The Nation Newspaper

Category: Building & Properties

  • PwC: Diaspora remittances to hit $25.5b

    Nigerians in diaspora constitute a significant proportion of immigrants worldwide.

    According to the Federal Government, there are over 17 million Nigerians in the Diaspora.

    To underscore the importance of the Diaspora to the economy, leading audit firm PwC, in one of its latest reports, revealed that migrant remittances made up 77.2 per cent of last year’s government’s budget and more than 10 times the foreign direct investment (FDI) flows in the same period

    For 2017, World Bank data showed that $22 billion (about N7.9 trillion) was remitted, the highest in Africa.

    PwC’s latest White Paper Series, ‘’Strength from abroad: The economic power of Nigeria’s Diaspora’’, estimated that migrant remittances  could hit $25.5 billion, $29.8billion and $34.8billion in the year, 2021 and 2023.

    Over a 15-year period, PwC said it expected total remittance flows into the country to double from $18.37 billion in 2009 to $34.89 billion in 2023.

    PwC Partner/Chief Economist Dr. Andrew S. Nevin reportedly said the establishment of Nigerians in Diaspora Commission (NiDCOM) by the Federal Government showed that it recognised the importance of Nigerians in Diaspora.

    He suggested that the government should formulate and execute a strategy to maximise the benefits of the commission.

    Studies, according to him, show that 70 per cent of remittances is for consumption, while the balance go to investment-related uses.

    The Nation studies showed that though part of these remittances used on consumption goes for family upkeep and other needs, a large chunk of the cash is meant for residential development back home.

    Experts, however, believe that if the money is channelled through the established mortgage system, it would deepen the industry while  Nigerians in Diaspora would be able to access mortgages to own houses back home.

    In realisation of the important role Diaspora mortgages can play in deepening mortgage finance in Nigeria, the Federal Mortgage Bank of Nigeria (FMBN) in 2014 developed the Diaspora Mortgage Product targeted at Nigerians living abroad to give them an opportunity to participate and benefit from the National Housing Find (NHF) scheme. The loan window offers them mortgage loans to build or buy houses in Nigeria.

    To further deepen access to finance for residential housing development for Nigerians in Diaspora, the NiDCOM and the FMBN have joined forces to initiate a Diaspora mortgage programme where Nigerians in the Diaspora can have their homes without going through a third party.

    Speaking during a recent visit to FMBN by a team from NiDCOM led by its Chairman/CEO Abike Dabiri-Erewa, the CEO of the bank, Ahmed Musa Dangiwa, said the visit was timely as the bank was engaging Nigerians in the Diaspora on mortgage products developed for Nigerians living abroad.

    He said the bank had made presentations on Diaspora mortgages in the United Kingdom and the United States and had received positive responses and visits from the engagements abroad.

    He said: “Although the product has been fully developed, we invite you to feel free to make inputs as we will be happy to share from your wealth of experience in dealing with Nigerians in the Diaspora.”

    In her response, Mrs Dabiri-Erewa said the major challenge of an average Diasporan, after passport, is housing.

    She said the commission intended to partner the FMBN to develop a Diaspora mortgage programme in which Nigerians in the Diaspora can have their houses back home at a reasonable interest rate and without going through a third party.

  • ‘Building collapse a major challenge’

    The National President, Nigerian Institute of Building (NIOB), Mr. Kunle Awobodu, has identified building collapse as the major challenge facing the construction industry.

    Speaking in Port Harcourt, he said the menace of building collapse has created doubts about the competency of practitioners and artisans in the international community.

    He said the menace was man-made and could be overcome, if there was genuine interest to right the wrong. “About 10 years ago, when I was the chairman of the NIOB in Lagos State, the frequency of building collapse in the state made the then Governor, Mr. Babatunde Fashola, to set up a technical committee to reform the Physical Planning and Development Law of the state.

    “The committee developed a bill that was passed by the state House of Assembly and assented to by the governor in 2010, becoming the new Lagos State Urban and Regional Planning and Development Law,” he said.

    Awobodu continued: “Promulgating the law was one hurdle crossed, but the implementation becomes a bigger hurdle.” According to him, compromise and corruption remained the bane in the fight against building collapse. He, however, noted that NIOB must sustain the efforts to ensure that buildings that are being constructed in Nigeria meet the required standard.

    He said if builders were complaining about that the construction sphere is replete with quackery, NIOB should proffer the solution that would encourage developers and clients to patronise trained builders.

    In view of this, he said, “Self-development and professional competency drive will be salient in the programme of this new NIOB administration.”

    Awobodu said the institute would embark on international collaborations to equip members with latest construction technology and improved construction methodology.

  • Govt workers can access FMBN Cooperative housing loans

    The Federal Mortgage Bank of Nigeria (FMBN) has called on cooperative societies in Ministries, Departments and Agencies (MDAs) of government to take advantage of its cooperative housing loan to provide affordable houses for their staff.

    The Managing Director/Chief Executive Officer (MD/CEO) of FMBN, Ahmed Dangiwa, made the call when a team from the Federal Government Staff Housing Loans Board (FGSHLB), led by its Executive Secretary, Mrs. Hannatu Fika, paid a courtesy call on the bank in Abuja.

    Dangiwa said the cooperative housing development loan developed by the bank was one of the many products initiated by it to create affordable mortgage for staff of the Federal Government.

    He said: “We want to draw your attention to one of the products we have just developed; which is the cooperative housing loan. It is a cooperative housing development loan where cooperative societies in various organisations under the Federal Civil Service can approach the bank with their land and we give them loan to develop the houses for their staff based on their own designs and given their own affordability in terms of costing.”

    Explaining further, Dangiwa said: “ Civil servants working under any ministry or MDA, that have  cooperative societies, can approach us for construction loan through their  selected developers to build these houses for them. Once this is done,  we will create mortgages for these individuals within those organisations.”

    The MD also said the bank was willing to develop areas of synergy with stakeholders, particularly the FGSHLB, to bridge the housing deficit in the country. Speaking earlier, the Executive Secretary of FGSHLB said the visit became necessary to strengthen the already existing relationship between the bank and the board.

  • ‘Railway will sustain economy’

    The Patron, Nigerian Society of Engineers (NSE), Bwari branch, Babakobi Mohammed, said if the rail transportation system is put to effective use, it would be a backbone for any sustainable economy.

    Mohammed said this in Abuja while presenting a paper titled: “Efficient Rail Transport System in Nigeria: A Panacea for Sustainable Economic Growth and Development”, at the NSE Bwari branch’s first Annual General Meeting and Conference.

    He said a functional and effective rail transportation system, within the context of sustainable economic prosperity of Nigeria, would stimulate trade by linking production centres to regional and international markets, as well as provide transport backbone for the real sector of the economy such as mining and agriculture.

    He said by investing in railways development, the nation would be able to respond to the expected growth in transport demand for both passengers and freight.

    On his part, the President of the Council for the Regulation of Engineering in Nigeria (COREN), Ali Alimasuya Rabiu, an engineer, said the rail system was a critical infrastructure that was key to the advancement of any economy, hence most developed nations evidently built their economies by focusing on development of sustainable infrastructure like rail transport which was the strong base of solid and industrial activities in developed nations.

     

  • Wisdom Kwati City secures N6b materials for Abuja, Adamawa

    Wisdom Kwati City has secured N6 billion worth of materials  for the construction of its pilot projects in Abuja and Adamawa State.

    This was contained in a press statement by the Chief Executive Officer, Mr Wisdom Kwati, in Abuja.

    He revealed that the firm has planned to commence the construction as soon as the rains cease next   month.

    His words: “We are taking off with Adamawa and Abuja simultaneously. We have secured materials worth N4billion for about 100 units of mixed apartments in Abuja. We have also secured about N2billion materials for bungalows in Adamawa State”.

    He also disclosed that the company has global partnerships with five firms and it has already secured a full corporate offer of about $9billion for the projects.

    According to him, the company already has $500million available for disbursement and  for commencement of work at the site.

    Besides, the CEO noted that the company is in synergy with other corporate entities locally that have invested about N2 billion in the projects.

    He further disclosed that the company has secured lands valued  over N10 billion in Lagos, Abuja, Adamawa , Akwa-Ibom, and Kaduna.

  • Surveyors urged on urbanisation, slum upgrade

    The Chairman, Raden Investment Ltd, Adeniji Raji, an Engineer has called on estate surveyors to be more proactive in influencing measures that would facilitate proper urbanisation of the country.

    Raji made the call at the Investiture of the 26th Chairman and Executive Committee Members of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) Lagos Chapter, in Lagos.

    He said that many cities in the country were rapidly becoming slum zones due to poor attitude to planning and urban renewal.

    According to him, the physical conditions of most areas in Lagos State which have been abandoned to swamp that can be upgraded to harbour residents through the help of the estate surveyors.

    He  said estate surveyors could influence urban policies and promote strategies that would specifically respond to the urbanisation challenges.

    He said: “Estate surveyors could create an advocacy group with strong government political action committee to influence effective urban planning policies.

    ‘’I fully appreciate the agenda for the next two years of this branch particularly in the area of strategic partnership.  We are all aware that in the recent past, we have seen the growth of public private partnerships in real estate development which I believe is a very welcome development. However, some of our urban centres are rapidly becoming slums because of lack of proper planning. I, therefore, suggest that this branch create an advocacy group.

  • Regulation: Court to hear ARCON’s preliminary objection

    Barring all odds, an Abuja High Court will today hear an objection by the Architects Registration Council of Nigeria (ARCON) over an order stopping it from further conducting any qualifying examination towards registration of new architects.

    Justice Muawiyah Baba Idris of a High Court, Federal Capital Territory, Abuja Judicial Division, had recently given the order in a suit initiated by 13 persons.

    The plaintiffs include Ibrahim Kabir, Ayodeji Kolawole, Andy Imafidon, Dike Emmanuel, Opiribo West, Abimbola Ajayi and Emmanuel Ekeruche.

    Others are Nicholas Musa, who sued for himself and other interested registered architects; Ademakinwa Olajumoke, Babjide Awonubi, Siyanbola Kukola and Emmanuel Adewunmi, who also sued for himself and other aggrieved person that sat and passed the qualifying examinations conducted by the Nigeria Institute of Architects (NIA).

    They sued ARCON, NIA, Arc. (Sir) Dipo Ajayi, ARCON president and Arc. Njoku Adibe, president NIA.

    Following a motion ex parte by the plaintiffs, filed on 30 May 2019 and moved 30 July 2019, Justice Idris, a vacation Judge, after hearing plaintiffs counsel ordered:

    “An order of interlocutory injunction restraining ARCON from conducting and/or purporting to conduct any qualifying professional examinations by whatever name or form for the registration of architects in Nigeria whether by themselves, agents, servants, and/or privies, whatsoever and howsoever from purportedly conducting such examination pending the hearing and determination of the originating summons.

    The matter was then adjourned to  August 8, 2019.  But due to power failure the court could not sit as planned.  Thursday,  August 22 was then fixed for the hearing.

    Days after the order, ARCON filed a preliminary objection challenging the order.

    Specifically, according to ARCON, which regulates the profession and practice of architecture in Nigeria, two requests have been placed before the court.  One: an order of the court dismissing or striking out the whole matter for want of jurisdiction and, secondly; an order discharging and or setting aside the courts interlocutory order dated 30 July 2019.

    The Federal Governments agency is also asking the court for such further or other orders it may deem fit to make in the circumstances.

    Justifying its reasons for the objection, ARCON said the court lacks the requisite jurisdiction to adjudicate on the matter ab initio since the Federal High Court has the exclusive jurisdiction.

    Two, ARCON says the plaintiffs/respondents lack the locus standi to institute the action, contending that some of them are not registered and are not suing on behalf of NIA.

    Three, both the third and fourth defendants  Ajayi and Adibe were not personally served with the originating process in accordance with the rules of the court.

    Fourth, the matter was fixed for hearing during the annual vacation of the court without the consent of the defendants in accordance with the rules of the court.

    Fifth, the order by the court on  July 30, 2019 based on the claimants ex parte application moved the same date was a breach of the defendants constitutional right to fair hearing.

    The preliminary objection was supported by a 10-paragraph affidavit, stating why the Abuja High Court must hands off the matter.

    According to the applicants, the first defendant is an agency of the Federal Government and only the Federal High Court is conferred with the exclusive jurisdiction to entertain any legal claim against her.

    The affidavit averred to by one Casmir Amadi of Veritas Chambers, contends that both Ajayi and Adibe were not properly served with originating and other processes and therefore not made necessary parties for the court to have jurisdiction over them.

    It also says that the plaintiffs having no locus to initiate the process in the first instance and have not disclosed any reasonable cause of action.

    The applicants, for a matter to be heard during vacation, the parties involved, that is both plaintiffs and defendants shall collectively request for a date.

    They contend further that the defendant did not make any request or grant any consent in making request from the court in accordance with the rules of the court for the court to fix a date for hearing during vacation.

    To them, the claimants suit was brought in bad faith, just to waste the precious time of the court and as a ploy to distract the first defendant from discharging its statutory duties.

    Hearing resumes Thursday, 22 August 2019.

  • ‘Why we’re pushing for blockchain technology’

    Real estate experts have canvassed the deployment of blockchain technology in advance transactions to boost transparency between practitioners and clients.

    According to them, the use of technology will go a long way in mitigating lack of transparency, closeness of the sector to certain people, high taxes, investment fees, lack of liquidity, delays in transaction and issues of pricing commitments.

    Blockchain technology is a time-stamped series of immutable record of data, managed by a cluster of computers not owned by any single entity. Each of the blocks of data are secured and bound to each other, using cryptographic principles or chain.

    Speaking at its Royal Institution of Chartered Surveyors (RICS), Nigeria group’s second continuous professional development series titled: “Blockchain: The brick & mortar of its growth in today’s world”, Blockchain Asset Management Managing Partner,  Deji Soetan said the blockchain as one of the emerging technologies that bring several utilities into the real estate ecosystem.

    He said the decentralised-record-keeping technology, which is designed to instill trust in the authenticity of digital transactions, could be used to create efficient solutions for commercial and residential real estate; from buying property to conducting due diligence and enabling crowd-sourced investments. It is useful in property management, off-plan sales, property technology process (PROTECH), smart estate management, using Internet of Things and more.

    Read Also: Exploring opportunities in blockchain

    He said through the technology, it is possible to link the digital ownership of individuals’ property, documents, and contracts directly to the blockchain, stressing that once inside the blockchain, it is impossible for it to be tampered with or altered.

    He underscored the fact that the technology would soon gain popularity in the least expected industries. Soetan explained that everyone, who is part of the network, can see all the data stored inside the blockchain and every single piece of data can be traced right to its very origin. He also said the process permits immutability of records as data inside the blockchain cannot be tampered with because of cryptographic hash functions.

    The ICT expert pointed out that the proof of the technology’s merit is seen in the development of excise trade management solution for the Nigeria Customs Service. The proposed solution, he added, enabled business processes within the excise trade to be automated to create better revenue assurance, optimum efficiency and transparency, utilising the Blockchain technology.

    He said: “Within the context of payments, introduction of smart contracts into blockchain real estate ledgers and transactions has clear potential in streamlining various real estate processes, such as releasing apartment ownership, or rental documents upon a completion of crypto-currency transfer. One important area where it would be used is in the speed of transaction because nowadays, the process is still slow, making it be so archaic and needs to be modernised.

    “Real estate players need to look at the challenges of their industry. For example, if it has to do with transfer of titles, they should look at the problem to be able to come up with the solution for efficiency and how to pass land titles from one party to another, using distributed ledgers to enable coding of simple contracts that will expedite when specified conditions are met. With the use of open source programming languages, the creation of smart contracts are being used to perform functions such as derivatives being paid out when a financial instrument meets certain conditions,” he said.

    RICS Chairman, Nigerian chapter, Gbenga Ismail in his remarks, observed that the use of the technology is becoming rampant, hence, there was the need to make real estate practitioners understand how it works, see its opportunities and possibilities for the industry.

    “At RICS, we brought the issue to the fore to enhance our industry. The technology will bring trust to transactions, especially in a trustless society and advance land registration where people could secure their property records,” he said.

  • Lagos warns against designs’ alterations

    Lagos State has advised its residents owning housing estates to desist from modifying approved designs of buildings within the estates.

    Permanent Secretary, Ministry of, Housing, Mr. Wasiu Akewusola  stated this during a meeting with Abraham Adesanya Residents’ Association of  Estate’s representatives, Lekki,  at Alausa Secretariat, Ikeja.

    In a statement by the Public  Affairs Director, Adeola Salako, the permanent secretary maintained that it was in the best interest of residents of government-owned estates to stop alterations to the structures.

    According to him, such reconstructions include restyling, extension of, and additions to, existing facilities and in some extreme cases, increase in the height of buildings.

    He said alterations were deviations from the terms and conditions stated  in the deed of sub-lease signed by the two parties, warning that it could lead to a penalty as stated in the law.

    Read Also: Lagos-Ibadan rail: CCECC pledges to fix community roads, bridges on rail line

    Akewusola noted that government-owned estates were designed and built by the state government in compliance with global environmental and physical planning rules to ensure durability and liveability.

    He said: “Contravention of such standards often resulted in dire consequences, such as reduced durability of the structure for the home owner and others in the environment.

    “Residents should desist from any form of redesigning of the building as this may cause damage to buildings and the entire environment in no distant time. A building is a permanent load whose capacity of erection can only be known and accessed by certified engineers, any plans to overload the capacity may result in disaster, he warned.”

    Akewusola underscored the need for residents to maintain the original structure and design of buildings to  prevent future disasters.  He further added that all unapproved remodeling contravened the Physical and Urban Planning Law of the state, stressing that affected buildings will be demolished by the appropriate agency of the state.

    He noted that demolition of illegal and unapproved structures in government owned estates will commence very soon without any further warning.

  • Youths review e-governance, accountability at Digitest 2019

    Digitest, an annual Information Communication Technology (ICT) Creative Camp and Competition for young techs between ages  eight and 18, has held its 18th edition.

    The event, with the theme: “e-Governance:Accountability, Creativity and Transparency (ACT)”, which held during the week  in Lagos, provided an opportunity for youths to articulate digital solutions to environmental and governance problems facing the nation.

    Digitest National Coordinator,   and Permanent Secretary, Federal Ministry of Environment, Mrs. Ibukun Odusote, who spoke at the closing  ceremony,  said the event was hinged on nation building, as youths reviewed  issues bordering on e-governance and deployed various ICT tools in tackling issues, thus proffering solutions to electronic governance.

    According to Odusote, lack of openness, transparency and accountability in governance is a major barrier to development, adding that an improved stakeholders’ involvement  would mean trumpeting the issues in governance and having everyone participating in the drive to find solutions to these issues.

    Calling on the government to reengineer solutions to the challenges facing the country, she called for effective policy, effective budgeting and effective implementation, and the need for technologies in achieving this stride.

    Also, Permanent Secretary, Lagos State Ministry of the Environment, Dr Segun Adeniji, said to bridge the digital gap between African youths and their peers globally, digitilisation must be embraced in all facets of governance  and environmental management. He said the current administration in the state was geared towards enhancing capacity to drive social and economic emancipation.

    “We are geared towards positioning Lagos to partner sustainable and forward-looking private sector operators. We have trained over 1,000 youths in coding, developed capacity of teachers in public schools, equipped public schools and developed infrastructure,’’he said.

    Digitest Board of Trustees Chairman Prof. Kassie Njoku said Digitest gives opportunity to the youth to turn the fortunes of the nation in all facets of the economy. He predicted that in the next 10 to 20 years digitalisation will overtake manual operations in governance and educational sector.

    To him, what has been impacted on the young people will position them to compete globally. He encouraged them to study and imbibe modern technologies to be competitive  in order to position them for higher responsibities.

    Other experts advised youths to develop technological competence to counter lack of transparency and accountability in governance.