Fab Photos of Karen Igho & her UK University Schoolmates

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Photos from Singer Faycol's May 2014 wedding

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Lagos: Newly Built 4 Bedroom Detached Duplex

Newly Built 4 Bedroom Detached Duplex for sale

₦65,000,000 Phase 1 Isheri, GRA, Magodo, Lagos

Content from Nigeria Property Centre

Newly built 4 bedroom detached duplex, a very big master bedroom, a room BQ, all rooms en-suite, kitchen well furnished, 4 parking space, security house and street well tiled.

GDP rebasing exposes opportunities in real estate, infrastructure

The rebased Gross Domestic Product (GDP) figure recently released by the Federal Government has exposed much more opportunities in real estate and infrastructure investment and development than had been previously imagined by investors and analysts.

This rebasing effort by the National Bureau of Statistics (NBS), which shows that the Nigerian economy is now more diversified with a GDP value of $510 billion, reveals that activities in the services sector have overtaken those of agriculture and industry.

The implication of the present development to the real estate sector, analysts say, is increased opportunities as increased activities in the services sector, including wholesale and retail trade, human health and social services, information and communication as well as professional, scientific and technical services, means more investment in housing and infrastructure.

Obi Nwogugu, head, real estate unit, African Capital Alliance, sees increased potential and opportunities in the economy as a result of the rebasing exercise, pointing out that a lot more people will be looking to invest in the Nigerian economy.

He adds that he does not expect an overnight increase in demand and pricing for housing, but believes there will be additional level of interest in the economy from international investors.

“This increased level of interest is going to drive investment in office space; now that Nigeria has overtaken South Africa in terms of the scale of the economy, some of the international retailers who used to go to South Africa because of the size of their economy will come to Nigeria and this is going to affect retailing,” he said.

Anthony Owuye, MD/CEO, Personal Trust Savings and Loans, sees increased money supply in the economy with the rebasing, contending that if inflation is kept under control, it will be another round of boom for real estate.

Owuye also says because of the increased activities in the services sector, there is going to be a significant investment shift towards commercial real estate, explaining that there will be more investment in retail outlets, leisure, office space and hospitality.

He notes, however, that having been priced out of the reach of many, residential real estate is going to see price adjustment, citing example of Banana Island, where he notes there are many empty houses because people are opting for ‘cheaper’ locations like Parkview Estate, Osborne Foreshore, etc.

Chudi Ejekam, director, real estate, Actis, is of the view that the $510 billion GDP figure, which is materially higher than earlier projections, is yet another example of how Nigeria confounds projections, adding that the rebasing inexorably raises Nigeria’s profile in the eyes of the international business community.

According to him, many are guilty of continuing to grossly under-estimate the true nature of the Nigerian economy and opportunity.

“One of the major challenges has been communicating the depth of purchasing power of Nigerian consumers; an indication of higher per capita income boosts the thesis for retail malls investments and would encourage entry of new brands as well as investors,” he adds.

Yemi Kale, statistician-general of the federation/CEO, NBS, says rebasing the GDP shows a noticeable shift in the share of key industries to the country’s overall GDP, explaining that the rebased 2010 series reveals a decline in the share of agriculture to 24 percent from 30.3 percent in 1990. Industry has also declined to 25.8 percent, down from 46.1 percent, while the share of services has increased to 50.2 percent, up from 23.6 percent within the same period.

Chuka Uroko

Best Steps to Invest in the Real Estate Industry in Nigeria

    1. Best Steps to Invest in the Real Estate industry in Nigeria They say if one thing is pricey however worthwhile, you may notice the way to induce it. And property in relevancy land and buildings is one issue that's price your investment within the long run. That said; contemplate these eight steps as you act swing your hard-earned cash within the property market. 1. Research If you're fascinated by the property market, there square measure nice platforms to seek out data you wish, together with the mass media, on-line and around you. consult with locals. Visit Google and relevant Nigerian property sites. produce Google alerts for search terms. This way, you may continually be within the loop. you have got to grasp it before you'll get into it. it's vital to notice that property data in Nigeria is scarce and so needs effort on your half, whether or not you're within the country or abroad.

Why Nigeria is the Best Business Location for Investing Real Estates Account Nothing compares to assets Investment Opportunities in African

1.. Why Nigeria could be the Best Business Position for Investing Real Estates Account Nothing even compares to assets Investment Opportunities in African nation if you've got enough cash to interact in it. 

There are many business opportunist however currently property investment in Nigeria Republic of African nation brings back your capital with profits sooner in comparison to different businesses in Nigeria. For those who haven't detected concerning it, assets investment in Federal Republic of African nation has brought an optimistic trend in comparison to different businesses investments in Nigeria. 

No matter what, assets Investment in African nation are that the most effective business you have to place into consideration. African nation features a most readily useful contributive atmosphere for business and investment compare to different countries in geographical area and because the nation grows, many folks often depart rural life to urban life and for this reason, there's invariably a lack of housing in each town and city in African nation.


2.. There are many business opportunities in African nation however assets investment out competes each of them. With this text thus, we are inclined to create you the main advantage of finance in assets in African nation in comparison to different businesses. There are many blessings of assets investment in comparison to different investments in African nation. For example, if you get stocks from the supplier, you'll try to induce profits once that stock appreciates. You'll have the dividends proclaimed by the corporate in mind. In the event that you invest shackled, the interest earnings from the bonds will also be the goal with this you create the investment. But, in assets investment, you receive plenty of selection of benefits. Let's have a look. You may even have a sincere management over your income in the event that you purchase properties in Nigeria that fetch you rental incomes month when month. In the event that you bear the statistics, rental incomes have invariably been abundant larger compared to dividend incomes you receive by investment in stocks. Needless to say, in stocks, if you're extraordinarily lucky, a abrupt surge within the buying price of your stocks could easily get you smart returns in the event that you sell the stocks at the foremost opportune time. 

If you're keen enough, you will have ascertained that the important estate investments in Nigeria appreciate to a reasonable extent over an amount, in each four years, the rental dues doubles looking on the realm during which your property is placed. Another reason you have to purchase property is that income can behave as a sincere protection against inflation. Not with standing inflationary trends prevail, after you receive income from your own property investment, it'll behave as a support consequently of one's mortgage payment won't bear a modification owing to inflation. You understand property investment or property investments appreciates over and yet again and as you retain paying off your mortgage amounts, the equity price of one's property investment are likely to be increasing. This is utilized by going for a loan appreciate the equity price of the property. Any establishment or banks are likely to have the ability to extend loans to you.
3. © Copyright 2014 by Zebra Technologies Limited. All rights reserved. For your computer data, in the event that you blessed enough to induce home in very smart vicinity like Banditry and Igbesa at a sincere value, may be but selling price, you'll have the ability to observe cash out of it. There's a model some those who get properties at lower costs and flip them at intervals a short time of concerning half a year to create smart profits. This business is quite money making however, you desire to tread with caution in the event that you wish to try and do it. You wish to select the properties that area unit absolute to comprehend and more, the properties must have a clear title. In the event that you with consideration search, you're guaranteed to clinch such deals. By: Property Finder Nigeria

Best Cities To Invest In Real Estate In Nigeria and Why?

This really is some some questions posted if you ask me by among my  subscribers which I is going to be writing on and sharing with you. You can find different factors which will determine the profitability of one's investment in Real estate.
 
1) Number one is demand-The rate of demand will have to come first  before any other considerations , a lot of reasons will make people to migrate to a place, mainly for economic reasons . In Nigeria three cities will come into mind Lagos, Abuja and Portharcourt.


2)Accessibility to a town can also determine the real estate growth in a city. This is why towns in Bayelsa state may not attract real estate growth despite being very rich in oil.
3)Availability of land and materials will also affect real estate growth though this is not as important as other considerations.
4)Cost of Construction in a place. Where materials and cost of  construction is low and accessible then real estate will likely thrive in such places.
5)Capital generation of a town will also determine how real estate will thrive in such areas.

6)Increase in economic growth will also make real estate to be attractive in a town.

7)Influx of human traffic to a place will definitely drive real estate.

8)Attraction to investors will also determine how real estate will be profitable in a town.

9)Absence of good residential buildings will make the good and new ones to be very desirable to the populace.

10)Availability of mineral resources.

11)Availability of infrastructural resources.

12)Availability of transportational resources like airport, train stations sea port e.t.c

13)Availability of communication facilities.

14)Good government policies and regulations-Lagos and Abuja will come
to mind in this case, recently houses are being demolished in lagos
because of improper government permit before construction. New investors are now more careful and afraid to build because of fear of demolition.
Getting the permit on itself is very difficult at present because of the bureaucracy involved.

15)Availability of natural resources.

16)Is the town transitory? Hotel will be good for such areas.

17)Does it have plenty of government parastatals? with this you can be sure of growth in such area.

19)War and trouble will definitely affect real estate negatively.

20)Good climate

Going by the points stated above,Abuja, Lagos and Portharcourt will  beat the rest in Nigeria, but they also have advantages and  disadvantages too. Abuja is good for hotels, for low income earners you
can build hostels as common in Europe. Political meetings will always  be held in Abuja and anytime there is a big programme the hotels are  always completely booked.

But Abuja has developed to a very high rentage zone and total separation  of the rich neighbourhood from the poor neighbourhood will at the long  run not help the real estate industry there, that is why there are uninhabited  houses yet people are going far to the suburb to live in slums. But in  Lagos, in every rich area, very close by you will see poor neighbourhood  zone, this helps to create spillovers from rich neighbourhood.
So if you are an investor you can just get properties  close to these rich areas redevelop and clean up the place then you can  have the affluence of your neighbour rubbing off on the properties in the poor neighbourhood though very close to the rich.

Lagos has very high rate of human traffic and influx of graduates from  other states will always make it very attractive for real estate,  Portharcourt despite the kidnappings is the unofficial capital city of  Niger Delta the oil rich region, so expatriate are always attracted to  the place, there you are sure to make very quick and profitable investment.

In conclusion, economy is the chief driving factor of a real estate
investment in an area and for Nigeria ,Portharcourt and Lagos towers
above the rest.

Source

25 Acres of Agricultural Land - Lagos

Date:
    Apr 4, 2014

Type:
    Land

State:
    Lagos

Location:
    Near Badagry, Lagos

Phone:
   

Company / Site name:
    Hm Properties & Co. Nigeria

Price:
    2,600,000.00 NGN

#1
25 Acres of Agricultural Land, Near Badagry, Lagos. N2.6m /acre

Commercial Property fo sale: Ikorodu Town, Lagos State for Sale

An Event Hall On Three Floor + A Pure Water Factory With A Block Making Plant Machine With Facilities, Like Generator, Complete Water Treatment Plant On Two Plot Of Land @ Sabo Road, Ikorodu N120m

Landed Properties In Lagos

Ad Details:
ACING THE LEKKI EXPRESSWAY
1. 6 Acres (2 Hectares+) opposite General Paints by Lekki Gardens II, 20M per plot.
2. 1 Hectare adjacent (almost opposite) LBS, 300M.
3. 1 Acre opposite NIPCO filling station, Olokonla, 150M.
4. 1 Acre opposite Abijo GRA, 90M.

Nigeria: Experts Highlight Importance of Social Media in Property Transactions

Over 70 percent of sales made by ARM Properties in respect of the Lakowe Lakes Golf and Country Estate, came from those who accessed the company's website. This was disclosed by Tunji Osinulu in his presentation at the 2nd edition of Property Buyers' Forum hosted by real estate consulting and advocacy company, Messrs 3Invest as part of the Social Media Week 2014. Osinulu who attested to the use of online platform in the sale of the award winning estate, declared: "Over 70 percent of the sales we have made on Lakowe lakes have come from our website."


Affirming the views expressed by Mr. Osinulu, Mr Femi Akintunde of AM Facilities who delivered a paper on "Online benchmarking tools in facility management" , stated that real estate, being a wealth creation asset, is essential to benchmark what your peers are doing.
In his own contribution, Mr. Tayo Sonuga highlighted the importance of social media in property marketing and sales. "When Haven Homes first got on social media, we were educated by 3Invest on the like mechanism used to direct traffic to our site," he said.


The event, which had "Building your property ladder through social media" as its theme, hosted a real estate job creation clinic which confirmed that the built sector offers the largest creation in any continent.
The host, Ms Ruth Obih, delivered a presentation on how to employ social media as a business tool. She explained that a successful social media requires a plan and one must narrow their focus and determine what platform their target audience are on.

The event as featured a mortgage clinic by officials of Diamond Bank and a wealth creation clinic anchored by Mr Raphael of ARM Investment.
Property Buyers' Forum is an annual event that is designed by 3INVEST to connect home sellers and buyers.

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.

Lagos Property: 4 Bedroom Town Houses Content from Nigeria Property

Type: House

Bedrooms: 4

Property Description

4 Bedroom Town Houses for Sale at Parkview

Price: N180M (Asking)

For inspection please call 08068272981 or 08182933434.

‘We are bullish in tracking opportunities in the market’

The retail and office space markets are, understandably, flourishing in sub-Saharan Africa, particularly in Nigeria, and as demand in this market continues to come from increasingly sophisticated consumers and international retailers, the need for products of international standards becomes imperative. FUNKE OKUBADEJO, a director in Real Estate at Actis – a private equity manager that prides itself with ‘power of capital’ – speaks with CHUKA UROKO on how her firm is pioneering the development of these products, among other issues. Excerpts:

Actis’ real estate portfolio in sub-Saharan Africa (SSA)
As a matter of introduction, Actis is a private equity manager focused on emerging markets, including sub-Saharan Africa (SSA) and Africa in general. It has about $5 billion funds under management and $1.8 billion of this has been committed to Africa. In real estate, we are primarily focused on SSA. We have investment in Nigeria, Ghana, East Africa, Tanzania, Kenya, Mauritius and Zambia.
We have pioneered the transitioning of the traditional shopping culture to more modern shopping malls with our initial investment in The Palms in Lagos. We have done the same with the Accra Mall in Ghana. We also invested in Ikeja City Mall which is still the largest retail mall in Lagos. We are also looking at office space. We want to pioneer this segment as well. Our office space project in Accra is the first green-certified office building coming to the market in SSA. We followed it up with The Heritage Place in Lagos which is still under construction and is expected to be delivered in the fourth quarter of 2015. It promises to be the first green commercial building in Nigeria. Heritage Place is bringing a total redefinition in office building in terms of what an office will be. It is unique in terms of specification and design; it is a modern eco-friendly product coming to the market.

Investment plan for 2014
Our main focus is on growing consumer asset classes. We will also be investing in infrastructure in the emerging markets where we are present. Looking at Nigeria which is a key market with a projected GDP growth of 6-7 percent, we see significant opportunity for us to make additional investment in the key areas such as commercial developments in retail and office segment. We see what we are doing as a great enabler of the growth of retail because we don’t want to see the retailers bothering about making investment in real estate space.
We are looking at big retail centres where people can do their shopping and also relax. From the real estate point of view, this is an area we have seen significant demand from consumers. We are also looking at opportunities in industrial business where we can provide facilities for big industrialists to warehouse their products. Moving out of Lagos, we also have investment in Abuja which is the Jabi Lake Mall. We are looking at other key cities in the country.

Challenges of investment
The major challenge here is being able to execute the project in time and on budget. We have the benefit of having done projects in other markets in Africa and so, we  leverage on our experience to execute our projects. We develop on an existing execution platform; we have a dedicated team that works on our key markets. This has helped to manage the challenges of execution in this market. We have been able to deliver in time and on budget and this has created a level of credibility for us in the market. In all we do, we don’t get any kind of incentive from government. For us, it is important that businesses are sustainable in their own right and not dependent on anything from the government.

Investment in retail outside the city centres
We are considering this quite alright, but location is very important in real estate investment. Location has to do with visibility and accessibility. To the extent that land is out there where people can see and get there easily, I think we will consider that. Certain projects are not carried out here because of the cost of land. Most times, it is difficult to get a sizeable piece of land that can accommodate a mall in the middle of a city centre or a highbrow area. This is not peculiar to Nigeria; it is all over the world. We don’t have any issue moving out of the city centre as long as there is a good transport link that can connect consumers to the mall.

The next five years of investment
We have done The Palms and Ikeja City Mall; we have The Heritage Place and Abuja Jabi Lake Mall under construction; we have appetite to do more. We are very bullish in tracking the opportunities in the market by continuing to replicate what we have done before in the primary cities of Nigeria. We expect to see more activity; we have developed capacity much more than we had before, giving us a lot more ability to roll out more projects.

Investment in residential projects
This is an area we are considering to look at, but our key focus is on commercial real estate and that is where we have developed capacity to deal with. The residential area is where more people have capacity to address. We involve ourselves in the commercial segment where there is less capacity locally, an area where a significant amount of equity capital is required and where there is ability to raise debt. We basically focus on areas where we see there is a significant capacity gap, and not just anywhere we see opportunity that is compelling.

Heritage Place as a green office building
When we talk about a green building, we are looking at sustainability which has to do with impact on environment. It also has to do with the use of energy and how this relates with the resources in the environment. The key issue about Heritage Place is the design and how much energy it is going to consume. It has been certified by Leadership in Energy and Environmental Design (LEED) that the design would achieve at least 20 percent more energy savings than a comparable building anywhere in the world. When we look at our own environment, we see that that number would be higher up to 30 percent or more.

Nigeria: Part of Elephant Building, 22 Rooms Burn in Lagos

Property worth millions of Naira were destroyed in Lagos last weekend during different fire outbreaks across the state.
The fire outbreaks affected over 22 rooms, a two‑ bedroom apartment in Osoba Street, Iyana‑ Ipaja axis and a section of Elephant cement building at secretariat, Alausa.
Of the 22 rooms, 10 rooms were razed in the fire outbreak at Badia, Yaba Local Council Development Area, LCDA, 12 in Idimu axis of the state.
Sources said that the fire outbreak in Badia started around 04:00 am on Saturday, while the two‑ bedroom apartment in Osoba Street started at about 02:06 am.
Vanguard gathered that these fire outbreaks were due to electric surge which apparently started in one of the rooms before spreading to others.
In Alausa, Vanguard gathered that the fire which razed a section of the Elephant cement building, ASSBIFI road, Alausa, Ikeja occurred at about 8:00 am on Sunday.
Though, no casualty was recorded but eyewitnesses said that all they saw was the building enveloped by smoke.
Confirming the incidents, Director of Lagos State Fire Service, Mr. Rasak Fadipe said; "For the fire outbreak on Saturday, these were among the seven distressed calls the fire officials in the state responded to."
On the Elephant house inferno, Fadipe blamed the cause of the fire on electric surge from one of the split air conditioner in the section. According to him, "we received the distress call at 8:10 am this morning (yesterday) from one of the officers who ran to our Alausa fire station."
He said that the fire affected a department on the fifth floor of the building, adding "it was due to our timely response that helped reduce the effect, if not the damage would have been more ."

Lagos Property: Bungalow on a plot of land at Ologolo Bus Stop, Agungi, Lekki

@ NGN 25,000,000.00

 Address:     Ologolo Bus Stop, Agungi, Lekki Lekki Lagos NigeriaProperty Description An uncompleted bungalow on a plot of land at Ologolo Bus Stop, Agungi, Lekki. Title: Deed of Assignment

 

Lagos Property: 4 bedroom detached house with 2 nos 3 bedroom flats, 2 room bq and 3 shops For Sale

Address: Fatai Irawo Street, Off Lateef Salami Street, Ajao Estate Ikeja Lagos Nigeria

Property Description

---

4 bedroom detached house with 2 nos 3 bedroom flats, 2 room bq and 3 shops at Fatai Irawo Street, Off Lateef Salami Street, Ajao Estate. It can be used as a hotel, guest house or maintained Title: C of O

Former Child Star Sues Kanye West for Intellectual Property Theft

If you’ve been around for a while, you’d know the name ‘Ricky Spicer’ lead singer for a 1970 tune. Personally, I hadn’t heard of the song until Kanye West released “Bound 2.” If you’ve listened to Bound 2, chances are you’ve heard Ricky Spicer’s voice.

Ricky Spicer was the 12-year old lead singer for the group called the Ponderosa Twins Plus One in 1969. A year after, they recorded the song “Bound”, the law suit against Kanye West reads.

The now 56-year old Spicer says that his voice can be heard on Kanye’s “Bound 2” at least four times.

The 13-page complaint against Kanye West alleges that "Mr. Spicer's voice is sampled exactly as he recorded it and his voice, altered by the Defendants, is also heard several times."

According to the suit which was filed in New York, Spicer has a copyright on “Bound” and the suit demands exemplary damages and compensation to the tune deemed appropriate by the court.

Stolen land: Nigerian villagers want their land back from Wilmar

This is the second of a series of interviews about resistance to the expansion of industrial oil palm plantations in West and Central Africa.

Members of communities affected by these monoculture plantations and civil society organizations from Africa, Europe, the Americas and Asia met in Calabar, Nigeria from 2–5 November 2013. They shared testimonies and analysis of the consequences of the rapid and brutal expansion of monoculture oil palm plantations by multinational companies in different communities and countries.

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 Dot.com 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.

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].”

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.

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.”

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.

MIDDLE CLASS
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.
LOCAL PARTNERS
"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.
MORTGAGE DENIED

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)

How Lekki Gardens widens affordable luxury homes frontiers

The apprehension by most young families and other members of the growing middle class to own affordable cozy homes in a serene and high brow neighborhood seems set to be relieved by GT Rich Realtors, developers of Lekki Gardens.

Currently existing in four phases, all on the Lekki Epe Expressway of Lagos, Lekki Gardens is poised for a giant stride by providing over 1,000 luxury apartments for home owners and savvy investors.

The first phase of the estate comprising predominantly three bedroom duplexes and apartments blocks has been fully delivered to over 200 families who are currently reaping the benefit of tapping into the off plan scheme of the estate which kicked off sometime last year.

These proud home owners currently enjoy all the facilities of an uptown estate such as well paved inter-locked road network, water treatment plants, street lights, underground electrical wiring, over-night power supply and other facilities.

The second phase of the estate which is about five minutes away from Victoria Garden City (VGC), is currently fully subscribed with construction in top gear to deliver over 400 housing units of predominantly three bedroom duplexes and other house-types in time for subscribers to inhabit in the next few months.

Tucked behind the Lagos Business School, the third phase of the estate which is a mini-estate compared to the second phase and it  is expected to house over 150 families in three bedroom duplexes.

BusinessDay visit to the site revealed that construction was in top gear to meet delivery date. Roads, drainages were eagerly constructed and the lush green area of the estate was already mapped out while most houses were almost on decking level.

Construction at the fourth phase of the estate which is also on the Lekki-Epe axis is in top gear to deliver  residential apartments in the next nine months. “At the site, perimeter fencing and other infrastructure are currently being  completed,  while a  1.2km access road to the site has just been delivered to allow easy access to the site, Azuka Ugboh, the company’s media director, revealed to our reporter.

“Our  success stories have however,  been threatened by some  challenges which are affecting early delivery of the estates”, Ugboh said.

One of the major challenges we face is the doubt that has clouded the real estate sector in recent times, as clients fear that developers might not deliver on their promise, especially when it has do with off-plan sales.

However, at GT Rich we have been able to allay those fears by delivering the first phase in our series of Lekki Gardens.

“Also with the second phase fully subscribed, it is obvious our clients have a great deal of trust on us and that further informed our decision to see them as our partners rather than just clients,” he added.

“There is also the difficulty of the terrain on some of our projects because of the swampy nature of the Lekki environment; however, we have been able to tackle this by employing strategies that have helped us to dredge the areas,” Ugboh said, disclosing that they  construct their houses with raft foundation at some of the challenging sites to guard against future environment challenges