Author: The Nation

Experts have tipped the country’s real estate sector to grow with the anticipated GDP growth, buoyed by the reform policies of President Bola Tinubu administration as well as increased investor confidence.

They identified major reforms expected from the administration, including tax credit initiatives, lower interest lending, unification of foreign exchange rates, and economic growth through higher oil production.

These reforms, as well as macroeconomic factors, such as interest rate and inflation rate, will have an impact on the real estate sector, they said during a panel session at DETAIL Real Estate Business Series in Lagos  at DCS Place in Lagos.

 It was put together by DETAIL, which the organisers described as the country’s first commercial solicitor firm to specialise in non-courtroom practice.

With its theme, ‘Unlocking Opportunities: Real Estate Financing for Success’, the session featured Saadiya Aminu, managing director and chief executive officer of Urban Shelter; Tola Akinhanmi, executive & head of Real Estate Finance at Stanbic IBTC; Adetola Nola, chief executive officer of Veritasi Home; and Ereifemi Akeredolu, managing director and chief executive officer of Cardinal Stone Trustees; and moderated by Olawunmi Alade, associate partner at DETAIL.

Real estate grew at 5.31 per cent in the first quarter, making it Nigeria’s fifth largest contributor to GDP growth in the quarter.

The sector has the capacity for further growth, the experts said, noting there will likely be a boost in demand for residential asset class following approval by the National Pension Commission (PenCom) for use of Retirement Savings Account (RSA) as equity contribution for mortgages.

But to drive this growth, they said regulatory reforms as direct financial interventions are required to enhance players in the sector, similar to support given to agriculture and power by the Central Bank of Nigeria (CBN).

There is need to simplify and remove bottlenecks in processes for owning and transferring ownership of real estate and improving land management systems. This will require amendment of laws and regulations guiding real estate, such as Land Use Act.

On financing, discussants noted there is a risk of mismatch between duration for real estate projects and financing. They advised there should be a healthy mix of debt and equity financing, as against relying on single financing option for projects.

Amid the stifling cost of funding real estate projects, the experts said bank loans are better used as bridge financing.

To promote wellbeing and productivity, experts have spoken on the need to create awareness and increase advocacy on safety in the workplace.

Safety in the workplace was at the centre of discussion at the Eighth yearly colloquium organised by The Safety Advocates in memory of a safety icon, Dr. Bamisayo Oluwagbemi . 

The late Oluwagbemi was the first chartered safety practitioner. 

With its theme,‘Redefining Safety Culture: Institutional and Legal Approach for Safer Workplace’, the event held at Lagos Chamber of Commerce and Industry (LCCI), Ikeja.

In a keynote address by the Director General of Lagos Safety Commission, Lanre Mojola, he noted redefining safety culture through institutional and legal approaches is a step towards ensuring safety in the workplace.

“Safety culture is not just about compliance with regulations but  creating an environment where employees are encouraged to report unsafe conditions and near-misses without fear of retaliation.” 

He mentioned institutional approaches which promote safety as creating a safety committee responsible for identifying potential  hazards and developing strategies to mitigate them.

“It also involves regular training of employees on how to identify hazards and respond to emergency. Employers should understand that building strong relationships where employees believe they can have honest conversations when safety issues arise and for purposes of feedback contribute to ensuring safety becomes an integral part of the activities in their organisations.”

Mojola said organisations should adopt approaches to safety that think about incidents before they occur rather than reacting to work-related accidents.

National Coordinator, and head of Hybrid Group, Dapo Omolade, described the late Oluwagbemi as the foremost health and safety practitioner in Nigeria.

“We are sending the message out that what Dr. Oluwagbemi stood for was a safe society and to make safety a way of life. Hence, you have approached safety from legal, home, and health perspectives. A lot of people still don’t know a lot about safety and so it is important for everyone to embrace the way of life – safety.”

The Executive Director, Strategy, and Safety Advocates, Jamiu Badmos, affirmed that Oluwagbemi was the first to be chartered as an Institution of Occupational Safety and Health (ISOH) member who brought safety to the limelight.

In line with the theme of the event, Badmos noted: “There is a health and safety policy, but today, the law in use is the Factory Act 2004 which is obsolete. “Everywhere in the world, people are transforming their safety policy, hence since 2008, we have been begging the successive government to have operational Health and Safety Act which will put in place leadership commitment.

“I use this medium to call on the government to quickly have an executive bill on Occupational Health and Safety and let the National Assembly quickly approve it so we don’t lose more lives in Nigeria. Look at our roads and factories, people are dying and when one person dies, you have also killed all the dependents of the person.”

The CEO, SafetyPlus, Mrs. Dominga Odebunmi stressed that a positive safety culture at a workplace is when workers are enlightened to the point that they can freely report a hazard without fear of victimisation.

“Workers understand the process of accident prevention and are empowered to stop a potential danger. Hence, having risk awareness, fair and just culture, inclusiveness, management commitment, and accountability are key to embracing positive safety culture,” she said.

Mayor of Urhoboland and former militant leader, Eshanakpe Israel a.k.a Akpodoro, has condemned the outburst from leader of Niger Delta Volunteer Front (NDVF), Asari Dokubo,  against the military aiding oil theft in the region. 

Akpodoro, who spoke in Abuja, noted Dokubo goofed in “his reckless outburst against the military and his overview of security of oil and gas facilities in the region.”   

  He said Dokubo is envious of Tantita Security Services, (TSS), Federal Government’s contractor handling security of oil facilities in Niger Delta. 

The mayor said Dokubo’s remarks should be discountenanced, dismissing  him as a flippant and envious character’’.

He noted the leader of NDVF was jealous of Chief Government Ekpemukpolo a.k.a Tompolo’s success in execution of the surveillance contract awarded to him by the Federal Government.

The military, he acknowledged, may have bad eggs who deal in stolen crude, adding such no longer obtains since Tompolo’s firm took over surveillance of the pipelines. 

Akpodoro  warned Dokubo and his armed youths to desist from making incendiary comments against the military.. 

The military, he noted, has put in its best in national security and should be commended rather than casting a slur on their image by “charlatans wanting to reap where they sow nothing.” 

He said Nigerians should support Tomopolo in his drive to rid Niger Delta of sea piracy, oil theft, and sundry crimes in the upstream and downstream oil industry, noting no “amount of emotional blackmail” can derail the efforts of Tantita to exterminate crimes and criminalities in the oil industry.

 He reiterated  his call on the Federal Government to increase the contract sum to aid company be come more effective in the battle against on oil thieves. 

The ex-militanlt leader urged President Tinubu to dismiss Dokubo, his utterances and disrespect for the military.

“Since Presidential Amnesty Programme was birthed by the Federal Government, responsible ex-militant leaders surrendered arms and have been championing peace in Niger Delta but ironically, Dokubo still parades  an array of armed men … same man has the gut to accuse the military. Somebody should tell Dokubo he has no moral rectitude to comment on national issues until he disarms his rag-tag armed youths.” he said.

Former Majority Leader of Enugu State House of Assembly, Ikechukwu Ezeugwu, has sued activist-lawyer, Prof. Chidi Odinkalu, at Enugu State High Court for alleged defamation.

Ezeugwu, in suit E/360/2023, filed through his counsel, Ike Ozor, is seeking apology and N5 billion from Odinkalu, former Chairman of National Human Rights Commission (NHRC).

He claimed Odinkalu published his photograph and phone number on Facebook, Twitter and Google and described him in a defamatory way.

He claimed in the post, Odinkalu said: “Ikechukwu Ezeugwu is leader and dis-honourable member representing Udenu in Enugu State House of Assembly. He is the “sponsor” of this criminal Bill to pay 4 men & their wives N1.25bn of the state’s money annually… Let’s give him #Oxygen. If u want his cell number, pls contact me https://t.co/OFXgFw47Er.”

He said the publication “carries with it the undertone and potential of inciting Enugu people against the plaintiff, his properties and family members.”

He added that it “not only misrepresented the true content of the bill but also portrayed him in a negative light, branding the proposed legislation as “wrong, terrible, wicked, sinful, and depraved.”

He is further seeking “an order directing the defendant to forthwith delete the malicious publication in his Facebook, Twitter and Google walls such that it will no longer pop-up in the Google profile of the plaintiff.

“An order that the defendant publishes in four national dailies, a public apology to the plaintiff for defamatory publication.”

• Lagos donates 3,000 birds

Seven hundred poultry farmers in Aiyedoto Poultry Farm Estate in Lagos State have called on President Bola Tinubu-led administration to intervene in the plight of farmers affected by avain influenza (bird flu) in 2021.

Speaking while receiving over 3,000 point of lay birds donated by Lagos State, President of the farmers, Mr. Saliu Rasheed, said some of their members have died while awaiting compensation, which will strengthen the industry and guarantee jobs.

He called on Federal Ministry of Finance, Federal Ministry of Agriculture & Rural Development to hasten up the compensation while appealing to Central Bank  to make funds available to help the industry and contribute to gross domestic product.

Rasheed hailed Lagos State Governor, Babajide Sanwo-Olu, and former Commissioner for Agriculture, Abisola Olusanya, for their support through the donation.

“This will ensure the beneficiary returns to business and will support growth of their business.”

A beneficiary, Mrs. Sussanah Okafor, said during the bird flu, many farmers lost their birds, and some  have died while awaiting compensation.

“Some have locked up the farm, which has contributed to the high rate of unemployment. We are appealing to the Federal Government to hasten up payment of compensation as farmers are finding it extremely difficult.”