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

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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

Nigeria’s farming reforms still face hurdles, say companies

Nigeria is reforming its farming sector to bolster production and draw investment but companies this week said more needs to be done to tackle entrenched corruption, poor infrastructure and rogue government agencies.

Nigeria’s annual economic summit focused on agriculture for the first time, in line with President Goodluck Jonathan’s commitment to fixing Nigeria’s biggest employer. Agriculture Minister Akinwumi Adesina, who has been praised by donors and businesses for his efforts, was keen to stress the success of reforms began two years ago.

He said subsidies used to reduced the cost of fertiliser for farmers were not longer managed by corrupt politicians but instead were given directly to farmers.He said food imports had fallen by 850 billion naira ($5.2 billion) and food production was up by 8 million tonnes, helping to create 2.2 million new jobs, Reuters reports.

The government wants to add 20 million tonnes of domestic food production by 2020 and rice, corn, sorghum, palm oil and cocoa have already increased, Adesina said. The world’s second-largest importer of rice, Nigeria aims to become self-sufficient by 2015 after introducing a 100 percent tax on polished rice imports this year, likely to mostly affect countries like India, Thailand and Brazil. Security sources and farmers have said one backlash has been a rise in smuggling of rice and sugar from neighbouring countries and into ports.

Higher cassava output has been used to make flour, reducing wheat imports mostly from the United States by almost 9 percent, Adesina who noted bank lending to agriculture had risen to 25 billion naira this year from just 3.5 billion in 2012
said.
Duties on agricultural equipment have been scrapped and tax breaks given to companies willing to invest in both farming and industrial processes, as well.
The country’s reforms have drawn new foreign investors such food giant Cargill, seed company Syngenta and brewer SABMiller, while Dangote Sugar and others are investing more.
However, many companies asked to speak at the summit gave a less rosy picture, saying state and local governments still extort unofficial payments, while officials at ports and customs either worked around government policies or outright ignored them.
Confusing laws on land, much of which is owned or claimed by government officials, also mean it is difficult to expand. That has left 60 percent of Nigeria’s arable land fallow, farmers say.
RHETORIC VS ACTION
“We’re still battling with the basics; visa processing times, port delays, access to credit, transport systems. Rhetoric is all we are getting. It’s time to walk the walk,” said Alan Jack, managing director of Shonga Farms, a mainly poultry and milk farming group which supplies the Lagos branch of Kentucky Fried Chicken, owned by Yum! Brands.
Jack said imported chicken from Brazil cost 135 naira per kilo, while a chick in Nigeria cost 180 naira, making government plans to emulate its South American rival unrealistic.
“Ports would scare the life out of anyone. It’s the worst thing about your system,” said Calvin Burgess, chief executive of Dominion Farms, a U.S.-owned firm looking to farm rice in Taraba state.
He said $10 million of agriculture equipment was delayed for almost a year because customs and other agencies sought bribes and noted Dominion had operated in Kenya for 10 years “without anything like these problems”.
The government says port reform is a key policy, but investors say progress is slow. Industry players were also critical of Nigeria’s dilapidated road network and
troubled power supply noting it is often more profitable to ship produce to the U.K. rather than transport it from Lagos in the south to the biggest northern city, Kano.
“We don’t benefit from any infrastructure put in place. We have to build our own roads and provide our own electricity,” said Gbenga Oyebode, chairman of palm oil firm Okomu Palm, said.
Nigeria is privatising much of its power sector, which should help improve electricity shortages that hurt the agriculture sector.
Nigeria’s reforms are needed to reduce reliance on a struggling oil sector and cut a $11 billion food import bill

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

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

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

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

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

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

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

Nigeria: Delta Donates 60,000 Hectares for Cassava Farm Project

To support the cassava bread and high quality cassava flour development initiative, the Delta State government has donated 60,000 hectares of land in Abraka for a mechanised cassava farm.
The Director, Press and Public Relations, Federal Ministry of Agriculture and Rural Development, Greyne Anosike stated this in Abuja on Friday.
The statement said the gesture was also part of the state government's support to Federal Government's Agricultural Transformation Agenda, adding that the state government also provided a 20-hectare farm land for flour factory in Abraka.

The state governor, Emmanuel Uduaghan, who announced the donation, commended the Minister of Agriculture, Akinwunmi Adesina, for taking agricultural practice to a higher level.
The statement also said the Delta Government was determined to exploit the potential of the agriculture sector as part of its medium and long-term strategies, to curtail unemployment in the state.
Mr. Adesina commended the Delta Government for the gesture and called on other state governments to partner with the ministry to realise the ongoing transformation of the agriculture sector.
The statement quoted the minister as saying that partnerships in agribusiness would create growth and development and called for a synergy between state governments and the ministry the sector's potential in job creation and economic empowermen

Flour Mills of Nigeria notifies NSE on agreement with Adecoagro

Flour Mills of Nigeria Plc has notified the Nigerian Stock Exchange (NSE) that it has entered into a technical assistance agreement with Adecoagro, a leading South American Agro Industrial Company.

Adecoagro owns and operates over 278,000 hectares of high quality farmland and several industrial assets where it produces over 1.2 million tons of food commodities and renewable energy, including, corn, wheat, soybean, rice, cotton, milk, sugar, ethanol and electricity.

Under the terms of the Agreement, Adecoagro will assist FMN in the management and sustainable development of its Kaboji Farm, one of the largest commercial farms in Nigeria comprising 10,000 hectares near Kontagora, Niger State dedicated mainly to the cultivation of maize and soybean.

The Technical Assistance Agreement envisages a mutually rewarding co-operation between the two leading companies (FMN and Adecoagro) with the purpose of increasing the historical crop yields, helping to provide sustainable agriculture, maximizing returns on the farm, creating jobs and enhancing value for farmers and achieve maximum yield and sustain profitability in the farm’s operations.

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CBN Disburses N6bn Agric Loans to Farmers

The Central Bank of Nigeria (CBN) has said it disbursed over N6 billion loans to farmers under its credit guarantees as at December last year. A report from the Bankers’ Committee at the weekend,  also anticipated that with the Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) and collaboration between banks and counterparties, the loans under guarantee would have risen to over N20 billion by end of the first quarter of this year.

The increase in agric sector credit was linked to the N200 billion agriculture credit scheme and the N600 billion NIRSAL interventions.

The NIRSAL guarantees up to 75 per cent of bank loans to the sector. The NIRSAL initiative, which was conceived by the CBN, the Bankers’ Committee and the Federal Ministry of Agriculture and Rural Development (FMARD), seeks to create incentives and catalyse processes to encourage the growth of formal credit, direct and indirect, for the agriculture value chain, as a mechanism for driving wealth creation among value chain participants.

According to the central bank, NIRSAL is also expected to be a catalyst for innovative risk management strategies, long-term financing for agribusiness and significant job creation by new entrepreneurs.

“The mandate of NIRSAL is to act as the custodian of all credit guarantee schemes, interest draw back schemes, and commercialisation initiatives related to an integrated value chain approach to agriculture and agribusiness in Nigeria,'' the CBN said. Under NIRSAL, there are five pillars to be addressed by an estimated $500 million that will be invested by the CBN,” the programme document explained.

There is also a risk-sharing facility of $300 million, planned to address banks’ perception of high-risks in the sector by sharing losses on agricultural loans. There is equally an insurance facility of $30 million intended to expand insurance products for agricultural lending from the current coverage to new products, such as weather index insurance, new variants of pest and disease insurance. Besides, there is also a technical assistance facility amounting to $60 million, meant to equip banks to lend sustainably to agriculture, producers to borrow and use loans more effectively and increase output of better quality agricultural products, among others.

“The current improvement in the sector’s  was linked to access to credit through the new policy focused on increasing private sector participation, emphasis on the entire agriculture value chain, and using agriculture to boost employment, wealth creation and food security,” it added.

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Lagos community protests abandonment of World Bank project

WorldStage Newsonline-- Residents of Badia community in Ijora, Lagos have staged a protest to Lagos State House of Assembly overthe abandonment of Lagos Metropolitan Development Governance Projects (LMDGP), a World Bank assisted project aimed at developing shanties and slums within the state, in their domain.

Led by their representative in the House, Muyiwa Jimoh and Prince Kayode Obadiah, a community leader, the protesters displayed various placards with captions such as 'LMDGP, tell us why you want to sack the contractor?' No roads for PSP vehicles,' 'Apapa Iganmu: LMDGP, your system five is a failure,' 'Our houses have been demolished, please help us,' 'Gov. Fashola, we thank you for using good contractor for your roads' among others.

 (LMDGP had embarked on construction of roads, sinking of boreholes, ultra-modern schools, complex and canal constructions which the protesters claim had been abandoned in the area.

In a letter addressed to the state governor, Babatunde Raji Fashola and copied to the Assembly, signed by leaders of the community, it was alleged that LMDGP had taken over the project from the contractor (Seg.Mahen Co. Nig.Ltd). The residents wondered why the project was not re-awarded to another contractor.

"We are writing this letter to our Dear Excellency sir, Mr. Babatunde Fashola (SAN), the governor of Lagos state and the contractor Director, Mr. Dayo Oguntunde representing World Bank in Lagos State to please save our souls.

"The World Bank has visited this community before our communities were enlisted among the areas to be assisted and we are part of Lagos," the statement read.

Some of the projects already abandoned included Canal (System V), which according to the letter was supposed to  serve as alternative to the drainage had stopped since 2011 resulting into serious havoc affecting the whole community.

While championing the cause of his constituency during the protest, Jimoh hinted that "the LMDGP has terminated the project as we speak and has not re-awarded it." He therefore appealed to the state government to urgently intervene to save his constituents from impending danger.

In his response, the chairman, House committee on Information, Strategy, Security and Publicity, Segun Olulade, who represented the speaker, praised the protesters for conducting themselves in a peaceful manner, adding that his colleague Jimoh had been proactive in his determination to making sure that the issue is amicably resolved.

"As a member of committee on Works,  I know the role he has been playing in ensuring that the matter is seriously looked into. I want to assure you that the House would surely look into it with immediate effect," Olulade promised.

Adding that the delay in completing the projects maybe due to the process of re-awarding the contract because the earlier contract has since been terminated because of misunderstanding between LMDGP and the contractor.

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Who builds for the poor?

In Marslow’s hierarchy of human needs, shelter ranks second to food, which pre-supposes that without food, shelter is the most important of all man’s needs on earth. Similarly, the National Housing Policy (NHP) of 1991 states that every Nigerian has a right to a decent and affordable accommodation.
 
However, the housing situation in Nigeria today, where the demand-supply gap is as wide as 16 million units with only 10 percent homeownership, obviously belies both Marslow and the NHP.
A critical look at this deficit shows that it tilts stubbornly towards housing for the poor who can hardly afford the millions-of-naira property that the market offers. In a mortgage-free environment like ours, where homeownership is by cash and carry and there is no social housing arrangement by the government, the poor are mere spectators, begging the question as to who builds for them.

We are worried that whereas the government tells whoever cares to listen that its responsibility in housing delivery is creating the enabling environment, private sector operators in the housing sector have concentrated efforts at building for the rich and the wealthy, leaving the poor to their fate.

A one-time commissioner for housing in Lagos State told journalists at a groundbreaking ceremony that government cannot build low-cost housing because it also goes to the same market where building materials are costly, adding that they are also in business to make profit. But a developer who spoke to BusinessDay said low-income housing is the business of government, explaining that lack of infrastructure and cost of building make that segment of the market unattractive.

The developer said that his company, without any apology, develops and delivers housing to the mid-upper end of the property market, arguing that he would do mass housing only on the condition that he would get land free of charge, or at least it must be given to him at a huge concession. “Also, I must get title for the land just by asking, that is, once I apply, I am given. Even at that, it must be given to me almost free of charge or at a huge concession,” he added.
From these standpoints, we can appreciate the dilemma of the poor in relation to homeownership and, for us, it is a very pathetic, though not helpless, situation.

 Much as we believe in free enterprise and that the business of housing delivery is better managed by the private sector, we do not subscribe to a total abdication of the sector by the government because housing has a lot to do with policy issues. Apart from favourable regulatory issues around land matters, government should also be sincere and responsible enough to provide enabling environment for private-sector operators to come in and deliver affordable housing.

We align with the president of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) who has consistently canvassed some form of social housing for the very poor in society whose income cannot support homeownership. According to him, even though the housing sector is better driven by the private sector, government still has to enable equitable distribution of housing to ensure that everybody is properly housed, adding, “In India, for instance, there is the Council Flats with all manner of social housing components.”

We recall that when the Federal Housing Authority (FHA) was set up, part of its mandate was to develop rent-to-own and social housing for the class of Nigerians who needs them. Today, the authority has gone commercial, building houses where two-bedroom and three-bedroom flats go for N6 million and N9 million, respectively.
Because of its huge impact on productivity and economic growth, we are of the opinion that all stakeholders should explore possible ways of making housing accessible and affordable to the poor

Drama Consult premieres today in Lagos

DRAMA Consult, the film by German filmmaker, curator and international programmer, Dorothee Wenner, will be premiered today at the new leisure mall on Adeniran Ogunsanya Street (by Shoprite), Surulere, Lagos. Time is 7pm.

  The film celebrates an ethnographic expedition from Africa to Europe between real life businessmen who travel to meet with potential partners in Germany. Already, it has successfully been premiered at two big festivals — The Festival of Pan African Cinema in Ouagadougou, otherwise called FESPACO and the ongoing 34th Durban International Film Festival in South Africa.

  The film was shot in Lagos and Germany and it features business personalities and experts like Dolapo Ajayi, Sam Aniama, Jude Fejokwu,

Femi Ladipo, Biyi Tunji-Olugbodi, Alhaji Chief Musa Olukayode Adedipe Christian Wessels, and Dazaa Aniama. In the film, the businessmen from Lagos — a spare parts dealer, a real estate developer and a young shoe manufacturer with high-flying plans, accompanied by two smart business consultants, travel to Germany to link up with potential partners and investors.

  The film tracks the process of economic intervention as an adventure trip in the era of globalization. Wenner, who wrote and directed the film, is already in Nigeria ahead of the premiere. Wenner disclosed after the premiere in Durban that she had always wanted to do a film about Africa and Europe and she found Nigeria, which she has visited every year in the last 10 years because of her involvement with the Africa Movie Academy Award (AMAA), a good centre to focus the story.

  She noted, “There are a lot of prejudices about this great country, Nigeria and a lot of misconceptions and I felt that beyond giving the businessmen who are my protagonists the opportunity to explore business opportunities, efforts could be made to correct those other stereotypes like when people say, ‘Nigerian businessmen cannot be trusted.’ But here we see people who are ready to do genuine business and so on”.
  Drama Consult is Wenner’s second film. She produced and directed Peace Mission, a film that provided valuable insight into the Nigerian motion picture phenomenon.

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