Category: Property

  • Firm unveils luxury penthouses, duplexes in Ibadan

    Firm unveils luxury penthouses, duplexes in Ibadan

    A firm, Fendini Group, the developer of Rayfield Gardens City Estate, has unveiled new range of luxurious 4 and 5-bedroom penthouses and duplexes in Ibadan, the Oyo State capital, to further enhancing its premium real estate offerings.

    According to the Head of Customer Relation for the firm, Miss Halima Abdulrafiu, the aim of the company is to lead the real estate market in Oyo State by setting new standards.

    Halima noted that the growing economy of Oyo State and the increasing number of CEOs and business leaders relocating to Ibadan informed the company’s decision to design functional and luxurious duplexes.

    She said “Our latest additions include the luxurious 4-bedroom smart duplex, ultra-luxury 4-bedroom penthouse, super classic 5-bedroom duplex, and urban premium 5-bedroom penthouse. These new property types complement our existing range of standard and terrace duplexes.

    “Our 4-bedroom penthouse features a gym, swimming pool, home office, gazebo, car port, and expansive open terrace,” she explained. “The urban premium 5-bedroom penthouse boasts advanced features, including smart control systems, elevator, a suspended swimming pool, and high-quality finishing.”

    Halima emphasised that Rayfield Gardens City Estate remained the premier real estate destination in Ibadan, offering a unique blend of commercial and residential properties. 

    She noted the estate already features a functional supermarket and various completed residential projects, with residents currently living on site.

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    “Additionally, there are still opportunities available for those interested in building residential homes or commercial properties, such as hotels, office complexes, hospitals, schools, and banking halls.”

    Halima stressed that the company prioritizes the comfort and security of its residents. 

    “We have implemented effective security architecture in the estate, which will continue to be improved to protect lives and property.”

    With its new luxury offerings, Rayfield Gardens City Estate reinforces its position as the best, premier residential destination in Ibadan.

  • Coalition demands payment for Bwari housing project

    Coalition demands payment for Bwari housing project

    The Coalition of Civil Society Groups for Peace and Good Governance has called for the settlement of outstanding payments owed to contractors involved in the stalled Bwari Housing Project.

    The group alleged the Federal Housing Authority (FHA) had abandoned the “initiative for personal interests, despite available funds.”

    According to the coalition, the FHA leadership has allegedly “withheld payments for completed work, leaving contractors in financial ruin.”

    In a statement signed in Abuja by its National Coordinator, Isa Yakubu the coalition, lamented the contractors’ worsening plight.

    The statement added that some of the contractors have allegedly suffered strokes or even lost their lives due to the distress.

    The group alleged that the management is attempting to cancel the project and reassign it to preferred associates while leaving the initial contractors unpaid.

    According to the statement, the Bwari Housing Project, awarded in April 2022, faced delays when contractors couldn’t begin work for six months due to site unpreparedness.

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    “This setback, coupled with rising costs of materials, labour, and transportation, made completion challenging.

    “Despite these obstacles, many contractors finished and handed over buildings as instructed by the current administration in line with President Tinubu’s Renewed Hope Housing Initiative aims to deliver 500,000 housing units annually. However, once the new management took over, payments ceased,” the statement said.

    According to the statement, some of the contractors took loans with high interest rates, used properties as collateral, and are now facing confiscations due to non-payment by the FHA.

    “Contractors continue to bear the brunt of these decisions, with many unable to return to the site without outstanding payments. What was intended to be an affordable housing project has now turned into an abandoned venture, marred by financial struggles and leadership neglect,” the statement said.

  • Real estate key to Nigeria’s economic growth, says Oseni

    Real estate key to Nigeria’s economic growth, says Oseni

    The Chief Executive Officer of Frontier Homes, Oseni Olalekan Abideen, has highlighted the vital role of real estate in Nigeria’s economy, stating that the sector significantly contributes to the country’s GDP.

    Oseni made these remarks during the unveiling of The Mainland Heritage (TMH) estate, a new development by Frontier Homes. 

    The estate offers modern, high-quality living spaces with fenced and gated plots, catering to both local buyers and Nigerians in the diaspora seeking secure investment opportunities.

    Speaking at the event, Oseni reiterated that real estate remains a crucial driver of Nigeria’s economic future.

    “Real estate has proven to be a major contributor to Nigeria’s GDP, and I believe it is a key factor in shaping the future of the nation,” he said.

    He also highlighted the growing interest among Nigerians abroad in investing back home, stating, “With a significant number of Nigerians in the diaspora, there’s no better place to invest than in Nigeria.”

    Dr. Oseni further explained that the project is designed to provide peace of mind to investors, offering quality homes that align with their aspirations.

    “We are committed to giving our clients exactly what they want—confidence in their investment and a place to call home,” he added.

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    Oluwatosin Omoleye, a senior executive at Frontiers Commercial Services, also spoke at the launch, expressing satisfaction with the progress of the estate.

    Omoleye noted that the project, which began development in early 2025, had reached a significant milestone by March.

    He pointed out that the fenced and gated plots being introduced would relieve potential investors of the additional costs and effort typically associated with securing land.

    “What we’ve brought out today will help lessen the burdens on individuals when it comes to fencing and gating the lands. We have secured the lands at least 25%. This will save investors millions,” Omoleye said.

    He also expressed optimism that the project would inspire greater confidence in the real estate sector and encourage Nigerians, especially those in the diaspora, to invest in the country.

    Omoleye added: “The project will also help individuals believe more in investing in real estates. Even Nigerians in diaspora would be motivated to come back to Nigeria and invest.”

  • How to close housing deficit

    How to close housing deficit

    A real estate firm, Pennek Nigeria, has called for a single regulatory body to streamline processes and reduce costs for developers as a way of addressing the current housing deficits in the country.

    Its Group CEO, Kennedy Nnadi, in a statement in Lagos, stressed the need for increased public sector support for real estate developers, which practical implementation remains complex.

    According to reports, Nigeria faces a significant housing deficit, estimated at 28 million units, requiring an investment of N21 trillion to close up.

    This implies that Nigeria needs to build 28 million more housing units to adequately house its population. The housing deficit has been increasing rapidly, with estimates rising from 14 million in 2010 to 28 million in 2023.

    Experts in the built environment predict a need for 700,000 new homes annually to address the growing demand.

    Nnadi who has also established the footprint of the business to the United States of America (USA), said to the company has been contributing to housing development and economic activity.

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    According to him, Nigeria’s real estate sector is beset with myriad of challenges including high land costs and fragmented regulatory frameworks, stressing that when the regulatory frameworks are harmonised, the sector will develop further.

    The statement explained that Nnadi began his entrepreneurial journey in 2013/2014, founding Pennek with a reported initial capital of seven hundred thousand naira (N700,000).

    “The company has since grown to manage estates in cities like Lagos, Owerri, Awka, and Abuja, and recently launched a project in Houston, Texas. The expansion to the U.S. is part of Pennek’s strategy to explore new markets, including regions with established Nigerian communities. While this growth highlights Pennek’s evolution, it also underscores the challenges of adapting to new regulatory and market environments,” the statement said.

    Nnadi’s professional experience spans more than a decade across industries, including real estate, importation, investment, and oil and gas. His academic foundation in Soil Science, earned at the Federal University of Technology, Owerri, provided early opportunities for engagement in public service during his National Youth Service Corps (NYSC). Nnadi has supplemented this foundation with business education from institutions such as Lagos Business School and Strathmore Business School, as well as an ongoing program at Harvard Business School. These qualifications reflect his focus on professional development, though their impact on his business strategies remains subject to broader industry conditions.

    His leadership has drawn attention both locally and internationally, particpating in initiatives such as the Obama Foundation Pioneer Summit and Nigeria’s Youth Entrepreneurship Strategy program. In 2022, Nnadi was recognized among the Top 10 Real Estate Developers in Nigeria. “While such accolades highlight his contributions to the sector, they are part of a competitive landscape where other developers have also significantly influenced housing and infrastructure development,” the statement said.

  • Firm lauds executive chairperson Adeyemi on her birthday anniversary

    Firm lauds executive chairperson Adeyemi on her birthday anniversary

    The management and staff of Still Earth Holdings, a leading conglomerate with interests in construction, oil and gas, and financial services, have praised their Executive Chairperson, Oyindamola Lami Adeyemi, for her exceptional leadership and unwavering dedication to the company’s growth.

    In a goodwill message on her birthday today, they described her as a visionary leader whose strength, integrity, and commitment continue to inspire everyone within the organization.

    “Ms. Adeyemi leads by example, with clarity, purpose, and a strength that motivates us to give our best every day,” the statement read. “Her leadership is not just about business success but about creating a workplace culture that fosters respect, innovation, and growth.”

    Since its establishment, Still Earth Holdings has evolved into a diversified group with key subsidiaries driving innovation and excellence across multiple industries. 

    Still Construction specializes in infrastructure development, engineering, and building projects, ensuring world-class standards in real estate and civil works. 

    Tirex Petroleum & Energy focuses on drilling operations in the oil and gas sector, contributing to Nigeria’s energy security. Still Earth Capital Finance provides financial services tailored to businesses and individuals, fostering economic growth through strategic investments and funding solutions.

    Through these subsidiaries, Still Earth Holdings continues to shape industries, supporting national development and driving business sustainability.

    They also acknowledged her efforts in empowering employees and driving the company’s progress, emphasizing that her impact extends beyond the organization, Still Earth Holdings.

    “As you celebrate another year, we thank you for the opportunities you create, the values you uphold, and the belief you have in each of us,” they expressed. “We wish you a fulfilling year ahead, filled with joy, good health, and continued success.”

    From its founding to its present-day achievements, Still Earth Holdings remains committed to innovation, quality, and sustainability, reflecting the forward-thinking leadership of Mrs. Adeyemi, whose vision continues to drive the company toward even greater milestones.

  • FG to penalise owners of unoccupied buildings to tackle housing deficit

    FG to penalise owners of unoccupied buildings to tackle housing deficit

    The federal government has announced plans to impose financial penalties on owners of unoccupied buildings as part of efforts to reduce Nigeria’s housing deficit.

    Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, revealed this in an exclusive interview with The Nation, stating that property owners who fail to lease or sell their vacant buildings may face higher ground rent charges.

    “If we claim there is a housing deficit while so many buildings remain unoccupied, then something is wrong.

    “We can’t force anyone to lease or sell, but we can make it financially inconvenient to hold onto empty properties. For instance, if you refuse to rent out a house worth N5 million annually, but the government imposes a N3 million ground rent, you’ll be more inclined to lease it rather than bear the high cost.”

    Dangiwa revealed that to drive this policy, the ministry is conducting a nationwide census of unoccupied buildings, which the minister said would soon be completed.

    According to him, legal experts are reviewing the best approach to implement these measures without infringing on property rights.

    Also, he announced that the government is cracking down on contractors delivering substandard work on the Renewed Hope City housing projects.

    The minister revealed that some contractors have been using poor-quality materials and cutting corners, expecting to fix defects later during plastering.

    “We have received reports of substandard construction, and we will not tolerate it. Any contractor found guilty will face sanctions, including contract termination,” he warned.

    Dangiwa noted that the Federal Ministry of Housing and Urban Development has strengthened its supervision structure, with liaison offices in all 36 states staffed by experts, including architects, quantity surveyors, and builders to ensure compliance.

    He maintained confidence that the government’s decisive stance signals a shift toward stricter housing regulations, aimed at tackling both the affordability crisis and the quality of housing in Nigeria.

  • Group seeks tax relief for social housing

    Group seeks tax relief for social housing

    The Housing Development Advocacy Network (HDAN) has called on President Bola Tinubu and the National Assembly to incorporate tax relief measures for developers of social housing and building materials in the proposed Nigeria Tax Bill 2024.

    In a statement, its Executive Director, Festus Adebayo, emphasized that excessive taxation could hinder the delivery of affordable housing, thereby eroding the hopes of millions of Nigerians in dire need of decent shelter.

    HDAN specifically advocated for the inclusion of low-income housing tax credits in the new reforms, which would provide a vital incentive to construct or rehabilitate affordable rental housing for low-income households.

    Adebayo urged the Federal Government to issue tax credits through a competitive process, ensuring they benefit those genuinely committed to addressing the nation’s housing crisis.

    Nigeria’s housing deficit remains a critical issue, compounded by an estimated population of 224.6 million that is projected to reach 262.6 million by 2030.

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    With 51.4 percent of Nigerians classified as multi-dimensionally poor and 58.8 per cent of the urban population living in slums, the demand for affordable housing with basic infrastructure is urgent.

    However, challenges such as high building material costs, exchange rate volatility, and land acquisition issues continue to impede progress in the sector.

    HDAN also highlighted the economic pressures affecting housing delivery and how increase in interest rates make access to affordable mortgages increasingly difficult.

    Adebayo stressed that tax reforms should alleviate, rather than exacerbate, these challenges by creating a more supportive fiscal environment for developers of affordable housing.

    The Nigeria Tax Bill 2024, currently under deliberation in the National Assembly, has sparked widespread debate. Provisions in the bill, such as the proposed increase in value-added tax (VAT) from 7.5 per cent to 10 per cent by 2025 and eventual hikes to 15 per cent by 2030, have drawn criticism for potentially burdening ordinary Nigerians.

    The bill also introduces a 27.5 per cent company tax, a four per cent development levy on companies, and a five per cent excise tax on telecommunications services, among other measures.

    HDAN expressed concerns that these tax policies, while aimed at generating revenue, could deter investment in critical sectors like housing unless provisions are made to support social housing initiatives.

    The organization also urged lawmakers to consider the significant disparities in housing needs across the country and provide targeted solutions to bridge the gap.

    In addition to tax relief, HDAN reiterated its commitment to advocating for the passage of 11 pending housing and mortgage-related bills in the National Assembly. It called for a review of outdated laws, such as the Land Use Act and Mortgage Bank Act, to create a more enabling environment for private sector participation in housing delivery.

    HDAN is a research-driven, non-profit, volunteer, and non-governmental organization dedicated to promoting affordable housing across Africa.

    With a membership of over 5,000 professionals spanning various disciplines within the housing and construction industry, HDAN strives to advance sustainable housing solutions throughout the continent.

  • Young realtors urged to embrace collaboration, innovation for sustainable housing

    Young realtors urged to embrace collaboration, innovation for sustainable housing

    Joseph Balogun, Chief Executive Officer of Rightive Homes and Properties, has called on young realtors to prioritise collaboration, mentorship, resilience, and innovative technology to accelerate the development of safe and sustainable housing. 

    Balogun made this appeal at the Realtors Meetup organised by Rightive Homes and Properties in Ikeja, Lagos. Themed “Best Practices for Closing Multibillion-Dollar Deals,” the event brought together leading industry players, developers, real estate investors, and emerging professionals from across the country. 

    Discussions centred around critical issues such as land ownership, land titles, building plans, real estate marketing, and professional networking. 

    According to Balogun, bridging the housing deficit requires stronger collaboration and knowledge-sharing across the real estate value chain to ensure the swift delivery of quality housing units without compromising safety standards. 

    Speaking on the evolving landscape of the industry, Balogun emphasised the necessity for collective efforts to address environmental challenges, government regulations, community engagement, and technological advancements that influence housing development. 

    “The world is evolving rapidly, with factors such as population growth, migration, technological innovation, and climate change shaping real estate trends. Despite disruptions, the future of real estate remains promising because land is the foundation of all development and a key component of social infrastructure,” he noted. 

    In her presentation titled “Best Practices for Closing Multibillion-Naira Deals,” Gloria Agho, CEO of Glogamp Realties & Properties, highlighted the importance of strategic planning, effective communication, and robust relationship-building in high-value transactions. 

    She remarked that there are abundant opportunities in the real estate sector for young people, but they must be prepared, educated, and positioned for greater possibilities in the field. 

    She stressed key strategies for success, including understanding market trends and regulatory frameworks, leveraging professional networks and relationships, customising proposals to align with buyer needs, and preparing transparent financial plans. 

    She added the significance of implementing strong negotiation tactics, creating a sense of urgency in deal-making, focusing on long-term client relationships, and utilising digital tools and technology for enhanced efficiency. 

    The Realtors Meetup provided a platform for industry stakeholders to exchange insights, foster collaborations, and equip young professionals with the knowledge needed to thrive in the dynamic real estate sector.

  • Crestvillas launches hotel enlistment platform

    Crestvillas launches hotel enlistment platform

    Crestvillas, a property management company operating in Nigeria, has launched a platform for hotel owners to list their properties.

    The company aims to connect hotels with potential guests through its online portal.

    The platform offers features for managing bookings and tracking performance. Crestvillas also employs marketing strategies to increase visibility for listed hotels.

    According to Crestvillas representatives, the platform aims to address the challenges faced by hotel owners in attracting consistent bookings and maximizing revenue. The company emphasizes its commitment to providing a user-friendly system for managing reservations.

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    “We aim to assist hotel owners throughout the process, from registration to managing bookings,” said Jane Konan, CEO of Crestvillas.

    Benson Agu, Country Director of Crestvillas, stated that the company focuses on providing tools for hotel owners to increase their reservation income. He highlighted features such as online booking and marketing support.

    Crestvillas also offers a referral program, allowing individuals to earn a percentage of bookings made through the platform.

  • Minister reiterates FG’s commitment to land reforms 

    Minister reiterates FG’s commitment to land reforms 

    The federal government is set to begin land reforms with a National Urban Forum, bringing together stakeholders from government, the private sector, civil society, and communities to collaborate on urban development, it has emerged.

    The Minister of Housing and Urban Development, Ahmed Musa Dangiwa, who disclosed this in Abuja, stressed the need for efficient and equitable land allocation, calling it essential for sustainable urban development.  

    Speaking at the maiden Town Planners Assembly in Abuja, Dangiwa highlighted the urgency of addressing Nigeria’s rapid population growth and urbanization, noting the increasing demand for housing and infrastructure, emphasizing the need for innovative and collaborative approaches to town planning. 

    While he identified unplanned urbanization, inadequate infrastructure, environmental degradation, and informal settlements as major challenges requiring multi-stakeholder collaboration, the Minister revealed that plans are underway to streamline land administration, reduce bureaucratic bottlenecks, and promote transparency in land transactions.  

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    Represented by Lana Olalekan, the Director and Head of the Department of Urban and Regional Development at the Ministry, Dangiwa, however, stressed that no single institution can tackle these issues alone, calling for stronger partnerships among town planners, government agencies, the private sector, and communities. 

    He emphasised that the Ministry is committed to create an enabling environment for such collaboration through regulatory reforms, capacity building, and the adoption of modern planning technologies.  

    To address the housing gaps, he noted that the government launched initiatives such as the Renewed Hope Cities and Estates Programme, aimed at providing affordable housing while ensuring resilient urban spaces. 

    Furthermore, he said the National Urban Renewal and Slum Upgrade Programme seeks to transform informal settlements into well-planned communities with essential infrastructure. 

    Additionally, according to him, the Ministry, in partnership with UN-Habitat, has developed a National Urban Development Policy, which will soon be presented to the Federal Executive Council for approval.  

    Emphasizing sustainability as a priority, Dangiwa highlighted the Ministry’s collaboration with IFC EDGE to integrate green building techniques into housing projects and reiterated his directive that all of the Ministry’s designs must incorporate sustainability principles, reinforcing a commitment to environmentally responsible urban planning.

    He also acknowledged the longstanding partnership with UN-Habitat, which has provided technical expertise and capacity-building support since 2003.  

    The Minister urged town planners to enhance professional standards through continuous learning and certification while leveraging advanced technologies like Geographic Information Systems (GIS) and Building Information Modeling (BIM). 

    He emphasized public-private partnerships and community engagement in the planning process, asserting that inclusive and strategic actions will lay the foundation for sustainable cities.  

    On his part, the President of the Nigerian Institute of Town Planners (NITP), Chime Ogbonna, raised concern over legislative gaps in urban planning including the failure to implement Nigeria’s Urban and Regional Planning Law, promulgated in 1992. 

    Despite its existence, the law remains largely unimplemented at the federal level, leaving town planning operations in a legal vacuum, he noted, adding that some States have adopted the law, but many others, including Federal agencies, still operate outside its provisions, hindering proper urban planning and development.  

    He noted that the absence of key institutions mandated by the law, such as the National Urban and Regional Planning Commission and the Urban and Regional Planning Appeal Board, was also highlighted. 

    The NITP President, however, urged the government to act swiftly to implement the legislation, warning that continued inaction could render planning efforts ineffective and hamper sustainable development.  

    Kabir Mohammed Kyari, a former NITP President and Chairman of the Summit’s Organizing Committee, stressed that housing remains a significant challenge in Nigeria. 

    He pointed out that Nigeria’s population has surged from 45 million at independence to over 200 million today, creating an ever-growing demand for housing. 

    The rapid formation of new households, particularly among young people, according to him, has exacerbated the housing crisis, while formal housing production has failed to keep pace.  

    While advocating for a collaborative approach, arguing that no government can meet all housing needs alone, Kyari called for integrating traditional incremental housing development with structured policies to bridge the housing deficit. 

    Addressing the crisis requires a mix of government intervention, private sector participation, and community-driven solutions, Kabir Uthman Hassan, Director General of Gombe Geographic Information Systems (Gombe GIS), highlighted the role of technology in improving urban planning. 

    He noted that GIS has been instrumental in identifying land-use violations, revealing widespread illegal conversions of designated commercial and recreational areas into residential spaces. 

    By leveraging GIS, he posited that authorities can track distortions and restore land to its intended use, ensuring structured urban development.