Category: Property

  • Fendini Group CEO Adeoye bags real estate award

    Fendini Group CEO Adeoye bags real estate award

    The Chief Executive Officer (CEO) Fendini Group Prince Laja Adeoye has been recognized for his innovative and remarkable contributions to Nigeria’s housing development at the 9th City People Real Estate Awards, 2024 edition.

    The event, held in Lagos attracted the la creme of real Estate Industry, including Pastor Ashimolowo’s Makarios Estate group. 

    Speaking at the event, the publisher of City People Magazine and the convener of the awards, Seye Kehinde said the prestigious recognition honored individuals who have made significant strides in Nigeria’s real estate industry. 

    The publisher said Prince Laja Adeoye’s leadership at Fendini Group has been instrumental in developing Rayfield Gardens City Estate, a 400-unit luxury and bespoke housing scheme in partnership with the Oyo State Government, located in Christopher Adebayo Alao Akala GRA Monatan Ibadan.

    The estate boasts a completed Supermall, duplexes, and ongoing development projects, including an uptown hotel, banking hall, schools, event hall, and hospital. 

    Upon completion, Rayfield Gardens City Estate promises to be Oyo State’s choicest destination for luxury properties.

    Read Also: Rayfield Gardens City will become foremost modern Estate in Ibadan – Fendini Group

    Adeoye urged Federal Government to create more enabling environment for Real Estate developers, through creation of more infrastructures, easy access to land and title and partnership with building materials manufacturers. 

    He said Federal Government, just as it did for the manufacturing sector, needs to provide funding succour for Real Estate developers as well, because most of the challenges leading to high prices in the real Estate products has to do with cost of funds, inflation, and regulatory policies. 

    He dedicated the award to God, his family, the Oyo State Government led by Governor Seyi Makinde, his team and loyal subscribers. 

    He encouraged youths to pursue their passions and never give up, despite daunting challenges.

  • NIESV seeks govt collaboration to end land grabbing in Oyo

    NIESV seeks govt collaboration to end land grabbing in Oyo

    A member of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) Oyo State branch, Biyi Adesanya, has called for collaboration between Oyo State Government and estate surveyors to combat land-grabbing in the State.

    He said the move will bring an end to the long-standing problem of land grabbing in Oyo State.

    The Oyo State government has declared zero tolerance for land-grabbing activities, including forceful entry, illegal occupation, and fraudulent practices. To achieve this, the government plans to establish a task force dedicated to tackling land grabbing.

    Speaking in Ibadan at the recognition and awards ceremony of the Hope Harriman Memorial Annual Secondary Schools Essay Competition, Adesanya, who was the Chief host, maintained that by working together, government and estate surveyors can create comprehensive solutions to the issue.

    According to him, effective collaboration will require open communication, mutual understanding, and a commitment to transparency. 

    He said with the combined expertise of estate surveyors and the government’s dedication to combating land grabbing, Oyo State can make significant progress in addressing this persistent problem

    He said land grabbing has become rampant in the state, particularly in Ibadan, becoming a vice in the ancient city.

    He noted NIESV members can only do little as far as land grabbing is concerned, saying as a professional body, they play only advisory roles towards ending the menance.

    He lamented the selling of lands is been mostly handled by non-professionals, with most of it leading to controversy and litigation.

    Read Also: NIESV Lagos branch hosts fellows

    “Government should always consult professionals when it comes to issue of land and landed property, government should call for roundtable dialogue with our members on ways to curb land-grabbers across the state,” he stressed.

    A lecturer at the Department of Estate Management, University of Ibadan, Dr. Adebola Adeyemo, urged students to invest in their future and allow passion guide their careers.

    Recipients of the awards include: Oloye Abdur-Rasaq Ajao (Distinguished Veteran Mentorship Award); Prof. Cyril Ajayi (Distinguished Professional Mentorship Award); ESV Suraju Yaya (Outstanding Trainer Mentorship Award); United Missionary Comprehensive College, Ibadan; Queens School, Ibadan; Oritamefa Baptist Model School and all Alumni of Harriman & Co.

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  • Wisdom Kwati Smart City sues Adamawa Mortgage Bank for ₦10b over joint venture dispute

    Wisdom Kwati Smart City sues Adamawa Mortgage Bank for ₦10b over joint venture dispute

    Abuja-based property development firm Wisdom Kwati Smart City Ltd. has filed a N10bn suit against Adamawa Mortgage Bank Ltd

     The legal action follows alleged breach in a joint venture agreement between the two parties for a 20.5-hectare property development in Sangere Village, Yola South, Adamawa State.

    The joint venture was established to transform the Sangere property into a large-scale residential development with work already underway and over N3.5 billion reportedly invested in the construction of over 200 housing units and estate’s infrastructure. 

    However, tensions arose when Adamawa Mortgage Bank allegedly withdrew from the agreement publicly. 

    In a statement on November 9, 2024, the bank warned prospective investors of the scheme: 

    “This is to inform the general public that Adamawa Mortgage Bank Ltd is not selling its land at Sangere-Wisdom Kwati Smart City. Anyone buying land at the property does so at his own risk. 

    “Take further notice that the bank has withdrawn from the joint venture agreement with Wisdom Kwati Smart City. Thank you. Signed Management.”

    Following the statement, Wisdom Kwati Smart City Ltd, led by Chairman Mr. Wisdom Kwati, filed for an interlocutory and interim injunction. 

    The lawsuit names Adamawa Mortgage Bank Ltd and its Managing Director, Dr. Noris Giscard Stanley, as defendants, alleging breach of contract and reputational harm caused by the bank’s public renouncement.

    On November 14, 2024, the High Court of Justice of Adamawa State issued an interim injunction, temporarily restraining the mortgage Bank from further actions related to the property until a resolution is reached. 

    The court ordered the defendants to respond to the claims and appear before the court within 30 days of receiving the summons.

    The implications of the contract dispute are significant given the stage of the project. According to representatives of Wisdom Kwati Smart City Ltd, the company has invested over ₦3.5 billion in construction and developmental costs  on over 200 buildings under construction at the site, of which over 50 units are at the finishing level of construction and infrastructural development well into the third phase of the company’s five-phase development plan.

    Read Also: Over 3,000 get free medical attention in Adamawa

    Industry observers suggest that a swift resolution of the dispute would be in the best interests of both parties and their investors, who rely on the stability of the joint venture to secure their investments. 

    The project, originally designed to develop 317 mixed housing units, is already well past its midpoint. 

    Wisdom Kwati Smart City Ltd has expressed commitment to seeing the project through to completion and ensuring that stakeholders are kept informed of any significant developments in the case. 

    Despite the legal steps taken, the real estate company has reportedly made several attempts to resolve the matter through dialogue. 

  • SON blames non-adherence to standards for building collapse

    SON blames non-adherence to standards for building collapse

    The Director-General, Standards Organization of Nigeria (SON), Ifeanyi Okeke yesterday blamed non adherence to standards and codes of practice in the construction process for the unfortunate cases of building collapses, endangering lives, loss of property and damaging public trust.

    He stated this at a one-day stakeholders forum on building industry in Abuja, adding that even though the country has made substantial progress, the complex issues of quality, durability, multiplicity of purpose and long-lasting sustainability, poor construction practices, quackery, unprofessionalism and inadequate or lack of proper soil testing will continue to be issues to be resolved.

    Okeke said the platform brings together industry experts, government representatives and private sector stakeholders to the same table, to consider different issues or ideas to closely and carefully learn nature and relationships.

    The building sector is fundamental to any nation’s growth, as it underpins economic development, societal stability and infrastructure expansion, he said.

    Read Also: Enough is enough

    The DG said SON cannot achieve these goals all alone. “We are committed to working with other government agencies, professional associations, industry leaders and international partners to evolve a cohesive approach to tackling quality and safety issues,” he said.

    The President, Council for the Regulation of Engineering in Nigeria (COREN) S.Z Abubakar encouraged SON to always engage stakeholders in its processes and urge all stakeholders including regulatory bodies, professional bodies, trade unions among others to cooperate with SON to ensure that the built environment’s codes and standards are robust.

  • Novarick Homes launches academy to empower 2m youths with real estate skills

    Novarick Homes launches academy to empower 2m youths with real estate skills

    In a significant step towards tackling youth unemployment and economic instability in Nigeria, Novarick Homes has launched the Novarick Academy, a platform aimed at training over two million young Nigerians in real estate sales, marketing and operations for free. 

    With the academy, Novarick Homes hopes to provide youths with practical skills that enable them to create new income streams and attain financial independence in today’s challenging economic climate.

    Noah Ibrahim, CEO of Novarick Homes, emphasised the broader purpose behind the initiative, saying, “Novarick Academy is more than just a training program—it’s about empowering young Nigerians to build real estate careers. 

    “In a country where job opportunities are limited, we’re providing young people with the tools they need to thrive. This program will impact lives in ways that go beyond real estate. 

    “We’re also preparing undergraduates from their final year, equipping them with practical skills to succeed in their careers and entrepreneurial ventures. And we’re doing all of this at no cost because we see it as our way of giving back to society.”

    The Novarick Academy has been structured to provide participants with foundational skills and the encouragement to launch their own ventures as realtors, cultivating a new generation of independent professionals. 

    Mrs. Imelda Olaoye, Chief Strategy Officer at Novarick Homes, spoke to this vision: “Our goal with Novarick Academy is not only to equip young Nigerians with real estate skills but also to inspire them to be resourceful and innovative. It’s about offering them a route to self-sufficiency in a sector with immense potential.”

    Read Also: Novarick Homes celebrates sixth anniversary, unveils new vision

    The academy began with the inaugural Superstar Realtor Masterclass, which commenced on November 4 and is scheduled to run until November 16. Subsequent sessions are planned to span two weeks each, providing in-depth and intensive training. 

    Novarick Homes has curated a list of respected professionals to facilitate the masterclass sessions, ensuring a high standard of education and practical insights. Facilitators include industry leaders like Collins Oforgu, CEO of Evaluate Media; Modupe Agbolahan, Chief Commercial Officer at BuyletLive; Igbinigie Adesuwa, CEO of PearlsHouze; and Endurance Imafidon, a renowned real estate coach, among others. 

    Upon completing each session, participants are awarded a certificate, a mark of their readiness to step into real estate with new credentials and knowledge.

    The academy’s impact will extend beyond Lagos, with plans to expand its reach across Nigeria to all 36 states. Chief Operations Officer, Temitayo Odogun, emphasised the inclusive approach of the initiative. 

    “Our starting point is Lagos, but our goal is to provide this opportunity nationwide. By bringing industry experts into these sessions, we’re setting a benchmark in real estate training and youth empowerment.”

    Novarick Homes aims to equip young Nigerians with the knowledge needed to succeed in real estate, from essential sales techniques to marketing and operational strategies. As participants gain valuable, actionable skills, Novarick Academy hopes to create lasting change in Nigeria’s real estate sector.

    Each graduate will receive certification, furthering their credentials and reinforcing Novarick’s dedication to building a skilled workforce capable of contributing meaningfully to the real estate industry.

  • Advent’s Hostel Project in LASU transforms Nigeria’s tertiary education through PPP

    Advent’s Hostel Project in LASU transforms Nigeria’s tertiary education through PPP

    Nigeria’s tertiary education sector has long faced a significant infrastructure deficit, particularly in student accommodation. With over 1.8 million students enrolled across 170 universities, many institutions struggle to provide adequate housing, often forcing students into unsafe and unsuitable living conditions. The National Universities Commission (NUC) reports an alarming average student-to-bed ratio of 15:1 in Nigerian universities, compared to a global average of 3:1.

    This lack of proper housing has strained the academic environment, negatively impacting student welfare and the overall university experience. However, Public-Private Partnerships (PPP) are emerging as a promising solution to bridge this gap, especially in public tertiary institutions where government budget constraints limit large-scale infrastructure investments.

    A prime example of this transformative approach is the Advent Lagos Hostel Purpose Built Student Accommodation (PBSA) project at Lagos State University (LASU). This initiative marks the university’s transition from a non-residential to a residential institution, creating a lasting impact on both the university and its student community.

    The project, a collaboration between the Lagos State Government (LASG), LASU, Advent Integrated Services Limited, and other partners, paves the way for robust and sustainable infrastructure development in Nigeria’s education sector. Recently completed, the 1,128-bed PBSA at LASU will significantly alleviate the student housing shortage and foster an environment conducive to academic excellence.

    The new hostel features a wide range of modern amenities, including furnished rooms with en-suite bathrooms, study and common areas, a launderette, convenience stores, cafeterias, recreational spaces, and internet connectivity. These offerings are designed to meet students’ daily needs, providing quality, secure, and comfortable living arrangements. Additionally, the facility includes eco-friendly features such as a biodigester system for waste management and reliable water access, aligning with several key United Nations Sustainable Development Goals (SDGs), including Goal 4 (Quality Education), Goal 6 (Clean Water and Sanitation), Goal 7 (Affordable and Clean Energy), and Goal 11 (Sustainable Cities and Communities).

    To ensure these sustainability objectives are met, the project was executed under a comprehensive Environmental and Social Management System (ESMS), guaranteeing that the hostel not only meets immediate student needs but also adheres to sustainable practices that offer long-term community benefits.

    The success of this project is also a testament to the supportive environment fostered by the Lagos State Government and LASU. The proactive approach of the Lagos State Government in facilitating private sector engagement in infrastructure development has been vital for the seamless collaboration between Advent and LASU. This partnership not only addresses the immediate need for student housing but also sets a precedent for future infrastructure projects across the state and nation, demonstrating how coordinated efforts can create sustainable solutions to Nigeria’s infrastructure challenges.

    As Nigeria’s tertiary institutions face increasing demands for infrastructure due to a rising youth population, traditional financing methods—often reliant on government allocations or costly loans—are proving inadequate. The high costs and limited flexibility of these traditional models can delay or halt essential projects. This project, funded by the Nigeria Infrastructure Debt Fund (NIDF), exemplifies the power of innovative financing. By leveraging resources from both the public and private sectors, the project utilized a sustainable funding model that circumvented typical financing bottlenecks, ensuring timely completion.

    This collaboration represents more than just a solution to student housing; it has significant implications for the broader economy through investments in critical infrastructure that positively impact student outcomes. Furthermore, the project creates employment opportunities and stimulates the local economy, signaling to potential investors the immense opportunities within Nigeria’s education sector. By adopting PPP strategies like this, public and private tertiary institutions can cultivate environments that not only enhance learning but also improve the overall student experience, fostering a generation of graduates prepared to tackle future challenges and drive economic growth.

    Advent Integrated Services Limited is an emerging infrastructure development company dedicated to addressing Nigeria’s critical infrastructure challenges. With a focus on creating innovative and sustainable solutions across various sectors, including education, healthcare, affordable housing, retail, and sports, Advent is at the forefront of driving meaningful change in the nation’s infrastructure landscape.

  • Banana Island sets benchmark in luxury living, says Sanwo-Olu

    Banana Island sets benchmark in luxury living, says Sanwo-Olu

    • Governor unveils new safety, luxury projects for residents

    Lagos State Governor Babajide Sanwo-Olu has said Banana Island is a standard setter in luxury living.

    The governor said this when he inaugurated a series of projects aimed at elevating the estate’s exclusivity and community standards.

    “Banana Island has set a benchmark in Lagos, not only for luxury living but for creating a secure and structured environment that epitomises the vision of a modern, thriving Lagos.

    Read Also: ‘Lakurawa’

    “Today’s projects are proof of the collective commitment of the residents and BIPORAL towards building a community that supports a high quality of life and security for its people,” said Sanwo-Olu.

    The governor inaugurated the projects in conjunction with the Banana Island Property Owners and Residents Association (BIPORAL).

    The grand ceremony, hosted by Banana Island’s outgoing Chairman Frank Aigbogun, celebrated the completion of an ultra-modern estate gate, a state-of-the-art administrative building, the Banana Island Boat Club, an advanced firefighting truck, two world-class tennis courts, and two AstroTurf football fields.

    Aigbogun, also remarked on the significance of the projects, stating; “Today marks a defining moment for Banana Island. These projects symbolise our resolve to build not just a residence, but a sanctuary that offers the finest amenities, while safeguarding our community.

    We thank our partners and the Lagos State Government for their unwavering support in realising this vision.”

    The newly elected Chairman, Ambassador Abidemi Oluwagbemiga Sonoiki, expressed his gratitude and his vision for the future of the estate.

    He said: “It is an honor to serve this prestigious community. As a newly elected Chairman, my commitment is to build on today’s achievements, continuously improve our facilities, and foster an environment where innovation, security, and quality of life converge seamlessly. I look forward to working with the residents and partners to drive further developments that will keep Banana Island at the pinnacle of luxury living.”

    Other important dignitaries who graced the occasion includes, Adeoye Oduroye; Executive Director Providus Bank, Olumide Odunuga; Head, General Services, First Bank, Jay Jay Okocha, Mrs Danjuma and other residents.

    The event concluded with a reception and a guided tour of the newly commissioned facilities, showcasing the estate’s commitment to both cutting-edge amenities and robust community infrastructure.

  • Fed Govt rolls out major initiatives for sustainable urban growth

    Fed Govt rolls out major initiatives for sustainable urban growth

    Housing and Urban Development Minister Ahmed Musa Dangiwa has unveiled a series of government-led initiatives to create sustainable, climate-resilient cities and affordable housing options for citizens to cushion the effect of rapid urbanisation across the country.

    Dangiwa unveiled the government’s plan during the national observance of a United Nations programme promoting sustainable urban development.

    The minister detailed strategic projects the Bola Ahmed Tinubu administration intended to execute to support Nigeria’s growing urban population.

    He said at the forefront of the plan is the “Renewed Hope Cities and Estates Programme” to deliver 50,000 housing units across 14 states in its first phase to address housing shortages and bolster urban infrastructure.

    Dangiwa also highlighted Nigeria’s collaboration with World Bank’s IFC EDGE Programme to integrate climate-smart practices into housing projects, a move designed to improve sustainability and energy efficiency.

    Read Also: ‘Lakurawa’

    The partnership, the minister said, is part of a broader government strategy to address environmental concerns and ensure that new developments align with global standards for green building.

    He announced the upcoming launch of the National Social Housing Fund, which aims to make home ownership accessible to low-income Nigerians and provide financial pathways for citizens who have been excluded from traditional housing markets.

    “We are committed to building cities that are inclusive, safe, and resilient. These initiatives reflect a dedication to urban policies that ensure affordable housing and climate-resilient communities,” Dangiwa said.

    The minister stressed the role of youths in this transformation, advising them to contribute to the planning and governance of future urban spaces.

    He also encouraged them to take an active part in creating urban areas that meet the needs of all citizens, underscoring the themes of this year’s Urban October: “Engaging Youth to Create a Better Urban Future” and “Youth Leading Climate Action for Cities”.

    Dangiwa restated the government’s commitment to tackling Nigeria’s urban challenges and ensuring that cities are prepared to support future generations by focusing on sustainable housing solutions and involving the youth.

  • Ewuzie champions affordable homes at Lagos Trade Fair with Bukasin Estate

    Ewuzie champions affordable homes at Lagos Trade Fair with Bukasin Estate

    The Lagos International Trade Fair, one of Nigeria’s premier trade exhibitions, once again gathered thousands to showcase innovation, entrepreneurship, and lucrative investment opportunities.

    This year, a notable highlight was the showcase by Bukasin Unique Estate, a prominent real estate subsidiary of Bukasin Unique Services and Investment Limited.

    Under the leadership of CEO Ebuka Ewuzie, Bukasin Unique Estate presented a fresh approach to luxury living intertwined with sustainability in Nigeria’s booming real estate sector.

    Bukasin Unique Estate offered an array of property options at the event, spanning from residential and commercial plots strategically located near major economic hubs to agricultural farmland.

    This variety enables investors to pursue ventures across real estate and agriculture, reflecting the firm’s dedication to versatility and value.

    CEO Ebuka Ewuzie emphasised the estate’s commitment to future-forward, sustainable living. “We are thrilled to showcase a broad portfolio of residential options,” Ewuzie stated.

    “Our elegant apartments and spacious family homes are crafted with sustainability in mind, integrating energy-efficient systems, sustainable building materials, and green spaces designed to foster biodiversity,” he said. 

    Read Also: Family remembers ex-director of estate, valuation 

    Ewuzie further highlighted that the firm’s representatives would walk visitors through their projects, underlining Bukasin Unique Estate’s emphasis on eco-friendly design and thoughtful urban planning.

    The trade fair not only served as a platform to showcase the estate’s offerings but also facilitated dynamic discussions on the future of Nigerian urban development. Bukasin Unique Estate’s team, comprised of architects, environmental consultants, and urban planners, provided insights into building vibrant, livable communities.

    Through interactive presentations, they explored how modern urban planning could address both Nigeria’s housing needs and the global shift towards sustainability.

    Bukasin Unique Estate has also taken a proactive role in fostering community relationships. The firm has initiated outreach programs aimed at building trust with local stakeholders and ensuring that its developments meet the needs of the surrounding communities.

    These initiatives have made Bukasin Unique Estate a trusted name among Nigerian homeowners and investors alike.

    The response to Bukasin’s showcase at the fair was overwhelmingly positive, with investors expressing keen interest in the estate’s projects, particularly as demand for high-quality housing surges across Nigeria.

    Several attendees who visited Bukasin Unique Estate’s booth lauded the quality of construction, community ambiance, and extensive amenities, further affirming the estate’s commitment to excellence.

    Bukasin Unique Estate’s impactful participation at the Lagos International Trade Fair has reaffirmed its standing as a frontrunner in Nigeria’s real estate industry.

    Through a strategic blend of sustainability, customer-centricity, and innovative design, CEO Ebuka Ewuzie and his team are not only building homes but also setting new standards for community-focused urban development in Lagos and beyond.

  • Infrastructure renewal firm, LASU, others partner to deliver hostels

    Infrastructure renewal firm, LASU, others partner to deliver hostels

    Advent Integrated Services Ltd, an infrastructure renewal and development firm, has partnered with the Lagos State Government, Lagos State University (LASU), and other stakeholders through a Public Private Partnership (PPP) initiative to complete a new 1,128-bed Purpose Built Student Accommodation (PBSA) at LASU.

    The hostels aim to meet the pressing housing needs of students and facilitate the university’s transition to a more residential model.

    Goke Dokun, Managing Director of Advent Integrated Services Ltd, emphasized that this partnership was crucial for addressing the housing shortage while fostering an environment conducive to academic success. He noted that the facilities are meticulously designed to meet students’ daily needs, ensuring quality, secure, and comfortable living spaces.

    The newly finished hostels boast modern amenities, including furnished rooms with en-suite bathrooms, study and common areas, a launderette, convenience stores, cafeterias, recreational spaces, and internet access.

    Dokun, highlighted that the project aims not only to enhance learning but also to improve the overall student experience, preparing graduates to tackle future challenges and contribute to economic growth.

    Read Also: Tinubu tasks universities on research that ‘ll fast-track national development

    “The facility incorporates eco-friendly features such as a biodigester system for waste management and reliable water supply, aligning with key United Nations Sustainable Development Goals (SDGs), including Quality Education (Goal 4), Clean Water and Sanitation (Goal 6), Affordable and Clean Energy (Goal 7), and Sustainable Cities and Communities (Goal 11),” he stated.

    Mr. Dokun credited the project’s success to the Lagos State Government’s proactive engagement with the private sector in infrastructure development. He noted that the project, funded by the Nigeria Infrastructure Debt Fund (NIDF), utilized a sustainable financing model that overcame typical funding challenges, ensuring timely completion.

    University sources praised the collaboration for addressing long-standing accommodation issues and enhancing student welfare and overall experience.

    Members of the university community expressed their gratitude to all partners involved, highlighting the project’s adherence to robust Environmental and Social Management practices, which ensure that the hostels meet immediate needs while promoting long-term community benefits. They believe it will significantly alleviate the student housing crisis and foster an environment that supports academic excellence.

    Nigeria’s higher education sector has long faced infrastructure deficits, particularly in student accommodation. With over 1.8 million students enrolled in 170 universities, many institutions struggle to provide adequate housing, often leaving students in unsafe or unsuitable living conditions. The National Universities Commission (NUC) reports an average student-to-bed ratio of 15:1 in Nigerian universities, compared to a global average of 3:1.