The Nation Newspaper

Category: Building & Properties

  • ‘Stronger regulations needed to sanitise environment’

    The Director-General, National Environmental Standards and Regulations Enforcement Agency (NESREA), Dr. Lawrence Anukam, speaks with OLUGBENGA ADANIKIN on the agency’s efforts at sanitising the environment. Excerpts:

    What are the indices that climate change is real?

    It has been proven that climate change is real. The extreme weather conditions which we never experienced before are beginning to increase over time. The flooding of few years ago; we heard about the big flooding in Benue and even last year in several parts of the country. This has to do with extreme heat. The indication that the climate change is real has to do with extremities of weather conditions and it is a problem to us because when you have this weather condition it’s like a chain reaction, that affects the food production, agricultural system and even the health of the people. What is left for us is to adopt adequate measures to mitigate the effect of the climate change.

    There are threats when you have a rise in sea level as a result of climate change.

    Emissions from vehicles are a major cause of pollution. To what extent have you implemented the vehicle emission policy?   

    The vehicular emission control programme arose from our regulation of vehicular emission control. The implementation of that is on course; we are finalising arrangement for the formal launch of the programme. The pilot phase will start in Abuja. It involves the establishment of testing centres where individual vehicles can go and do their regular check-up. After they scale through the test,  they are issued a certificate of road worthiness. The purpose of the programme is to reduce and control vehicular emission that will affect the climate and above all affect our health. It’s been proven in recent studies by World Health Organisation (WHO) that air pollution problems are beginning to be one of the most challenging health threats to humanity. Infact, it’s been observed that the problem arising from air pollution, especially in developing countries is more. It’s a big problem and there is need for all of us to work together to address it. The programme when fully on board, will go a long way to assist in making sure we control emission from our vehicles. There is a component for mobile sources of pollution and stationary sources of pollution, this one addressing particularly the use of generators in homes, offices and industrial areas. The idea is to make sure that both vehicles and generators are maintained properly to guard against undue emission of obnoxious hazardous substances that are inimical to our health and also to our environment.

    To what extent have you enforced NESREA regulations on industrial pollutions?

    We have different regulations for different activities; for the industries, we have our officers on the field, we have 24 field offices, we have six zonal offices across the country and we are hoping that before the end of this year we may have few more state offices. The purpose of that is to help us be closer to the issues. Our officers on the field will do what we call compliance and monitoring enforcement exercise. From time to time they will go to the industries and check the activities in the industries to make sure they are not polluting the environment. We also do that when we receive complaints from residents, who feel that they are having some discomfort as a result of industrial activities around them, either from noise or from emission of substances discharged from the industry. We sanction, we’ve taken them to court after we serve them first, second and third compliance letters.

    Some residents of Ogijo community in Ogun State have accused NESREA officers of being compromised in reported cases of pollutions from foundry companies. How do you react to this?

    I am not sure I have the details of this incident, but we have a few cases of environmental violation. We’ve taken about two companies to court; these are companies into iron smelting and we are still following up on that. The good news though is that we’ve just been given an office, we’ve never had an office in Ogun State, the governor has just given us an office in Ogun. So, our presence in Abeokuta will help us to do more activities for the area. When companies are not doing what is supposed to be done after the three letters, then we take action. We will advise that when communities feel that no actions have been taken, they should write a special letter of reminder and then try to send it directly to the office of the Director General.

    Nigeria has signed various treaties on climate change. How will the country benefit from them?

    The benefit of that is that if I have signed and you have signed, we do not need to violate the laws. I will give you an example like the Barcel convention on trans-boundary movement of hazardous substances, Nigeria and other countries signed, part of that agreement is that before any hazardous substance is shipped to a member country, you must get the consent of that country, you must not also allow any illegal shipment from your country to come to this country in any form. So it is beneficial that if you are a member of that agreement or party to that convention the benefit is that nobody is going to ship or allow his country to be the dumping ground. In addition to that, there are certain programmes and activities that are beneficial to only member countries. If you are a member, you enjoy those privileges like some projects, programmes or support from other members of the convention. It’s good to be part of that and in most cases for environmental issues, since they don’t have boundaries. It is better for every country to be part of that for the benefit of the country, the citizens and the environment.

    Is there a law to manage solid wastes in Nigeria?

    Under the sanitation laws, various state governments have their edicts to deal with management of waste. We have regulation on sanitation. For us, this regulation is essentially to assist the state and local governments on how best to manage the waste, we are not going to manage it for them, but then our responsibility is to create some programmes and see how best it’s going to happen at pilot phase and also assist to enforce in such violation, but it’s something we have to do closely with the state and local government. Sanitation wise, it is the responsibility of the state government, but we do that together with them to make sure that the laws are obeyed.

    As a regulatory agency, what are the sanctions for erring industries?

    We have, but we want it to be better. In the NESREA 2007 Act, there are quite some powers given to the agency to operate, but 10 years after, and from experience, we realise that there is a need to amend the Act. For example, on penalty, if there is a violation by a company, the company is to pay a certain amount, which is very small. So, because the penalty the law stipulates is not stiff, a company will not think twice before polluting the environment since it will cost him less to pay the penalty.

     

     

     

    than to avoid the pollution. There is amendment now through the efforts of the National Assembly, it has really passed on various readings and we hope in no distant future the law will be amended. Another amendment too has to do with the right of entry. This is to make it easier for NESREA officials to enter into any premises and when there is immediate danger, and it is proven, NESREA can act fast to close the facility to guide against serious environmental and health damage because of the pollution from the facility. With the amendment it will be stronger to help us implement the laws. It has gone through the first and second readings; we’ve had public hearing; the process has gone a long way; hopefully it will not be long before the amendment is effected.

    What will you describe as your achievements and what will you like to be remembered for?

    Our achievement essentially to a great extent is that the environmental issues are becoming very much the mainstream in our society, that the various industries, telecommunication sectors are becoming aware of their responsibilities and the issue of the air pollution as you mentioned earlier is beginning to be taken more seriously. And also that understanding that the environment is not for us to abuse. It is a stock for us to use and keep for our own benefit, children and children yet unborn.

  • MBAN, stakeholders to rev new housing initiative

    MBAN, stakeholders to rev new housing initiative

    Fresh hopes of home ownership are now on the horizon. They are coming on the heels of last year’s inauguration, of My Own Home scheme – a Public-Private Partnership created to increase access to housing finance and housing in the country. The scheme, set up by the Federal Government, is under the Nigeria Housing Fund Programme (NHFP). It is being implemented by the Central Bank of Nigeria (CBN) and has the backing of the World Bank’s International Development Association loan.

    The NHFP has broad-based stakeholders and partnerships, which include the Federal Government; Federal Ministry of Finance; CBN; World Bank; Federal Ministry of Power, Works and Housing; Federal Ministry of Justice and Mortgage Banking Association of Nigeria (MBAN), with mortgage originating institutions participating in the scheme. They are doing so via the equity they took in the Nigeria Mortgage Refinance Company (NMRC). The NHFP entitles all Nigerians above the age of 21 years, and in paid employment, to access a low interest government-funded loan, according to the stakeholders.

    To ensure that the scheme has the desired effect, principal stakeholders in the mortgage sub-sector, on whose shoulders the success of the NHFP rests, last week made known their intentions to adopt a strategy that would simplify mortgage transactions for aspiring homeowners.

    Under the aegis of MBAN, the President of the body, Mr. Niyi Akinlusi, explained that the My Own Home scheme would help revamp the housing finance industry and make access to housing finance a lot easier through the NMRC, which would provide long-term refinancing of mortgages and standardised mortgage procedure.

    To further enhance the scheme, Akinlusi said there is a Mortgage Guarantee Scheme – a window where borrowers with insufficient or no equity contribution can access mortgage for home ownership. Also available is the “Housing Microfinance Scheme”, which is an avenue to stimulate increased lending to low-income earners in the formal and informal sectors. This will be routed through microfinance banks for incremental housing construction.

    “The scheme has set up a framework that will revamp the housing finance sector and make access to housing finance a lot easier. Unlike the conventional mortgage, the scheme allows beneficiaries to use the loan for the purchase of land and incremental building or renovation. People need to know that as long as they continue to pay rents as tenants, they are paying the landlord’s mortgage. They can use this same amount for mortgage and become house owners. When you remain a renter, you have helped the landlord to secure his own house, which will appreciate with time,” Akinlusi said.

    In a similar vein, MBAN Executive Secretary, Mr. Kayode Omotosho, revealed that talks are ongoing with the National Pension Commission (Pencom) on how contributors can pull from their savings with the commission to use as equity contribution in the scheme. Very soon, he said, the guidelines for this will be out and pension contributors can use up to 25 per cent of their contributions of up to 60 months or five years as equity for mortgage loans.

    “In addition to the NMRC, which tackles long-term funding, we also have the Mortgage Warehouse Funding Limited, which will take care of short-term funding. We call this initiative “native intelligence” to tackle our own challenges. In the past, we must have had issues but now, we need to talk to Nigerians on what to do to own their homes seamlessly,” Omotosho explained.

    He is confident that the mortgage banks are in a pole position to actualise this project, especially after the recapitalisation exercise in the mortgage bank industry, which he noted, has prepared them for the new initiatives.

    Equally, Omotosho said with the seamless integration of the customers of mortgage banks into the Bank Verification Number (BVN) platform and issuance of NUBAN numbers to facilitate online transactions, there has been improved operational efficiency for mortgage banks.

    “There has also been inclusion of the informal sector with the distinct Uniform Mortgage Underwriting Standards; the amendment of the Pension Act to facilitate withdrawals from the Retirement Savings Accounts for down payments on equity contribution to boost inclusion and reduction in cost of title registration and transfer from 13 per cent of property value to three per cent in Lagos and Kaduna states,” he said.

    Under the ‘My Own Home’ scheme, 34 primary mortgage banks, four commercial banks and nine microfinance banks had been selected to stimulate housing finance for low-income earners in the formal and informal sectors. Subscribers to the scheme will benefit from the $15m Housing Microfinance Fund and the $10m Technical Assistance Fund. LAPO Microfinance Bank is the pivot of the pilot scheme in the housing sector.

     

  • Firm changes perception on real estate

    An indigenous firm, Homework Development and Properties Limited has helped in changing the erroneous perception of foreign investors about the Nigerian real estate sector.

    This is the major outcome of the recent conference organised by the Association of Nigerian Physicians in the Americas (ANPA) in Atlanta, Georgia, United States. The Lagos real estate company showcased its affordable products and promoted positive developments in real estate in Nigeria.

    Reflecting on the conference attended by physicians and other professionals, the Director of Homework Development and Properties Limited, Mr. Jide Adekola said it provided a platform, which helped to change the perception that foreign investors would not get value for money or might get scammed in Nigeria. It also created the awareness that there are professionals in the sector who are able to provide quality products locally.

    “The change in perception, which we have created, would in no small measure boost businesses and increase the volume of foreign direct investments that can engender increase in gross domestic product of the country,” Adekola said.

    He said that the event has exposed Homework to ANPA’s publications, increased networking and sales leads, the needs of customers and the property market, increased trust in foreign investors in the Nigerian real estate market.

    Adekola explained that the real estate sector, which is inundated with issues of trust, lack of finance and presence of charlatan, can be saved if government subsidises the cost of land for credible developers who have the capacity to provide affordable housing.

     

     

     

     

     

     

     

  • Lafarge Africa rewards customers

    Building Solutions and Infrastructure Company, Lafarge Africa Plc, will continue to appreciate its customers across the country for their loyalty over the years has accounted for the success of the company in Nigeria and beyond.

    To this end, the cement maker, over the weekend, held a Customer Appreciation Dinner for its customers from the Southeast and Southsouth regions.

    The event held at the Ibom Hotel and Golf Resort, Uyo.

    Lafarge Africa Plc Marketing Director Mr. Vipul Agrawal said Lafarge was committed to providing world-class service to its customers. “We have put processes in place and made adequate investment to allow us attend to customers better. Outside our numerous customer touch points, we value moments such as this when we have the opportunity to say thank you in a special way and celebrate the customer,” said Agrawal.

    The forum provided an opportunity for Lafarge customers to engage in frank and open discussions with the brand and it also enabled the company’s senior management to feel the pulse of its customers, as well as resolve critical issues and complaints.

    Some of the customers were rewarded for their loyalty to the brand and performance in 2017. Similar customer appreciation events are scheduled to hold across the country.

     

  • ‘Punitive land cost impediment to affordable housing’

    ‘Punitive land cost impediment to affordable housing’

    Affordable housing has remained an illusion in the country. Managing Director, Wiser Estate, a private developer in Abuja, Mr. Nasir Suleiman, blames it on several factors, including the expensive process of acquiring land for real estate schemes. Suleiman, in this interview with OLUGBENGA ADANIKIN, faults inconsistent government policies for the gap in the housing sector.

    Can there be affordable housing in Nigeria?

    I will borrow the words of the Minister of Power, Works and Housing, Mr. Babatunde Fashola: ‘A housing estate must be acceptable first and affordable because people must like it first and they must be able to afford it.’

    Since then, I have taken that as a principle that developers must ensure they build in accordance with what people want and within their financial ability.  For instance, most of our houses are in city centres where you expect that even the middle income earners cannot get a house, but the low and the middle income earners buy houses from us.

    If you are familiar with some of our houses behind the Ministry of Power, Works and Housing; it is just the Mabushi Expressway that separates it from Wuse 2. Imagine houses that are sold there for just N25 million for instance, a three-bedroom and two-bedroom flat that is being sold for N15 million. Within the cost of construction and even before we finished, the value of such houses have risen to N25 to N30 million for two-bedroom and N40 million for three-bedroom. This shows that affordable housing is possible and we are actually interested in doing that.

    The new one we are about to unveil at the Centenary Ville, we have gone so deep to ensure that no matter how lowly placed a person is, if you visit the place, you will have a home. For instance, we are looking at getting a one-bedroom there at N5 million and two-bedroom for less than N10 million while three-bedroom could go for less than N15 million. I think that, considering the location and proximity to the city centre, is a good deal for any low income earner.

    The Federal Government plans to build one million housing units annually in order to bridge the housing deficit. How well do you think this can be achieved?

    From all indications, government policy on housing is unstable. We have been hearing all these for long. If you go round, you will see a lot of abandoned houses everywhere. In fact, there are a lot of issues. I cannot really speak for government, but I can only give my suggestion to government. For instance, the Abuja housing sector is left for the real estate developers, but the reason we cannot get affordable houses up till now bothers on the burden of land acquisition system, which is a big problem in Nigeria. If you go round, you will realise that there are vast lands even in the heart of the city, you will see lots of undeveloped land, and nobody is asking questions.

    These lands are empty because they are given to people, who are not estate developers. They are given to either political allies or friends, families, who do not have business with real estates. So, what we can do to solve the problem is for government to set up database for genuine estate developers. It is simple. You don’t need to send top officials to come up with a list because it will still end up the same way because they will bring the same set of people, who had been given these lands.

    Furthermore, is the problem of infrastructure. Virtually everywhere I construct my estate, I will be the one to create road, pay compensation to locals, construct the road and sometimes up to asphalt level, sometime water, power among others. These are just some of the reasons for the high cost of properties; we can go on and on.

    So, how do you think land allocation should be handled?

    Simple. Officials should go to real estate sites and find out the companies constructing these house, get their names and form a database and ensure mass housing lands are given to this category of people directly. In fact, if the government does this, it can decide to dictate the prices of houses.

    For instance, we were forced to partner those people the Federal Government allocated the land to such as politicians and businessmen. A land that government will give almost at no cost and these people will come to us as developers, partner us at the current open market rate. I will give you an example, maybe a 10-hectare land was allocated to a businessman, probably he had to collect form and pay N250,000 fee, and pays less than N10 million or thereabout for the land. By the time he gets the allocation, he comes to developers, examine how much the land sells in the open market and then begins to value it at N2 billion. So, what you have to do is, if you must build on his land, have to consider that N2 billion as his equity. So, whatever house you are building, you must ensure that by the time you complete and sell the house, you can recover the N2 billion, make his profit, before you can get your own profit. So, how much will you sell such a house?

    What is the Real Estate Developers Association of Nigeria doing to protect the interest of developers?

    The Real Estate Developers Association of Nigeria (REDAN) has really tried to ensure that quacks don’t just venture into the business and mess-up everything. If not for REDAN’s regulations, the issue of building collapse in the country would have been really worse than it is now. The Association has also helped to prevent individuals from just grouping themselves and secure loans in the name of real estate developers. If you check both government and bank criteria for giving housing loans, you find out that there must be screening from REDAN, which also helped in protecting people’s money and others.

    What does it take to be a developer?

    To be a professional developer is not rocket science. You don’t have to be a professional in the construction industry to be a developer. A developer is like an entrepreneur, anybody can be. For instance, the chairman of urban center is an economist. The chairman of Brains and Hammers is a public administrator. The Managing Director of Brains and Hammers is a graduate of microbiology, but he has successfully taken Brains and Hammers to where they are. So, what it takes is just commitment, getting the right people and ensuring that you are not cutting corners. That is the most important thing. Forget about profit, profit will come.

     

    What informed the establishment of Wiser Estate?

    It is a company conceived in 2012 and began operation as a real estate development company in 2015. We started with a block of six-unit terraces. Gradually, within two and half years, we now have about 500 units of houses at various stages of completion. The journey so far has been really interesting though challenging, which is natural because of the situation in Nigeria, where people expect that you have to be very rich before you can start a business and looking at the background I’m coming from that I had to start from the scratch with no support whatsoever from anyone including the government. But through past experiences, and goodwill from where I previously worked, I was able to put something together. Good enough, with almost zero Kobo, I was able to start a real estate company and by the grace of God, we are where we are.

    Right now we have various housing projects. We have four housing schemes in Kaura district of various types and styles, all completed and being occupied. We also have Wiser Estate Mabushi 1 and 2, behind Federal Ministry of Works and close to regent school. We also have another close to VIO office, comprising 240 units with 80 units in the phase 1 at about 60 per cent completed. We have an ongoing project at Mbora district close to CITEC estate along Airport road in Jabi while the one we are about to unveil for the proper mass housing, consists of one to five-bedroom duplex- that is the Centenary ville close to Centenary City, which the Federal Government was about to construct, though suspended now. We have commenced a project for the Kaduna State government- the Rigasa model market very close to the railway line.

  • Adron Homes woos investors with Val jig

    With over 60 million Nigerians living in indecent houses, a private estate developer, Adron Homes and Properties Limited, is set to intervene to reduce the figure. The firm is to expand its portfolio by developing Town Park and Gardens and Central Park and Gardens in Imota, Lagos, and Kuje area of the Federal Capital City (FCT), Abuja.

    Its Group Managing Director,  Mr. Adetola Emmanuel-King, who disclosed this in Lagos, explained that the need to adopt a pragmatic approach to bridge the housing deficit and solve the problem of housing for Nigerians, remains the focus of his firm.

    One of such measures to achieve this,  he said, is through the  Lemon De Val Promo 2018, which is aimed at celebrating this year’s Valentine season with Nigerians home and abroad. Attendants at the event will benefit from a 14 per cent discount on purchases made in any of the firm’s estate.

    Emmanuel-King explained that the firm does not base its development plans on economic indices, but it designs products to suit the pocket of every Nigerian such that with N500, anyone can start from the entry level. “We focus on the traditional style of mortgage, but also accommodate those under the National Housing Fund through the primary mortgage banks,” he explained. Besides, he noted that the promo was designed to appreciate all the firm’s customers in a special way and encourage new ones to invest.

    “Pay an initial deposit of N140,000 for a plot; spread the balance over a period of 14 months and you qualify for a free ticket to our Lemon De Val Promo 2018. Pay outright for a plot of land and you qualify for a raffle draw to win a set of sofa, king sized bed and 100 bags of cement. Buy a house and enjoy 10 per cent discount plus a free ticket to our Biggest Lemon De Val Party,” he explained.

    At the inception of the Lemon de Val Promo in 2016, about 5,000 people subscribed for properties with the firm. Adron Homes has over 10,000 hectares of land spread across the country to meet the needs of investors.

    According to him, the party, which is planned to be the biggest Valentine party, is also a way of asking more Nigerians to invest in real estate. “This year’s promo is the third edition, and it comes uniquely with an amazing discount of 14 per cent on all Adron Homes’ estates and land in Abuja, Lekki, Ikorodu, Shimawa, Ota, Shagamu and Ibadan. Also, with a minimum initial deposit of N140,000, a client can get a free ticket to the Adron Lemon De Val party with the likes of Falz, Small Doctor, Saidi Balogun, Fela Durotoye, Tiwa Savage, Ricado Banks and Woli Arole, among others,” he explained.

    Emmanuel-King said the company has partnership with some mortgage institutions and admonished its clients, who subscribed to National Housing Fund (NHF) to access mortgage financing windows in their quest to own a house.

    “We focus mainly on the traditional style of mortgage because if you look at what is happening in Nigeria today, considering that workers in both government and private establishments are not being paid, access to mortgage is becoming a herculean task and mirage day by day. So, the best way out is to go for us to go vis a vis traditional mortgage system whereby you access our products and pay up to 20 years, that is 140 months  on zero per cent interest rate, nobody has ever done that in the whole world and this is a plus for Adron Homes,” he explained.

    In a related development, Adron Homes has unveiled its new brand ambassador, Mr. Wasiu Alabi, a.k.a Pasuma.

     

  • ‘Opening up rural roads will check urban migration’

    ‘Opening up rural roads will check urban migration’

    There is a silent road revolution going on in Akwa Ibom State where Governor Gabriel Udom Emmanuel is opening up rural areas to stem urban drift, TEMITAYO AIYETOTO reports.

    When Governor Udom Emmanuel assumed office on May 29, 2015, he promised the people of Akwa Ibom State to make the place better than he met it. He said he would not concentrate on Uyo, the capital, alone but touch every part of the state. In so short a time, he has lived up to his promise. The state is wearing a new look; every nook and cranny is being touched in his determination to make it bigger and better.

    From Uyo to Afaha Ikot Obio Nkan in Ibesikpo Local Government; from Ikot Akpaden, Mkpat Enin (Mkpat Enin local government) to Osiok Iko Eket (Eket local government) to Ikot Ekan, Abak (Abak local government) and Afaha Nsit in Nsit Ibom local government, among others, the state has been turned into a workyard. Places, which were hitherto thick forest, have been opened up, with roads springing up there. To ensure that the roads are not washed away by rain because the state virtually sits on water, they are fitted with side drains and double layer of asphalt.

    The roads interconnect one local government to the other, with some leading to the East-West road to ensure easy access to Port Harcourt in Rivers State; and parts of Delta as well as some Southeast states. There are 114 completed and ongoing projects in the state, according to Commissioner for Works Ephraim Inyang-Eyen, who conducted reporters round the state. The commissioner said many of the roads would be ready in May when the governor marks his third anniversary and the others in December. ‘’His Excellncy’s plan is for every part of the state to feel the impact of government,’’ he said.

    Nothing, he said, was being left to chance in order to meet the governor’s deadline for the completion of the projects. ‘’The contractors know that they have to meet the deadline and also deliver as per the contract terms. I am always around to see things for myself and where the job is not being done according to specification, they will have to start all over again’’, Inyang-Eyen said. A major project is the 25-kilometre road from Uyo, which terminates in front of the Four Season Hotel in Ikot Ekpene. The government is interested in the project in order to drive traffic to the five-star hotel when it opens, the commissioner said.

    People trooped out to receive him during the tour. They also sang the praise of the governor, who some of them described as Godsent. In a village in Ikot Ekpene, the people had been cut off from the other village where their children attend school because of the collapsed link bridge. An alternative route has been provided for them, while work is ongoing on a new bridge. Among the roads being constructed in Uyo are the Chief Whip Road in Ewet Housing, Graceland School Road in Shelter Afrique and internal roads in both estates. Also under construction are the Concrete Hotel Road and other spurs in Ewet Housing Estate, Library Avenue and Tabernacle Road off Ikot Ekpene Road with outfall drain.

    In Eket, the government is changing the face of the oil village, with accessible roads. A big roundabout interconnecting almost every part of the town is in the offing. Inyang-Eyen said it was the governor’s plan to make Eket worthy of being an oil city which its people will be proud of. In an interview, some residents hailed the governor for all  he is doing. Itoro Umosen said it was a thing of joy seeing the changes the governor is making within such a short time. She said the state was blessed, adding that it just needed ‘’a true and sincere leader to make it great’’. John Umoh praised Emmanuel for his ‘’people-oriented’’ projects, saying that is the stuff of which great leaders are made. Peter Udoh said the governor could not have come at a better time, noting that he was made for a time like this.

    After the tour, the commissioner said the governor was passionate about tackling flooding and providing alternative routes for the people.

     

  • Nigerian firm partners Houston EB-5 in $116 million project

    Nigerian firm partners Houston EB-5 in $116 million project

    After more than five years of partnership with Houston EB-5, an investment programme administered by the U.S. government, Nigerian real estate investment firm, 3INVEST, has said that commencement of development work on the project will begin with a groundbreaking ceremony at the project site in San Antonio, Texas, United States, on January 30. Houston EB-5 last year introduced its product offering- The Thompson San Antonio hotel and the Arts Residence to the West African market.
    The EB-5 housing investment scheme offers foreign investors the opportunity to become a US citizen by investing in the programme. The offer includes complete capitalisation of the investment project of choice; fast-track permanent and legal residency in the U.S for investors and their immediate family, and share in the profit of the project. The minimum investment is $500,000, with repayment within 3-5 years at four percent interest rate. Funds will serve as an additional equity capital to the partnership.
    According to the Principal Partner of 3INVEST, Ruth Obih, the Thompson San Antonio and the Arts Residences, positions itself as the premier luxury boutique hotel in San Antonio. It consists of 20 storey buildings of 162 guestrooms and 58-residence.  The ambience features 15,000 square feet of riverfront meeting space and a Skybar Club, providing sweeping views of the city. Located at the epicenter of San Antonio’s vibrant performing arts district and across from the River Walk, The Thompson San Antonio and Arts Residences is estimated to cost $116 million, and will sit on 337,000 square-foot of land and is being developed as a mixed-use property.
    The development, slated for completion in 2019 will include The Arts Residences’ luxury condominiums atop San Antonio’s first Thompson Hotel, an international collection of design-forward, luxury lifestyle hotels and resorts. Besides, forty percent of the condominium homes in The Arts Residences at the Thompson San Antonio hotel has been sold since the sales gallery opened nine months ago. This is said to be a new record as the fastest-selling high-rise luxury condominium project in Texas. They are priced from the high $400, 000 to over $4.5 million for penthouses.
    “Thompson San Antonio hotel and the Arts Residences fits perfectly with 3Invest’s profile for high-quality EB5 investment funding. Like previous Houston EB5 projects, it has received great support from both the City of Houston and the City of San Antonio. A “TEA” designation has been assigned to the project, lowering the minimum investment amount from $1 million to $500,000”, said the Chief Operating Officer and Managing Director, Houston EB5, Acho Azuike.
    The President / CEO Houston EB5, Mr. Roberto Contreras, explained that the Houston EB5 has had a 100 percent success rate on I-526 and I-829 petition approvals for its investor clients. “We consistently deliver world-class investment projects and demonstrate long-term financial strength, as we help investors achieve their business and residency goals,” he said.
    Similarly, the Executive Vice President/ Chief Investor Relations of Houston EB5, Emilio Guzmán, said that through the marketing of previous projects, Houston EB5 has established strong investor pipelines in Latin America, Africa, and Asia, thereby helping to assure complete capitalisation of projects.
    “Because of Houston EB5’s success in Nigeria with previous projects, we are now looking to expand our investor reach into Ghana, where we are certain many investors would like to take advantage of these immigrant investment opportunities for their families. Given that real estate investments remain much safer in nature than typical business investments, compounded with the strong economies of Houston and San Antonio, participants in Houston EB5 projects can expect a more reliable, timely return on their investments,” Guzman assured.
    The Executive Vice President, Global Acquisitions & Development for Two Roads Hospitality- an international lifestyle hotel group which owns and operates the Thompson Hotels brand, Todd Wynne-Parry, said the firm is thrilled to bring Thompson Hotels’ unique brand of luxury to downtown San Antonio, considering that the city is ‘culturally and economically’ dynamic and has a robust future. “Thompson San Antonio will be a locally-immersed hotel and another valued social venue, contributing to the community and counting our neighbours among our guests,” he said.
    The President of Jordan Foster Construction’s Commercial Group, Leland Rocchio, also expressed satisfaction with the prospects the construction offers. “We are very excited to get construction underway and play a major role in creating this landmark mixed-used development,” he said, adding that the Arts Residences and Thompson San Antonio hotel will further enhance the culturally rich arts district and growing downtown by providing a positive impact on the community and its long-term intrinsic value.
    The City of San Antonio is one of the top three fastest growing U.S. Economies in 2018 in Headlight Data. San Antonio was nominated for 2018 as one of the Best Travel Destinations in the World by National Geographic and Travel + Leisure.
  • Surulere council chair inaugurates road

    Surulere council chair inaugurates road

    IN fulfilment of his campaign promise, Surulere Local Government Area Chairman, Hon. Tajudeen Ajide, has opened the 218-metre Alhaji Thanni Street, popularly known as Small London, in Alhaji Masha area of the metropolis.

    The access road, which links Alhaji Masha on the north and Adeniran Ogunsanya Street on the west, is expected to bring relief to residents and decongest traffic in the adjoining Business District.

    Ajide said: “We are happy we were able to meet the resident’s demand for the road to be fixed. The road links various streets and Adeniran Ogunsanya, a major commercial area. We are thankful to God and the party, the council officials, Community Development Association (CDA) and Community Development Committee (CDC)for their supports.”

    Thanni Street CDA Chairman Buramoh Ajao Oyedun praised Ajide for constructing the road that had been damaged and abandoned for over five years, adding: ‘’The chairman has been nice to us.’’ He expressed satisfaction with the contractor’s performance.’’

    Shomade CDA Chairperson Deaconess Joy Oritsesan: ‘’I am excited It has been a source of worry for us.’’ She urged the council to also fix Shomade Street road. ‘’We have been pushing for the construction of the road in the past seven years. We have bought interlocking blocks.This is what we want the local government to help with.’’

  • Buhari to inaugurate AfDB’s complex today

    PresidentMuhammadu Buhari will today inaugurate the new office complex of the African Development Bank (AfDB) in Abuja.

    This development is believed to be a consolidation in the country’s position as the bank’s largest shareholder, with a portfolio of $6 billion and country operations accounting for 13 percent of the bank’s total portfolio.

    The complex, situated in the Central Business District (CBD) of the federal capital city, is the first permanent structure to be designed and constructed in any regional member country of the AfDB.

    The development of the office complex came on the heels of the Board of Directors’ approval of the “Rent or Acquire Premises for Field Offices” policy; and following the recommendation to construct a new office in Nigeria, construction started in January 2016. The 220-staff capacity four-storey building will become a model for replication in other countries.

    “The bank has positioned itself as the preferred lending partner in Nigeria as it continues to support Nigeria’s long-term aspiration to be among the top 20 economies in the world by the year 2020,” the Senior Director, Nigeria Country Department of the AfDB, Ebrima Faal said.

    AfDB President, Dr. Akinwunmi Adesina, said the institution remains grateful to the Federal Government for providing land the building and the continuous show of solidarity to the bank. The construction of the structure, he further said, is a reaffirmation of the African Development AfDBank’s commitment to support the country to achieve its development reforms.

    “The bank is highly committed to working with the private and public sectors to implement the High fives agenda and meet the Sustainable Development Goals’ targets in Nigeria and across the continent,” Adesina said.

    The AfDB Group was established on September 10, 1964 and began operations in Nigeria in 1971.