EXCLUSIVE: Inside The Code Of Conduct Bureau’s Investigative Report That Nailed Saraki

A verification report prepared by the Code of Conduct Bureau in July 2006 is key to the ongoing prosecution of the President of the Nigerian Senate, Bukola Saraki, for corruption and false declaration of assets, PREMIUM TIMES can authoritatively report today.
The report, which was a product of a detailed verification of the assets he declared when he assumed duties as governor of Kwara State in 2003, specifically accused him of giving the Bureau false information on the status of some of his properties in Lagos and Abuja.

Lagos’ rising cases of abandoned property and challenges before govt

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

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

The Menace of OmoOnile in Lagos

 A house under construction

The extortion of innocent property owners by touts and  street urchins known as OmoOnile or Agajungbale in different parts of Lagos State has brought to the fore the nuisance which the group, which calls itself the “sons of the soil “ and “children of original land owners,” is constituting to the people. But their days appear to be numbered as a Bill seeking to criminalise their activities is currently making headway at the Lagos State House of Assembly. Olaolu Olusina reports

The day of reckoning is definitely drawing nearer for touts and street urchins known as OmoOnile orAgajungbale in different parts of Lagos State. The inglorious era of shameless extortion of innocent property owners by the group, which calls itself the “sons of the soil” and “children of original land owners,” is about to come to an end.

A Bill seeking to criminalise their activities is currently making headway at the Lagos State House of Assembly as it had actually scaled the second reading and report on it is being expected back in the Assembly.

Modus Operandi
Like the Lords of the Manor, the OmoOnileorganise themselves into armies of occupation, wielding dangerous weapons,  as they storm their targets to demand for ‘settlement’ at almost every stage of development of a property. From the foundation stage to the lintel and through the decking stage of a building, these OmoOnilewould demand ridiculous amount of money before work could start, and in most cases, they are always ready to seize the working tools of any property owner not willing to accede to their demands.

Powerful as they have become over the years, they have succeeded in grabbing land from original buyers, selling same to others, leaving tears, blood and sorrow on their trail. Frustrating genuine investors through multiple demands of ‘settlement fees,’ many property owners have even lost their lives to the activities of these hoodlums, who, in some cases, have godfathers, to whom they make returns.

A  Victim’s Experience
But BabatundeAyoolaFajimi, a Cameroon-based Nigerian entrepreneur and management consultant, did not bargain for what he experienced in the hands of these OmoOnile. Having heard so much about the atrocities being committed daily by the so-called sons of the soil and children of the original land owners, Fajimi was determined not to fall into their trap.

And way back in 2005, while serving in Accra, the Ghanaian capital, he had made a move to acquire a property in the Ogijo area of Ikorodu, a sprawling community on the outskirts of Lagos.  The property located in the Onafowokan Estate, Ikorodu  was bought without any problem from the real owners, the Onafowokan family.

Frivolous Demands
However, trouble soon started when he made the move to develop the property. A group  ofOmoOnile  in the area led by one Fadeyi appeared from nowhere to start making frivolous demands from Fajimi as a condition for starting work on the property.
And for close to a decade, the touts made the family their cash cow as they successfully ‘feasted’ on the Fajimis who had to dole out good money to them each time they tried to do anything on the property. But things got to a head recently when Fajimi’s wife, Ebunoluwa, who owns and manages a school, Living Legacy Private School, on the property, tried to carry out further development projects in the school premises.

Exploitation Galore
Fadeyi,  who had  been extorting money from the family  each time  development works were being carried out on the property since 2005  simply came again to allegedly demand N300,000 before the decking work could  be done . Threatening to wreak havoc and cause confusion if his demands were not met, he thought the Fajimis would concede to his demands this time again. But he was wrong as his ‘preys’ are now wiser now.
Fajimi would have nothing of the threat again, having paid huge sums of money to Fadeyi, who, in fact, has no relationship whatsoever with the Onafowokan family, which sold the land to him.

Saying No to Further Demands
Moving swiftly, Fajimi was determined to end the extortion once and for all. And from his base in Cameroon, he made moves to contact some of his friends who could be of assistance. In one of the mails sent to one of his friends, copy of which was made available to THISDAY, Fajimi stated: ”There is this Omo-onile called Fadeyi … whom I didn’t buy land from his father but has been extorting money from me. He has come with his threats again. I have declined and started talking to my friends in (the) security services. I do my business in Cameroon but my wife owns a school at Ogijo/Ikorodu.

“We are decking coming Saturday and he threatens to disrupt and constitute threats to lives and property. I have written electronically to Nigeria Police and SSS … I am also trying to reach out to my other friends … so that the atrocities of illegal extortion of the guy called Fadeyi can be known to the world. You will get more details that you can verify.”

Petition to SSS, Police
Apparently determined to end the years of extortion by the so-called Omo-onile, Fajimi also sent a letter dated July 1 to the Nigeria Police and the State Security Services (SSS) in which he stated:  “I am BabatundeAyoolaFajimi, Nigerian, Entrepreneur and Management Consultant resident at…Off SagamuIkorodu Road with contact telephone number …. I currently work for my client in Limbe, Cameroon ...

“My wife, Mrs. EbunoluwaFajimi…owns and manages her school, Living Legacy Private School  .  We are currently carrying out development projects in the school premises, and one OmoOnile named Fadeyi with telephone number … who has been extorting money from me each time we carry out development works since 2005 has come again to demand N300,000 before I can do the decking work. There is no basis for demanding this money. It is a clear case of extortion and criminality.
“ I have declined his illegal demands and he has threatened to stop the work and unleash mayhem in the school premises thereby constituting threats to my life, the lives of my family members, the lives of the teachers and pupils in the school numbering 200 innocent Nigerians.

‘’ For the records, I didn’t buy land from his fathers. I bought land from the Onafowokan Estate family in Ikorodu, a reputable family which has  not,   to date, to the best of my knowledge,  use Omo-onilenor indulge this Fadeyi man.
“I plan to do the decking work on Saturday, July 6, 2013 and I foresee that this  Fadeyi would mobilise touts and area boys to cause disturbance of public peace and lawlessness.   I am a law-abiding Nigerian who goes about my business peaceful and contributing to the economic development of the country by employing over 25 other Nigerians through the School and my consultancy firm, Kairos Business Services Limited. The intent and action of this Fadeyi constitute a threat to my peaceful existence as a Nigerian and the lives of other Nigerian citizens and pupils numbering over 200.

“I am using this medium to appeal for intervention, please. I will also appreciate if I can get a contact number to further discuss the details. I intend to come to Nigeria from Douala on Thursday this week to ensure that justice is done, and this Fadeyi man is called to order by the appropriate institution of government. “

We are not Trouble Maker, Says Fadeyi
When THISDAY called Fadeyi for his reaction on all the allegations made against him, he said  he was not a trouble maker. “The issue has been resolved amicably. Though they didn’t buy the land directly from us, the person who sold the land to them asked them to give us something (money).

The grandmother called to plead with us. We all have our property here too. The man (Fajimi) is not a trouble maker, but the wife is always misunderstanding us,” Fadeyi told this reporter.
But Fajimi said Fadeyi was only lying. “We have decided to stop this extortion which has been going on since 2005. I was in Ghana , Sierra Leone and now Cameroon but this man won’t stop his frivolous demands . The last time, we paid him N300,000 and now he’s threatening again to cause trouble if we don’t bulge this time around,” he said.

Police to the Rescue
But the signal had been given to Fadeyi and his group as they appeared to have realised that the game was over for them. In the face of the determination to end the years of exploitation, the OmoOniles seemed to have read the handwriting on the wall that they have lost their cash cow.

And with the Police responding promptly to the petition sent to them, THISDAY gathered that a police patrol team was permanently stationed at the project site penultimate Saturday to enable the Fajimis carry out development work on their property without hinderance.

Highly elated by the relief, Fajimi told THISDAY that the Police really did a good job by responding promptly to his call. “I’m indeed grateful to the Police and all those who responded promptly to our call. The Police came and stationed a team to keep watch over the area.  “The boys may have been deterred by this as none of them showed up to disturb us as they had threatened, though some of them could be seen passing and spying at what was going,” Fajimi told this reporter.

Lagos Mulls Stiffer Law
Though Fajimi is currently savouring the joy of his ‘liberation’ from the OmoOnile, hundreds and thousands of other residents of the state are still being terrorised by these street urchins. But succour seems to be on the way as the Lagos State House of Assembly is currently working on a private member Bill that will criminalise the activities of the so-called OmoOnile in the state if passed into law. Already, progress had been made on it as the Bill had already scaled the second reading at the Assembly.

Appropriately tagged the State Properties Protection Bill  2013, the Bill, which seeks to slam  a three-year jail term on anyone found guilty, makes it an offence for any person or group of persons  to forcibly enter and occupy any landed  property in the state.
Providing for the establishment of a special court and stipulating a fine of N300,000 or three years imprisonment for any person found guilty, the Bill, when passed into law, seeks to commit anyone found with fire arm, weapon or chemical material or in company or any person so armed  to a death sentence.    

The report on the Bill, which had already been committed to the Committee on Lands and Housing, as well as Judiciary, Human Rights and Public Petitions, is expected back  in the Assembly any time from now.

Fashola Determined to End Menace
The state governor, Mr. Babatunde Fashola, had,  in April, expressed the determination of his administration to tackle the menace headlong.   Speaking at the second Corporate Assembly at the Lekki Free Trade Zone (LFTZ), Lekki, Lagos, he had lamented what he described as the unwholesome activities of the group.

Disclosing that a Bill had been sent to the Lagos State House of Assembly to criminalise illegal land grabbing which has assumed a frightening dimension in Lagos, Fashola said   the Bill, when eventually passed into law, would completely phase the OmoOnile  out of the state.

The Bill, which is already receiving the support of most members of the State Assembly, according to  the chairman, Committee on Lands and Housing, Hon. BayoOsinowo,   would end the  havocs being wreaked by the street urchins.
“In Lagos State, land is our major resource.  It is our petrol compared to oil producing states in the country,” he said, stressing that nothing would be too much to protect its sanctity.

In his own submission, the chairman, Committee on Judiciary, Human Rights and Public Petition, Hon. SanaiAgunbiade, expressed the hope that  the Bill would also take care of land agents, who, according to him, parade themselves and seize the opportunity to take landed property forcefully, saying  “The bill would protect potential buyer(s) from OmoOnilebefore or during construction work.”       

Source

Top Abuja Politicians Are Selling Their Lavish Houses To Fund Elections

In a desperate bid to raise funds ahead of February 2015 general elections, politicians seeking or sponsoring candidates for elective posts have started selling their property in major cities of the country such as Lagos, Abuja and Port Harcourt.

Investigation by PUNCH revealed that the development had crashed property market value as the politicians reduced the cost of their property by between 50 percent and 100 percent just to raise money for campaign.

EFCC seeks court's order to seize all Tompolo's properties until he appears

IN THE FEDERAL HIGH COURT

IN THE LAGOS JUDICIAL DIVISION

HOLDEN AT LAGOS

CHARGE NO: FHC/L/553C/2015

BETWEEN:

THE FEDERAL REPUBLIC OF NIGERIA               ……COMPLAINANT/APPLICANT

AND

7 of top 20 hotels in Lagos, Nigeria. (Protea Hotel Victoria Island)

-7 of top 20 hotels in Lagos, Nigeria: Protea Hotel Victoria Island-3.5 star

Protea Hotel Victoria Island has 2 open air swimming pools and a fitness office . Complimentary remote Internet access is accessible in broad daylight regions. Business courtesies at this 3.5-star property incorporate a business focus and meeting spaces for little gatherings . This Lagos property has an eatery and a bar/lounge . Occasion offices comprise of meeting rooms and meal offices . The staff can set up visit/ticket help , occasion providing food , and currency exchange. Extra comforts incorporate an attendant work area , clothing offices , and a greenhouse . This is a smoke-free property . An aggregate redesign of this property was done in November 2009.

 

8 of top 20 hotels in Lagos, Nigeria: House J Hotels & Resorts (Otedola) -3 star

House J Hotels and Resorts (owned by Otedola) is a situated in Lagos, in the well-to-do GRA pivot of Ikeja. The inn is a redefinition of extravagance gloating a swimming pool and an exercise center.

The lodging’s rooms have an en-suite restroom, an aeration and cooling system, a fridge, a smaller than expected bar and a TV with link administration. The eatery serves an assortment of dishes and the on location bar serves a scope of wines and spirits. Visitor can likewise eat outside. There is a rec center and swimming pool on location.

Clothing and auto contract services are offered at included charges. On location stopping is accessible and security watchmen watch the premises. House J Hotels and Resorts (Otedola) is a 15-minute drive to the Murtala Muhammed International Airport, Lagos.

Complete inn rooms: 22

Nigeria: Fashola Orders Sealed Kalu's House Re-Opened

FORMER Governor of Abia State, Chief Orji Uzor Kalu, and Lagos State government, Tuesday, disagreed over the reason for the sealing of Kalu's property in Park View Estate, Ikoyi, Lagos.
Meantime, Lagos State Governor, Babatunde Fashola has ordered that the house be reopened.
While Kalu's aide linked the sealing of the house to the criticism of Fashola by Kalu over the deportation of 72 residents of Lagos, who are of South East origin, the Special Adviser to Governor Babatunde Fashola on Media, Hakeem Bello, said he believed the action has nothing to do with the alleged deportation of Igbos from Lagos.

According to him; "Fashola's administration has no time for trivial matters."
Emeka Obasi reacts
Reacting to the sealing of the Park View house of Kalu, his Special Adviser, Media, Emeka Obasi, said it was done as a revenge for the criticism of Kalu, who is the Coordinator of Njiko Igbo, a group fighting the cause of the South East.

Obasi said the property had been there for several years and that sealing it after just two weeks of his boss criticsing Fashola over the deportation issue was an indication that there was more to it.
Obasi said Kalu was not the only Igbo to have suffered such fate in Lagos State "after the wicked and ungodly act of deporting legitimate residents of Lagos State."

He added, "Why is it that it is now that the property is being sealed, barely two weeks after my boss disagreed with the action of Fashola? We maintain our stand and this will not distract us from fighting for the people.

"The action of the Lagos State Government remains unconstitutional because every citizen of Nigeria has a right to live in any part of the country. Fashola should remember that the Igbo community constitutes about 35 per cent of registered voters in Lagos State and they should be treated like they matter in the scheme of things."

Hakeem Bello comments
The Special Adviser to Governor Babatunde Fashola on Media, Hakeem Bello, when contacted, said he could not give any details on the development as he had not been briefed on the matter.
He, however, said that if the owner of the building had committed an infraction against any of the state laws, he or she should be ready to be sanctioned when the long arms of the law finally caught up with the him or her.

" I don't think it has anything to do with the alleged deportation of Igbos from Lagos. Fashola's administration has no time for trivial matters," he said.

Nigerian Builder Set to Construct Africa's Next Giant City

 Local News:

LAGOS, Nigeria—Africa's towns are working out of area, prompting a real-estate developer here to erect what could be Africa's ritziest region on a beach long known as a haven for time laborers and beer tipplers.

The shacks that packed the shoreline called Bar Beach are gone, changed by structure tents. People who squatted here were evicted. For the past four years, a Lebanese-Nigerian property developer has hosed sand into the ocean, creating new area for in the offing running routes, yacht jetties and condominiums with helipads for 250,000 opulent Nigerians.

The newest Eko Atlantic township is emblematic of a flourishing business in Africa where developers construct walled-off towns for ab muscles wealthy on a continent that is still the world's poorest.

Designer Gilbert Chagoury, founder of Nigeria's Chagoury Class, is the epitome of Africa's moneyed type: Aside from a friendship with Statement Clinton, whose 1996 presidential strategy he helped fund, Mr. Chagoury offers an ambassadorship from St. Lucia to the Vatican and a gallery in the Louvre named following him and his partner, equally contributors.

Remove with funding from French banks which are enticed by Africa's rapid development, the 67-year-old Mr. Chagoury is looking to top his job most abundant in colossal real-estate project in West Africa.

"That will probably be very same of Champs Élysées in Paris or Sixth Avenue in New York," says David Frame, handling director of South EnergX, a building model of Chagoury Group. He was sitting on a gravel road that will be smooth into an eight-lane boulevard, finishing at a gated quit into the rest of Lagos.

Africa has got the world's fastest-growing towns, based on the United Nations. Their recent metropolitan populace of 450 million is anticipated to triple next four decades.

As vacant area disappears in African-american towns, foreign investors are performing with the creation of new towns out of woods, grasslands and landfill. Investors be prepared to move huge gains from offering Africa's rich places to reside, function and shop away from the failing infrastructure and squalor of previous cities.

But these tasks attended under fireplace from critics who explain that they may certainly not relieve the property disaster striking the majority of the population. In Lagos, few will have a way to manage Eko Atlantic's glass tower condos.

Meanwhile, many of these gargantuan tasks are struggling. Renaissance Capital Economic Holdings Ltd. of Moscow plans to build an area for 62,000 persons on a coffee farm outside Nairobi, Kenya, and a similar-size project on a pepper subject near Ghana's money of Accra.

The coffee farm in Kenya continues to be just that, as Renaissance computes a dispute with shareholders. The project in Ghana is mired in a disagreement between regional chiefs over who owns the pepper field.

China Global Trust and Investment Corp. created a $3.5 million city for 500,000 persons near Angola's money, Luanda. The suburb opened in 2011 but remains a ghost town, as the government strains to market the $200,000 condos to a population whose per-capita money is $6,000 a year.

Mr. Chagoury hopes that Eko Atlantic will soon be different. Project executives indicate Lagos's population of oil-rich elites, which will be both larger than that of Luanda's and readier to cover top money for clear roads and contemporary infrastructure. They decrease to state simply how much Eko Atlantic will surely cost, other to say it will soon be "in the billions" of dollars.

Expand Image

 

Samuel David for The Wall Block Diary

What the Atlantic structure site seems like nowadays

Their city, Lagos, is crowded and chaotic. Its population develops by seven persons every 10 moments, in line with the U.N., which estimates that Lagos has 11 million persons and is the world's fastest-growing megacity. The Nigerian government sets the city's total population at 21 million.

Even yet in classy neighborhoods, sewage pockets up from open ditches. For want of company systems, countless companies fit their headquarters into moldy midcentury ranch houses. At lunch, many companies turn off their lights to sleep chugging electrical generators. To escape choking traffic, many elites drive by helicopter or yacht.

What small property there is for Nigeria's rising middle income is pricey. Average lease on a three-bedroom house in downtown Lagos is $3,624 a month, in accordance with Dubai-based research organization Reidin. Landlords often expect couple of years of lease in advance, preferably compensated in U.S. dollars. It is a challenge for Nigeria's middle income, whose money averages about $600 a month, in accordance with Renaissance Capital.

Buying is simply as tough. Town files on area ownership really are a chaos, stockpiled or missing. Swindles involving forged brands and the fraudulent purchase of villas are common.

House loans come with double-digit fascination rates. In a nation of 167 million persons, you can find only 20,000 mortgages, in accordance with Nigeria's financing minister, Ngozi Okonjo-Iweala.

To help keep velocity, structure activity increases by 13% a year, according to government statistics. Architect Ade Laoye estimates that Lagos needs at least needs 10,000 extra houses a year.

"We do not have the architects, electricians, bricklayers, designers, the contractors," Mr. Laoye says.

One individual who have sources is Mr. Chagoury, a Nigerian-born structure magnate. He got his first taste of city-making in the 1990s, once the government appointed him to construct a small banana-shaped peninsula now dotted with million-dollar homes.

In 2003, Lagos's government approached Mr. Chagoury with a problem. Waves were crashing around Bar Beach, washing away some of the drug scene, but also flooding shore-side paths and wetting the lobbies of essential Nigerian companies.

He returned by having an provide to build a ocean wall without charge. In return, Lagos's government allowed his company to dredge mud from the underside of the Atlantic Ocean—and shoot it out of a hose to generate 3.9 sq miles of beach.

The sq mile mixed to date is a panorama of mud, resembling the Sahara. Manhole addresses appear several feet above the dunes because the skeletal beginnings of a drainage system. Nearby the water, cranes decline X-shaped blocks to make a ocean wall.

Mr. Chagoury dropped requests for an interview. But challenge professionals say that they curently have distributed all but two of the several dozen making web sites on the sandlot. Consumers program an global school, high-rise condos, spas, headquarters for several fat companies, a conference center formed like the sails of a vessel and a U-shaped office tower called Unity.

Lower-end developers fear such endeavors can inflate the cost of making components for decades to come. An already extended method of getting bricklayers and cement mixers can keep to perform here.

Designers like Michel El Chemor are unapologetic about catering to the utmost effective end of Nigeria's property market. He acquired a plot from Mr. Chagoury for the site's first skyscraper: a $50 million, 24-story residence called Eko Pearl. It will peer out around a marina—and the smog and skyline of Lagos.

"I am sorry to say, but it's chaos in Lagos," he says. "They're likely to need to destroy what they had before and rebuild it, that will have a long time."

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)

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Type: House

Bedrooms: 4

Property Description

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EFCC: Saraki Declared Property That Didn’t Exist.

Michael Wetkas, a detective of the Economic and Financial Crimes Commission (EFCC), on Wednesday, told the Code of Conduct Tribunal (CCT), that Senate President Bukola Saraki declared a property that did not exist.
According to him, the “ghost” property was said to be at 15b McDonald road, Ikoyi, Lagos.
Asked by Paul Usoro, Saraki’s lawyer, if he stood by his testimony that the property which the defendant declared did not exist, Wetkas said: “Anything we bring before this court is derived from investigation.”

Fitch Downgrades 13 Distressed Classes of JPMCC 2008-C2 on Dos Lagos Sale

Fitch Ratings has downgraded 13 and affirmed nine classes of J.P. Morgan Chase Commercial Mortgage Securities Trust, series 2008-C2. A detailed list of rating actions follows at the end of this release.
KEY RATING DRIVERS
The downgrades reflect the expected losses after the sale of the largest asset in the pool, The Shops at Dos Lagos (12.4% of the pool).

The Shops at Dos Lagos, a $124 million real estate owned (REO) retail property, was sold July 23, 2013 for $30 million. Including advances, appraisal subordinate entitlement reductions (ASERs), fees and other unpaid amounts of approximately $41 million, the loan loss severity will be approximately 109% on the current loan balance.

Realized losses to the trust will reflect the full principal balance of $124 million. Losses are expected to be incurred as of the Aug. 12, 2013 distribution date. Classes C through Q, currently rated 'Csf' or 'Dsf' by Fitch, will be affected. These classes rated 'Csf' are downgraded to 'Dsf'.

The additional amount of $11.4 million will cause permanent shortfalls to the transaction. These amounts were part of the total $27 million ASER (advances not made due to an appraisal reduction). Therefore, the sales proceeds of $30 million will be used to pay fees, expenses, advances and $16 million of the total $27 million in ASER amounts. The remaining $11.4 million in ASER amounts will not be repaid, while the most senior bondholders with an interest shortfall will recover $16 million in interest. No additional interest is expected to be taken from the trust due to the disposition of the Dos Lagos asset.

The property is a 345,847 square foot (sf) lifestyle/entertainment retail center built in 2006/2007; therefore, the property was not fully stabilized, with no operating history. The loan transferred to special servicing in October 2008 for monetary default after the borrower indicated the property was significantly affected by the downturn in the economy. The special servicer foreclosed on the property and, along with a third party management team, worked to stabilize occupancy. The last reported occupancy was 72.5%.

The property represented phase one of a two-phase, 534 acre development that was significantly pressured by economic conditions in 2009. The development included a residential subsection, a golf course, hotel, office building, a senior housing development and a 135 acre wildlife preserve. The retail center was 95% occupied at issuance; however, occupancy steadily declined to a low of 68% in early 2012. The borrower cited slower-than-anticipated growth in the residential neighborhood for the decline in performance, as tenant sales, rental rates and ultimately occupancy declined.

RATING SENSITIVITIES
The super senior classes' Rating Outlooks are revised to Negative due to the erosion in credit enhancement and continued risk of both principal and interest losses as the pool becomes more concentrated. After the sale of The Shops at Dos Lagos, eight loans (18.4%), including three REOs (1.8%) remain in the pool. Downgrades are possible if expected losses increase or if these classes are affected by repeated interest shortfalls.

Fitch downgrades the following classes and revises Recovery Estimates as indicated:
--$116.5 million class AM to 'CCsf' from 'CCCsf'; RE 50% from 100%;
--$14.6 million class C to 'Dsf' from 'Csf'; RE 0%;
--$10.2 million class D to 'Dsf' from 'Csf'; RE 0%;
--$10.2 million class E to 'Dsf' from 'Csf'; RE 0%;
--$13.1 million class F to 'Dsf' from 'Csf'; RE 0%;
--$11.7 million class G to 'Dsf' from 'Csf'; RE 0%;
--$16 million class H to 'Dsf' from 'Csf'; RE 0%;
--$14.6 million class J to 'Dsf' from 'Csf'; RE 0%;
--$14.6 million class K to 'Dsf' from 'Csf'; RE 0%.
--$8.7 million class L to 'Dsf' from 'Csf'; RE 0%;
--$4.4 million class M to 'Dsf' from 'Csf'; RE 0%;
--$5.8 million class N to 'Dsf' from 'Csf'; RE 0%;
--$4.4 million class P to 'Dsf' from 'Csf'; RE 0%;

The following classes are affirmed and Rating Outlooks and Recovery Estimates revised as indicated:
--$71.2 million class A-3 at 'Asf'; Outlook Negative from Stable;
--$45.6 million class A-SB at 'Asf'; Outlook Negative from Stable;
--$354.6 million class A-4 at 'Asf'; Outlook Negative from Stable;
--$145 million class A-4FL at 'Asf'; Outlook Negative from Stable;
--$60.4 million class A-1A at 'Asf'; Outlook Negative from Stable;
--$61.2 million class AJ at 'Csf'; RE 0% from 40%;
--$14.6 million class B at 'Csf'; RE 0%;
--$2.9 million class Q at 'Dsf'; RE 0%;
--$1.7 million class T at 'Dsf'; RE 0%.

Classes A-1 and A-2 have paid in full. Class X was previously withdrawn.
Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 18, 2012 report, 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria', which is available at 'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 24, 2013);
--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 18, 2012).
Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=696969

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=799070
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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].”

Oshodi Market Demolition - Traders Reject Alternative - VANGUARD

January 08, 2016

By Monsur Olowoopejo

Lagos—

Traders from the demolished Owonifari electronic Market, Oshodi yesterday rejected the Lagos State Government’s plans to relocate them to Oshodi Resettlement Market (former Isopakodowo market), citing structural instability and several spiritual activities associated with the structure as their reason for the rejection.

They added that the available space in the market cannot accommodate them.

Part 2: update:$27Million Saga: Senate Never Approved OBJ,GEJ To Purchase And Disburse Nigerian Real Property Qualities In U.S.--Reports

 Part 1, Part 3

"he explained, but by who? Embattled Ambassador Adefuye was reportedly left his Ambassadorial post in Washington,DC, and was "virtually sleeping at EFCC's office FCT-Abuja", anonymous FCT-Abuja eyewitnesses told Republic Reporters. Ashiru added: ""The body requested the Senate to probe how the said funds disappeared between 2004 and 2007."Through the sale of the properties, the Nigerian government, through the embassy in Washington, engaged the services of ECULAW Law firm which handled the sales and lodged the proceeds on behalf of the embassy right into a special account with the Washington DC based M & T Bank. The lender was speculated to be holding deposits of huge arises from the property sales until George Obiozor who was then Nigeria's Ambassador to the U.S. returned to Nigeria after completing his service in Washington.

The funds which allegedly yielded substantial monthly curiosity about the M & T Bank remained in the special accounts through the entire tenure of Obiozor's successor, Oluwole Rotimi. Daily Independent newspaper reported that the petitioners said: the funds “mysteriously disappeared” when the incumbent envoy, Adebowale Adefuye, took over from Rotimi, who was fired by late Yar'Adua for insubordination to then Foreign Affairs Minister Ojo Maduekwe, whom he called "Biafran Ragtag, he defeated during Biafran-Nigerian hostilities between 1967 to 1970.

The disappearance of the funds, according to the petition, became evident when M & T Bank was forced to power down the accounts of the embassy and subsequently terminated all banking relations with the embassy in early 2012. According to the petition, all of the three accounts belonging to the Nigerian Embassy in the custody of M & T Bank, such as the $27 million arises from property sales were allegedly drawn down to barely $400,000 during the time the accounts were closed. Since March 2012, there's not been any explanation of the whereabouts of the amount of money which was alleged to be in the bank during the time Adefuye assumed office as Nigeria's envoy. In 2009, about $3 million realized from the same transaction was directly spent on the purchase of a property in Russia. The National Assembly reportedly held a public hearing regarding the misapplied funds. Reports say:"

The petitioners are involved that the Federal Government hasn't done anything to trace the funds before anti-corruption body allegedly petitioned the Senate. Even Adefuye who's believed to have been in Abuja for quite a long time before time for Washington recently, was allegedly not quizzed by government or the Foreign Affairs Ministry. The group, therefore, urged the Senate to investigate the case with a view to recovering the missing funds. Nebukadineze Adiele reacting to Rotimi Osunsanya remarks beneath: "n addition we must demand the source of the Authority to offer and dispose the property of the Government! By my experience, the President does not have the statutory responsibility to procure, sell and dispose any Government property at will. That's against the law and it's an impeachable criminality..", Mr. Rotimi Osunsanya said. Has this to express:

"Whenever I curse out many people on these forums, its is mainly because I haven't any tolerance for falsehood peddling, especially senseless ones. Whenever such senseless falsehoods are peddle by supposedly educated adult Nigerians, nothing short of cursing them out suffices as the peddlers of falsehood are shameless liars and annoyingly impervious to correction or reason.   "What could be more despicable and inviting of a cursing out compared to the brainless falsity peddled by Rotimi Osunsanya, as excerpted above? He shamelessly claims that the president of Nigeria does not have the authority the dispose of property owned by the government of Nigeria.   "But section 130(2) of the constitution of the Federal Republic of Nigeria, 1999 says this:   

The President shall be the Head of State, the Chief Executive of the Federation and Commander-in-Chief of the Armed Forces of the Federation.   He added: "How could a Chief Executive of the Federation not have authority to direct the selling from property belonging to the government, especially ones on this kind of low level scale? How can a leader run a government if he's so statutorily incapacitated? If the president couldn't direct the selling from government property or the procurement of new ones for the government, then who has that authority, the legislature? No, you idiot, these are functions statutorily assigned to the executive branch of the government headed by the president. 

"I agree with Ojo Maduekwe that the legislature was overreaching with your investigations (the Senate has authorization to investigate any allegation of missing money belonging to the government, however the House's prior investigation, as to who authorized the sell of the property, was extra constitutional).   "Rotimi Osunsanya, if I recall correctly, was the fellow who lost his ward and deposit as a PDP candidate for a seat at the House of Representatives from Lagos state. Fellow Nigerians, just imagine this for a second. A person who not even know the functions constitutionally assigned to the president of Nigeria was almost certainly one of your law makers. Can there be any longer wondering as to the reasons Nigeria is a big for nothing country?..", he fumed.

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. ecalabash.com, 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.

ppw_insight_3

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. com.ng, PropertyIndex. com.ng, NigeriaPropertyCentre.com, OLX.com.ng, 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.