home portfolio."
A positive reality for international consumers is that home rates, based on nearly all indices, have reached most useful flat with an identical prospect planning forward.

Still another good part of buying home in South Africa is the truth that South Africa was viewed as a secure haven with a stable democracy free from conflicts and cycles, Steffers said.
At the the surface of the record are consumers from Nigeria and Uganda with solid curiosity from Francophone nations such as the Ivory Coast. - Sapa 

Private Property,

N4.3bn proceeds from sale of Nigeria's Washington Property properly accounted for – Ministry

The International Affairs Ministry on Friday denied media studies on the so-called misappropriation of $27 million (N4.3 billion) arises from the purchase of Federal Government house in Washington DC.
A statement given by the ministry solved that $23.5 million (N3.8 billion) was realized from the purchase of the three federal government-owned house in Washington DC between 2004 and 2007 and not $27 million as reported.
It said all charges mixed up in purchase were duly and totally accounted for and that former leader Olusegun Obasanjo duly authorised the sale.

On Thursday, the Senate Committee on International Relations done a “community hearing''to examine allegations of the embezzlement of $27 million, adhering to a petition by one Daniel Elombah.
People reading was attended by Nigeria's former ambassador to the U.S., George Obiozor; the incumbent, Ade Adefuye and; Nigeria's Lasting Consultant to the U.N in New York, Pleasure Ogwu.
People reading was, nevertheless, held behind closed opportunities after the Chairman of the Senate Committee, Matthew Nwangwu (PDP-Imo), declared the event open.

The statement by the ministry noted that the “press were not privy to the detailed submissions of the three distinguished diplomats.”
“Without prejudice to the findings of the Committee, we state, that the purchase of these qualities were duly authorised at the highest stage and that no finance was ‘missing'as alleged. We, therefore, need that persistence be resolved even as we await the final report of the Senate Committee's research in to this issue,” the ministry said in the statement.

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Friday, June 28, 2013

Nigeria Property: The best property in The World.

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