The Nation Newspaper

Tag: Estate

  • Perm Sec inspects ‘high end’ estate

    Perm Sec inspects ‘high end’ estate

    The Permanent Secretary, Lagos State Ministry of Housing, Mr. Olatunji Odunlami, last week, embarked on an inspection tour of housing projects in Gbagada area of the state. Accompanied on the tour by some workers, the team visited the “Baba Omojola” housing estate, which was commissioned on June 12 last year by former Governor Raji Fashola.

    Baba Omojola housing estate shares fence with Gbagada estate,  but has a separate entrance. The estate consist of 11 blocks of 88 units of four and five bedroom masionnette,  while the road within the estate is well paved with interlock bricks.  Other facilities there include 24- hour security, water, among others. Already, about 45 of the units are now being occupied. The estate is a high end income estate built for high income earners who are ready to pay fully for the cost of the units. Odunlami however declined to disclose the cost of acquiring a unit. High end income estate is a public private partnership initiative which is meant to deliver houses to high profile individuals

    Odunlami said the visit is part of the routine check to ascertain the level of compliance in the use of facilities provided at the estate, and to ensure that all necessary facilities are intact before full occupation.

  • Resort Savings woos investors to real estate products

    Investors in real estate products stand to benefit from security of their investments and good and stable returns on their investments.

    Head, Treasury and Investment, Resort Savings and Loans Plc, Mr. Jeff Ejemai, said for many investors who may still be in a quandary as to where to invest their money, investment in real estate is the way to go. Ejjemai made this observation recently in Lagos while unveiling the company’s investment product.

    According to him, investment in real estate guarantees a great return for the investor as it affords individual investors opportunity to tap into the vast housing market.

    “There is a deficit in housing which government alone cannot cater for, which necessitates the need for the private sector to invest. Any investor who puts his money into housing project now will surely reap a good return,” Ejjemai said.

    Commenting on the bank’s investment product, he said the aim of the product was to extend the opportunity for investors to invest in real estate noting that such investors will not only get good returns on their investments but would also be able to save money in reliable assets.

    He explained that Resort Savings is offering investors opportunity to invest and earn return adding that a fixed deposit ranging from N500,000 to N2 million provided by the investor will be the basis of the investment for which a fixed rate of return will be paid to the investor in the form of interest at an agreed period not less than six months. Minimum interest rate of 15 per cent per annum will be paid to such investors.

    He said Resort Savings and Loans will use funds to finance residential properties being constructed in Lagos and Abuja and any other state capital.

    He added that once the bank gets to a particular milestone in terms of the required amount of funds from the investor, it will invest the funds in other portfolios, which include Treasury Bills and bonds apart from the real estate.

    He noted that the level of risk in the real estate business is low adding also that the investors have a rock sure assurance that their capital will be safe.

    “It should be noted that capital gains can also be realised when the property is sold, making real estate a relatively longer-term investment,” Ejjemai said.

    He pointed out that there is a ready market for the estates given the paucity of housing in the country.

     

  • Court to hear suit over estate Sept 28

    The Abia State High Court, Umuahia will on September 28 hear a suit filed by a former chairman of defunct Citizens International Bank, Lady Joyce Udensi Ifegwu.

    She sued the court’s probate registrar and six others, seeking to halt the issuance of letters of administration to the second defendant, Okafor Dike Udensi.

    Okafor is the son of the  late Lord Chief Dike Udensi Ifegwu from his first wife while the other defendants  are his siblings.

    The deceased’s children had applied to the probate for a letter of administration for their late father’s estate. The late Ifegwu allegedly died intestate.

    Other plaintiffs in the suit are Nkechinyere Dike Udensi, Emmanuel Dike Udensi and Margaret Mmannu Dike Udensi.

    Urum Udensi Ifegwu, Okorie Udensi Ifegwu, Mrs Iheanacho Kalu Aru (nee Udensi Ifegwu), Kalu Udensi Ifegwu, Eze Osogho Udensi Ifegwu and Agwu Udensi Ifegwu are the other defendants.

    Lady Ifegwu claimed that she married the deceased under the Marriage Act, therefore, she was entitled to be issued with the letter of administration.

    She prayed for order mandating the second defendant to produce details of rent proceeds and property sales from the estate.

    In her statement of claim, Lady Ifegwu said the deceased died intestate. She said there were married for 35 years.

    But in their statement of defence, the defendants, who are the deceased’s siblings, claimed that Lady Ifegwu was never married to their late brother.

    The defendants said they did not accompany their brother to perform any traditional marriage rites according to the tradition of her place in Delta. They argued that the marriage certificate she is presenting was not genuine.

    “Lord Chief Dike Udensi Ifegwu, late, was never married to the First Claimant either as alleged or at all, a position which until recently the defendants had thought to be otherwise.

    “Rather on January 7, 1977, the deceased wedded his lawful wife, Eunice Dike Udensi Ifegwu. The said marriage of January 7, 1977 was perfomed in accordance with the customary rites of marriage in Abiriba,” the defendants said.

    According to them, some of those rites included the payment of bride price, delivery of customary drinks among others.

    “The deceased and his said wife had this relationship until the demise of the former and there was no divorce in acccordance with customary law or under any other law,” they said.

    The defendants claimed that their brother was never married to the claimant.

    Besides, they said since there was already an existing lawful marriage under the customary law in 1978 when Lady Ifegwu claimed she got married, her marriage to their brother was null and void.

    The said it was invalid to contract such marriage under the Marriage Act, adding that there cannot be two lawful marriages, one under the custom and the other under statute between the deceased and two women.

     

     

  • Estate agent docked for alleged fraud

    A 42-year-old real estate agent, Ramoni Azeez, has been arraigned in a Magistrate’s Court sitting in Ikorodu, Lagos State, for allegedly obtaining N301,000 to secure the same apartment for five persons.

    Azeez, who is facing a five-count charge bothering on stealing, was alleged to have separately obtained the money from five persons at different times and dates with a promise to secure each of them the same one-room apartment at the Odonla Area of Ikorodu.

    The prosecutor, Corporal Kemi Adeniran, told the court that Azeez committed the offence in the months of February, May, and August this year in Ikorodu.

    “On August 27 at Odonla area of Ikorodu, the accused collected the sum of N120,000 from one Edward Aladenusi under the pretext of securing a one-room self-contained apartment from him, which he failed to do,” the prosecutor said.

    She added: “Earlier in May 2015, the accused obtained N45,000 and N30,000 respectively from two other persons; Abel Yakubu and Morgan Moses, under the pretext of securing them a one-room apartment.

    “Before that time he had collected another N70,000 and N30,000 from one Ronke Jolomi and Olufemi Joshua in February, 2015, but failed to secure the one-room apartment for them.”

    The fifth count on the charge sheet states: “That you, Ramoni Azeez, on different dates and times, did steal a total of N301,000 only, property of Edward Aladenusi, Abel Yakubu, Morgan Moses, Ronke Jolomi and Olufemi Joshua.”

    The prosecutor told the court that the offences contravened Sections 312 and 285 of the Criminal Laws of Lagos State 2011.

    However, Azeez denied the charges and was granted bail in the sum of N100,000 with two sureties in the like sum.

    The Magistrate, Mrs. A. Oshodi-Makanju, adjourned the case till October 29.

     

     

  • Sujimoto to change Nigerian luxury estate

    Sujimoto to change Nigerian luxury estate

    For high end property seekers, nothing compares to luxury and comfort. But even luxury has different categories. For instance, what is luxury for someone that lives in Chelsea, London might differ from what is luxury for someone that lives in Ikoyi, Lagos. This is because describing a luxury property in London might not be comparable to ‘luxury’ in Lagos.

    According to the Managing Director of Sujimoto, Mr. Sujibomi Ogundele, the fundamental principle of luxury is the capacity to blow people’s minds. This, he said, is what his firm has used religiously in its mission to change the Nigerian luxury real estate market.

    “Is quality really that expensive? What is expensive is our intention to deliver quality. Unfortunately, the need for immediate gratification by indigenous developers has had a negative effect in the luxury property market sector, leaving consumers to lean towards Italian, German and Lebanese companies alike. What these foreign firms can do, we can do better, faster and even cheaper! The Nigerian Real Estate Sector has refused to meet five per cent of its potential, and whilst clients and real estate enthusiasts testify that our buildings meet international standards, it is also an amazing investment vehicle for property investors,” Ogundele said.

    He said Sujimoto’s market intelligence showed that the most expensive apartment in Ikoyi, Lagos, is of 300sqm size, and on offer for $2 million. While comparing the local luxury real estate market to what obtains in Europe, Ogundele said among all properties in Ikoyi, very few or almost none of them would meet 50 per cent of Lorenzo’s architecture, finishing and features. He, therefore, urged investors to key into its scheme, assuring that it would offer good return on investment.

    “First lucky investors would gain the opportunity to buy our luxury homes at a fraction of the outright sales price, thus, propelling their return on investment and above all, owning a property with a $2.5million value at a $1million investment. Some critics are still thinking, hoping, visualising and deciding, but as I always say, only the few brave optimists can control the wealth of the many pessimists,” Ogundele said.

  • Estate residents sue Ekiti for forced eviction

    •Plaintiffs demand N20m damages

    Residents of Irewolede Estate in Ado-Ekiti, the Ekiti State capital, who were evicted from their homes, have gone to court to challenge the action of the state government.

    They were evicted for failing to complete payment of mortgages on their houses within the time stipulated by the Ayo Fayose administration.

    But they were saved by the intervention of traditional rulers and the state’s prominent indigenes, who pleaded on their behalf after which government granted an extension of three months within which to complete their payment.

    The embattled estate residents now have up to November 30 to pay up or face a fresh eviction exercise expected to begin on December 1.

    In a suit filed by their counsel Rafiu Balogun at an Ado-Ekiti High Court, the Irewolede Estate Landlords through their chairman Ayo Orebe and 17 others are seeking an order for the payment of N20 million as aggravated and exemplary damages for trespass, humiliation, assault and degrading treatment meted out to them by the defendants.

    The defendants/respondents in the suit are the Attorney General of Ekiti State (first), Ekiti State Housing Corporation (second), Ekiti State Commissioner of Police (third) and Ekiti State Commandant, Nigeria Security and Civil Defence Corps (fourth).

    Attached to the Writ of Summons are relevant documents like receipts of initial deposits, letters of provisional allocation of houses to claimants by the housing corporation and applications for mortgage loans.

    The claimants are also seeking a perpetual injunction restraining the defendants either by themselves or by their agents, servants, workers, officers and men of the third and fourth defendants from ejecting or further disturbing them as they have not committed any breach of purchase/mortgage agreement until the agreement is determined by court.

    Another relief sought is a declaration that the acts of Ekiti State Government and second defendant by forcibly entering into the estate, assaulting the claimants, locking them out using the officers and men of the third and fourth defendants and political thugs amount to breach of context and tortuous acts of assault and trespass.

    They equally prayed the court for a declaration that the purchase/mortgage agreement entered into with the second defendant in respect of their houses located in the estate as contained in their respective letters of offer is subsisting and government and housing corporation are duty bound to honour same.

    In the statement on oath of the first claimant (Orebe), he averred that house owners were requested to pay the total costs of the houses within the period ranging from five to 15 years from the day offer letters were written to them by the second defendant.

    He added that house owners have not even exhausted the initial period of five years within which to pay up let alone asking for an extension of another five years as provided for in the letters of offer.

    Orebe said: “I know that we were flabbergasted and rattled when the present administration under the leadership of Governor Ayo Fayose summoned us for a meeting and handed down a strong warning to us that we must pay up all the purchase prices within a period of one month or face dire and terrible consequences of ejection.

    “I know that Mr. Governor also went on air both at the state radio and television stations to embarrass all of us by saying publicly that we are occupying our houses free of charge. This was done to deliberately to incite Ekiti people against us and expose us to ridicule and hatred.

    “I know that the state government started making good its threat when Governor Fayose ordered the invasion of the estate by armed policemen, civil defence officers and political thugs on August 5th and 6th, 2015, who sealed some houses and harassed occupants.

    “The situation was so bad that my four-day-old baby and his mother, my wife, were locked up inside my house and the keys were taken away.”

  • FHA’s Lugbe Estate to benefit from Abuja expansion

    FHA’s Lugbe Estate to benefit from Abuja expansion

    The Assistant General Manager, Town Planning, Federal Housing Authority (FHA), Hajiya Aminat Salawu, has said the Authority would benefit from the plan of the Federal Capital Development Authority (FCDA) to expand the Abuja City near the Nnamdi Azikwe International Airport.

    The plan, the owners said, would integrate Lugbe and its surrounding communities into the Phase Five of the Federal Capital city, near the FHA Estate, Lugbe, thereby making it a major beneficiary.

    “When the plan is implemented, Lugbe Estate will be better structured. It will have better facilities. Lugbe Estate will go through urban renewal and upgrading. It will become more viable, and as the plan unfolds, it would further translate to improved lives for residents of the FHA’s  sprawling estate laid out on over 385-hectare in the area,” Salawu explained.

    The proposed district centre for Phase Five is in the estate as well as an oriented road and a major collector road.

    But the development would not be without pains as it would lead to major physical, social and economic dislocations for residents. Salawu said her unit was super-imposing the structural plan of the new phase on FHA Estate’s layout and its satellite image. This steps, she further reiterated, were aimed at helping the authority to determine the number of its houses and plots that would fall on the right of the way of the facilities.

    According to her, 500 of such housing units and plots of land had been identified, whose owners would have to be relocated.

    While the FHA would provide a social safety net for those to be affected by the new land, the FCTA will bear the cost of relocation.

    The FCTA is conducting a census of the development in the affected area to effect the required adjustment to the structural plan for the new Phase Five.

  • Fayose set to evict ex-governors’ aides, others from estate over mortgage

    •Residents urge Buhari, others to intervene

    Majority of residents of Irewolede Estate on Ilawe Road in Ado-Ekiti, the Ekiti State capital, are gripped with apprehension.

    Reason: The state government has threatened to evict them following the expiration of deadline for those yet to complete payment of mortgages on their houses.

    Governor Ayo Fayose had during the last edition of his monthly media chat, “Meet Your Governor”, accused most of the residents of not honouring payment of mortgages on the houses.

    He gave them a month ultimatum to pay up or risk being ejected.

    Most of the residents are ex-officials, who served during the tenures of former Governors Segun Oni and Kayode Fayemi as well as other civil servants, who have repayment agreements ranging between five and 10 years with the Ekiti State Housing Corporation.

    Fayose maintained during the media chat that he was not bound by the agreement brokered by the former administrations, alleging that government was being shortchanged by house owners in the estate.

    He accused some of the residents of erecting illegal structures in their premises.

    The Nation learnt in Ado-Ekiti yesterday that arrangement had been concluded to evict defaulters.

    Only those with documents to prove completion of payment will be allowed access to their residences, it was gathered.

    The state radio and television stations had in the last three weeks been running public service announcements on the intent of the government to sack “defaulting landlords” from their houses.

    Since the announcement, many residents have paid various sums of money on the houses running into millions of naira with pledges to pay regularly. But Fayose seemed not impressed.

    Some of the residents alleged that the ejection threat was more of political witch-hunting and harassment of political opponents.

    They claimed that the governor had concluded plans to re-allocate the houses to his aides and political associates after the present occupants must have been evicted.

    The plea of political appointees in the estate that their severance allowances should be used to offset the outstanding mortgage payments was rejected by the governor just as the case with the monetised vehicles.

    Residents have appealed to Nigerians, including President Muhammadu Buhari, to save them from eviction.

    The houses on Irewolede estate – three-bedroom bungalows and duplexes – were purchased by the political appointees under a mortgage arrangement, which allowed them to pay in five years and renewable for another five years.

    Some moved into the houses in 2012, 2013 and 2014 after they have renovated them.

    Majority of the three-bedroom bungalows were purchased on mortgage of between 10 to 20 years by civil servants.

    One of the affected residents said: “Let’s wait and see what happens tomorrow (Thursday) as the deadline expires today.

    “We have met and taken some decisions and this case will definitely be taken to the court of law as there is a valid arrangement on repayment, which is still ongoing. But we were shocked at the government’s action.

    “This is a violation of our rights. We are not occupying the houses for free as we are paying our money according to the repayment schedule.”

  • Robbers attack Ado-Ekiti estate

    •Residents held hostage for three hours

    Some residents of Adekunle Fajuyi Estate on Ilawe Road in Ado-Ekiti, the Ekiti State capital, were robbed by a seven-man gang, which attacked at least six homes.

    The robbers carted away cash, electronics, jewelry, laptops, iPads, phones and other valuables after operating unhindered for about three hours.

    They were said to have arrived the estate at midnight on motorcycles and headed for the Green Roof Section, where they divided themselves into small groups.

    The chairman of the landlords association, Ayo Orebe, said dogs barked endlessly before the arrival of the robbers, which was a sign that something sinister was about to happen.

    Orebe said: “It was at 12:30 am that one of the victims, a young man, rushed to my place.

    “He said the robbers broke into his apartment.  He said he would have put up a fight but they put a gun on his son.

    “Immediately we called the police and in fairness to them they were in the estate in 10 minutes.

    “But I think the fact that they were blaring their sirens put the thieves on guard because the police searched everywhere in the area before they left but they did not see any of the robbers.

    “Five other residents, including a player with Ekiti United Football Club, came to report that they were robbed.

    “They said the robbers took away their phones, laptops, computers, and lots of money, among others.

    “The victims said they threatened to shoot their children, if they failed to produce their belongings.”

    Police spokesman Alberto Adeyemi said officers responded promptly to the distress call and succeeded in securing the estate till daybreak.

  • Estate firm offers incentive for prospective homeowners

    Propertymart Real Estate Investment Limited, one of Nigeria’s leading real estate firms, has reiterated its commitment to ensuring that every Nigerian fulfills his or her dream to own an affordable and decent home.

    To this end, the company has rolled out an incentive regime in which buyers into its new estate called Citiview Estate would enjoy generous discount.

    According to the Managing Director of the company, Mr. Adeyinka Adesope, between now and the incoming year, customers can enjoy an incredible discount on each home and land purchased at the Citiview Estate in Lagos thereby making the process of becoming proud home owners a lot more easier.

    He added that the incentive is borne out of the desire by the company to give satisfaction to its numerous consumers without making life difficult for them.

    “Citiview Estate is strategically located just less than 10 minutes away from Central Business District, Alausa, Lagos. It is a perfect escape from the bustle of Lagos. This well-planned estate is zoned into different residential schemes with appreciable thoughts towards recreational and commercial areas,” Adesope explained.

    He further disclosed that when Citiview Estate was introduced in 2010 a plot of land in Scheme 1 was sold for N3.8 million. “12 months after the same plot was pegged at N5.5 million representing a staggering 69.1 per cent appreciation,” he disclosed.

    Adesope attributed this appreciation rate to continuous rapid development in the estate, provision of quality infrastructure, as well as improved accessibility and proximity to the city centre.

    He said Citiview Estate is for both residents and investors who are thinking of building their houses in an urbane area with modern infrastructure and sharp communal development as the estate offers serenity and high return of investment for both residents and investors.

    Adesope said further that there is opportunity for interested home buyers to buy into Scheme 3 with just 10 per cent initial deposit and spread the balance over a period of 12 months.

    “This is, therefore, coming at the right time considering the rising demand for housing as a result of the ever increasing population of our urban centres, especially Lagos city. This is also one way of supporting the Federal Government in terms of providing homes for Nigerians. Citiview is a luxury estate and we hope to meet the housing needs of people who love luxury buildings when this project is completed,” he concluded.