The Nation Newspaper

Category: Building & Properties

  • Desiring homes in a classy environment…? Try Cherry Wood Courts

    Desiring homes in a classy environment…? Try Cherry Wood Courts

    Cherry Wood Courts is another exquisite real estate property on the stable of Vine Realtors, a property development and marketing firm.

    Cherry Wood is located in Ibeju-Lekki area of Lagos and is about seven minutes drive from the Lekki Free Trade Zone (LFTZ).

    With the steady increase of local and foreign investments to this axis, the estate is very suitable for individuals, groups and organization seeking conducive and secure environment for their businesses and operations.

    The estate has a total land size of 648 square metre.

    At Cherry Wood Courts, a plot of land sells for N2 million.

    Title on the land is Certificate of Occupancy (C of O ).

    Plots are also allocated to their new owners instantly.

    A list of safe and secure real estate properties along the LFTZ is available upon request.

    For more on this and other related matters:

    Contact us on –

    Vine Realtors

    Tel: 08055256663

    WhatsApp: +2348166250519

  • Should pension funds be used to bridge housing gap?

    Should pension funds be used to bridge housing gap?

    As at last March, pension fund stood at N5.9 trillion, provoking calls for its investment in housing. About N59 trillion is required to bridge the 17 million housing gap. But, should the accumulated pension fund be so used? Stakeholders are divided over the issue, reports  MUYIWA LUCAS.

    Stakeholders in the housing and pension sectors are divided over the propriety of the deployment of the huge pension funds to close the housing gap in the country.

    The National Pension Commission (PenCom) Director-General, Mrs. Chinelo Anohu-Amazu, said the 2014 Pension Reform Act, as reviewed, provided opportunities for increased investment of pension funds in infrastructure and housing development. The act, according to him, also allowed for a percentage of contributing workers’ Retirement Savings Accounts (RSA) balance to be used as equity contribution for mortgage.

    Represented by Mr. Ibrahim Kangiwa, at a Mandatory Continuous Professional Development Programme of the Nigerian Institution of Estate Surveyors and Valuers, Lagos State Branch, the DG, however, noted that investment of the fund in housing was limited by the cumbersome nature of housing investment.

    Presenting a paper titled: An overview of the Pension Reform Act 2014 and the provision for investment outlets in real estate sector, Mrs Anohu-Amazu said as at last May, the total value of pension fund assets under the management of the licensed pension operators stood at N5.6 trillion.

    The DG explained that there was an effort by PenCom to increase pension investment in infrastructure and housing, and consequently urged stakeholders in pension administration to utilise the provisions of the Act for the provision of more infrastructure and real estate development in the country.

    She explained that the new Pension Reform Act (PRA 2014), has made provisions for states and local governments to embark on pension fund investments in the housing sub-sector, a sharp contrast from the 2004 Act, which only included the Federal Government service. Pension contribution rate has since increased from 7.5 per cent for the employers and 7.5 per cent for employees to 10 per cent employers and eight per cent employees respectively.

    Though she said the pension fund may not be used for real estate investment, Mrs Ahonu-Amazu expressed the readiness of PenCom to support mortgage financing as this will create more jobs, urging stakeholders in the real estate sector to device means of ensuring massive investments in housing provision, since the Act made provisions for increased investments in infrastructure and housing development.

    “Direct investment is currently not allowed due to liquidity and valuation issues. Traditionally, real estate is complex; when you need to get your fund out, real estate may not be easily disposable,” she said.

    The Association of Estate Agents in Nigeria Chairman, Mr. Chudi Ubosi, in his presentation, titled: ‘Investment of pension Fund and idle funds in housing development: The estate surveyor and valuer’s perspectives’’, argued that with about 17 million housing deficit, and the demand for housing put at 10:1 for demands and supply, about N59 trillion would be required to bridge the gap in housing. He said the sector contributes about 1.3 per cent to the nation’s Gross Domestic Product (GDP).

    Ubosi regretted that housing is still low,  saying that Lagos State, which has been described as the most vibrant property market in the country, still has home ownership at less than 20 per cent, and about 1, 500 net settlers daily in the state. He argued that all limiting laws and regulations preventing deployment of pension funds as well as direct investments in housing infrastructure be repealed without further delay.

    “Nigeria is one of the few countries in the world with no mortgage. Funds may just be in the banks; there is the need to create financial products and mortgage backed securities,” he said, adding that the investment in housing should also focus on the lower end of the housing pyramid, while regulations should be amended to allow the PFAs put money in the Fund to enable them invest in housing.

    However, the Managing Director, Stanbic IBTC Pension Managers Limited, Mr. Eric Fajemisin, disagreed with Ubosi, stressing that pension funds have not been idle.   The majority of the funds, according to him, are being used for infrastructural development in the country.

    Fajemisin, who spoke on: “Challenges and benefits for investment of pension fund in housing development in Nigeria and global approach, said one of the challenges in pension administration is that of about 180 million Nigerians, only a meagre seven million, representing four per cent, as at last March, are registered in the scheme.

    The Stanbic IBTC Pension managers chief stressed that if Nigerians participate in the mortgage sector, it could contribute between 30 and 70 per cent to the nations’ GDP, reduce poverty and improve standard of living in the country.

    He said the Federal Mortgage Bank (FMB) estimated that about N56 trillion would needed to meet the shortfall in Nigerian housing need, but the sources of housing finance are not adequately equipped to fund the supply deficits.

    “The housing sector is supported by favourable demographics, but fraught with a huge supply deficit and ineffective demand. It can play a special role in the economic dialogue in Nigeria as it generates employment, increases productivity, raises standard of living and alleviates poverty,” he said.

    NIESV, Lagos branch Chairman, Mr. Offiong Ukpong, said the pension fund, if well utilised, could solve the country’s housing needs and be a secured investment for the future. “If N20, 000 can buy a transistor radio for a worker now and instead of buying it, he decides to invest that money into pension fund, by the time he would be exiting the fund in 30 years, would that same money buy him the same appliance or furniture? Obviously not,’’ he argued.

    The chairman of the occasion and a former president of the institution, Mr. Yinka Sonaike, said housing has been a recurring decimal in the country and that efforts should be geared towards reducing its deficit.

  • Lafarge Africa tantalises professionals with $2m contest

    Lafarge Africa Plc, a subsidiary of LafargeHolcim, is mobilising professionals in Nigeria’s building and construction sector, as well as students to participate in the 5th International LafargeHolcim Awards. The programme is aimed at seeking smart solutions for cities and the built environment.

    The Group Managing Director/CEO, Lafarge Africa Plc, Michel Puchercos, said for the first time after the firm’s global merger, and as a demonstration of its belief in the country’s professionals’ competence and ability to compete with their counterparts across the globe, the company would be showcasing Nigeria’s professionals and students in the $2 million competition, adding that the competition is also in furtherance of the company’s vision to build a stronger Nigeria, safely, ethically and sustainably through innovative construction solutions.

    He enjoined all eligible engineers, architects, builders, planners, construction firms, project owners, students and non governmental organisations (NGOs) to avail themselves of the opportunity to make a mark in the global construction space, while assuring that there will be more engagements with the target audience in the next few weeks.

    The competition, organised by the LafargeHolcim Foundation for Sustainable Construction, identifies the ideas with the highest potential to tackle today’s challenges, to increasing urbanisation and improve quality of life. Projects and concepts from the fields of architecture, landscape, architecture, urban design, planning, technology, and civil and materials engineering are eligible to be featured.

    The main category is for professionals, construction firms and NGOs that showcase sustainable responses to technological, environmental, socio-economic and cultural issues within contemporary building and construction. Besides, participants up to the age of 30 can also submit visionary concepts and bold ideas in the competition, irrespective of the probability of actual implementation of the project: ‘the Next Generation category specifically seeks “blue-sky” solutions by students and young professionals’.

    The competition holds in the five geographic regions where LafargeHolcim operates – Asia Pacific, Europe, North America, Latin America, and Middle East Afica –The winners will be announced in the second half of 2017. Winners automatically qualify for the global Awards competition in 2018.

    Entry for the competition, which opened on Monday July 4 closes for submissions in March next year.

  • Allottees hail LagosHOMS’ initiative

    Allottees hail LagosHOMS’ initiative

    A businessman, Mohammed Adisa, has praised the Lagos Home Ownership Mortgage Scheme (LagosHOMS), established by the  former Governor Babatunde Fashola administration.

    Adisa, who spoke to The Nation at the handing over ceremony of a one-bedroom apartment he won in the LagosHOMS initiative in the Mushin scheme, argued that such initiatives should be made as a ‘starting’ point for every state government towards providing housing for the people.

    He advocated that a law that will make every other government that comes on board in any state of the federation make housing provision for the people compulsory be enacted. This, he said, will ensure that every income earning individual would be able to own a home of their own.

    Another allottee, Mrs. Yetunde Adebimpe, who resides in Ibadan, Oyo State, expressed satisfaction on the initiative. Adebimpe, who represented her husband at the allocation, explained that benefitting from the scheme was possible for her family since her hubby works and resides in Lagos. “We are happy that we have been awarded. I am excited that it is the reality today,” she said.

    At the handing over of the homes last week, Housing Commissioner, Gbolahan Lawal, noted that the handing over of the flats was yet another milestone in the effort of the administration of Governor Akinwumi Ambode at providing decent and affordable accommodation for the state.

    Besides, he said, it is also in line with the policy of ‘’continuity with improvement’’ of the present administration, as the state is committed not only to increasing the housing stock, but also to improving the entire housing delivery process with a view to ensuring that the units are more readily accessible and wealth is created.

    The LagosHOMS Mushin outlay, whose construction commenced in 2012, is located on a land area of 0.77 hectares, and comprises five blocks of 12 units, each totaling 60 units.  There are 20 units of one, two and three-bedroom flats. Facilities provided include roads and car park, mini water works, external electrification, neighborhood’s garden, recreation and green areas. The Estate is fenced and gated. The Estate added to the growing list of completed Estates under Ambode’s administration, which include Oko-Oba Housing Estate, M.K.O. Garden Housing Estate and Omole Scheme.

    Lawal said efforts are in place to create a serene environment that could enhance good quality living. He, therefore, charged the allottees to make good use of the facilities provided and ensure that they are properly maintained.

    “It is the intention of the government to provide facility managers for all our estates in order to ensure that they are adequately maintained and we wish to enjoin all our allottees to cooperative with the facility managers in this regard,” he advised.

    While government’s housing initiative may be commendable, there are complaints about the cost of buying into such schemes. Often, prospective buyers have lamented the 30 per cent down payment requirement, as well as the total cost of the house.

    For instance, allottees of one bedroom flat in the LagosHOMS Mushin scheme have to pay between N6.8 million   and N7 million;  and N17.5 million for three-bedroom over a period of 10 years to claim full ownership.

    Both Adisa and Adebimpe are, however, of the thinking that the prices are reasonable. However, they are unanimous that the initial deposit of 30 per cent should be reduced to 10 per cent, so that the aim of making housing available would not be defeated.

    “Buying three-bedroom flat in Lagos at N17.5 million is not cheap, but when you look at cost of getting a land in Lagos and building where you actually want to be, then I don’t think it is expensive. As it is now, from what obtains in the open market, I won’t say it is expensive. But government can plan adequately to make these houses more affordable,” Adebimpe explained.

    The state government may have long heard the cries of the people in respect of cost of housing. This, Lawal said, is why the government recently unveiled the “Rent-To-Own” (RTO) policy in addition to the ongoing mortgage scheme. The policy is aimed at making housing more readily accessible and affordable, particularly to low and medium income earners both in the formal and informal sectors.

    Under the RTO arrangement, individuals are required to pay five per cent of the value of the housing unit as commitment fee and rent is paid over a 10-year period at six per cent interest rate towards ownership of the unit being occupied.

    The programme is expected to commence with selected estates across the three senatorial Districts of the state.

  • Canada slams extra 15% property tax on foreign buyers

    A new tax for foreign property buyers is being introduced in British Columbia in Canada in an attempt to cool escalating house prices.

    The 15 per cent foreign buyer tax came into effect  at a time when prices in the province’s capital city, Vancouver, are escalating.

    Indeed, the latest global cities index from international real estate firm, Knight Frank, showed that prices in the city have increased by 17.3 per cent in the mainstream market and by 26.3 per cent in the prime market in the year to March 2016.

    Policy makers have been looking at ways to cool price inflation in recent months and the new tax will relate to residential purchases in Metro Vancouver, an area that extends from Bowen Island to Maple Ridge/Langley Township.

    According to Knight Frank, in real terms the new tax will result in an extra $300,000 in property transfer tax based on a property bought for $2 million by a foreign citizen. This figure will rise to $1.5 million for a $10 million home.

    The latest government data shows foreign buyers, mainly from China, purchased more than $1 billion worth of property in British Colombia between June 10, 2016 and July 14, 2016 of which around 86 per cent was located in the Lower Mainland.

    The foreign buyer tax will also apply to corporations that purchase residential real estate and the British Columbia Government has the power to examine the citizenship status of directors and the beneficiaries of corporate profits in deciding whether to add taxes. The resulting revenue from the new tax will be spent on housing affordability projects.

    However, Knight Frank points out that some loopholes exist and details as to how it will be policed remain unclear. For example, the tax itself relies on buyers self reporting their nationality and providing a social insurance number, backed up by new auditing procedures and penalties. However,  it is unclear whether a resident with citizenship could buy a property by proxy for a family member living abroad.

    “There is no doubt that the new law will cool sales volumes and prices as foreign buyers absorb the additional cost implications. It is worth noting that the planned legislation also allows the BC cabinet to alter the foreign tax rate by between 10 per cent and 20 per cent at a later date and expand it to outside the Lower Mainland,” the firm explained.

  • Community to benefit from Guinness, WaterAid initiative

    To boost healthy living, Guinness Nigeria Plc and WaterAid Nigeria have constructed two solar-powered water facilities in Gwam, Ningi Local Government Area, Bauchi State.

    The facility, which was unveiled at the weekend, is one of two major water schemes the brewing giant has delivered this year in collaboration with its international Non-Governmental Organisation (NGO) partners, and the 34th site for the Guinness Nigeria/Water of Life initiative in Nigeria.

    The Gwam water scheme – which comprises two solar-powered boreholes and two blocks of toilets – will benefit about 20,000 people.

    The firm’s Corporate Relations Director, Mr. Sesan Sobowale,  reiterated the company’s commitment to initiatives that improve access to safe water. He noted that Guinness Nigeria would continue to play a leading role to promote water stewardship in Nigeria, thanking WaterAid for its promoting health and hygiene in the country.

    “Diageo’s water blueprint articulates the role we will play as a business to tackle a wide range of water-related issues both in Nigeria and globally. In furtherance of this blueprint, Guinness Nigeria has prioritised interventions that improve access to safe water, especially in communities that face acute water scarcity. We have also invested in technologies that help us manage our water use. The construction of the Gwam water scheme is in furtherance of our efforts to help more Nigerians access clean drinking water. Our hope is that by improving access to clean water, we can help people in Gwam community improve their hygiene and overall well-being,” Sobowale said.

    The state Commissioner for Water Resources, Alhaji Mohammed Ghali Abdulhameed, expressed the government’s gratitude for the new water scheme.

    He observed that the facility would support the state government’s drive to improve health and hygiene for Bauchi state citizens.

    “This intervention is indeed timely and commendable. Water is an absolutely essential resource that is vital for the health and wellbeing of our citizens. We, the people of Bauchi State, are, therefore, delighted that Guinness Nigeria and Water Aid have joined forces to improve access to safe water in our state. We are immensely grateful for this intervention,” he said.

    WaterAid’s International Chief Executive, Ms. Barbara Frost, underscored WaterAid’s vision to help create a world where people will have access to safe water, sanitation and hygiene.

    She said: “It is great to see that the Bauchi State government, Guinness Nigeria and WaterAid are working collaboratively to tackle the challenge of water scarcity in Bauchi state.

    ‘’I would like to thank the government of Bauchi State for creating a conducive environment that has enabled WaterAid to implement its programmes in the state. WaterAid will continue to partner various stakeholders in Nigeria to transform lives by improving access to safe water, hygiene and sanitation,” she said.

  • Lagos reaffirms support for investors

    Lagos reaffirms support for investors

    •Mall injects $95m into state’s economy

    Lagos State Governor, Mr. Akinwunmi Ambode, has restated his administration’s commitment to increasing the inflow of investment and foreign capital through investment-friendly reforms and provision of enabling environment for commerce.

    He spoke at the inauguration of the N31.5 billion Novare Lekki Mall, Lagos.

    Ambode, who was represented by his Special Adviser on Commerce, Mr. Benjamin Olabinjo, assured that the state government would continue to provide an enabling environment that would attract  foreign  investments  into the state, urging investors to emulate Novare Real Estate Africa, and  key-into his administration’s  economic drive.

    The Novare Lekki Mall, developed by Urshday Limited,  said to be the largest mall in the state, sits on a 28,000 square metres of space and boasts of an impressive 22,000 square metres of gross lettable area, is home to many blue chip Nigerian, African and international tenants. These include retail giants ‘Shoprite’ and ‘Game’ leading the pack of over 100 line shops; a cinema equipped with five screening rooms and 1,000 parking bays.

    Other tenants include Addidas, HealthPlus, MTN, Tantalizers, Swatch, Levi’s Spur, Nike and Stanbic IBTC.

    The mall is accessible from the Lekki-Epe Expressway for residents from the Lekki Peninsula area. It is the primary retail node for the area and is situated close to the Pan Atlantic University, Lagos Business School and Lakowe Lakes Golf and Country Estate.

    Novare Equity Partners Group Chief Executive Officer (CEO), Mr. Derrick Roper, said Novare Real Estate Africa has a  track record of successful retail and commercial property development across Africa.

    “Our newest project, Novare Lekki Mall incorporates the latest elements in modern shopping centre design to provide visitors with state-of-the-art facilities in a user-friendly, safe and pleasant environment,” he said.

    Urshday Limited Chairman, Prof Fabian Ajogwu (SAN), noted that the development of the Novare Lekki Mall was driven by foreign direct investment and adopts a hybrid financing-a mixture of debt and equity financing.

    He said the successful completion of the mall in record time was, indeed, a testament of the enabling environment created by the state government to encourage foreign direct investment and the continued visible rapid urban regeneration all over the state.

    Ajogwu added that the mall has brough into Lagos over $95 million investment, and has empowered over 5,000 Nigerians through direct and in-direct employment.

    He extolled the commitment of members of the Board of Urshday  for their unwavering commitment which impacted on the realisation of the mall built with state of the art facilities and exquisite architecture built to the highest international standards.

    Ajogwu said the importance of FDIs to job creation and national development could not be over emphasised.

    He said the firm’s confidence derives from its belief that Nigeria will get better by creating a minimum adequate economic environment for economic recovery.

    “This entails investment-friendly reforms, scale economies in trade and investments, minimising policy changes and shocks, and building strong institutions. Foreign investment only sees profits, and real and sustainable profits can only be made in a place with the minimum adequate economic environment,” he said.

  • Fix our roads, communities beg Fed Govt, Lagos

    Residents of Igbo-Efon, Ogombo,Okun-Ajah, Okun-Alfa, Lafiaji, Mopol and Mopol-Iwaju communities of Eti-Osa Local Government Area of Lagos State have appealed to the state government to repair their roads.

    Akogun of Awori land and the Managing Director of Atican Beach Resort, Prince Atiku Abogun, urged the Federal, and state governments to construct the proposed service road that would open up the coastal towns.

    Abogun said: “The two tiers of government have refused to do anything. They are only interested in forcefully taking over our ancestral land and share it among themselves. We need good roads for the communities to be opened up. As a people, we have done everything for them to come to our aid.”

    In similar vein, the prince of Igbo-Efon bemoaned the neglect the communities are suffering, while noting that, “the current crop of leadership does not believe that human beings are living in these areas. They have been working on the Lekki-Epe Expressway expansion for more than ten years now, but it took the administration of Alhaji Lateef Jakande just a little over four years to construct the same road in the early 80s.”

    He explained that “right from the Abraham Adesanya Estate to the sea is always flooded whenever there is a slight shower not to talk of when it rain heavily. The rains have continued to wreak havoc in the Ajah area of the state, making any form of movement difficult.”

    The Akogun of Awori land suggested that the state government should channel the flood water to the nearby sea. He said: “With all the down pour in Lagos, the government channel some of the flood to the Lagoon and sea. This will help mitigate the hardship that had crippled business activities. Our roads have become River Niger to the extent that flood is now living with us in our homes.

  • Should pension funds be used to bridge housing gap?

    Should pension funds be used to bridge housing gap?

    The pension fund stood at N5.9 trillion last March, provoking calls for its investment in housing. About N59 trillion is required to bridge the 17 million housing gap. But, should the accumulated pension fund be so used? Stakeholders are divided over the issue, reports  MUYIWA LUCAS.

    Stakeholders in the housing and pension sectors are divided over the propriety of the deployment of the huge pension funds to close the housing gap in the country.

    The National Pension Commission (PenCom) Director-General, Mrs. Chinelo Anohu-Amazu, said the 2014 Pension Reform Act, as reviewed, provided opportunities for increased investment of pension funds in infrastructure and housing development. The act, according to him, also allowed for a percentage of contributing workers’ Retirement Savings Accounts (RSA) balance to be used as equity contribution for mortgage.

    Represented by Mr. Ibrahim Kangiwa, at a Mandatory Continuous Professional Development Programme of the Nigerian Institution of Estate Surveyors and Valuers, Lagos State Branch, the DG, however, noted that investment of the fund in housing was limited by the cumbersome nature of housing investment.

    Presenting a paper titled: An overview of the Pension Reform Act 2014 and the provision for investment outlets in real estate sector, Mrs Anohu-Amazu said as at last May, the total value of pension fund assets under the management of the licensed pension operators stood at N5.6 trillion.

    The DG explained that there was an effort by PenCom to increase pension investment in infrastructure and housing, and consequently urged stakeholders in pension administration to utilise the provisions of the Act for the provision of more infrastructure and real estate development in the country.

    She explained that the new Pension Reform Act (PRA 2014), has made provisions for states and local governments to embark on pension fund investments in the housing sub-sector, a sharp contrast from the 2004 Act, which only included the Federal Government service. Pension contribution rate has since increased from 7.5 per cent for the employers and 7.5 per cent for employees to 10 per cent employers and eight per cent employees respectively.

    Though she said the pension fund may not be used for real estate investment, Mrs Ahonu-Amazu expressed the readiness of PenCom to support mortgage financing as this will create more jobs, urging stakeholders in the real estate sector to device means of ensuring massive investments in housing provision, since the Act made provisions for increased investments in infrastructure and housing development.

    “Direct investment is currently not allowed due to liquidity and valuation issues. Traditionally, real estate is complex; when you need to get your fund out, real estate may not be easily disposable,” she said.

    The Association of Estate Agents in Nigeria Chairman, Mr. Chudi Ubosi, in his presentation, titled: ‘Investment of pension Fund and idle funds in housing development: The estate surveyor and valuer’s perspectives’’, argued that with about 17 million housing deficit, and the demand for housing put at 10:1 for demands and supply, about N59 trillion would be required to bridge the gap in housing. He said the sector contributes about 1.3 per cent to the nation’s Gross Domestic Product (GDP).

    Ubosi regretted that housing is still low,  saying that Lagos State, which has been described as the most vibrant property market in the country, still has home ownership at less than 20 per cent, and about 1, 500 net settlers daily in the state. He argued that all limiting laws and regulations preventing deployment of pension funds as well as direct investments in housing infrastructure be repealed without further delay.

    “Nigeria is one of the few countries in the world with no mortgage. Funds may just be in the banks; there is the need to create financial products and mortgage backed securities,” he said, adding that the investment in housing should also focus on the lower end of the housing pyramid, while regulations should be amended to allow the PFAs put money in the Fund to enable them invest in housing.

    However, the Managing Director, Stanbic IBTC Pension Managers Limited, Mr. Eric Fajemisin, disagreed with Ubosi, stressing that pension funds have not been idle.   The majority of the funds, according to him, are being used for infrastructural development in the country.

    Fajemisin, who spoke on: “Challenges and benefits for investment of pension fund in housing development in Nigeria and global approach, said one of the challenges in pension administration is that of about 180 million Nigerians, only a meagre seven million, representing four per cent, as at last March, are registered in the scheme.

    The Stanbic IBTC Pension managers chief stressed that if Nigerians participate in the mortgage sector, it could contribute between 30 and 70 per cent to the nations’ GDP, reduce poverty and improve standard of living in the country.

    He said the Federal Mortgage Bank (FMB) estimated that about N56 trillion would needed to meet the shortfall in Nigerian housing need, but the sources of housing finance are not adequately equipped to fund the supply deficits.

    “The housing sector is supported by favourable demographics, but fraught with a huge supply deficit and ineffective demand. It can play a special role in the economic dialogue in Nigeria as it generates employment, increases productivity, raises standard of living and alleviates poverty,” he said.

    NIESV, Lagos branch Chairman, Mr. Offiong Ukpong, said the pension fund, if well utilised, could solve the country’s housing needs and be a secured investment for the future. “If N20, 000 can buy a transistor radio for a worker now and instead of buying it, he decides to invest that money into pension fund, by the time he would be exiting the fund in 30 years, would that same money buy him the same appliance or furniture? Obviously not,’’ he argued.

    The chairman of the occasion and a former president of the institution, Mr. Yinka Sonaike, said housing has been a recurring decimal in the country and that efforts should be geared towards reducing its deficit.

  • RCCG donates 12-classroom block to primary school

    RCCG donates 12-classroom block to primary school

    Nigerians may have come to accept that the government alone cannot provide the country’s infrastructure requirements. Individuals, communities, corporate and religious bodies are intervening in providing such infrastructure either as a corporate social responsibility initiative or a public-private partnership scheme.

    Last Monday, the Redeemed Christian Church of God (RCCG), Solid Rock Parish, under the Lagos Province (LP) 40, handed over a storey building comprising 12 classrooms to Ojodu Primary School in Ikeja Local Government Area, Lagos State.

    At the handing over, Lagos State Governor Akinwumi Ambode reiterated his administration’s commitment to breach the gaps in academics and infrastructure development.

    The governor, represented by his Special Adviser on Education, Mr. Obafela Bank-Olemoh, said he sought to achieve the task through public-private-partnerships (PPP) with organisations and individuals, to cater to the state’s teeming population.

    “We are very happy to accept this edifice from the RCCG. The success of Lagos State is its problem, because it constantly attracts migration, which causes overpopulation in our schools and other areas. So, we cannot do this alone. We emphasise our ‘adopt a school initiative’ for organisations to partner us to take care of our schools. We need more public-private-partnerships like this.We are committed to closing the gaps between private and public schools through such projects,” Bank-Olemoh said. With buildings, such as this, he explained, the gap between private and public schools in the state are gradually being bridged.

    Handing over the classroom block to the school, Pastor-in-Charge (PiC) RCCG Region 19, Pastor Femi Atoyebi noted that LP 40 the success of the project goes to God.

    “Without God’s power, we would not have been able to accomplish this project. We have tried to tar some roads in Ikeja and they did not let us do it. We are ready to support the state government and we decided to do that without looking back. This Parish would seek to build a replica of this project in public schools in Lagos annually,” he assured.

    The PiC of the Province, Pastor Bola Odutola, said the church sought to ease the government of the huge resources required to provide quality education to its students.

    He said: “We would agree that irrespective of the richness of a school curriculum, the environment for learning also plays a key role as it must be relatively conducive for effective learning to take place.

    ‘’This is part of our reason for this structure we are handing over today.”