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Tag: Bright

  • Real estate: A bright future

    Real estate: A bright future

    The real estate and construction sector of the economy has all it takes to contribute more to the Gross Domestic Product (GDP) in this fiscal year. But this is only if certain conditions are met. Experts are convinced that with the right indices in place to spur the contributions from the private sector, despite the Federal Government’s paltry N555.88 billion 2018 budget for Power, Works and Housing ministry, good times may be here for the industry, MUYIWA LUCAS reports. 

    By virtue of her sheer population of 170 million, Nigeria presents very viable market opportunities for goods and services, making it an investor’s haven. Such opportunities also present themselves in the real estate and construction sector of the economy.

    The sector, believed to hold huge potential in job creation and contribution to the Gross Domestic Product (GDP), was undermined in the last two fiscal years (2016 and 2017) by some economic factors, such as the uncertainty suffered by the currency; falling production and double digit inflation that saw the country fall into negative growth. These doused heavily investors’confidence in the real estate sector, nay, the economy.

    But with the country out of recession, the negative economic indices may be giving way to a brighter prospects. Experts are convinced that as the economy improves in 2018, the picture for real estate, both for occupational and capital markets, will start to improve as well.

    One of such experts who holds this opinion is Mr. Thomas Mundy, Head of Advisory for Sub-Saharan Africa, Jones Lang LaSalle Incorporated (JLL), an American professional services and investment management company expert in real estate.

    Mundy, at the West Africa Property Investment (WAPI) summit held in Lagos, last November, disclosed that though there would be the usual lag between economic and market recovery, but for real estate, which has suffered from a sharp supply demand imbalance, widening vacancy rates and falling rents, 2018 will be a year of consolidation and recovery for the sector.

    His views are underpinned by more quantifiable progress in some areas across the economy. “First, importantly for real estate investors, the market is starting to gain more confidence in the economy backed by an improving external environment.The government policy-making is gaining some credibility through plans to support diversification and fiscal consolidation with the backing of external bodies. Also, we are starting to see evidence that the decline in rental rates in Lagos is reaching the bottom of the cycle,” he explained.

    Mundy revealed that these factors have been further complemented by the legislative framework being put in place for real estate pricing to mitigate the impact of a volatile economy, including an improvement in the structural undersupply of investment in real estate stock, which he noted will provide increasing opportunities, for both local and international investors in the economy this year.

    Government initiatives

    Although the Federal Government set up several agencies to tackle the housing needs of Nigerians, especially the Federal Housing Authority (FHA), it is disappointing that over the last two years, the FHA has not added a block to the housing stock. Highlighting the docility of these agencies, Costec Consultants Managing Partner, Mr. John Agele Alufohai, revealed that Nigeria’s mortgage system, cannot support a housing policy that will deliver affordable houses to Nigerians because of high mortgage rates, which are usually given at short tenures; a difficult business environment, high inflation, and unstable policies.

    However, the initiatives of the other agencies like the Nigeria Mortgage Refinance Company (NMRC) may pay off this year. The NMRC has entered into several partnerships with housing focused bodies and organisations. For instance, last November, the Company signed a Memorandum of Understanding with the Lagos state government and a consortium of developers to build and deliver 20,000 housing units in Lagos. The MoU, signed by the parties, is in line with the Lagos Affordable Public Housing (L.A.P.H.) initiative of the Governor Akinwunmi Ambode-led administration, geared towards building 20,000 housing units through a joint venture initiative (JVI). It is hoped that the dividends from this partnership will trigger the real estate market into higher gear this year.

    On the part of the Federal Government, its efforts might also begin to have effect in the housing market. Minister of Power, Works and Housing, Mr Babatunde Fashola, last year, disclosed that the government was working on avoiding mistakes of previous housing projects that saw the houses abandoned. He explained that some houses constructed by some past administrations were not occupied because they did not take into cognisance the issues of culture of the people, climate and location of projects.

    “At this moment we are constructing houses in 33 states, when we finish then we would subject that design to affordability test. When we find its works then we will subject it to acceptability test,” he said. This, on completion, these stock will also ginger the sector.

    Hot properties

    According to the Head, Property Management, SFS Capital Limited, Victoria Island, Lagos, Mr. Bolarinwa Odeyingbo, this year would be better for the sector, especially as the recession is easing out gradually. He explained that some properties would set the tone for the market this year. This will be mainly in retail sector that is, malls, including the mass medium income category on the Mainland part of Lagos State, which drove the market. He observed that areas, such as Yaba and its environs, Surulere, Maryland, Magodo Phase 2 (Shangisha/Ketu Ikosi axis), Gbagada, and some other central areas on the Lagos mainland, will experience a boost. In Abuja, Phase 3, comprising Galadimawa, Kabusa, Lokogoma down to Apo resettlement will experienced a boost. For instance, he explained that the success of the $68 million Novare Gateway Mall in Abuja last year presents an indication of what is to expect this year.

    Private sector initiatives

    Private sector investment will also influence the industry this year. Some of these projects are expected to get to an advanced stage, bringing in more money into the business, and they include:

    Imperial International Business City

    The Imperial International Business City (IIBC), is a $300 million, 200-hectare housing project, promoted by the Elegushi Royal Family (ERF) of Lagos and ChannelDrill Resources Limited, a real estate development firm. The development, which started last August, will further stimulate the property market this year with its huge investment opportunities. The IIBC, is being built on the Lagos lagoon, and will run from Freedom road to Kunsenla Road, to Oba Saheed Ademola Elegushi Road, through Lekki Phase 1. The IIBC is being designed as a smart business city.

    RMB Waterport

    Developed by RMB Westport, The Wings development of close to 27,000m² GLA is situated in one of the most exclusive addresses right in the heart of the CBD on Victoria Island and is anchored by Oando Plc.

    The development comprises two towers allowing for about 27,000m² of lettable area. The building is a game changer in the way developers are fusing sophistication, design, and functionality in office development with high quality finishes, 360-degree views and energy efficient features.

    Royal Gardens Mall

    Developed by RMB Westport, the Royal Gardens Mall will offer just a little below 30,000m² of quality retail space. The mall is strategically located next to the entrance for the Royal Gardens Estate where approximately 126, 000 vehicles ply daily. The mall will also be competing with Novare Lekki Mall owned by Novare Equity Partners.

    Eko Atlantic

    Eko Atlantic is a brand-new city that is being developed on reclaimed land adjacent to Victoria Island. The city has created 10 million m² of prime real-estate on which office and residential developments are breaking ground. The Business District alone will have 650,000m² of GLA to offer the market.

    On completion, Eko Atlantic will be home to 500,000 residents with an expected commuter volume of 300,000 people. Eko Pearl Towers is the first completed residential building of a five-tower proposed development in the cities Marina district. The development comes in addition to the completion of the major road infrastructure.

    Lekki City, Lagos

    Rendeavour’s Lekki project development site is located on 1,000 ha within the Lekki Free Trade Zone, the largest free trade zone in West Africa. The site is adjacent to the approved location for the proposed Lekki International Airport and in close proximity to the deep sea port and a number of planned industrial developments. The project is at planning stage, and is a joint venture with the Lagos State Government.

    Landmark Village

    Landmark Village is a mixed-use development by Landmark Africa, a real estate and property development company in Nigeria. The 38,000m² development in Victoria Island will embody the “live, work, play” concept that is central to Landmark Africa’s developments. It is aimed to mirror nodes like Melrose Arch, Rosebank and Illovo in Johannesburg and developments like Canary Wharf in London. The development will have two office towers offering grade A accommodation, residential apartments, retail outlets, a 250 room four star hotel and a convention centre. The development will offer other amenities like leisure and recreational facilities.

    By and large, this year looks very promising for the real estate industry.

     

  • The future is bright, says APC

    The future is bright, says APC

    The All Progressives Congress (APC) has assured that the nation’s future remains bright with sound economic policies of the current administration.

    The ruling party, in an Independence message by its National Publicity Secretary, Bolaji Abdullahi, called on Nigerians to support the Buhari-led government to deliver on its agendas.

    The statement reads:  “While there is still so much work to be done to achieve the Nigeria of our dreams, the All Progressives Congress (APC) is delighted with the enormous strides that have been made in the last two years under President Muhammadu Buhari to bring our nation back to the path of rectitude and sanity away from the wanton profligacy and impunity of recent years.

    “The party is confident with the support of all Nigerians we can reach our economic development goals sooner than skeptics believe is possible.

    “With diversification of the economy by the current administration, with special focus on agriculture, the creative industry, solid minerals and other viable sectors, the hidden potential of the nation will come to full bloom sooner rather than later.”

    The party restated its commitment to restructuring, saying “we believe that our ongoing efforts in that direction will address some of the underlying concerns that have emerged.

    As we celebrate our 57th independence anniversary, we must sustain the hope that brighter days are ahead of us.

    Let us join in the effort to build a more vibrant nation that every Nigerian will be proud of. The future holds great dividends.”

     

  • NNPP: Nigeria has bright future

    NNPP: Nigeria has bright future

    The New Nigeria Peoples Party (NNPP) has urged Nigerians to be hopeful for a brighter future, assuring that democracy will stabilise in the country.

    The party advised stakeholders to reflect on the challenges confronting the country in this Yultide and cooperate with leaders in finding solutions.

    In a statement in Lagos, its National Chairman, Dr. Boniface Aniebonam,  observed that fears are rife that the next general elections may be marred by violence.

    He said: “There is palpable fear about the escalation in political violence.  There is  insecurity in the country, which is manifesting killings and suicide bombings and other activities of the Boko Haram sect.  Also worrisome are the activities of armed robbers and kidnappers.

    “The utterances and actions of some politicians point to the fact that the cohesion and indivisibility of Nigeria is undergoing its most serious test since the amalgamation of 1914.  Every passing day reminds Nigerians of the prediction or the warning by an American envoy,that Nigeria may break up in 2015.”

    Aniebonam said, inspite of the dark cloud, there is light at the end of the tunnel for Nigeria.

    He added: “Nigeria will weather the storm and come out more united and stronger.  This is the good tiding, which the party has brought to Nigerians.  The NNPP wishes to remind Nigerians that Nigeria is a special project in the hands of God to fulfill a purpose.  However, all hands must be on deck to ensure that the prediction does not come to pass.”

    Aniebonam urged politicians to play by the rules as the country prepares for the general elections.

    He said: “In this era of campaigns, politicians should go about it in a manner devoid of violence, mudslinging and character assassination. They should engage in issue-based campaigns.” Politicians should desist from turning the future leaders of our country i.e. the youths, into thugs, who are later unleashed on their political opponents and innocent Nigerians.

  • The passion for music makes me cry—Bright Gain

    The passion for music makes me cry—Bright Gain

    Bass guitar player, jazz composer and music academy Director, Bright Gain Sagbamah says that he loves the genre of music to death. Married with three kids, Gain is the director of the Academy of Jazz and Contemporary Music under the Society for Performing Art in Nigeria (SPAN). In this interview with OVWE MEDEME, the singer recounts what he terms a death experience which influenced the titled of his latest album. He also talks the importance of music education, his fears about the Nigerian music industry and how he chanced upon music instruments.

     

    HOW long have you been active in the music industry?

    I have been professional for about twenty five years and I am currently working on my fifth album.

    Why do you choose to leave so much space between your albums?

    I think funding is the major problem. As we all know, especially in this part of Lagos, art music, which is what we call jazz music, is not much appreciated. It costs more to actually record art music than it takes to do commercial music. After recording, we put it out there and the sales just trickles in. Someone has to do an alternative job to raise the funds to record.

    What kept you going despite that scenario?

    Purpose kept me going. I was born to do what I am doing right now. This is my purpose on earth. I wouldn’t because of money betray my purpose. Generally in life, some people’s purpose change but mine is constant. What makes me tick is art music as it is done properly. I have also come to a point where definition of creativity and excellence is so subjective.

    What some people call excellence might not be acceptable by others. I would rather say everybody in his own terrain. Commercialism is also relative. I want to see a Nigeria that has space for every form of expression musically.

    In a nutshell, how would you describe these 25 years?

    It has been sweet and bitter but in percentage, I would say it has been sweeter because the bitterness itself is like Bitter Kola. After you finish chewing, at the end of the day, it becomes sweet.

    What are you working on right now?

    I just finished making an album in South Africa. It is a six tracker which I titled In The Name Of Jesus. Some people say it is so religious but it is not borne out of religion. It is borne out of practical experience of spirituality. I just had to give it that title because of a near death experience that was reverted through the name of Christ.

    Is it something you would like to share with us?

    Of course I would gladly share it. About two years ago, my nephew came to live with me. He was about 26 years old. Three days after he came, I woke up early to pray with my family. I told one of my kids to go call my nephew. He went inside and didn’t come out. So I shouted from the palour and my son came out to say Japheth is not answering. I sent the others in succession. Somehow, I said Japheth must pray with us before we leave for work so that we will all have that family communion. I decided to go call him myself. I got to the room to meet him smiling.

    So when I touched him, I saw that he was stiff. He was already dead. I was afraid because I am Isoko and my fear was that back home, they would say I used him for money rituals. I am describing it in a serene manner now but it was crazy. The whole of my estate was held transfixed. I know when someone was dead and he was dead. He wasn’t in coma. We prayed for over 30 minutes and all of a sudden, he started coming back to life. Unaware to me, a lot of people were in my compound. So we rushed him to the hospital and he became okay.

    They tested him for typhoid and it was 1,350. That brought me to a different reality of Christ, not the religious Christ but the Christ of relationships who is able to come through for you. That incident could have put me in big trouble. Not every member of my family is a Christian. Some who visit Babalawos would have said I should come and drink water from the shrine and which I would not want to do. Japheth is still alive and he is the evidence of it. The title of my album is not borne out of religion. It is borne out of a practical, experiential power of Christ I have seen.

    \How did you end up lecturing with SPAN?

    They called upon me about a year and a half ago to start the music academy. They have a dance academy; they have a drama academy so I actually founded the music academy and named it the Span Academy of Jazz And Contemporary Music because jazz is the mother music that powers other forms other than classical music. Contemporary music embraces other genres. Music has two dimensions and one is usually more pronounced than the other parts.

    There is the academic dimension of it and there is the practical dimension. Nigeria has dwelt much on the talent side which is okay, but it is not good enough in the sense that people can do things in the wrong way. It has taken years of study to bring out concept and ideas of sound logic and harmony. A lot of things about music education have been spelt out but someone with talent might not totally be complete . It helps to make the artiste balance.

    From the stand point of a lecturer, where would you say lies the future of Jazz music?

    I am an optimistic person so I want to stick with that. Right now, I think it is a general thing with Nigerians. People don’t want to learn. There is too much quest for money, as if money gives you the satisfaction that humans crave for. I have seen a lot of people with too much wealth and they are angry. They are sad even with all the wealth. Money doesn’t really conceal that hunger.

    Right now, people don’t want to learn, people don’t want to improve their gains, they don’t want to develop their critical skills. Music would be good for the nation because of the economy. I am aware that there is a new economy of Mexico, Indonesia, Nigeria and Turkey. According to the papers our GDP was really high. Our economy blossomed though we didn’t see it practically but I know investors are coming but in a globalised world, once there is a movement like that, art and culture moves as well. I am seeing a time that if our people are not careful, we might have to start selling foreigners again like we once did when the Camerounians and the Ghanaians were the ones playing the music here. It is almost getting there, it you notice.

    Right now a lot of South Africans are coming here to perform. They respect me in South Africa but I don’t have shows in Nigeria. There is a trend that is beginning to happen that if we don’t try to catch up, we will become slaves. I want to be optimistic that Nigerians would up their game.

    Do you have any of your children following your footsteps?

    My second child is a music genius. He plays drums. He is nine years old. I have a liberal view about life. I don’t force people to do things. I taught my senior son to play bass guitar. He can play it averagely but he is not crazy about music. He is crazy about football. I was a footballer before but I stopped when I broke my leg.

    If that hadn’t happened, do you think you would have played professionally?

    I am not sure but the passion for music swallows every other passion I have. When I am performing on stage, it is as if I’m on coke because the passion in me is strong. It makes me cry when nobody has done anything. Whatever my son chooses to do, I just want him to go to Harvard.

    Why the attraction for bass guitar.

    Honestly, I don’t know. I was forced to learn music by the way. The music talent was evident from a young age but I was forced to learn music in my church. I was attending CAC in delta state so the Music Director noticed I was very stubborn so he dragged me to learn music. Unfortunately, they were doing audition for those who want to learn how to play instruments. I actually went for guitar and the person teaching it said I should hold the C major chord and he showed me how to do it but nothing sounded so he said I didn’t have the brain for music.

    But something had ignited the passion in me so I went to piano and they said it was filled up. I went to drums, it was filled up too. We were nine of us and I was the only one who did not get assigned to any department. I couldn’t go home. I had to watch by the window. They didn’t know I was watching by the window but something happened. God just gave me the grace. While I watched from the window, I understood what they were being taught but the students were not grasping it. So when they were through, I went to where they keep the instruments to practice. They were shocked when they caught me playing one day. I eventually joined the class. Against all odds, I left the church. My parents were going to kill me but I left for a church where I could have guitars to play. The rest is history.

  • Yak: Eagles’ future is bright

    Yak: Eagles’ future is bright

    The recent CAF Africa Cup of Nations saw Nigeria, under Stephen Keshi, began the year with a bang, going all the way through to claim their third continental title and thus seal a place at this June’s FIFA Confederations Cup Brazil 2013. The feat plunged the entire nation into raptures, and former captain Yakubu Ayegbeni was quick to pay tribute to the Super Eagles despite not featuring during the African finals.

    “It was an exciting campaign for Nigeria,” the 30-year-old Guangzhou R&F striker told FIFA.com. “We had a young team but they put in brilliant performances. The coach has done a good job in moulding the team into a strong unit. It is an achievement which has made all the Nigerian people happy.”

    The success, according to the former Middlesbrough and Blackburn marksman, provides Keshi’s charges with not only a morale-booster but also challenges heading into the eight-nation global showpiece, where they are grouped alongside Spain, Tahiti and Uruguay.

    “The team are expected to continue their good form in Brazil in June,” continued Ayegbeni, who is Nigeria’s third highest international goal-scorer with 21 goals from 57 caps. “But after our triumph in the Africa Cup of Nations, we will become a target for rivals, who will be motivated to defeat us. And these are the continental champions of the world so the pressure is greater, but it is good for our youngsters to gain international experience.”

    It proved to be, though, a campaign harder than expected for Nigeria. Keshi’s hopefuls opened with two 1-1 draws against firstly Burkina Faso, and then Zambia, before a pair of late penalties from Victor Moses against Ethiopia sent them to the quarter-finals. They proceeded to edge Côte d’Ivoire 2-1, before routing Mali 4-1 to set up a final re-match with an impressive Burkina Faso, where they prevailed 1-0.

    “African football has made consistent progress over these years, so there were no easy games throughout the campaign. Every rival we played against are strong and our team defied all the odds to win the African title,” Ayegbeni reflected.

    With the entire Nigeria team excelling, it was a pair of striking wunderkinds that stood out as the Super Eagles secured African supremacy. Spartak Moscow forward Emmanuel Emenike finished the tournament’s joint top-scorer with four goals, while 22-year-old Chelsea star Moses was twice on target.

    “Emenike is a very good striker,” said Ayegbeni of the 25-year-old, “He performed very well. Although I have never played alongside him, I think he is a very talented player. Moses is equally impressive, and the striking partnership formed by these two players should be one of the best during the tournament (Brazil 2014).”

    Midfielder Sunday Mba, too, caught the eye with a series of brilliant showings. The 24-year-old Warri Wolves man has developed a reputation of scoring crucial goals, having sealed victory against Côte d’Ivoire, as well as hitting the tournament winning-goal against Burkina Faso.

    “Mba has the potential to play in Europe,” Ayegbeni said. “By playing with a top European side, a player can have better chances of playing top level matches like in the African Cup of Nations.”

    The coming year is, indeed, action-packed for Nigeria, with the FIFA Confederations Cup sandwiched by two crucial back-to-back meetings with Kenya in 2014 FIFA World Cup Brazil™ qualifying. Nigeria are topping the section also featuring Namibia and Malawi with four points, and wins against Kenya will stand them in good stead as they seek to progress to the last ten in the final qualifying round. Ayegbeni, however, warned the team against complacency.

    He said: “The January’s Cup of Nations has shown that in Africa no team can be underestimated. Kenya will be keen to win the games and we should prepare carefully. An opening victory against Kenya will be a timely boost for us ahead of the Confederations Cup.”

    When asked if Nigeria can improve on their last-four finish at Saudi Arabia 1995, Ayegbeni gave the thumps-up.

    “The team travel to Brazil on the back of the Cup of Nations success so they are inspired to put in good showings on the world stage,” he said. “I am confident our side can live up to the expectations. And above all, we will qualify for the next World Cup.”

  • Nigeria’s future is bright, says Ekweremadu

    Nigeria’s future is bright, says Ekweremadu

    The Deputy Senate President Ike Ekweremadu yesterday assured Nigerians that 2013 would yield the dividends of democracy, peace and prosperity.

    The lawmaker, who delivered his New Year message in Abuja, said: “I believe enough groundwork has been laid for the actualisation of the Transformation Agenda of the Federal Government and for surmounting the challenges facing the nation.

    “With the early passage of the 2013 budget, more maturity on the path of institutions of governance and a greater sense of responsibility, love, unity, and patriotism among Nigerians; I have no doubt that the future is bright for the nation, despite the present challenges.”

    Ekweremadu, in a statement by his Special Adviser on Media, Uche Anichukwu, noted that the National Assembly would go beyond the passage of the 2013 budget to lay emphasis on oversight of the institutions of governance to ensure implementation for the benefit of the masses.

    He urged the people to pray for the peace and prosperity of the nation.

    The Deputy Senate President wished Nigerians a happy and prosperous New Year.

  • Bright Dike wants permanent Eagles shirt

    Bright Dike wants permanent Eagles shirt

    NEWLY capped Super Eagles player Bright Dike has indicated his desire to maintain a permanent shirt in the team.

    Dike made his debut for Nigeria in an international friendly that saw the coach Stephen Keshi side defeat Venezuela 3-1 in Miami, USA.

    Bright Dike, the Portland Timbers of USA striker said he is ready for Eagles when called upon.

    “I will like to keep playing in the Super Eagles. It was a great experience the first time, Dike said on a sports programme monitored by futaa.com in Lagos.

    “I’m ready to respond and give my best whenever I’m called upon to do so,” he added.

    Meanwhile, coach Stephen Keshi has said the power playing forward has a future with the national team.

    “He’s quick, aggressive and always coming back to defend and it was difficult for anyone to say this was the first time he was playing for Nigeria.

    “I’m so happy that Bright did not disappoint and we will see when camp opens what he can do for the team,” Keshi concluded.