Showing posts with label estate. Show all posts
Showing posts with label estate. Show all posts

Sunday, November 3, 2013

Lekki outpaces Ikoyi, others as most prized real estate market

With a phenomenal growth driven by a combination of factors including expansion of Lekki-Epe Expressway, proposed Lekki International Airport and Deep Seaport, the Lekki corridor in Lagos has been identified as one of the most prized real estate markets in Nigeria, outpacing Ikoyi and Victoria Island.

Current market trends in the corridor shows its uniqueness in that properties are available for all types of income earners—the high, upper middle, and budget buyers.

Olayinka Omotosho, a chartered surveyor, who gave these hints in his paper titled ‘Real Estate Business Dynamics in 21st Century with Focus on the Lekki-Epe Axis’, noted that this axis has the largest concentration of new wealth on the African continent,  catapulting many families to the rank of the nouveau riche.

Omotosho, who was a lead speaker at the first Lekki-Epe Real Estate and Business Conference in Lagos recently, called for more investments in Lekki in order for investors to create wealth for themselves.

The conference paraded an array of speakers including Kayode Omotosho, executive secretary of the Mortgage Banking Association of Nigeria (MBAN); Bode Araba, principal partner of EPDM Nigeria, and Godspower Omozusi, the principal partner of GP Omozusi & Company, a firm of estate surveyors & valuers.

The lead speaker took a critical look at modern real estate business, saying, “21st Century has often been referred to as the era”. He explained that many companies are now able to do more business using the internet, adding that more clients are more knowledgeable of the property market these days.

“The introduction of blogs, products, social media like facebook, twitter and smart phones have allowed for more interaction between professionals and their clients, beyond what was previously obtainable”, he pointed out.

According to him, new technology has brought about interface between clients and professionals, sophisticated marketing, globalization of the local property market and the need for due diligence to verify information given on the internet.

Sunday, September 15, 2013

NDFF 2013 to Profile Nigerian Real Estate and Housing Finance sector as investment frontier

The 4th Nigeria Development and Finance Forum (NDFF) 2013 North America Conference will showcase the Nigerian Real Estate and Housing Finance sector as an important frontier of investment opportunities in Nigeria.

One of Nigeria’s leading experts on the sector, Roland Igbinoba, President/CEO, Pison Housing Company will make the lead presentation and will be supported by a panel consisting of senior policy and private sectors leader, with participants and delegates drawn from the real estate and housing finance sectors across the United States and Nigeria.

Official data from the office of the Honourable Minister of Lands, Housing and Urban Development, Ms. Amal Pepple, confirms Nigeria’s housing deficit of over 16 million. Lagos State, the commercial capital of Nigeria, accounts for 30 per cent of the housing deficit, according to a recent statement by Hon. Adedeji Olatubosun Jeje, Commissioner for Housing, Lagos State.

A Presidential mandate has seen the introduction of policy reforms in the housing sector, which is being spearheaded by Ms. Pepple. She said recently that:
“Mr. President recently directed us to focus on land titling, housing finance, affordable housing, low-cost/social housing and urban regeneration and regional development. We intend to vigorously pursue the implementation of these initiatives over the next two years in order to achieve the targets we have set for ourselves.”

The framework for the establishment of a Federal institution for housing refinancing is being assisted by the World Bank, as confirmed by the Honourable Minister of Finance and Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, at the Spring Meetings of the IMF/World Bank in Washington DC, in April.

Nigeria’s domestic mortgage market is currently valued at 445 billion U.S. dollars, yet with rapid rate of urbanization and positive demographic structure, housing finance is seen to be critical to support human and infrastructural development.

Mr. Igbinoba says: “My presentation will cover the investment opportunities in real estate in Nigeria, spanning from residential to commercial real estate. I will do this by comparing Nigeria to its peers in the region. This will show Nigeria as the destination for real estate investment by North American investors.”

Thursday, September 5, 2013

3Investor programme assures on 50% reduction in investment transaction cost

Real estate investors and consumers who subscribe to 3Investor Loyalty Programme, one of the newest products in the property market presently, have been assured of 50 percent reduction in their investment transaction cost and professional fees.

The product, according to its originator, also offers subscribers other opportunities such as access to about 30 percent discount on purchases from subscribed outlets such as malls, airlines, haulage, real estate events, current information on market conditions and new projects through a weekly newsletter.

Ruth Obih, MD/CEO, 3Invest Limited, owner and promoter of the programme, noted at its launching in Lagos recently that her company was concerned about the current transaction fees (commission) paid by real estate consumers on property , which hover between 10 and 15 percent.
Obih said the loyalty programme launched alongside a Real Estate Investment Network (RIEN) at the Property Buyers Forum (PBF) organised by the company in Lagos was designed to help real estate investors and consumers.
According to her, the product is to be driven by REIN, an investment nexus that seeks to connect sponsors with investors who are willing to invest in income-producing real estate portfolios to expand their income margin.
“REIN is expected to broker investments within the 3Investor circle by introducing projects considered investible to a network of investors who will pull funds together to execute projects under predefined arrangements and earn income on such projects on an agreed percentage to every member of the network who has invested in the project,” she said.

She explained further that “REIN is expected to help sponsors raise more funds for real estate projects by building investors’ confidence and closing the gap between investors and developers; thereby ensuring that more activities are ongoing in the real estate sector.

“As a company, we are committed to how the industry grows and activities that make for its growth. That is why we have created the REIN and the 3Investor as platforms that can help increase the number of activities in the industry. We believe that when there are more activities, employment will be inevitable and where there is employment, real estate contribution to the GDP will increase.”
To her, REIN is an annual subscription-base network that runs on the 3Investor platform of Standard and Premium subscribers; Standard subscribers are willing investors with an investment portfolio of N1,000,000 and above.

Premium subscribers have their entry level pegged at N20,000,000, she said, pointing out that REIN differs from REIT – Real Estate Investment Trust – in that it does not bank or hold the investors’ funds and is not managed by a sponsor; “it only maintains the network of these investors and introduces investible projects to it and manages the project through an escrow account.”

Sunday, August 18, 2013

Man arrested in Nigeria over attempted real estate Crime in Western Australia

A man has been arrested in Nigeria over the attempted fraudulent sale of a home in Western Australia, in what is believed to be the first arrest of its kind by Australian authorities.
WA Police worked with Consumer Protection and a real estate agent over eight months to intercept the sale of the house in Falcon, south of Perth.

The owners of the home are based in South Africa.
Ntuen Promise Ekenmini, 27, was apprehended by Nigerian authorities yesterday when he went to collect documents using a fake drivers licence in the name of the real home owner.
Police allege the attempted fraud began when a man contacted the property manager of a Mandurah real estate agency on 17 December, 2012, pretending to be the owner of a home being managed by the agency and requesting documents relating to the rented property.

He allegedly used an email address in the name of one of the real owners, who is a resident of Johannesburg, and requested all future correspondence be forwarded to it.
On 18 January, 2013 the agency received a request to sell the property and a sales agreement with false signatures was returned to the agent, together with copies of fake passports of the two owners, a husband and wife, as well as a forged document purporting to be from the Australian High Commission in Pretoria confirming their identity.

The agent became suspicious and reported the attempted fraud to authorities.
In conjunction with the police, the agency engaged with the alleged offender - at one stage instructions were given to deposit $AU785,000 into a bank account in South East Asia.
Detective Senior Sergeant Dom Blackshaw says police are investigating whether the crime is linked to previous cases of real estate fraud in the state.
He says six of the seven cases involved owners who live in South Africa, have investment properties in Perth which are rented, and have had their identities stolen.
"There's every chance that these people are the same offenders; however, we are working with the police in Nigeria to identify whether that is the case," he said.
"The offenders are very tenacious; they haven't given up. This has been eight months that they've been contacting the agent.
"They've been changing email addresses, telephone numbers, even to the point they've been threatening the agent when things have been delayed."
"We need to be constantly vigilant. We can't afford to rest now and think 'ok we've caught someone, that's the end of it'. There will be further attacks from further offenders in those countries and we need to be very mindful of that."
Mr Ekenmini is expected to be charged with fraud and theft.

Saturday, August 10, 2013

Carlson Rezidor to open Park Inn by Radisson Abuja Kaura, Nigeria in 2015

Carlson Rezidor Hotel Group will unveil the 150-room Park Inn by Radisson Abuja Kaura in Nigeria in the first quarter of 2015. The full service mid-market property will be located in the Kaura district of Abuja, the capital city of Nigeria. The property will feature a restaurant and bar, a club lounge, a rooftop bar, a business lounge, 6,561 sq ft of meeting and conference facilities, a gym and wellness spa, and an outdoor swimming pool, a release stated.

Wolfgang M Neumann, President and CEO, Rezidor, said, “Nigeria is a focus country for our business development. The country’s economy is one of the fastest growing worldwide, and we see considerable growth potential for our core brands Park Inn by Radisson and Radisson Blu. With this signing we bring our portfolio to eight hotels in operation and under development in Nigeria."

Friday, August 9, 2013

Meltdown: Nigeria in context of global response to impact on real estate

As the global economic crisis persists, different countries of the world have devised measures for responding to its impact on real estate. CHUKA UROKO writes that top of these measures are cuts in interest rates on mortgage lending and housing loans.

Developed economies like United States, United Kingdom, United Arab Emirate and even South Africa– countries where property market had experienced a boom before the crisis-are at the forefront of nations have adopted friendly measures in the bid to stave off the effect of the global financial crisis on mortgages and housing loans.

Nigeria has not shown any serious commitment in this direction, though that is understandable given that the country is yet to develop a functional mortgage system.
UK banks now provide cheap funds for loan seekers. In October last year, the country had its lending rate at 4 percent. Right now, it is as low as 0.5 percent. When it was 4 percent, most banks were lending at 4.75 percent. What this means is that the cost of funds is cheap, making it attractive for people to borrow to buy or build homes.
An international real estate investor and consultant, Gbenga Olaniyan, who disclosed this in an interview with Business Day in Lagos, stated that UK banks were trying to normalize things to enable them give out these mortgages, adding, “it is expected that by the end of this year, the effect of this move must be felt; with the cheap loan, what it means is that more people will be able to afford to buy”.

This move has not only affected the new entrants in the real estate market. People who have mortgages, especially those who didn’t negotiate fixed interest rates while taking mortgages, will see their monthly payments drop, say from 800,000 pounds to 500,000 pounds.

This means that a man whose house would have been repossessed and had that same house put in the market at a reduced price can now afford to hold unto his property. The property will no longer go into the market and cause mayhem, thereby reducing foreclosures because people can now afford their mortgages and keep their homes.
Olaniyan says that for new buyers, the cost of buying will be done through mortgage, adding that people who would ordinarily have rented, would rather buy now.

According to him, “it is expected that the UK market is getting to the bottom and so, by the end of this year, that market will bounce back and the effect will be felt”.
South Africa has also cut its lending rate but unlike UK, interest rate in the country was not cut heavily. It was cut by just one percent from 12 percent to 11 percent. Whatever the case, at the end of the day, you find that it has made mortgages cheaper and more affordable.
In the US, where the housing situation had been worrisome with the sub-prime mortgage crisis, the number of empty houses is so staggeringly high that no one has an accurate count. The managing director of UACN Property, Abdul Bellow notes that the city estimates that 10,000 houses, or 1 in 13 are vacant, all owned by lenders who foreclosed on the properties and also by the wholesalers who are now sweeping in to pick up houses in bulk as if they were trading in baseball cards.
This situation might soon give way to something cheering as the Barrack Obama administration has taken some steps aimed to address the problem of the housing sector. Recently, Obama sent a $500 billion mortgage bill to the parliament and it is expected that when the bill is passed, it will turn the mortgage sector around and the economy as a whole will be the better for it.
The United Arab Emirate (UAE) government has also cut down interest rate on lending. Though the figures were not disclosed to this reporter, it was said to have been reduced to a level where people are encouraged to borrow to do business.
Abdul Rahman Kadiri of Ark-Gold Properties who disclosed this to Business Day noted however, that banks in the country have made modalities for lending very stringent.
According to him, “before now, what the banks required from you as a borrower was just a proof that you are working with your six months pay slip; a bank statement for six months and a declaration that all is well. If it is a business loan from a company, all they required from you was two, three years audited account; your business plan and any other thing they might consider necessary”.
He said that before you get the loan now, banks have to do a lot of scrutiny to be doubly sure that you are credit-worthy. “Before this time, one of the businesses that was booming in Dubai was the property market where you could just walk in and see a property of your choice and approach a bank and within two-three working days, you get your loan”, he said, adding that most banks have stopped giving loans for property transactions and even where you get an approval, you have to bring high equity contribution.
He recalled that banks once required a maximum of 10 percent contribution from you and they would provide the remaining 90-95 percent. “Now, banks demand as high as 30-40 percent equity contribution from you which has drastically reduced the turn around in property development and transactions”.
Nigeria is a peculiar case because less than one percent of those who want properties have any form of mortgage or loans. Unfortunately, those are the people who need houses. The likely thing is that the man who does not have a loan is able to hold onto his property.
When, therefore, you compare other countries that enjoyed the pre-meltdown boom with our own, you find that our own situation is very peculiar because we have never really had a mortgage system.
Olaniyan says that it is even now that we should endeavour to develop our mortgage system because it remains the only way we can really arrest the slump. Unfortunately, if any bank is lending, it is lending at an interest rate of close to 30 percent. Any property investor who is in his right senses should not touch this kind of interest rate.
He however, enthused that in spite of the seemingly adverse impact of the meltdown on the real estate sector, there are still opportunities for those who have cash to move into the market.
“This is the best time to buy real estate. For example, in the US, a house that was put up for $300,000 around September last year was sold only a couple of weeks ago for $100,000. The tenant who is occupying the house now is paying $20,000 per annum. You can see that in five years, he will recoup his investment”, he disclosed.
Coming back home, he said, a plot of land that was selling for N80 million as at September last year, recently, someone was offering another plot of land at the same place for N54 million, adding that some areas had gone that bad, “but mind you, the high end market has gone flat. Some parts of Lagos have not gone down that bad such as Ilupeju and other areas where supply is limited. If you want a plot of land in a place like Ilupeju, there might be just one for sale. If you want it in Lekki, you will get 20 plots, VGC-30; Oniru-15 and Ikoyi-10″.
Olaniyan said that at the end of the day, a lot of opportunities are out there because the market will bounce back, stressing that this is also the time to buy and not to sell because people who sell now are those who cannot afford to hold onto their properties.
Kadiri agrees that the meltdown presents a fine opportunity for those who have cash to move same to Dubai property market because as he put it, “this is one market that presents almost limitless investment opportunities courtesy of the impact of the meltdown”.

Before the economic crisis, Dubai property market was one of the most flourishing in the world, giving fabulous returns on investment within shortest time possible. All that has changed now and the market is currently witnessing a downturn in demand, prices and returns on investment.

Kadiri disclosed that house prices in the UAE city have dropped considerably to about 30-40 percent, adding that the market is currently witnessing considerable price correction which has also brought about a slowdown as experienced in other markets. According to him, there are some 3-bedroom apartments which about nine months ago went for $500,000-$600,000 each, but now sell for about $400,000 each while a one-room apartment which at the same period was sold for $400,000 now sells for $250,000.

“In each case, you can readily find a tenant who will be paying a rent of $30,000 per annum. You see that from the rental income, you make about 10-20 percent annual return on your investment”, he explained.
Because of difficulty in getting easy loans to invest in properties, speculators have been eased out of the market, he said adding that the market is maturing and genuine investors are the ones left in there.

Again, he said that rental income can give an investor reasonable return on his investment.
“There is what looks like a fad among Nigerians to send their children to school in UAE and this is an added reason why such parents should buy homes there. What stops such people from buying homes in Dubai so that their children can move from their homes to school even as it is cheaper that way”.

He noted that “a lot of people now retire to Dubai into their own homes and for some people, it is an economic pride and status symbol to have a house outside like in London, America, etc. People should also aspire to own their homes in Dubai which is today a new world”.

He advised that Nigerians should go there because as at today, Nigerians are not yet on the top list of property owners in the country. “For those who have the means, this is the right time to buy because prices are very low compared to what they were before. This is the right opportunity to buy”, he stressed.
Globally, the real estate sector, like other sectors of the economy, is passing through difficult times. What is intriguing however, is that while other countries are putting measures in place to save the sector from collapse, Nigeria appears to be an onlooker.


Wednesday, July 24, 2013

Stakeholders Brain Storm on Promoting Growth in Real Estate

Stakeholders in the Real estate sector are set for another brain storming session, at the 2nd edition of ‘Real estate Unite’ summit billed for October 17-18.

The stakeholders comprising of developers, builder, investors and policymakers and lawyers will gather at the Civic Centre, Lagos, to rub minds together on many posers as regarding how to advance the real estate for economic growth.

Put together by 3Invest Limited, Real estate Unite will also serve as Africa’s largest congregation of real estate professionals as Real Estate Unite Conference, Exhibition and Awards

Speaking on the essence of this year’s summit, Chief Executive Officer of 3Invest Limited, Ruth Obih, stated that in order to help unlock Nigeria’s real estate potential for economic prosperity, her firm is set to focus more on infrastructure, noting that the potential of real estate, especially commercial, hospitality and residential cannot be harnessed without it.

Tuesday, July 23, 2013

3invest set for Real Estate Unite

The Chief Executive Officer, 3invest Limited, Ms. Ruth Obih, has disclosed the firm’s readiness to unite professionals in the built environment at this year’s edition of Real Estate Unite, an annual event aimed at redefining business and investment in the Nigerian real estate sector.

Obih said this year’s edition, which is the second in the series, would seek to answer questions on land use; how to advance real estate for economic growth in the country; the state of airports and railways as well as facility maintenance and the place of tourism and hospitality in the country’s real estate sector.
She said, “Having highlighted the major issues barring our nation’s real estate from reaching its economic potential, we realised that infrastructure and urbanisation is a major driver of emerging markets. Reformation of our laws is the key to unlocking our housing finance sector.

“In order to develop strategies to tackle these issues, we have lined up speakers from key sectors, who are key decision makers and leading opinion shapers.
“We have chosen infrastructure because the potential of real estate, especially commercial hospitality and residential, cannot be harnessed without it.”
According to Obih, the theme of the event holding between October 17 and 18, ‘Advancing Nigeria’s real estate for economic growth’, is designed to expose the prospects of the country’s real estate sector.
She said the award segment of the programme was conceived to elevate standards; while the conference would offer practical solutions through experience speakers; and the international perspective would be projected through the exhibition.

“Last year, we highlighted some major issues at our conference, and our research shows increased activities in the real estate industry since the inception of Real Estate Unite in 2012.
“It may sound coincidental, but the government is recognising and putting real estate at the forefront of the nation’s activities and recognising that unlocking potential in the real estate industry is integral to economic development of the country,” Obih said.

A representative of Diamond Bank Plc, Mr. Anya Duroha, said the bank was focused on mortgage financing in the real estate sector, hence the need to partner with 3invest on the forthcoming conference and exhibition.
“We realised that people need long term financing for housing and we are incorporating that. Our core competence is retail banking and we focus on mortgage with a tenure range of about 20 to 25 years,” he said.

Monday, July 22, 2013

Senior Technical Officer - Nigeria - Civil/Construction/Real Estate/ Infrastructure/ Pharma - Projects

Ripe4 is currently representing a large energy conglomerate that has great interest within the African Region. One of their latest ventures is focused heavily around identifying, developing and managing investment opportunities in the areas of Infrastructure and development which spans across various industries that include: O&G, Real estate, Hospitality, Healthcare infrastructure, etc.

With this in mind, they are seeking to identify and attract a SENIOR TECHNICAL OFFICER to be based in Lagos, Nigeria who will have ultimate responsibility for:
- Leading field supervision, prepare and submit standardized progress reports using dashboard views.
- Leading infrastructure project development and management; schedule, quality and cost control.
- Liaising with procurement and contracts department to ensure timely procurement of project/technical materials.
- Responsibility for ensuring best value is obtained for the project including supplier base, use of internal and external resources.

We are seeking a professional with:
- Minimum 7 years of experience post bachelors within multiple companies and sectors across various geographical regions that include Sub-Saharan Africa coupled with additional 3-4 years of full cradle to grave project management experience
- PMP, PMI, Prince or Prince2
- Proven experience of dealing with contractors.
- Degree in Mechanical or Civil Engineering
This is a tremendous opportunity to fast-track your career, join a new division of an already established reputable organisation that could see you rising to the next level in 2 � 4 years.

This is a permanent role offered on a residential status in Lagos, Nigeria with full expatriate benefits.
Please get in touch for more information and for a confidential discussion.

Status: Staff
Required Skills/Experience: - technical background in Civil/ Mechanical or a related discipline
- extensive experience working across various industries: Downstream Oil and Gas, Infrastructure, Commercial Real Estate, etc.
- previous exposure to work in Sub-Saharan Africa with a particular focus on West Africa
Minimum Experience: 15 years
Location: Lagos, NIGERIA
Remuneration: 100000 - 200000 US Dollars/year
Advert Published: 18 Jul 2013
Expiry date: 16 Sep 2013
OilCareers Ref. No.: J1002031

Click here to Apply

Thursday, July 18, 2013

Local News: Real estate lawyers applaud Jonathan around Land Use Behave

Real Property Lawyers Association of Nigeria, RELAN, Thursday, commen-ded President Goodluck Jonathan for contacting for the removal of Land Use Behave from the 1999 Constitution.

RELAN, in a statement by its Vice-President, Procedures, Mr. Adekunle Omotola, observed that Federal Government's commitment was in line with the view of his association during its first national summit on Land Use Behave in Abuja in 2009 and the recent one in Lagos on June 20,2013.

He explained: “RELAN is not ignorant that to eliminate the Land Use Behave, it must evolve with Part 9 of the 1999 Constitution as amended.

“We're also aware that the plenary procedure of the Senate and the House of Representatives are discussing the report of Senator Ike Ekeremadu and Mr. Emeka Ihedioha-led Committees on the amendment of the constitution.

“We're satisfied that President Jonathan freely declared that the Land Use Behave is likely to be removed. It is a proper step in the right direction.

“Certainly, President Jonathan's commitment is an extension of the cement stage taken by his quick predecessor in office, late President Umaru Yar'Adua, who forwarded a bill to the National Assembly for amendment of some chapters of the Behave in 2009.

“It is our view that the realistic strategy by the government to eliminate the Behave is to ensure the it wears a human face and to be consistence with democratic norms and ideals.”

Wednesday, July 17, 2013

Lagos Assembly Approved N7b loan bid

LAGOS State House of Assembly has approved the state government's request of N7 billion loan to address challenges of housing deficit in the state. 
    The Assembly at its'plenary yesterday, adopted recommendations of the House Committee on Economic Planning and Budget on 2013 Appropriation Law with housing budget reviewed upward from N10 billion to N17 billion. 
    The Commissioner for Economic Planning and Budget, Ben Akabueze had, in a letter read on the floor of the House a week ago, requested that the budget deficit be risen to the tune of N7 billion to address the problem of “considerable housing deficit” in the state.

    Akabueze had also noted that the proposed amendment would not lead to increase in the budget estimate but the increment will be sourced through loan to construct 600 units of houses.    
  Before the approval of the request, the lawmakers had debated the rationale for the loan and recommendations of the committee.

Monday, July 15, 2013

Labour Praises MoU with China

LAGOS - The Construction and Civil Engineering Senior Team Association yesterday recommended the Federal Government's effort to partner with countries prepared to buy Nigeria.

The association built the commendation in a record released in Lagos by their Leader, Mr. Augustine Etafo.
Based on it, the effort may facilitate progress of infrastructure and donate to the growth of the country's economy.

The association hailed the bilateral contract between the Nigerian and Asian governments and the Memorandum of Understanding (MoU) with the China Civil Engineering Construction Business (CCECC).

It expressed pleasure that CCECC might purchase property, concrete production, beach ports, railways and steel market, among others.

It noted that presently CCECC's entry in to Nigeria had triggered the employment of about 20,000 Nigerians.

The association, however, regretted that there were just 35 Nigerian people of their senior staff in the entire Nigeria as against 1000 expatriates.

Based on the body, this really is contrary to the extant law on expatriate quota.

‘' What are the results to Nigerian specialists that are designed to function in the establishment?

“If this remains, we may be left without choice than to end that China does not intend to transfer engineering to Nigerians,” the association said.

It told that the interest of Nigerian employees should be secured in the MOU.

The association expected that Nigerians might dominate the jobs of expatriates in Nigeria after understudying them.

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

Part 2 Nigeria: N5 Billion Pension Fraud - Ex-Director Protects N500m Bail

 Part 1
The duo who are answering to a 22-count criminal charge bordering on conspiracy, fraud, breach of public trust and obtaining by false pretense, were on June 7, arraigned before the high court by the Economic and Financial Crimes Commission, EFCC. EFCC had maintained that the accused persons used nine companies and siphoned pension funds.

It gave names of the businesses accused of complicity in the pension scam as Gozinda Enterprises, Bashinta Nigeria Ltd, Haleath Enterprises, Uthatak Nigeria Ltd, Krasiva Nig Ltd, Badawulu Ventures Limited, Ebunu Attah Investment, Muha Millennium Motors Limited, Ribaile Petroleum Ltd.
EFCC had earlier revealed before the court how the accused persons used seven Bureau De Change operators and stole pension funds, adding that throughout the investigation process, one Mohammed Muhamud, owner of Muha Motors, who it said volunteered statements on 16/2/2011 and 31/5/2011, confessed that Dr Shaibu, at various times, used his bank accounts to transfer huge sums of money to another account operated by one Chief Anthony Azewaputa, who EFCC said facilitated the purchase of "Brifina Hotel", for the 1staccused person.

The agency told the court that the offence which it said ran unlike sections 1(1) (a), 7(1) (b) (i), 8(a) of the Advance Fee Fraud and Other Related Offences Act, 2006 and punishable under sections 1(3), 7(2) (b) (i) of the exact same Act, was committed between 2009 and 15 March 2010.
Much more, EFCC, alleged that the remanded pension boss, siphoned money from the pensions department and purchased plot B59 Dawaki Extension Layout in Abuja in one Stanley Obioma Iwu, with the intent to disguise the ownership of the proceeds of the illegal transaction, along with, looted monies and purchased 100 units of Lifetime 32-LCD Television, 100 units of Samsung Refrigerators, 70 units of Samsung 1.5 HP Air-Conditioners, 30 units of Samsung Split unit 1.5 HP Air Conditioners, 15 units of 3HP Package unit Air-Conditioners from Iwu, Chikwado Ezenwoye and Essential Gadgets Ventures

Independent Marketers Jobs in a Trustworthy Real House Firm Nigeria 2013

Our company, a Reputable Real Estate Firm, with offices in both Lagos Island and Mainland, urgently request the positions of Independent Marketers for immediate employment.

Position: Independent Marketers


    Attributes of enthusiasm & creativity drive
    Excellent verbal presentation & good interpersonal skills
    Previous marketing experience in real estate & investment firm will be an advantage
    Lagos residents only

Remuneration: Successful candidates can make as 1million per month. Interested candidates should send application to: not later than 11th July, 2013.

Friday, July 12, 2013

New Nigerian Actual Estate Internet site eCalabash Announces Beta

Per day in front of the convergence of several local and international organizations for the Luxurious Living Africa Property Exhibition in Lagos, eCalabash has introduced the beta discharge of their new Nigerian Actual Property site, nigeria., which will be centered on giving a solid international advertising platform for Nigerian Actual Property in the top of advanced category.

With a growing international interest in African and Nigerian Actual Property, eCalabash aims with the new site, to provide Actual Property firms that have a viable portfolio of primary Actual Property, and who are intent on advertising their portfolio globally, with the opportunity and instruments to make this happen goal.

Owned by eCalabash Enterprises, eCalabash is in a sealed spouse beta, just before a full community release in the near future.


The Nigerian property industry has been warming up recently, Germany's Vamido presented their property site in the location earlier in 2010, and therefore have PrivateProperty., PropertyIndex.,,, and Property24; eCalabash will soon be in strong competition with them.

Nigeria's company of offering and hiring homes on the web is definately not clear at provide sate, and it is in need of structure. With phantom results extremely frequent, Nigerians are over all skeptical about trusting the validity of on the web property results, therefore a considerable problem for any company looking to establish itself in the market.

Tuesday, July 9, 2013

The Growing Con In Nigerian Real Estate - The Legitimate Dilemmas - Properties

I left Nigeria to London in my very young age where I successfully studied law in among the top London University and continued to do Bar Vocational Course (BVC). Having spent so several years in London I believed it wise to return to my country (Nigeria) to be in down with my children to ensure that my children will know their root very well.

In order to continue my practice, Used to do my law school in Nigeria and started my practice as a Barrister & Solicitor Advocate of Nigeria.

Among other areas of speciality, conveyancing, Property Sales and Development is one of our area of expertise and through this experience I believed it wise to create this article to warn other Nigerians both local and Overseas in what they have to know before buying or selling properties in Nigeria.

Unfortunately, I will not prefer to overwhelm you with a lot of information, however, if you should be of any concern, do call me at appropriate time; I may well be more than pleased to answer your questions.

In doing so, I will require to to generally share some personal and professional experiences with buying, selling, letting or renting properties in Nigeria. Things are very tough now making some individuals to become ‘fake'estate agents being an umbrella to commit fraud.

I need to honestly say there are good and genuine estate agents and surveyors in Nigeria however the bad agents will be the once destroying the estate agents'business in Nigeria. The question is how can we dictate a fake estate agent?

To slice the story short, I will share only few experiences and will not name the concerned agents and the so-called surveyor in this article.

In 2013, a very reputable client instructed us to purchase land for property development. We sighted the first document for the land as well as the plan. The issuing is how to understand the document is real or clone. Appropriate searches were conducted through AMAC, the name on the AMAC record clearly match the seller's name in the document. However, reading the program, everything did not seem directly to us. To ensure that our client will not be at an increased risk with the proposed property purchase, we carried out an additional and third surveyor. It transpired that the land demonstrated to us was not the particular land on the program making the sale illegal and fraudulent.

Obviously, the agent and his surveyor did not realise my profession and level experience in Nigerian real-estate, but seeing me with another foreign buyer, their main motive was to commit fraud. I monitored them very closely until their plan was uncovered through evidence.

There are plenty of stories to share with, however in order to not scare you, it's necessary to hold out a suitable due diligence through reputable law chambers or other trusted estate agents.

It can also be necessary to ask for other identity of owner to be able to eliminate fraud. Through legal cases, there have been many cases where people sold land that belonged to someone else. The vendor believing that he/she had acquired a legal and equitable fascination with Land would start an immediate property development on the land simply to notice at a later stage that the land was fraudulently sold to him/her. Consequently, two innocent people would end up in a very expensive litigation to find out the rightful owner of the land. This really is very awful and something you've got to avoid when possible by taking a suitable due diligence.

Please make sure you instruct your own surveyor and not only the seller's surveyor.

If you're in doubt concerning this please contact me for proper estate agents'referrals or assistance in buying, selling, letting, managing or renting accommodation in Nigeria. Once proper steps are taken to avoid this mess, you will surely be happy to purchase Nigerian Real Estate.

I've received tens of thousands of awful stories from so many individuals and thought it wise to create a write-up warning people to hold out appropriate due diligence before committing their hard earned money. In this way, you is going to be be confident that your investment is safe! Nigerian Real Estate is good if you handle the right individuals or lawyers.

For questions or answers please contact me on:

Conversation with a real estate millionaire In Nigeria

We've experienced several principles on real estate investments and answered several questions and enquiries from ardent readers with this column. But it may be much more instructive to share one of several conversations that I have experienced with a real estate millionaire that has helped me tremendously.

I have found the truth of the word that the ounce of example is worth a pound of precepts. Permit me to extract the essential principles of this particular conversation and to safeguard the privacy with this individual who'd also prefer his name not to be mentioned.

Rule 1: Have an excellent source of income. This specific real estate investor started several years ago just a couple of years after the independence of Nigeria by exporting certain agricultural produce. He poured himself into building this business and was later joined by a few other partners. The business enterprise flourished and provided him with the normal stream of income with which he started investing in real estate.

This real estate millionaire believes in work and entrepreneurship. He believes that most of the youths of today will do better if they figure out how to walk before wanting to fly. He believes that if you're willing to serve others faithfully within their business, you'll do wonderfully well in yours once you eventually start.

The lesson for people in that is that real estate investment requires seed capital and to possess those initial seed capital you must have earning power, you must have a means of income. You can't set up a great structure without a solid foundation. So,for several could be investors, first learn a skill or profession that'll allow you to get a job or begin a business as possible grow and that'll give you regular income.

Rule 2: Start saving and start investing in real estate in your own little way. Our real estate millionaire started by buying land in a location that has been a “jungle''but has become one of many commercial nerve centres of Lagos. He stated so it was not easy buying some of these properties then.He said he made buying real estate one of his true pastimes.

He did not start buying properties in the high brow areas of that time period while he could not afford them. In accordance with him, start what your location is and with that which you have. If all you could are able is a parcel of land in the outskirt of town by all means start there rather than not starting at all.

Rule 3: Its good to create and rent. This real estate millionaire began to create a number of his properties with desire to of letting them. Fortunately for him, as time continued ,he started to obtain understanding of construction and building development. This accelerated his building projects and his ability to communicate with builders and workmen saved him significant costs. He also started initially to allow buildings to tenants to generate income. As at today, his annual rental income is in millions of naira.

The lesson for aspiring real estate investors is to target on income-generating assets. When you have sorted out the issue of where you reside, you ought to continue building for others to rent from you and pay to you. Some real estate investors have an objective to create a specific number of houses using areas over a period of time using current and projected rent as a basis for planning.

This strategy can also be a form of retirement planning since rental income from such properties provide passive cash flow. Like our real estate millionaire, who is now an elderly man, but does not need to work to be able to pay for his cost of living.

Rule 4: In the event that you can't develop some properties by yourself, let them have to reliable developers.This real estate millionaire had some properties he could not afford to produce on his own as a result of multiple projects he was involved in. He gave a number of such properties to carefully selected developers he gave long leases to. Many of such properties have since reverted to his control and are actually giving him fantastic returns. In his thinking, it was better to include value to the land or allow someone else to include value to the land. As long as the properties aren't sold they'd eventually revert back to him or his beneficiaries.

Rule 5: once you do sell, reinvest all or part of the income in real estate. This real estate investor rarely sells his properties but when he does, he sometimes buys another property or uses the income to include value to a different property. He is  comfortable and modest at the same time. He often has the next project or investment in sight before concluding the offer to sell.

He believes in moving his funds to raised and better real estate locations that provides in better rental income. As at today, a conservative estimate of his property assets is over N2billion.He started small,built his estate gradually but strategically and now he is reaping the reward.

Some locations suddenly became prime locations and transformed the value of his investment. His life proves that should you cast your bread on many waters you will find it and more someday or somewhere you least expect

Lagos Property: 4 Bedroom Bungalow with 4 Rooms Domestic Staff Quarters at Shonibare Estate, Maryland

4 bedroom Bungalow with 4 Rooms Domestic Staff Quarters at Shonibare Estate, Maryland

4 Bedroom Bungalow
with 4 Rooms
Domestic Staff Quarters
at Shonibare Estate,
Lagos, Nigeria

Rent: $44,000

info@aproglobalng. com

Tel: 01-7620139
Mobile: 08051595336,08029481639

Other Details: Number of Bedrooms: 8, Number of Bathrooms: 6

* Price: 44,000 USD

Lagos Property: Bedroom Detached Duplex at Shonibare Estate

6 bedroom detached house with 3 room Guest Chalet at Shonibare Estate

6 bedroom all en-suite
Swimming Pool
Lush Green Areas
Located On total size of 2000sqm

Title: Registered Title
Price: 350m

Accryda Associates
7, Oluwaleimu Street
Off Toyin Street
Ikeja, Lagos.
Tel. 234 805 8021 495, 234 809 4025 634

Other Details: Number of Bedrooms: 6, Number of Bathrooms: 6