The Nation Newspaper

Category: Building & Properties

Ota-Agbara axis: Finally, the goose that lays the golden egg gets attention

Last Thursday, the Ogun State Governor, Prince Dapo Abiodun, kicked off the reconstruction of Atan-Lusada-Agbara road abandoned by previous administrations and inaugurated the 10.25km Lusada-Igbesa road, reports OKWY IROEGBU-CHIKEZIE.

There is a link between infrastructure development and economic prosperity because it attracts businesses and lifts the public out of poverty.

Commuting from Ota to Agbara is an ordeal as a result of the dilapidated condition of the road. It becomes tortuous from Atan to Lusada. Don’t forget that the stretch is home to three private universities – Bells University of Technology, Covenant University and Crawford University – that should attract development but it didn’t happen until recently with the administration of Prince Dapo Abiodun.

A tour of the axis showed manufacturing firms that closed their operations with gates and warehouses padlocked, filling stations that are out of use as a result of low traffic on the route.

It is a common sight to see tankers and trailers upturn at will, few commercial vehicles that ply the road carry excess passengers and charge exorbitant fees to make up for delays and longer travel time, wear and tear on their vehicles and the resultant high mortality of their vehicles. The road is lonely and the commonest means of transportation are the motor bikes popularly known as Okada. Before this reporter undertook the journey, she was advised by a colleague that to avoid delays as a result of the bad state of the road, she should board a bike but with a proviso that she must have a spare dress and a scarf because of the dusty nature of the road.

Now, thankfully in 15 months that would be history. Noteworthy, and regrettably, so that several estates that were at various levels of completion were abandoned and several of those real estate companies folded.

Little wonder the flagoff and inauguration were like a carnival as people trooped out and greatful that the administration in Ogun State has given reasons to have a new lease of life. A guide and a resident in Lusada said land speculators had returned. He confided in this reporter that he bought his plot of land for N120,000 several years ago, but was surprised that the same plot is sold now for N600,000 because people saw construction ongoing. He lamented the deprivation they had suffered for years and pleaded with the governor to ensure the completion of the all important road.

Prince Abiodun said the dual event was a symbolic demonstration of his administration’s commitment to the infrastructural development of all parts of the state.

Commending the establishment of the Free Trade Zones (FTZs) in Ogun State by former governor, Otunba Gbenga Daniel, he said the establishment of FTZs was a veritable platform to help boost development, adding that its benefits are not limited to only reducing the fiscal intervention and leveling borders between nations. But also in his words, increases commercial flow; deferral, reduction or duty exemption; improved compliance; development of commerce and industrialisation; inventory tracking; quality control and indefinite storage.

He stated that his administration is not unaware of the resultant effect of the Free Trade Zones in terms of employment generation; poverty alleviation, job creation, local patronage, capacity building and perhaps, product varieties, which in the long run, put the state on the global map of trade and investment.

He said: “It is noteworthy to mention that this facility has grown beyond a Free Trade Zone to a community in its own class. And as such, a comprehensive development of commerce, processing of goods and manufacturing of varieties of products with the use of local raw materials and inputs have really boosted the economy of our dear State at large.”

He, however, lamented the misfortune of the state which though has a Free Trade Zone with great potential, but could not be accessed because of the dearth of infrastructure.

According to him, the inauguration of this road is another milestone in the administration’s march towards industrialisation and economic development of the state.

He said: “This Lusada-Igbesa Free Trade Zone, on its own, is a practical demonstration of our administration’s wholesome infrastructural development plan towards improving on our Ease of Doing Business. In addition, we have other ancillary approaches to corroborate our commitment. These are in forms of policy formulation and programmes. For example, in accordance with the vision of our administration, creation of an enabling environment for business through Public-Private Partnership (PPP) is of utmost importance. These have necessitated implementation of key fiscal and institutional reforms aimed at driving efficiency and promoting transparency and accountability.

“All these are directed towards ensuring that existing businesses continue to thrive and new ones are attracted. Today, we pride ourselves for garnering the third largest Foreign Direct Investment (FDI) into Nigeria the records are there to see.”

Furthermore, the governor said the road is a symbolic representation of the positive dividends of his administration’s Public-Private Partnership (PPP) agenda. He commended the management of the Ogun Guandong Free Trade Zone, Igbega, as well as the entire team of the China Africa Investment for its commitment to the partnership towards creating what he called corporate and individual prosperity for all our citizens.

He continued: “No doubt, the construction of 10.25kilo metre Lusada-Igbesa road in partnership with the Ogun Guandong Free Trade Zone, Igbesa, is a commendable project. And, we are happy to have the road commissioned today in view of its benefits for improved investments and individual prosperity of all the people in Igbesa, Lusada and adjoining towns in this area. But, as an adjoining road, it is important to note that the full benefits of this newly constructed road can be realised only when the Atan-Lusada-Agbara road is rehabilitated and reconstructed. That import is not lost on us. We have just performed the ceremony of the turn of sod of the Atan-Lusada-Agbara road. All things being equal, the road will be completed soonest and both the Atan-Lusada-Agbara road and the Lusada-Igbesa Free Trade Zone road will complement each other for the full benefits of our people.”

The governor pledged to continue to improve on the several public-private sector partnership programmes to identify funding options for the rehabilitation and reconstruction of major roads in the state.

He canvassed the need for the people at this axis to take ownership of the Lusada-Igbesa road. “You are to ensure good maintenance of the road at all times. I also want to assure all our people that no parts of the state will be neglected in our infrastructural development agenda. In Ogun West, there are various road construction and rehabilitation that are on-going and some are nearing completion. These include, but not limited to Imeko-Afon-Agbede-Iwoye Road; Koro Otun–Itele Road, Ado-Odo/Ota; Empire Ground Road, Ilaro and Ota Owode Idiroko Road.

Others are Igbesa-Ejira Road; Papalanto-Ilaro Yewa Frontier Hotel Road and Sango-Joju Lagos/Abeokuta Expressway.

He called on investors and other players in the private sector to emulate the Ogun Guangdong Free Trade Zone, by identifying critical areas of investment that will really touch the socio-economic well-being of our people. He stressed that opportunities still abound in the state for investments in power, technology, industrial components, and exploitation of mineral products, among others.

Both events were attended by the Minister of Industry, Trade and Investment, Niyi Adebayo; Chairman, Senate Committee on Works and former governor of Kebbi State, Senator Adamu Aliero; Senator representing Lagos West and Chairman, Senate Committee on Finance, Senator Olamilekan Adeola; Senator Ayo Akinyelure, Senator Opeyemi Bamidele and Senator Micheal Nnachi, among dignitaries.

While saying the road will be completed in 15 months, the governor said though the road, which is part of the Sokoto-Badagry Expressway, belonged to the Federal Government, his administration decided to embark on the reconstruction of the road to give succour to the residents and industries along the axis.

Abiodun, who reiterated that his government would not develop any part of the state at the expense of another, disclosed that over 172 kilometres of road had been constructed, while 120 kilometres had also been rehabilitated across the length and breadth of Ogun State within two years of his administration.

The governor assured that all roads leading to industrial areas and farm settlements in the state will be prioritised to boost economic growth and development.

He commended the President Muhammadu Buhari-led Federal Government for the prompt approval of the request for the transfer of the rehabilitation, reconstruction and maintenance of Atan-Lusada-Agbara road to the state.

He, however, urged the residents along the axis to take charge of the project, disclosing that the youth in the area would be gainfully engaged during the construction of the road.

“No doubt, today’s twin event of turning of sod of Atan-Lusada-Agbara road and commissioning of the Lusada-Igbesa road is part of our administration’s commitment to provide infrastructure in order to continue to open up our border communities along the axis.

“It is, in fact, an assertion of our strategic and deliberate approach to reposition our industrial hubs in our dear state. And, no doubt, Ogun West, especially the Agbara Industrial Estate, which is one of the biggest industrial estates in Nigeria remains key to the development of Ogun State.

“In this direction, the completion of Atan-Lusada-Agbara, expected in the next 15 months, will go a long way towards improving the quality of life and advancement of commerce in Ogun West and other industrial hubs in Ogun state.

“And, I am very optimistic that, at completion, this Atan-Lusada-Agbara Road will not only improve Ease of Doing Business in this area, but bring a wholesome development to the entire Ogun West District,”Abiodun stated.

Senator Aliero assured the state government that the committee would ensure that the reconstruction of Atan-Lusada-Agbara road is included in the 2022 Appropriation Bill.

The Senator noted that the Abiodun-led government had thought it wise to reconstruct the Federal Government road because of concern for the people.

He described the initiative as a symbol of good governance which must be appreciated, urging the governor to ask for reimbursement from the Federal Government upon completion of the project.

“This road is a Federal Government road, because of concern you have for your people you decided to embark on the reconstruction of the road because of its economic value, not only to the state, but to the country. This is what good governance is all about.

“I want to urge you to ask for reimbursement from the Federal Government upon the completion of this project. This project is much more important to Ogun State and by extension Nigeria. I appreciate you for this initiative; it is a right step in the right for the benefit of the country.

“We’ll give the necessary support to ensure that this project is included in the 2022 budget”, Aliero stated.

Adebayo lauded the governor for taking the bold step to rehabilitate the industrial road, assuring that his ministry would continue to collaborate with the state in the areas of trade and investment.

Senator Olamilekan Adeola and former senator who represented Ogun West, Akin Odunsi, expressed their delight at the decision to reconstruct the road after years of abandonment.

May 4, 2021
Should govt be involved in home ownership schemes?

Experts in the real estate sector have decried the incursion of government into housing provision rather than formulating and implementing policies that will engender massive home ownership. OKWY IROEGBU-CHIKEZIE writes that creating an enabling environment with robust subsidy to developers may just be the needed lift for the sector.

It would appear that the government’s foray into housing development has not yielded the desired results.

A look at government’s efforts paints a sorry state of housing delivery to Nigerians, without impact on reducing the housing deficit in the country.

To tackle the problem of inadequate housing, the government, over three decades ago, formed the Federal Housing Authority (FHA). But experts said the agency had not lived up to expectation.

Experts and other stakeholders in the built environment have, at various times, insisted that the government’s efforts had remained unimpressive. For instance, they said the FHA had not built more than 50,000 housing units across the federation – a far cry from the needed 20 million units.

The question by stakeholders is whether FHA’s is a good investment.

For Victor Alonge, Fellow, Nigeria Institution of Estate Surveyors & Valuers (NIESV), the continued failure by the agencies of government saddled with providing houses for the citizens, is enough to tell the public that the government has no business building houses for the citizens.

According to him, despite the huge potential in the sector, the continued paltry housing delivery by these agencies and other extraneous factors, have kept the sector‘s contribution to the gross domestic product (GDP) at an abysmal less than five per cent. This is against over 60 per cent contribution to GDP in developed economies such as United States and United Kingdom (U.K.).

He said: “In U.S., the housing sector contributes over 60 per cent and in the U.K., it is the same; it’s the heartbeat of their economy as growth and economic prosperity is measured through housing stock.”

He is, however, worried about the foray of government into rather providing a robust environment that will enable the private sector to thrive. One of such concerns is the government’s policy on land titling and documentation, including the challenges with the Land Use Act (LUA). The clumsiness in the LUA has led operators to agitate for the removal of the Act from the constitution. Until this is done, the government may continue to pay lip service to issues of housing.

Another policy that has come under scrutiny is the National Housing Policy. Alonge, like others, described this policy as one in a shambles.

“The housing delivery framework, including the procurement process, is designed to fail. Direct delivery of housing by the government should be a thing of the past because it has never helped. It is a major avenue for corruption. If the government invests N10 billion into the sector, the real value will be about N5 billion. We should look at the developed economies and understudy how they did it. They make use of the subsidy system. It works by looking at the housing delivery value chain and ensuring that all the participants are incentivised by providing some kind of subsidy, which will be redeemed upon delivery and performance of their respective schedule with in the frame work,” he canvassed.

On how it can work here, he said the government does not need to dole out cash to contractors and developers, but rather to provide them with the materials to build houses.

According to him, they can also be incentivised by, for instance, allowing developers to have foreign exchange at CBN rate, including tax holiday, tax relief – all of which will be claimed after performance.

“It’s a system that would be transparent and government will see the impact because, at the end of the day, all you want is for people to have access to decent housing. Most of the developments at Ikoyi, Lekki, Victria lsland, Maitma, Garki, Asokoro or any of the choice places, are they not part of the about 20 million housing gap people are talking about? How many of those that are actually in need of housing can afford to pay rentals at those upscale places?

He advised the government to be more serious about housing provision, adding that its involvement in it would not solve anything and, indeed, had not solved anything.

Dozens of states have failed to provide new homes for their citizens in the last three years amid a growing population and housing deficit in the country. An assessment on the state of housing in Nigeria shows that some state agencies have not built any house in the past four years, while others have increased their stock through private sector intervention.

Investigations have shown that the major challenge that affected past mass housing delivery was political interference. There is no continuity of housing programmes and policies by successive governments as each regime usually jettison whatever housing programmes put in place by preceding government.

Among the states that have failed to make an impact in the industry are Abia, Adamawa, Akwa Ibom, Bauchi, Benue, Borno, Cross River, Ebonyi, Ekiti, Enugu, Gombe, Imo, Kebbi, Ondo, Osun, Plateau, Rivers, Sokoto and Zamfara.

States listed for increasing stock, according to the assessment by the Association of Housing Corporation of Nigeria (AHCN), are Anambra, Bayelsa, Delta, Edo, Jigawa, Kaduna, Kano, Katsina, Lagos, Nasarawa, Niger, Ogun, Oyo, Taraba and Yobe. The report further shew that in most states, there have been derailment of policies for selfish reasons such as settling political cronies.

AHCN President, Dr. Victor Onukwugha, said the governments, both at the federal and state levels, had done very little over the years to respond to social housing and address increasing housing deficit.

He said: “There is urgent need to deviate from this political sentiment and quagmire with departure from the usual practice of discrediting viable policies of past regimes.

“Our leaders are implored to embrace progressive ideology whether instituted by their government or not, irrespective of political affiliation in implementation and execution of viable housing policies and programmes and seek to pursue sustainable delivery of affordable housing on a large scale to reduce in the country.

“Although there is no accurate statistics of the housing shortage in Nigeria, the usual quoted estimated figure has been in the range of about 20 million housing shortages. It is, however, worrisome that efforts put in place over the years to address these deficits have not really yielded notable and anticipated results.”

According to him, the poor implementation and non-execution of public housing programmes both at the federal and state levels based on the overall framework of the housing policy have continued to create a problem for the sector.

“Social housing is virtually unattractive to our governments as there are no profound commitments to affordable housing, especially at the federal level. Land accessibility and availability are cumbersome with the high cost of titling and documentation coupled with slow processing timeline, which discourages investment into the sector. Slum settlements are springing up in our major cities without notable government’s plan of resettlement or redevelopment.

“Local building materials manufacturers are, therefore, struggling to exist amidst notable apathy of the general public to make use of their end products. Few building materials manufacturers that defy all odds are not supported with enabling environment and incentives to embark on mass production as poor infrastructure discourage sustenance of vibrant local building materials production, which, in effect, result in the high cost of materials.

“Our mortgage market is crawling when we have a vibrant platform that can create unhindered access to affordable mortgage as well as an exit point for developers who invested in housing. The prevailing mortgage rate outside six per cent National Housing Fund (NHF) mortgage range between 15 per cent and 25 per cent, which is not assisting the affordability and accessibility of housing.”

Onukwugha called for the creation of a Special Development Fund under Central Bank of Nigeria (CBN) intervention fund for state housing corporations and FHA for rental and affordable mass housing provision to ensure the continued flow of finance for the sector.

The affordable housing development fund, according to him, should be managed by a special project vehicle in collaboration with the CBN, while state housing corporations and FHA should be responsible for the construction.

Under the proposal, the landed properties of FHA and abandoned estates buildings in the states should be converted to rental housing and funded from the proposed fund.

“For those land and estates at the outskirt of cities, arrangements should be made for the development of all the infrastructure, especially roads to open up such estates to attract patronage and such development should be funded from the intervention fund.

“Alternatively, some of those commercially oriented estates in major cities could be traded as equity contribution by the FHA for the immediate development of housing estates for outright sale for middle and high-income earners,” he added.

He said: “There is urgent need to deviate from this political sentiment and quagmire with departure from the usual practice of discrediting viable policies of past regimes.

“Our leaders are implored to embrace progressive ideology whether instituted by their government or not, irrespective of political affiliation in implementation of viable housing policies and programmes and seek to pursue sustainable delivery of affordable housing on a large scale to reduce in the country.”

Although there is no accurate statistics of the housing shortage in Nigeria, the usual quoted estimated figure has been in the range of about 20 million housing shortages. It is however worrisome that efforts put in place over the years to address these deficits have not really yielded notable and anticipated results.”

According to him, the poor implementation and non-execution of public housing programmes both at the federal and state levels based on the overall framework of the housing policy have continued to create a problem for the sector.

“Social housing is virtually unattractive to our governments as there are no profound commitments to affordable housing, especially at the federal level. Land accessibility and availability are cumbersome with the high cost of titling and documentation coupled with slow processing timeline, which discourages investment into the sector. Slum settlements are springing up in our major cities without notable government’s plan of resettlement or redevelopment.

“Local building materials manufacturers are therefore struggling to exist amidst notable apathy of the general public to make use of their end products. Few building materials manufacturers that defy all odds are not supported with enabling environment and incentives to embark on mass production as poor infrastructure discourage sustenance of vibrant local building materials production which in effect result in the high cost of materials,” he said.

April 13, 2021
Osonuga breaks ground for Halleyvine residences

On Thursday the 25th of March 2021, all roads led to Sangotedo, Lekki-Ajah, the fastest-developing, prime residential side of Lagos for the ground-breaking ceremony of yet another contemporary estate development aimed at providing affordable, yet premium residential apartments and duplexes for the burgeoning, savvy, middle-class Lagos residents with a taste for quality, yet affordable, accommodation on the Island part of Lagos.

Speaking at the ground-breaking ceremony of Halleyvine Residences, a contemporary estate development comprising terraced duplexes, semi-detached duplexes and blocks of apartments powered by Chateau Royal Real Estate Limited, Dr. Freeman Osonuga, the MD/CEO of Africa’s largest real estate marketing company, Adloyalty Business Network expressed his delight at being given the special honour of performing the ground-breaking ceremony.

Osonuga stated that the design of Halleyvine Residences positions it to not only match client expectations but to also exceed them as well by aiming to surpass the industry standard concerning residential accommodation both in Lekki, Lagos and as far as the West-African property landscape.

He commended the Chateau Royal Real Estate team for their effort and commitment towards helping to close the housing deficit in Lagos, as well as enabling aspiring homeowners to have the homes of their dreams, without breaking the bank.

April 6, 2021
Real Estate author celebrates CEOs endorsement

Our Reporter

CEO and founder of fast rising Real Estate Company—Eximia Realty Co Ltd, Hakeem Ogunniran, has expressed delight after moguls and stakeholders of the real estate industry lauded him for his new book “The laws and practice of Real Estate Investment Trusts (REITs)”.

Ogunniran, who is also the chairman of the Lagos Building Investment Company (LBIC) PLC, expressed his gratitude to everyone who reviewed and endorsed the book.

He said: “ We are gratified by the endorsements of the book by Oscar Onyema, CEO, Nigerian Stock Exchange; Emeka Ngige (SAN), Chairman, Council For Legal Education; Professor Timothy Nubi, Director Centre for Housing, University of Lagos; Ify Umunakwe-Okeke, CEO, Lexon Capital; Adeniji Adele, President, FIABCI International, Eric Guichard, CEO, Homestrings Diaspora Fund, U.K.; and, Kfir Rushin, CEO, APIS, South Africa”.

He said the presentation slated for March 31, 2021 will feature a webinar where five renowned real estate experts from USA, South Africa and Nigeria will speak substantially on “Real Estate: Innovative financing solutions post COVID-19”.

The book launch under the chairmanship of Prince Yemi Adefulu, will attract dignitaries, including President of the Nigerian Bar Association Olu Akpata; Lagos Commissioner of Finance, Dr Rabiu Olowo; Pro-chancellor of the Ekiti State University, Professor Bamitale Omole; Chairman Titan Trust Bank Rev Tunde Lemo and many others.

The book is a comprehensive guide on real estate financing and investment.

It elucidates the legal framework of the real estate investment Trusts and practice-related issues, serving as a useful resource for Lawyers, Professional Advisers, Capital Market Operators, Students and Researchers on Securitisation and asset-backed securities.

CEO of Lexon Capital, Ify Umunakwe-Okeke, in her review, said the book is a “thoroughly insightful book which analyses the concept, strategy and execution required when creating and launching a complex investment vehicle in a developing financial market.

“The author masterfully connects the dots, linking accessibility to investment instruments by all classes of investors, the viability of the instruments and the regulatory and tax requirements for these instruments to the success of the financial markets and the real estate sector,” She added.

Prof. Timothy Gbenga Nubi said: “Book deals with the evolution, challenges and prospects of REITs in Nigeria. It is a guide to Real Estate Developers who are in dire need of appropriate and affordable funds for their projects especially at a time of a global recession when investors are compelled to look inward to fund their project. In his brief chat with the author, the NBA President, Olu Akpata said: “This is such an important area of focus for this economy…and for Lawyers who get it”!

March 30, 2021
4point property sells out Rose Gardens Phase 2 project

By Dayo Mustapha

4Point Property has sold out Rose Gardens Phase 2 Land Project at Orimerunmu community in Asese, Ogun State.

The feat was accomplished only months after the Lagos-based firm announced the sellout of its premier housing project, Rose Gardens Bungalows within the same Asese town.

Over 18 units of bungalows/terraces are being constructed with road network within the estate nearing completion in the premier project.

The firm, in a statement, said it has fully sold out and closed sales for Rose Gardens Phase 2 Aseese.

It stated it will be allocating/physical handover of all sold plots to subscribers and continue construction of the infrastructure within the estate to allow residents commence construction on their allotted land.

Its head of business, Charles Esomojumi, said: “4point Property will continue to adopt best practices in delivering on her promises to subscribers.

“We discovered most development companies go back on their promises to their clients, focusing on making sales than delivering results and we set a goal to be different by building and earning our clients trust through prioritizing result delivery over sales, and naturally more clients are drawn to us because of our sincerity and integrity.

‘‘We do not overprice our properties. Till date our property sells at roughly 20% below the average market value. We do not compromise on quality and that’s why we produce our own blocks to satisfy quality.

“Greed is what causes development companies to sell at higher prices and build with inferior materials”.

Charles further stated all properties sold by the firm undergo extensive and critical pre-purchase assessment with the Lands registry, Surveyor General’s office and all family stakeholders to ensure there are no encumbrances.

He explained title documents are also appropriately signed for proper documentation so there is a near zero chance of clients experiencing issues on any property purchase from the company.

The CEO, Wale Olayanju, explained that with the latest milestone, the company’s mission of providing affordable housing opportunities to families and giving back to the communities they serve is slowly gaining momentum.

“We foresee a future where Nigerians fully trust their development partners to deliver as promised because they can be trusted to keep their words, we foresee a Nigeria where property buyer’s confidently subscribe to off plan projects that are built to exact specification and delivered within the pre-communicated time without failure or excuses.

“4point real estate is driving the reality of this future and with every milestone achieved we move one step closer to making it a reality,” Olayanju asserted.

March 26, 2021
Realtors to youths: take real estate serious

By Adeola Ogunlade

Co-founder and Head of Business Development of Dukiya Investment, Lukman Shobowale, has urged youths to embrace and recognise opportunities in real estate market in the face of worsening unemployment in the country.

He said the sector is capable of engaging lots of unemployed youths across the country.

Shobowale told reporters young, intelligent and upwardly mobile property buyers are a force to consider within the real estate market.

He noted although the older generation often time builds their nest after retirement, upwardly mobile youths are starting out early.

He asserted the decision to enter the real estate market at a young age is a daring one, adding that to maximise investment and mitigate risks associated with real estate, young investors need all the help they can get.

Shobowale, as a high impact real estate broker said: “I have successfully managed some of the nation’s most prestigious luxury homes, ranking in the top property sales across Nigeria”.

Within the last decade, he noted, the company has consistently advanced in real estate.

Co-Founder and Head of Strategy and Growth, Dukiya Investment, Bayo Lawal, urged youths to embrace real estate opportunities.

Lawal posited the proliferation of real estate in Nigeria has placed a compelling demand on innovation and competence.

March 26, 2021
South East, others, host vintage properties, novel margin

Real estate development is rife in Abuja, Lagos and other major cities but gradually some companies are discovering gold in the South East.

There is this notion that because they are well travelled they love replicating the high end designs in their communities. A developer, ESSO Properties Limited is running with that edge in most South East cities such as Awka, Enugu and others in Delta, Lagos, Abuja reports OKWY IROEGBU CHIKEZIE
It is estimated that over 30 per cent of the world’s urban population and 35 per cent of the world’s rural population cannot meet this fundamental need as they currently live in deplorable and unacceptable conditions such as open defecation, absence of improved sewage.

Others are overcrowding, lack of portable drinking water, erratic power supply, poor access road, total absence of recreation centers, living in structures that are structurally unhealthy, insecurity associated with property rights etc.

The beauty of Esso Properties Limited inroad into the real estate industry in Eastern Nigeria and other commercial centers of the Nation is that it is adaptive to the yearnings of the people. He encouraged investors to buy into the project as they offer good margins for them adding that the best currency in real estate is integrity which they offer.

Speaking to The Nation, CEO ESSO Properties Limited, Ezenagu Smith said of their inroad into the South Estate: “We have identified this pressing need, its peculiar challenges and have devised innovative/creative real estate products aimed at delivering first-rate, affordable and secure property ownership for both the top and low income earners in the zone and everywhere we operate. Our three distinct Estate Models; Berry Prime, Sunray and Summer View are built to meet the high, medium and low income individual”.

“The fundamental creed guiding our operations is centred on sincerity, transparency, respect and gratitude” to our clients, partners, workforce and players in the real estate value-chain has positioned us as an emerging force in the industry within this short period of our existence.

We have delivered several projects in Lagos and Awka and are expanding our reach to Enugu, Asaba and Abuja within the next 10 months to reach our target of delivering 2500 properties before the end of the year”

Smith stressed that his organisation’s unique range of services is advancement from the conventional norm in real estate business. Adding that they have moved steps further to take into cognizance the nucleus of sustainable development meeting present needs without depriving the future generation by investing in young real estate managers through our Esso Properties Academy to enable them build their individual dreams.

He revealed that he wants to use the Academy to partner with Journalist reporting real estate not only to train them but also help them to acquire houses of them.

On the challenges in the sector, ESSO chief said is that of the issue of validity and integrity of land document and the authenticity of the claims of land speculators and sellers.

According to him the Courts are rife with land litigation and disputes as result of fraudulent and multiple land sales by individuals and families.

“In 2021 this should not be happening, that is why Esso Properties has chosen to rise up to the challenge by providing a system that ensures a peaceful transfer of land rights and documents to potential buyers.

Land purchase should be a dream come true and not a nightmare. And that is why we are in South East and other places we operate to offer dream homes with flexible payment option, suited to individual budgets with authentic and certified property document without rancor”.

On their other services, he said his organisation also engage in land acquisition, residential and commercial property sales, real estate consultation and structured buildings.

March 9, 2021
4point Real Estate launches Rose Gardens Magboro

As part of its mission to provide modest housing for people, 4point Real Estate Investment Ltd, an established property development company in Lagos, has added Magboro Town to the list of locations for the development of its Rose Gardens Housing Project.

The Rose Gardens Housing Project was launched in mid- 2018 and has contributed a great deal to the nation’s housing demand within suburban communities like Simawa, Mowe, Asese and Magboro, all within the Lagos – Ogun axis.

Head of Operations, Omolola Philip-Okpokoro, stated: “Rose Gardens Magboro is designed not just as the perfect choice for Nigerians looking for an escape from the noise and stress of the city to a quiet and serene environment but to a house that offers all the comfort, features and capabilities of the modern luxury lifestyle.”

She further stated that Rose Gardens Magboro is covered by a Certificate of Occupancy and Governor’s Consent.

She said the company has undergone all due diligence with the Ogun State Land Registry as expected for any reputable real estate development firm.

“The development will feature both affordable apartments and terraces all exquisitely designed and with the finest finishing for its price, as providing value for money remains our biggest competitive advantage in the industry,” Philip-Okpokoro stated.

CEO of 4point, Mr. Wale Olayanju, said: “4point remains committed to developing the highest quality housing possible, that are affordable and ensures maximum comfort.

“We are focused on eco-friendly facilities that reduce the carbon footprint and improve the quality of life of our residents. All Rose Gardens projects are tastefully designed with ultramodern facilities, automated security, and renewable energy as power alternatives to traditional generators but still remains reasonably priced and a lot more affordable to homebuyers and investors when compared with offers within the sector”.

He further explained that the 4point vision is to build a trusted brand within the real estate industry that has recorded much dishonesty and dissonance in the past years by closing the gap between development companies and their communities, listen to their feedback then develop the most suitable housing solutions to address them.

March 4, 2021
T Pumpy Estates boss clears air on resettlement of herdsmen in Abuja

By Dayo Mustapha

Managing Director and CEO of T Pumpy Concept Limited, developers of Abuja-based T Pumpy Estate, Mr Adaralegbe Akintayo, has denied he paid some herdsmen a huge amount of money in form of ransom to acquire arms and other dangerous weapons.

A video making the rounds on the internet had claimed Akintayo paid an undisclosed amount of money to some killer herdsmen to purchase arms.

But speaking at a briefing in Abuja on Tuesday, Akintayo frowned at the rumor, which he described as a malicious attempt by some mischief makers to sabotage his genuine philanthropic gesture by twisting it to mean a payment of ransom to terrorists.

He said what is being romoured to be a payment of ransom was in fact a humanitarian gesture he showed to the Fulani people living in huts constructed on an expanse of land he acquired to build an estate.

The T PUMPY boss, who was flanked by Abubakar Suleiman, Chairman of FCT Fulani Dan Allah Development Association of Nigeria, said the scandalous video being circulated about him does not in any way reflect what transpired between him and some Fulani settlers on his land in Phase 3, Lugbe.

Akintayo said: “Let me tell you what happened; if you get land through government acquisition, it is normal that you find farmers and some settlers there.

“On this particular land, we were able to identify the real farmers which are Gbagyis and we settled them for all their farm crops and their farm produce.

“We discovered that there is also Fulani settlement (huts) on the same land where they rear their cows and where they have been residing for about 30 years.

“They told me that they have been living there for about three decades. And we are humans. We had to negotiate with them and tell them that we had allocation to the land and want them to vacate the place, and they agreed.

“We agreed to give them N200, 000 per hut and we settled them. It was not an inducement or giving them money to buy arms as being circulated in the social media.”

Suleiman stressed there was never any payment of ransom to herders by the estates boss as claimed by some social media users.

He said: “We have been on that land for about 30years. God brought this oga (Adaralegbe) who wants to develop the land.

‘’He settled the Gbagyis farming on the land first before us. My people said they also deserved to be compensated for their huts and they invited me as their Chairman in the Federal Capital Territory.

“When I got there, I met the developers clearing one side of the land. I talked to the site Engineer on how I can meet the owner of the land.

‘’From there, he called the owner of the land and Mr. Akintayo came to meet us there. As soon as he arrived, my people came out; women, children and youth.

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‘’When he saw the children he said ohh, I am sorry, where is your school? And the adults responded that the children were not going to school.

“He said he wanted to develop his land. The Fulanis said before he starts developing the land, he should also compensate them for their huts.

‘’His site engineer said they would pay N50, 000 per hut while the Fulanis said N250, 000 per hut. Then Mr. Akintayo pitied them and said he would give them N200, 000 per hut.

“Oga said he would come and pay by 9.00 am the following day. Then he asked for the number of huts and they were counted.

‘’The next day, he brought the money and he said they should write an undertaking that they have been settled. My people said he should do video instead of them writing an undertaking. And he asked his boys to do the video as he was giving the money to my people.

“I am surprised that people are saying all sorts of things about the video. I want to remind those people that in the Federal Capital Territory here where I lead, there is nothing like that thing they call Fulani herdsmen here. They are not here.”

March 3, 2021
Lekki Gardens, residents disagree over utility control

By Okwy Iroegbu-Chikezie

One of the upscale estates in Lekki area of Lagos, Lekki Gardens and her residents are up in arms.

Investigations by The Nation revealed that the residents want control of the estate’s utility such as generators, sewage treatment plant, estate flood control pumps and water holding tank, which are located in a particular area. While the Developer is insisting that it would manage the infrastructure.

Sources at the estate allegedly said the issue which was already being addressed with the leadership of the Residents Association was quickly escalated to slander the brand name and set wrong narratives.

He said: The author accused the real estate developer of employing the services of “suspected thugs to break into their Premier–1 Estate in the early hours of Monday,” a statement that is completely false and a mere distraction from the issue at hand”.

It was gathered that on December 31, 2020, residents of the estate wrote the developer requesting to take over control of shared services and facilities in the area which the developer promptly wrote back to turn down their request, giving reasons for the decision.

They stated that the facility being sought to control was a shared infrastructure between two estates, Premier-2, and one of the developer’s offices in the area hence; it was not possible to cede control to the Residents Association.

Unfortunately, while they were still dialoging and exploring avenues to resolve the matter, the residents resorted to self-help by breaking into the service area and shutting other users out from the service. As it stands, the developer has reported the issue to the Police for investigation and peaceful resolution.

Spokeperson for Lekki Gardens said their organisation is a responsible company that takes pride in developing quality real estate properties with a knack for customers satisfaction at all times and will not directly or indirectly seek to jeopardise the very essence for which they are in business – to provide luxury apartments that are affordable and consequently help reduce the over19million housing deficit in Nigeria.

February 24, 2021