Category: Property

  • Expert urges students to find specialisation in real estate practice

    Expert urges students to find specialisation in real estate practice

    The Principal Partner and Chief Executive Officer of Nuel Mark Partnership, a firm of estate surveyors and valuers, Emmanuel Mark, has advised real estate students to select and focus on a specialised field of the profession.

    He said this while speaking at an orientation program organized for students of the Real Estate Department, University of Benin.

    According to Mark, specializing in an aspect of the real estate field would help the students to build deeper knowledge and distinguish them in that aspect of real estate practice.

    He said: “Specializing may help you succeed as an estate surveyor and valuer in a big way. Focusing on a certain field of the profession allows you to build a deeper knowledge that distinguishes you. Specialization enables you to better service your clients’ demands, establish a solid reputation, and charge greater fees.

    “It is critical to choose a specialty that corresponds to your interests and abilities. However, although specialization may be advantageous, having a solid fundamental grasp of broad real estate/ valuation principles is equally essential for flexibility and adaptability.”

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    A fellow of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) and Rights of Way specialist, Mark encouraged the students to sharpen their passion for the profession, develop good communication skills and their knowledge of the real estate market.

    He also emphasized that excellent listening and judgment skills and seeking a good mentorship were needed for them to succeed in real estate.

    He said: “Another virtue you would need in your real estate practice is perseverance. Successful estate surveyors know how to persevere. The real estate profession is a challenging field. The practice of estate surveying and valuation can be one of the most rewarding and learning careers, but it’s also a lot of work.

    “Success requires effort. There will be difficult days you may be stuck dealing with a difficult client making life unnecessarily hard. What sets successful Estate surveyors apart from ordinary Estate surveyors is that they know how to persevere through the challenging times to get the rewarding moments that make it all worthwhile.”

    Earlier, Mark took time to educate the students about NIESV and the Estate Valuation and Registration Board of Nigeria (ESVARBON) and their relevance to the real estate industry.

    He advised the students to attach themselves to a real estate organization, attend NIESV conferences, workshops, seminars and register as probationers with NIESV and ensure they take professional examinations whenever they have acquired enough practical experience.

  • Estate firm opens new HQ office

    Estate firm opens new HQ office

    • By, Olusegun Raphael

    Reftop Homes Limited, Real Estate firms, has launched its new headquarters office in Emperor Estate, Sangotedo, Lekki-Epe, Lagos, Nigeria.

    The ribbon-cutting ceremony was attended by distinguished guests like Hon. Sesi Whingan member Federal House of Representative Badagry Constituency; Hon. Solomon Saanu Bonu Lagos House of Assembly representing Badagry Constituency 1; Hon Omobolaji Ogunlende Former SA to the Lagos Governor Babajide Sanwo-Olu; Dr Niyi Adesanya Fifth Gear Plus all of whom witnessed the unveiling of a state-of-the-art facility that reflects the vision of the organization .

    While highlighting the company’s journey from its humble beginnings to its current position in the Real Estate industry, the MD/CEO of Reftop Homes Limited, Mr David Asogba expressed gratitude towards everyone who played a role in making this achievement possible, emphasizing the hard work of the dedicated employees and the unwavering support of the clients and stakeholders.

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    He stated that the new office space, situated in the heart of the city, is not just an office but an embodiment of Reftop Homes Limited core values which is called IMPACT: I- Integrity, M- Mind-blowing Services, P- Passion for Excellence, A- Apt Communication, C- Client-centric, T- Team Collaboration.

    Mrs Funmilayo Asogba, the Executive Director of Reftop Homes Limited, while appreciating all the attendees for their support also stated that the Organization is ready to change the narrative in the commercial Real Estate space as it will provide a vibrant and supportive environment that fosters innovation, networking and growth.

  • Wanted: 21tr to bridge 28m housing gap

    Wanted: 21tr to bridge 28m housing gap

    Nigeria has a 28 million housing gap. According to the United Nations-Habitat, everyone has a right to housing. Assistant Editor OKWY IROEGBU-CHIKEZIE examines how the country can meet the UN-Habitat target on housing.

    Housing, a basic need, ensures the safety and security of an individual or family. Acccording to the UN-Habitat, everyone has the fundamental right to housing. But there are not enough houses for all, which has created a problem in urban areas in the country.

     From statistics gathered, the housing deficit is put at 28 million, but experts say it is likely the gap may have widened beyond the quoted figures.

    For them, to bridge the gap, the real estate sector would need an investment of over N21 trillion to build sufficient houses to catch up with growth rate of the Nigerian population, which has been growing by 3.2 per cent yearly. It is estimated that the population has hit 242 million from 140 million in 2006, based on the census estimate that year.

    According to them, housing deficiency also grew from seven million in 1991 to 28 million, leading to overcrowded and obsolete housing infrastructure in cities.

    Against this backdrop, the experts say there is a need to tweak some agencies, such as the Federal Mortgage Bank of Nigeria (FMBN) and Federal Housing Authority (FHA), which are instrumental to massive home development, especially for the low-to-middle income strata

    However, some schools of thought believe that paucity of credit to the real estate and construction sector has been the bane of the sector, a direct cause of the housing deficiency.

    The Managing Director, Legrande Property Development Company Limited, which owns Alexandra Courts Coastal City, Ibeju, Lekki, Lagos, John Babajide Durojaiye, said the housing shortage had become complex.

    He words: “The causes of the growing housing shortage range from simple problems to complex ones. In 1991, mortgage inefficiency was the sole cause of the housing shortage in the country. Over the years, while this remained, other factors pulled their weight to create a more complex problem. These additional factors are urban expansion, over population, slum demolition, increased poverty, urban migration, cost of fund, land grabbers syndrome and other factors.”

    Calling for increased investment in the real sector, Durojaiye said it would not only reduce the housing deficit, but also contribute significantly to the Gross Domestic Product (GDP). Quoting the National Bureau of Statistics (NBS) and Dataphte, he said the analysis shows that the sector’s contribution to the GDP has been above 10 per cent for the last eight years.

    More so, its contribution has increased over time to about 17.3 per cent in 2022, he said. Durojaiye recalled that over the period, the least contribution was 11.3 per cent recorded in 2017.  He said: “The housing sector’s contribution implies that more social investment in the housing sector would not only contribute more to the country’s GDP, but also reduce the housing deficit.”

     On how he is contributing to solving the housing deficit, he stated that his firm is doing that by building habitable estates within sphere of operation and target market and also seeking ways wherein their subscribers would be able to purchase these units without breaking the bank.

      Furthermore, he asked the government to make provision for adequate financing plans for developers at an affordable rate to enable them to provide affordable housing.

      Durojaiye said: “The government should instruct banks to provide a mortgage system that would make way for an easy payment system.

      “Also, once a developer wants to build and the bank can certify that the developer has a good document, the bank can then go ahead to finance the developer to produce houses at a very good rate. And once the developer is building, he or she would be introducing all the off-takers to the bank, and once the project is completed, the bank can then pay the developer off, it then becomes the property of the bank. Pursuant to this, the bank can then distribute the off-takers or subscribers who would then be making payments on a monthly basis in the capacity of their salary.”

      He further called on the government to collaborate with the private sector and increase housing investments, stating that there was the need for the same number of units to cater to the population.

    Durojaiye raised the alarm on a rising trend in Lagos State where low and middle-income earners are relocating to boundary states because of high rent, land, and construction. He said if left unchecked, only the rich would build and rent houses in Lagos by 2030.

     He said:” If this collaboration is not made now, you will find out that by 2027, rent may skyrocket to N7 million. The low-income group should not be allowed to be pushed out of Lagos, hence the need for governments to collaborate with the private sector to provide affordable units.

     “The government needs to quickly intervene in the rising cost of building materials in the country as well as address other factors affecting affordable housing delivery. However, Legrande Properties Development Company is in partnership with both federal and Lagos State governments.”

      ”The interest rate on any mortgage is double-digit, and it is around 30 per cent. It is only a ritualist or a fraudster that can take a mortgage with that kind of high interest. The institution here is not like we have it abroad, where they get a single-digit interest rate.

     “It is true that the Federal Government-owned mortgage institutions charge six per cent interest. For other mortgages, you cannot get anything less than 18 per cent, which does not allow the mortgage system to thrive. Also, most mortgage institutions do not do long-term lending. They only do five years maximum because they want their money back as fast as possible because the longer loans are with Nigerians, the more difficult it would be to get them back.”

     He advocated that the interest rate should be reduced drastically and mortgages linked to salary accounts.

    Durojaiye  also urged the government to beam a search light on the financials sector and come up with laws that can regulate them. He wondered how a sector only gives short-term loans without investing in the true sense in any sector.

     On the high cost of building materials, he said if the government did not intervene, the price of cement would reach N7, 000 by next year. He wondered why the government would keep quiet while a few individuals make huge gains at the expense of the nation.  He urged the government to crash the high price of cement, granite and.

    Reacting to why most indigenous developers prefer foreign fitting and finishing materials, he said he would use materials without warranty. He urged regulatory authorities to ensure that building materials coming into the country or manufactured locally have a quality seal, to encourage people who build thousands of houses yearly to use them.

     The Company Secretary, Legrande Properties Limited, Mr. Blessed Amiolemen, said at the yearly average rate of N7.47 trillion credit to the real estate sector, it would take three years to provide 28 million housing units for the population, if the population remains unchanged over the period.

    He urged the government to ensure easier access to funding to assist developers, and ensure that they work on low interest rates, while subscribers should repay the National Housing Fund (NHF) loans and not see them as a national cake.

    Amiolemen said the firm was poised to bridge the housing gap with 5,000 affordable housing units, taking into consideration quality structures in line with building codes.

    On land titling and documentation, he said they were critical in any housing project. He regretted that prospective property owners were duped because they did not have information on the particular land they purchased. He canvassed the need for government to tinker with the Land Use Act for people to have needed information before buying land.

    Family Homes Funds Limited (FHFL) a Special Purpose Vehicle (SPV), is Nigeria’s largest supporter of affordable housing. It has completed over 14,000 homes across 12 states, with over 10,000 homes in the pipeline.

    Family Homes Funds, established by the Federal Government, provides affordable housing. It is pushing the government’s mission to deliver up to 300,000 new homes for  vulnerable groups, including the elderly and disabled persons.

    Recently, FHFL and Gombe State Government commenced construction of of 600 homes in the state.

    Upon completion, the project will create affordable home ownership for families on low-income including civil servants, market women, artisans, and other groups of marginalised people with great need for housing.

    FHFL Managing Director Femi Adewole,  a consultant urban economist, has a range of facilities, including healthcare centres, schools, markets, and recreation areas. The project will provide comfort and security for residents.

    It will furthermore create at least 2,200 jobs (professional, skilled, and unskilled workers).

    On the development, the Adewole said:  ‘’This programme is being implemented under the National Mass Housing Programme, an initiative of the Federal Government to improve the quality of life of Nigerians on low income and create much needed jobs for local people. We are delighted to be collaborating with Gombe State Government to help 600 families own their homes at a price they can afford. We continue to seek partnership with other State Governments and private developers to ensure equitable spread of the programme.’’

    As a result of many militating factors, including poor funding, most states face challenges with adequate and affordable housing for much of the low-income population.

    He said the 14,000 homes across 12 states have created over  80,000 direct and indirect jobs, attracting businesses to the areas, and building wealth.

  • How Diasporans can benefits at Rayfield Gardens City Estate

    How Diasporans can benefits at Rayfield Gardens City Estate

    Fendini Homes, developer of Rayfied Gardens City Estate, Ibadan has told intending property owners in Diaspora the benefits of subscribing to the housing project.

    He said the estate, located at Christopher Adebayo Alao Akala GRA Ibadan, is opened to all intending property owners in the Diaspora, adding that they can buy or invest in the ongoing off-plan offer, or subscribe into the Sub-Developer’s scheme of the project.

    A statement by the Chief Executive Officer (CEO) of Fedini Homes, Prince Laja Adeoye, noted that intending owners can invest in mileage for their desired home types, be it Bungalow, Duplex, Terraces or they can even take up units in project and development them. 

    The statement stated that one of the advantages of keying directly into the project from wherever subscribers are all over the world is they can monitor the progress of their projects online-real time, without anyone, or contractor shortchanging them. 

    According to the statement: “Real Estate has evolved with technology in place, it is the safest and most secured investment for anyone at every point in time now, the world is now a global village, where technology has made it possible to know what is going on anywhere around the world, not minding the distance or being physically absent.”

    “Those who wants to subscribe to the project can contact their company directly via information available on their website. 

    “A simple Google search for Rayfield Gardens City Estate can show you the project progress and updates, and that way, you can get to know how to key into the project without stress, we have our subscribers form on the website, that can be downloaded and scanned to our company via email and with that, the transaction can kick off.

    “When you go to places like Lagos, you’ll see Estates and Mini Cities like Banana Island, Victoria Gardens City and etc, also when you come to Ibadan, Rayfield Gardens City Estate will also give you the look and feel of such A Class Estate, where subscribers can enjoy mouth watering modern infrastructures in their beautiful homes.”

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    “We painstakingly designed a functional Estate where our roads are paved, while some are pure concrete roads, meaning that whenever you are in the Estate, you will enjoy a smooth ride without any potholes.”

    “We have also started to Install our Street lights, which are 100% Solar (Renewable Energy). Meaning that at every point, there will always be light in the Estate.”

    “Not only that, the entire Estate is green, meaning that carbon emissions will be tending towards Zero, which improves living conditions of the residents.”

    “The Estate is going to be manned by professional security operatives in addition to the use of technology such as 24/7 surveillance cameras, treated and piped water to all homes.”

    “There is no better time to subscribe or invest than now, because our focus is to develop an A Class Real Estate in Ibadan so that those who desire it can enjoy smart homes, technology, beautiful, secured environment and world class Infrastructures.”

  • Shortlet apartments firm states commitment to quality, affordable homes

    Shortlet apartments firm states commitment to quality, affordable homes

    Executive Director of Ekolux Homes, Oyetunji Idris Alabi has said the firm was committed to offering its clients affordable and quality homes.

    Ekolux Homes is a real estate company that deals in luxury but affordable homes and apartments in Lagos.

    It also deals in shortlet apartment rentals, property management and sales.

    He said: “We offer a wide range of luxurious and affordable apartments for short and long stay, Be it for vacation, relaxation, house party, games night, birthdays, or get-together, our team of professionals provide you with the perfect place for you and your guests to have a relaxing experience. Moreover, we have the best bedroom apartments in Lagos.

    “We offer expertise and personalised techniques of managing properties, and the management concept is founded on professionalism, integrity, accountability, and quality service that guarantees the maximum return from your investment, while maintaining property at the highest standards to attract the best guests possible.”

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    The Lagos-based entrepreneur also said there are provisions and sales of luxurious and affordable properties to meet the standards of clients without compromising quality.

    “We offer property management services for residential properties in Lagos and our company has quality years of experience in the property management business.

    “We safeguard investment by keeping property attractive through well detailed maintenance to maximise clients’ income and we are committed to enhancing asset value and providing clients with all that is needed to fully maximise the financial potential of their rental properties.

    Additionally, we are into repair, maintenance, property marketing, among others,” he added.

  • Realtor Adeyemo hails Tinubu over N125bn MSMEs facility, others

    Realtor Adeyemo hails Tinubu over N125bn MSMEs facility, others

    A real estate practitioner, Dr. Babatunde Adeyemo, has hailed President Bola Tinubu‘s palliative framework for easing the hardships associated with fuel subsidy removal, boost manufacturing and rejig the economy.

    He urged him to pay attention to its implementation to ensure success of the intervention.

    Describing the proposed N75billion credit facility for 75 enterprises and the cumulative N125billion for Micro, Small and Medium Enterprises (MSMEs) at 9 % interest per annum as “excellent” and “commendable,” Adeyemo urged  President Tinubu to be meticulous with the implementation process and monitor it diligently lest the intended beneficiaries take the funds as their own portion of the  ‘national cake’ and scuttle the good intention.

    The realtor, who is the CEO of Pelican Valley Nigeria Limited, a foremost real estate firm, spoke in Abeokuta, the Ogun State capital, when he received the President of the Yoruba Youth Assembly(YYA), Hon. Olarinde Thomas and members of the Coordinating team.

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    The socio-ethnic and cultural group paid Adeyemo a courtesy visit. 

    The body also bestowed him the  ‘Yoruba Youth Humanitarian Icon’ of the Year 2023 award for his passion for youth empowerment, vulnerable ones and community based service projects through his Oko Opo Foundation, a Non – Governmental Organisation.

    He specifically advised Tinubu to inject young minds and people of integrity into his team to help drive his vision for Nigerians, implement, monitor and evaluate the palliative measures to ensure success.

    He commended YYA for the award, saying the group is charting a new and better narrative regarding the way Yoruba treat their heroes and heroines.

    Noting that the award serves as a “springboard” for him  to do more for humanity, especially the weak and vulnerable, he lamented that the Yoruba ethnic group rarely celebrate their heroes, saying they would rather try to pull them down with criticisms and condemnations.

    He cited the late politicians and leaders – Chief Obafemi Awolowo and chief MKO Abiola’, who he noted, were highly criticized by their people despite the huge sacrifices both made separately for the betterment of the race and its unborn generations.

    He urged the Yoruba youths to embrace integrity, patience, perseverance, enterprising spirit and avoid get rich quick impulses, saying if he could succeed as real estate player on the crest of integrity, hardwork, diligence and buying time, every other youth having integrity as his banner,  would succeed in Nigeria.

    Speaking earlier, the President of YYA, Hon Olarinde Thomas said the group found Adeyemo worthy of the honour and described him as a quintessential, pragmatic, visionary and exceptional leader and individual as palpably proven in his real estate practice.

  • Sardius homes push for 25,000 serviced plots

    Sardius homes push for 25,000 serviced plots

    Sardius homes has launched its two hectares serviced plots of land in the Guzape II district of the Federal Capital Territory (FCT).

    The serviced plots which Gtex, owners of Sardius homes launched, is being sold for N80 million which Sardius homes says is a far cry from Guzape I where similar plots are sold for N300m.

    Chief Executive Officer (CEO) Gtex homes, Martha Onsachi, said the company plans to provide 25,000 luxury service plots in all 36 states in the federation.

    She said the company makes sure it gives people that cannot afford to pay outrightly a payment plan, with a flexible payment plan to enable them own lands in their properties.

    According to her: “We attract luxury and it is one of our strategies to always make sure we go into strategic locations that would attract the right set of people. Right now Guzape 1 is selling for N300 million but here in Guzape 2 we brought something that would help even the middle class on a land and here with N80m or N40m one can own a plot here.

    “The plan is for us to own 25,000 luxury service plots across the 36 states in Nigeria, by doing this we go into prime locations like this Guzape to make sure we buy a property that can help bring about the vision of being the largest developers come 2035. We buy the properties and make sure we give people that cannot afford to pay outrightly a payment plan, we give a flexible payment plan to enable them.

    “We are 15 years now and have assisted 10,000 Nigerians mostly those in diaspora. We have all heard stories of Nigerians know diaspora who send money to relatives back home to get them properties but such relatives end up not doing it but by investing with us, our clients outside the country can be rest assured of what they are paying for, which is why GTex real estate company is here to help people change that narrative.

    “Apart from this property, we own a property in Kurudu, about 25 hectares of serviced plots that we launched two years ago and it is almost sold out. We have also done same in Lugbe where we have also been sold out. We have done it in Lagos, Ibadan and this is the third location in Guzape.

    “When we started, we had a marathon sales where we gave people the opportunity to invest at a payment plan of N10m and people invested and now the price is at N80m. The property would include a mail, school and recreational center and development has already started in the area”

    Surveyor of the site, Agada Harrison, said the Guzape II layout is set on two hectares of land and is made up of 38 plots, he said the plan is to have 24/7 power supply with renewable energy, including state of the art security systems; well-planned roads network; and great landscaping and the all-inclusive estate will have facilities to ease livelihoods.

    The unveilingn ceremony brought together investors, marketers, realtors, who were given a presentation of the estate’s layout.

  • Revisiting Abuja master plan

    Revisiting Abuja master plan

    Experts, among whom is Human Settlement Officer, Anglophone West Africa and Manager Africa Urban, Omoayena Odunbaku, an urban planner, have have the government to initiate action on spatial planning of human settlements, to forestall distortions as in Abuja, and to ensure sustainable development, peace, security, productivity and increased revenue. Assistant Editor OKWY IROEGBU-CHIKEZIE reports

    Abuja is the capital and second most populous city of Nigeria as at 2016, after Lagos. Situated at the centre of the country within the Federal Capital Territory (FCT), it is a planned city built mainly in the 1980s based on a master plan by the International Planning Associates (IPA), a consortium of three American planning and architecture firms. Its Central Business District was designed by Japanese architect Kenzo Tange. It replaced Lagos, the country’s most-populous city, as the capital on December 12, 1991. It is known as a purpose-built capital with a well-defined master plan.

    Though it started as a well-planned city,  over the years, the master plan has gradually been distorted beyond recognition by unregulated developers and developments. Also, many slums have sprung up across the Federal Capital City, ruining its spatial space, planning and aesthetics as many ministers after Nasir el Rufai (1997-2007), failed to enforce adherence to the master plan.

    Throughout el Rufai’s eight-year tenure, he  religiously adhered to the master plan and enforced it. This led him to incur the wrath of the rich and the poor but he was unfazed in his determination to ensure Abuja remained as planned.

    Unfortunately, after he left office, subsequent ministers could not adhere to the master plan, leading to the springing up of unplanned spaces  and influx of people into the city. Thus, the planned city of Abuja as we knew is no more. It has become a shadow of its self, overrun by millions as against its population of 776,298 in 2006.

    Against this backdrop, experts are canvassing the revisiting of the master plan and initiation of a deliberate action on spatial planning on all levels across the country.

    Chief among them is the Human Settlement Officer, Anglophone West Africa and Manager Africa Urban, Omoayena Odunbaku.  She said there was a need for the current administration to initiate action on spatial planning to ensure sustainable development, peace, security, and increased revenue

    Spatial planning, she said analyses various demands, conflicts and opportunities at a certain level in order to identify concepts, solutions and strategies for planning and design implementation.

    Odunbaku further explained that spatial planning deals with the arrangement and development of living, working and environment conditions at all levels. These range from the built environment and residential quarters to the urban district, the city, the region, the state and federal and even the international levels, she said.

    She decried the distortion of the Abuja master plan, canvassing the integration of spatial planning into national development. Odunbaku said it would be very strategic to allow an organic restructure of the space.

    Given the distortion of Abuja and other master plans across the country, she called on the government to review the Urban and Regional Planning Law of 1992 and follow it up with empowering Local Government Planning Authorities to enable them perform their roles.

    “There has to be an aggressive capacity development and capacity building to cater for the deficit of urban planning professionals and also improve on the quality of built environment professionals to be able to identify potentials and integrate the nexus of urban centres,” she stated.

    On how the National Urban Development Policy can be harnessed, Odunbaku said it was tantamount to harnessing urban dividends. She said the policy was  prepared under the umbrella of multiple crises and shocks that have unfolded since 2016, and would likely continue throughout its duration.

    Her words: “All the crises demand their own solutions; but they are all inextricably linked to urbanisation in one way or another. Understanding these linkages will contribute to their solutions.”

    She said from her experience as a human settlements officer at the UN-Habitat, she would recommend fostering strong partnerships with local stakeholders, governments, and international organisations. Strengthening linkages and information flow between UN-Habitat and local partners in Nigeria, Ghana, Liberia, Sierra Leone, and the Gambia was a key aspect of my work.

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    Odunbaku stressed that through collaboration, we could develop national and regional urban forums and formulate effective Habitat Country Program Documents (HCPDs) that address the specific needs of different regions.

    On the importance of urbanisation to our economic growth and national development, she said it allows for the concentration of goods and services in a particular area thus, reducing infrastructural development and transaction cost, spurs innovation, attracts investments, provides jobs and livelihood.

    She also stated that it also provides a platform for specialisation of purpose, connects markets and is crucial to reducing poverty if planned and sustainable. She lamented that, however, what we have experienced in most developing countries is unplanned urbanisation which is characterised by chaos, squalor, unpleasing optics, crime, delinquency, overstretched infrastructure, traffic congestion, and housing deficit, among others.

    She stressed that to harness the potential benefits of urbanisation, Nigeria needed to focus on effective urban planning, infrastructure development, and social programmes to improve the quality of life for its citizens and achieve balanced economic growth across the nation.

    Also, urban centres, such as Lagos, Abuja, and Port Harcourt, play critical roles as hubs for commerce, finance, and services. They attract local and foreign investments, driving economic development and contributing to the  GDP, she said.

    Explaining further, she said Lagos accounted for over half of the contribution to the nation’s GDP and revenue. If spatial planning and sustainable urbanisation are integrated into national development, there will be a deliberate effort to redistribute urban centres and reduce the pressure on selected urban centres in Abuja and Lagos.

    On how her office has been driving this cause across West Africa, particularly Nigeria, she said:  “We have facilitated the process of national urban Policies in all anglophone West African countries except the Gambia. There are ongoing projects to design and implement the Aba and Ado Ekiti spatial plans. Previously, UN-Habitat had engaged in several spatial pans in Kogi, Osun and Anambra. Specifically, there is a deliberate departure from previous practices with regards to the collaboration between UN-Habitat and the Federal Government of Nigeria; UN-Habitat has adopted an enhanced focus on project development and implementation, which would offer greater opportunities for achieving the agency’s mandate and the government’s objectives through demonstration of its normative and programming best practices and tools.

    “Currently, we are supporting the implementation of spatial development strategy for the Sahel (SDSS), a proactive approach to security, facilitation of the endorsement of the NUDP and capacity building/development of relevant staff of the Federal Ministry of Works and Housing, amongst others”.

    On what can militate against the success of urbanisation in Nigeria, if the right plans are not put in place at the national and state level, Odunbaku said urbanisation is a trend.

    Her words: “Urbanisation in Nigeria has been very organic; hence, the skewed development across the six geo-political zones, the government must assume a unique role of the enabler. The national interstate and inter-region transportation and spatial plans need to be based on an analysis of the strengths and weaknesses of the states and regions. Food baskets, industrial hubs, knowledge zones, etc have to be linked deliberately at the national level while the state and local government deal with intricacies.”

    The urban planner pushed for the revisiting the Abuja master plan to restore the city to its former glory. She advocated the enforcement of spatial planning across the continent, particularly Nigeria, stressing that if spatial planning was maintained in Abuja, it would have been one of the best capital city on the continent

    Recently, the Nigerian Institute of Town Planners (NITP) through its President, Luka Bulu Achi, said the implementation of the Abuja master plan had been a major challenge as past administrations allowed it to be distorted.

    According to him: “The barracks are not supposed to be where they are. Those areas were supposed to be buffer zones. Even the dam that should supply water to the city has been blocked. They have changed the entire concept.

    “The area you call Asokoro is not supposed to be there. Everybody wants to live in Maitama or Asokoro. These are the changes that past leaders kept introducing without the review of the master plan. In the 90s, a workshop was held to review what has happened. We did a lot and that was where it ended. Subsequently, El-Rufai came and said look, we need to reverse what has happened, it created another crisis.”

    Achi, who called for the review of the Abuja master plan, pointed out that the FCT  was designed to accommodate about 3.5 million people but that the city now has over 6.5 million inhabitants.

    Many of the experts maintained that Abuja was at its best when El rufai was the minister as he dared the high and mighty and demolished their houses; the poor too suffered the same fate for building in unapproved places as people surged into the Federal Capital Territory for jobs and living.

    It is generally believed that after el Rufai, distortion of the city continued. But it seems city officials have learnt their and are trying to reverse the trend by starting from where el Rufai stopped.

    A few weeks ago, the Federal Capital Territory Administration (FCTA) reclaimed over 500 plots in Gishiri in the Katampe District from people claiming to be owners.

    This was made known by the Deputy Director, Monitoring and Inspection, FCT Department of Development Control, Hassan Ogbole, during the ongoing clean-up operation in Gishiri.

    He claimed that in order to restore normalcy, unlawful buildings and shanties in the region had to be demolished since they distorted affecting the Abuja master plan.

    His words: “This is our third time coming to Gishiri in continuation of the city clean-up exercise to restore the Abuja master plan. Gishiri is a traditional name but the area is Katampe District. We have recovered over 500 plots of land from individuals.

    “We  are concerned with recovering plots taken over illegally by some persons for different purposes, to restore the Abuja master plan”

    “The genuine owners of the plots are to commence work immediately to stop the return of illegal structures. Individuals that are allottees of the plots should take them over immediately to avoid new illegal developments, let the owners come in and start developing”, he added.

    Meanwhile, the Deputy Director, Monitoring and Enforcement (AEPB) Mr. Kaka Bello, said the board was supporting the demolition to sustain mopping up of unauthorised activities,

    “Anything that is contrary to the standard would not be allowed. We will keep the fight against environmental nuisances till the right thing is done”.

    However, the Secretary, Command And Control, FCTA Department of Security, Mr. Peter Olumuji, said the administrationwais concerned with having a secure environment for the residents, and would not allow illegal structures to thrive.

     “Allowing illegal structures to remain, will continue to provide ground for criminals to exist, we can’t leave such structures that will become safe haven for bad eggs. We had such an experience in Gishiri in the past.

    “Removing the illegal structures will make criminals not have a place to hide and carry out their evil activities, especially at night,” Olumiji said.

    The distortion of cities and town is not only in Abuja but in other major cities such as Lagos, Port Harcourt, and Kano, among others.

    The experts all agreed that to ensure the sanctity of master plans spatial planning was inevitable.

  • Developers battle high costs, fuel price hike

    Developers battle high costs, fuel price hike

    Construction is at its lowest during rainy seasons, which should translate to cheaper building materials. Incidentally, the prices of building materials, especially cement, have skyrocketed by over 70 per cent. Buyers are accusing marketers and distributors of hiking prices, in addition to listing other factors responsible for the hikes, reports OKWY IROEGBU-CHIKEZIE

    The price of cement in Nigeria has increased recently due to a combination of factors, especially the fuel subsidy removal and depreciation of the Naira that is in the margin of N800 to a dollar. The International Monetary Fund (IMF), in a statement, lamented that strong dollar was decreasing economic output in the country.

    The built sector’s contribution to Gross Domestic Product (GDP) in Q1 2023 reduced by 7.4 per cent. According to latest data released by the Nigeria Bureau of Statistics, the sector contributed a N8.33 trillion in the quarter compared to the N9 trillion generated in the Q4 2022.

    The NBS attributed the decline to the adverse effects of the cash crunch experienced during the quarter.

    The cash scarcity caused by naira redesign  pushed the GDP growth below the projections of the World Bank, International Monetary Fund and the African Development Bank.

    The decline is slightly below a recent projection by KPMG that the GDP would grow at a relatively slow pace of three per cent in the year due to challenges in the naira redesign and political transition.

    A breakdown analysis showed that the real growth rate of the construction sector reduced by 1.56 per cent points from the rate recorded in the previous year.

    The NBS, however, noted that the sector contributed 11.79 per cent to nominal GDP in the first quarter of the year, higher than the 9.68 per cent it contributed a year earlier and higher than the 10.16 per cent contributed in the fourth quarter of 2022. Though NBS projections recorded a decline in the sector, cement a major factor in construction rose to all-time high.

    In Lagos, parts of Ogun and Rivers and indeed many states in the Southeast, a 50-kilogramme of cement, which price initially hovered around N4,800 and N5,000, depending on the region now sells for N6,000. As at last April, the average cost of a bag of cement ranged between N4,300 and N4,500, unlike this rainy season when the cost of cement and other products for building should have dropped significantly.

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    A civil engineer, Afolabi Adedeji, who runs consulting and training courses in Facilities Management and Business Support Services on Victoria Island, Lagos, said the wet season usually witnessed a lull in construction and a drop in the demand for cement and other materials. He wondered how prices have remained high or, in some cases, have increased since May, from when the season normally witnessed low activities.

    He listed factors that may have led to the increase in prices of materials as the Naira/Dollar Parity Ratio or Exchange Rate, which rose to N850 to a dollar, almost all components of manufacturing are imported.

    He said: “Transportation costs for getting cement to the market and end users have gone up. Some catalysts that are mixed with limestone, which is heated in the furnace to produce cement, are imported. As at today, it is N850 to $1. Unfortunately, that is what our currency has depreciated to. We should also not forget that expatriate staff at Lafarge – Wapco, Dangote Cement, Calabar Cement, Bua and others, are partly paid in dollar. Hence, the apparent disequilibrium in the price of cement and departure from what seasonal price trends suggest.”

    He also stated that rising energy cost, transportation expenses, and electricity cost which is synonymous with cement manufacturing are some of the reasons for the high cost of cement, and not necessarily the weather condition.

    Past President, Nigerian Institute of Quantity Surveyors (NIQS), Mr. Femi Onashile, in an earlier interview, attributed the increase in the cost of cement to the turnover in construction industry.

    Although we are in the rainy season when construction ought to be at the lowest ebb, Mr. Onashile explained that the high cost of materials could also be attributed to factors inhibiting the manufacturing sector such as high cost of electricity, transportation and bad roads. 

    Earlier, former Dean, Faculty of Environmental Sciences, Akanu Ibiam Federal Polytechnic, Unwana Afikpo in Ebonyi State, Mr. Sam  Onwusonye, identified four factors responsible for the soaring prices of materials.

    According to him, “we have failed to look inwards to develop companies that would have helped in mass producing building materials. We have continued to depend on the importation of the products, and so long as that is the case, prices will continue to go up.”

    Onwusonye further blamed the ugly trend on what he called “the government’s policy somersault”. He regretted that instead of giving a level playing ground to interested businessmen to bring in cement and other essential building materials, the government has succeeded in a creating a near monopoly where only a few favoured companies are given licenses to import them.

    Noting that cement constitutes about 40 per cent of materials needed in a building, the don regretted that it was unaffordable to majority of Nigerians who desire to have a roof over their heads.

    On reinforcements, Onwusonye, a construction cost economist, decried the lack of continuity in government policies and programmes.

    He observed that it was inconsistency in policies that led to the non-take-off of the steel rolling mill at Ajaokuta because new technology has overtaken the old one.

    Onwusonye  identified another factor as the low value of the naira against other foreign currencies.

    “You are required to buy at the price of the seller,” he said.

    As a panacea to the soaring cost of building materials, Onwusonye suggested the development of local alternatives.

    “We are blessed with all the necessary ingredients for the production of cement.”

    He also blamed the government for not doing enough to stem the escalating costs of cement and others.

     He noted that the high cost of materials would further compound the woes of the masses as they would be saddled with paying more for their accommodation while those engaged in building their own houses may be forced to abandon them.

    Noting that cement constituted about 40 per cent of materials needed in a building, the don regretted that it is unaffordable to the majority of Nigerians who desire to have a roof over their heads.

  • How to invest safely in real estate, by expert

    How to invest safely in real estate, by expert

    Real estate business has become an all- comers’ affair with prospective players burning their fingers.

    The Executive Director (Sales and Marketing) in Property World Africa Network (PWAN), Ambassador Julius Oyedemi, a realtor, said though the real estate market in Nigeria was fast growing with estate developing companies, buyers should be cautious while engaging the services of any of the organisations.

    “First thing to do is to know their office location and identify the members of management staff. Another thing is to find out if the firm is duly registered with the Corporate Affairs Commission and other regulatory bodies. Do they have verifiable and corporate account details? And do not forget; do an environmental scan on their pedigree,” he advised

    Property transactions may become nightmarish if certain major checks are not carried out. Listing some nuggets or trade secrets, he explained that to buy land or a house in Nigeria, a prospective buyer must take a site tour of the property he or she wants to buy, Oyedemi said.

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     “Site inspection is a very important experience because it gives a property buyer the chance to see the nature of the property being put on sale and to ask meaningful questions,” he added.

    Oyedemi, also the Managing Director of PWAN Plus, owners of Cedarwood Luxury brands, recommended that property buyers should do a search report with a registered land surveyor.

    His words: “This enables you to know the status of the property you are buying, the title position, and other factors surrounding the property. A registered surveyor must give you a professional report.”

    He advised prospective property buyers to engage a property lawyer to ensure a seamless transaction is achieved, pointing out that not all lawyers are property lawyers. A lawyer will help you look at the legal framework of the transaction, and other legal-related matters. If their report is positive then you go to the next step.

    “The next necessary step is to demand any other pre-contract information, rules, policy binding the transaction such as statutory charges, etc. Pre-contract information is what we call Facts and Questions (FAQ).”

    He lamented that many customers fall victim to all manner of abuse because they don’t understand the rudiments of the sector and the charges thereof such as a statutory fee which is  also known as development fees like fees for deeds, surveys, and other things.

    “A prospective property buyer must not overlook the necessity to request for an estate layout; because after a buyer must have gone through the pre-contract, the next thing is to request for an estate layout.

    “This will enable a buyer to know the estate or property he or she buying, how it is designed, planned, and to make an input if the buyer has any,” Oyedemi added.

    Another factor that amounts to a pain point arises when a buyer feels that development in the estate, he or she has bought, is not happening as expected. To that effect, it behooves the buyer to request a development plan even before buying a property.

    “Somebody will pay for land now, two years later nothing is happening, he goes to social media. Ideally, a buyer needs to have pre-information about how long it will take to develop the property. It helps to know how long it will take to develop the property and other facilities.

    “If the response is positive, then one can proceed to sign the legal contract. The essence of the transaction, you cannot just pay. You need to sign the contract first. This is a legal document containing transaction processes and information about the contract binding you and the vendor or developer. It’s also important to ask for a property allocation date. After payment, it is the customer’s right to know when to be allocated,” Oyedemi said.

        He regretted that some prospective customer’s unfortunately refrain from asking questions even when they have paid. Usually, such people after may be a year or two will rush to the social media to rubbish the particular property company without appraising their conduct from the start.

        Oyedemi advised; pointing out that real estate is a professional business that involves all professional stakeholders such as a registered land surveyor, quantity surveyor, town planner, structural engineer, architect, estate valuer and surveyor, builder and finally a lawyer and not for illiterates and quacks who don’t even understand the rudiments of the sector.