Tag: properties

  • ‘Gridlock lowers properties value in Apapa’

    Apapa, the town hosting the nation’s foremost port, may have gained notoriety which may stay with it for much longer except something urgent is done.

    Business operators in the axis have not only lost their businesses to the traffic gridlock, but others narrowly make it home every day.

    An economist Prof. Pat Utomi, has said properties in Apapa, are half their original market value.

    Utomi, in a lecture he delivered on the decay in the transport sector at an investiture of the newly elected President of the Chartered Institute of Transport Administration of Nigeria, Bashir Yusuf Jamoh, stated that the fall in value of properties in Apapa was traceable to the collapse of the transport sector.

    Utomi noted that in the 1970s and 80s, the evacuation of goods and services from the ports in Apapa, which was by rail lines provided a unique relationship between commercial activities around the area and the residents.

    He, however, said the commercial activities around those towns and villages have collapsed because of the decay in the rail sector.

    Bemoaning the gridlock in the Apapa area, Utomi called on professionals to work with the government in ensuring that intermodal transportation was achieved, as it will also help the economy to develop.

  • Rainstorm destroys properties in Ilorin

    Rainstorm has destroyed more than 40 electricity poles and other property worth millions of naira in some parts of the Kwara state capital, Ilorin, resulting in blackout.

    The News Agency of Nigeria (NAN) reports that the rainstorm  which took place on Monday night in  areas such as Offa garage, Olulade, Ita-Alamau, Gaa-Akanbi and Budo Efo culminated in downpour that lasted several hours.

    A witness’ account also revealed that some public utilities on Ajase-Ipo road including some newly installed solar powered-street light were affected by the rainstorm.

    The source further told NAN that the driver of a taxi cab sustained injuries when a pole at Ita-Alamu fell on the moving taxi.

    NAN reports that the damage came less than a week when a similar rainstorm rendered hundreds of residents of Ilorin township homeless.

    The facilities in the Kwara stadium and some commercial banks were also destroyed by the rainstorm.

    Commenting on the incident,  Mr Asaju Kolawole, the Regional Communication Officer of Ibadan Electricity Distribution Company (IBEDC) in Ilorin, stated that the technical team of the company had moved to scene to assess the extent of destruction for the management’s necessary action.

    Kolawole, who assured the residents that power would be restored to the affected areas before the end of the week.

    “You know, this damage of poles entails a lot of things. We will have to dig a hole, erect the pole and wait for sometimes before we lay wire.

    “So it will take sometimes before we restore light. However, before this week ends, all the issues revolving around it would be resolved,” he said.

  • Developer rues downturn, unveils multi-million naira properties

    Developer rues downturn, unveils multi-million naira properties

    The Managing Director, OMAIS Investments Nigeria Limited, a firm of estate developers, Chief Omochiere Aisagbonhi, has lamented the downturn in the economy and its effect of the real estate business in the country.

    Aisagbonhi, who noted that governments of other countries  give genuine business men interest free loans and bail outs to ensure that they continue in business, regretted that it has been  the opposite in Nigeria where government stifle and suffocate small businesses with taxes.

    He lamented that his company,   because of economic downturn, has retrenched over 78 per cent of its members of staff and shrunk its operations to about 10 per cent. “Government is talking about security issues, yet people are daily losing their means of livelihood to bad policies,” he lamented.

    His firm, he said, borrowed money at 30 per cent interest rate, and wondered how it can break even. According to him, N100 million was borrowed in 2014  from a bank and has incurred N90 million as interest on the loan, wondering how long the company can keep afloat while operating at 10 per cent capacity utilisation.

    Aisagbonhi, who spoke at the unveiling of his firm’s latest feat in the real estate sector, called on the government to come out with robust policies to help businesses and address the problem of multiple taxation. While specifically mentioning the difficulties associated with procuring approval in land documents and ownership transfers, he advised government to monitor its officials in sensitive ministries and parastatals.

    Top on the list of the now available properties is the estate in Agungi, Lekki, in Lagos. The estate, comprising terraces, which sit on 2, 600 square meters, is located behind Shoprite and French Colony. The spacious property is made of eight units of four-bedroom terrace with Boys Quarters.

    Aisagbonhi listed some of the distinct facilities in the Agungi terraces to include swimming pool, playground for children and recreation. He said no other estate in the axis has such generous space and competitive facility at modest price of N60 million per unit.

    Aisagbonhi said the recession, which seriously hit the sector, had eaten deep into his company’s bottom line. He, however, said he remained to provide exquisite residential apartments for middle to high income areas in Lagos and beyond, adding that he has provided mortgage facilities for between 30 to 35 per cent to prospective clients to enable them move into their apartment while they continue with their monthly mortgage plan.

    The developer, in a chat  said, his company’s semi-detached duplexes in Gbagada comprises two units 4-bedroom semi-detached duplexes with one room boys’ quarter goes for a modest price of N55 million each. This, according to him, has between 6 -18 months mortgage to enable prospective subscribers have part of the tastefully furnished upscale residential buildings.

    According to him, the third apartment, a 10-unit super luxury apartments at Shonibare Estate, Maryland, is one of the most secured areas in Lagos, especially with security being an issue in the city.

    The apartments, he said, have fitted kitchen, stainless steel appliances, washing machine, 24-hour security service, Closed Circuit Television (CCTV), electric fence, automated alarm system, water borehole, among others.

  • Firm promotes choice properties

    A real estate firm, Duchaza International Limited, in collaboration with Revolution Plus Properties Limited, has commenced a promotional programme on its prime properties scattered across different estates at Lekki, Ibeju-Lekki and the Lagos Free Trade Zone environ. The promo began on June 10.

    Speaking at the promo launch, the Managing Director of Duchaza International, Mrs Joy Nwosu, explained that the proximity of the estates to the LFTZ has huge benefits for prospective investors.

    She further explained that one of the prime estates, Arium Estate, is conceived to be a sophisticated and luxurious land space with fast and speedy developments, which reflect magical merging of inspiration and architecture. The estate, Nwosu said, is expected to appreciate by over 100 per cent in 12 months because of its location and excellent neighbourhood. Other locations include the Arium Estate, in the vicinity of the Lagos Business School, Ajah; Emperor Estate, Sangotedo; Abijo GRA; Nicon Town II, amongst others.

    Investors, Nwosu said, have additional benefit of choosing the payment plan that best suits their cash flow, either outright payment or instalments. All the properties are covered by recognised documents, including Certificate of Occupancy (C of O), Excision, Registered Survey and Deed of Assignment.

    “This promo is part of our modest contribution to the growth of the economy by making these properties available to Nigerians at a highly subsidised, affordable and suitable payment plan. Price range is from N700, 000 to N5 million per plot,” Nwosu said.

  • N4.7b debt: AMCON siezes multi-billion naira Lagos, Ogun, UK properties

    N4.7b debt: AMCON siezes multi-billion naira Lagos, Ogun, UK properties

    The Asset Management Corporation of Nigeria (AMCON) yesterday took over multi-billion naira properties in Lagos, Ogun and the United Kingdom from three firms and eight others following an alleged N4,680,343,681.47 bank debt.
    The assets, including land, houses, cars and generating plants, were seized yesterday morning by AMCON officials in simultaneous operations in Lekki in Lagos, Isheri in Ogun State and the UK in execution of a Lagos Federal High Court order.
    Justice Abdulaziz Anka made the order last August 16 in Suit No FHC/AB/CS/69/16 filed by AMCON against 11 respondents including three firms: Havilah Villas Ltd, Grant Properties Ltd and Knight Brook Ltd.
    The other respondents are Rev. Olajide Awosedo, Rev. Mrs. Abosede Olajide Awosedo, Engr. Edun Kayode, Arch. Adebayo Kayode, Adaba Anthony, Byoma Andrew and Mfon Adebayo.
    The interim order authorised receiver/manager, Lanre Ola oluwa to take possession of the assets pending the determination of the suit.
    The properties include 14 hectares of land and buildings at Victory Park Estate, Igbokushu, Lekki; House J1 Olajide Awosedo Avenue, Goshen Beach Estate, Lekki and land at River View Estate, Isheri, Ogun State.
    AMCON said it acquired, by a Loan Purchase and Limited Servicing Agreement, the N4.68b non-performing loan that Havilah Villas Limited secured in 2006 from Intercontinental Bank Plc (now Access Bank).
    The loan was guaranteed by Grant Properties Limited. AMCON also advanced a further loan of N300,000,000 to Havilah Villas Limited.
    The N300 million, which was also allegedly guaranteed by Grant Properties, has also not been settled by the debtors.
    The firm then appointed Ola oluwa as receiver/manager and approached the Federal High Court last August 3, in line with the Asset Management Act, 2010 (as amended) and the AMCON Practice Directions over the indebtedness of the debtors.
    In granting the interim order, Justice Anka directed AMCON to take over all the assets of the debtors, their directors, shareholders and guarantors pending the determination of suit.
    It also restrained the public and all financial institutions from any prejudicial dealings in respect of the properties and other assets of the respondents.
    No date has been fixed for hearing of the substantive suit.

  • Woman forfeits nine properties for drug trafficking

    •Accomplice arraigned

    The Federal High Court in Lagos has ordered the temporary forfeiture of nine landed properties belonging to a businesswoman, Mrs. Funmilola Ogbuaya, to the Federal Government of Nigeria.

    The order followed an application by the National Drug Law Enforcement Agency (NDLEA).

    Ogbuaya, said to be at large, was accused of acquiring the properties through drug trafficking.

    The properties are: 146, Idimu Road, Alimosho, 235, Ikotun-Idimu Road, Ikotun, 18, Olayiwola Shittu Street, Abaranje, Ikotun, 3B, Ladipo Kuku, Off Allen Avenue, Ikeja,  8, Olufemi Avenue, Omiasoro, Ilesa, Ilesa East LGA, Osun State, 6, Hakeem-One, Momoh Close, Governor’s Road, Ikotun, a plot of land at Council area, Cele Bus stop, Idimu-Ikotun, and a plot of land along Papalanto-Shagamu Road, Omu-Penpe Village, Obafemi-Owode LGA in Ogun State.

    NDLEA’s counsel Abu Ibrahim, moving the motion before Justice Hadiza Shagari, said Ogbuaya, also known as Ariket and Funmilola Ogundipe, was being investigated for offences of conspiracy to traffic in narcotic drugs, drug trafficking, and money laundering.

    Justice Shagari ordered the temporary forfeiture and sealing off of the properties.

    She ordered the prison remand of Mrs. Morayo Odeyemi (57), who allegedly conspired with Ogbuaya to commit the alleged crimes.

    Oduyemi was arraigned on three counts of conspiracy, attempt to unlawfully export 1.595 kilogrammes of cocaine to Saudi Arabia, and unlawful dealing in banned narcotic.

    NDLEA said she was arrested on February 23 at the Murtala Muhammad International Airport, Ikeja, Lagos, during outward clearance of passengers on Egypt Air flight to Saudi Arabia, at the Egypt Air check-in-counter.

    The alleged offence is contrary to and punishable under sections 14(b), 11(b) and 19 of the NDLEA Act Cap. N30, Laws of the Federation of Nigeria, 2004.

    Oduyemi pleaded not guilty.

    Justice Shagari adjourned till Friday for ruling on her bail application.

  • Five die, properties gone in over 50 emergencies

    Five die, properties gone in over 50 emergencies

    Five persons were killed and properties worth millions of naira destroyed in over 50 emergencies recorded across Lagos and Ogun states at the weekend.

    Fires in Lagos alone accounted for about 40 of the cases, said the Fire Service Director, Rasaq Fadipe.

    National Emergency Management Agency (NEMA) Southwest spokesman Ibrahim Farinloye made this known yesterday, while reacting to the fire which razed Rida Plastic Company Oshodi-Apapa Expressway.

    He said there was a car explosion in Abeokuta, the Ogun State Capital, and wild bush fire in Ipokia in the river rine area of the state.

    He said: “Nigerians especially private sector company owners and tanker drivers are seriously implored to take safety consciousness seriously and guide against unsafe practices as the new phase of dry season is coming up. Parents and schools should educate children and the elderly to know basic unsafe actions.”

    Two of the incidents involved vehicles plunging into the Majidun River, Ikorodu, and the lagoon by Mekwen Bridge by Marina on Friday and Saturday.

    Three bodies were recovered in the Ikorodu accident; 23 were injured. A woman identified as Chinagorom Fustine drowned in the Marina crash, but the driver, Felix Aniele, of the saloon car, marked MUS38BL, swam to safety.

    The fifth death was recorded on Saturday morning after a fuel laden tanker lost control, rammed into a pedestrian and fell by Totowu riverside on Isuti Road, spilling its content into the canal.

    Fire gutted 317, Herbert Macaulay Way, Sabo; a three-storey building Rabiatu Thompson Street, Surulere; Phoenix Steel Mill in Odogunyan, Ikorodu; 5, Ibidoja Street, Alaba International and 2, Museyo Street, Eleko Beach.

    Also, emergency workers attended to fires at 33, Shittu Basiru Street, Isheri Osun, Igbogbo Sawmill, Bookshop House at CMS, a company, Samchase Nigeria Limited at 25, Isolo Industrial Estate and Gbagada General Hospital.

    There was inferno at 17, Rauf Williams Street, Lagos State Polytechnic in Ikorodu 22, Bariga Road, Bariga, Kareem Ikotun Street, Sabo, the Plank Market at Oke Afa, Isolo and a studio at 173, Moshood Olugbani Street, Victoria Island. Some shops were razed beside old NEPA office in Badagry.

    According to Fadipe, the fire service responded to 19 calls on Friday, 18 on Saturday, and five as at 4:30pm yesterday.

    He blamed the harmattan for the rising incidence, urging residents to be cautious with how they use fire and inflammable items.

    Fadipe said: “We have been very busy since Friday responding to fire calls. For the bookshop fire alone, seven trucks of 10,000 water capacities were deployed and each of them was replenished three times. We also used seven drums of chemicals used to battle oil fire. At Oshodi, six water trucks and 11 drums of chemicals were used.

    “People should endeavour to call the emergency lines once there’s an outbreak. They shouldn’t assume they can put it out on their own because the weather we are experiencing now escalates fire. While they are trying to put it out, they should also call us so that we would respond in good time.”

    Lagos State Commissioner for Special Duties and Intergovernmental Relations Mr Seye Oladejo, who was at the Oshodi plastic factory fire scene spoke in the same vein, saying: “We noticed the escalation of fires since Friday when we had a sudden change in weather as harmattan suddenly came back. Since then, we have recorded about 40 fire incidents in different parts of the state. Fire incidents are mainly caused either by accident or sheer carelessness on the part of our people.’’

  • Recession or Not, Upgrade your properties this Christmas with Emilinks premium quality doors at unbeatable prices!

    Recession or Not, Upgrade your properties this Christmas with Emilinks premium quality doors at unbeatable prices!

    Sponsored Post

    In Nigeria of today, the prices of virtually everything has increased, but thanks to Emilinks Limited (global), Nigeria’s leading manufacturers of premium quality doors, the prices of doors have been falling. Back in June this year, the company launched a never seen before N1 billion worth of discounts promo significantly crashing the prices of her premium quality doors.

    A 900mm x 2.1m hand-finished solid wooden door previously sold for N350,000 was crashed to N150,000 and N120,000. Also, the bestselling solid wood flush doors that is used in thousands of new homes across the country was crashed from N110,000 to only N50,000. The economic versions which previously sold for N60,000 was crashed to N30,000. Many Nigerians as a result of these massive discounts were able to complete their abandoned building projects.

    In the same patriotic spirit, to help raise the awareness of the importance of doors in the society, the chairman of Emilinks Limited, Mr. Solomon E. Nwadiogbu gave away the sum of N3 million to 300 creative Nigerian youths in August during the #MyDoorStory creative writing competition. Below is one of such true life bad door experiences as recounted by Anyi Abraham during his undergraduate days in school.

    “Safety, Protection and shield to me are the core importance of doors. In my life, the significance of doors cannot be overemphasized. There was an experience that exacerbated my love for doors. Back then in school I used to live in a room apartment with a roommate who cares less about safety. On this very night 30th of December 2009 while at sleep, thieves broke into our room and took away my “first ever loving laptop” and injured my roommate with a cutlass. It was a very easy operation aided by our wretched nail-padded wooden door. My guy lost lots of blood and I was so afraid ever since that day. The truth is if our door was solid, it would have been an exercise in futility for those nightwalkers… Since then, doors become my priority and a prerequisite for any livable apartment am to live in.”

    Now that the year is gradually winding up, to ensure that many Nigerians don’t fall victims to such bad door experiences due to substandard doors, the chairman of Emilinks Limited has decided once again to further crash the prices of the company’s exotic pure solid wooden doors. From the already discounted price of N150,000 since June, Nigerians can now get the same doors with the same premium quality for N130,000 to N80,000 and the flush doors formerly N50,000  for N45,000!

    To launch the Emilinks Unbeatable Price Christmas Promo, Mr. Solomon E. Nwadiogbu said;

    “In Nigeria, our mission is to eliminate sub-standard products from the market system and one of the obstacles we are facing due to the current economic situation is low purchasing power. From our market research, we realized price is the major reason why Nigerians buy substandard products and that’s why we’ve decided to further bring down our prices to enable them enjoy the best quality doors at unbeatable market prices.”

    He further went ahead to outline 10 core attributes Emilinks stands for;

    • Value: we sell superior products that add value to the Nigerian society.
    • Quality: we offer quality products that give our customers value for their money.
    • Durability: our products have the capacity to last up to 50 years and above.
    • Affordability: we believe in making exclusive products affordable for Nigerians.
    • Style: our products are trendy, modern and stylishly made to enhance your property.
    • Elegance: we create sophisticated products that portray our customer’s good taste.
    • Class: we are passionate about helping Nigerians add a touch of class to their properties.
    • Exclusive Designs: our products are uniquely designed to stand out in the market.
    • Humidity Friendly: our products help to calm the atmosphere of your interiors.
    • Safety: our security doors are not only durable but are the most secured for lives and properties (guaranteed)

    Starting from the 1st of November, 2016 till the end of January 2017, Nigerians are guaranteed of buying premium quality doors from Emilinks at unbeatable market prices with frame, handles and hinges. Also available are 100% Italian most secured security doors classified, kitchens and wardrobes at the best quality and prices ever, nobody globally can match our prices.

    All Emilinks products come with money back guarantees; delivery and installation services are also available after purchase. This promo is exclusive to only the loyal and esteemed customers of Emilinks, lovers of good things.

     

  • Fayose bought N1.35b properties under six months in office, says EFCC

    Fayose bought N1.35b properties under six months in office, says EFCC

    Detectives have uncovered how Ekiti State Governor Ayodele Fayose bought N1.35billion properties within six months in office.

    The five properties include four duplexes in Lagos and one in Abuja.

    The Economic and Financial Crimes Commission (EFCC) has summoned three more people for quizzing on Friday in respect of the ongoing investigation of the governor.

    One of those invited, Oyin Daramola, who is an estate agent, is said to have told the EFCC team  that she did a legitimate business.

    She said she had never been fraudulent in all her business transactions.

    Besides, Dramola, two others are to present evidence of their business fidelity.

    Ahead of the Friday session, the anti-graft agency has relocated Fayose’s associate, Abiodun Agbele, from Lagos to Abuja.

    The governor was inaugurated on October 16, 2014 but by April 2015, he had acquired the properties in Lagos and Abuja.

    The four duplexes, which were bought at $1.3m each, are located on Tiamiyu Savage Street on Victoria Island in Lagos.

    Each of the mansions is a four-bedroom duplex.

    According to EFCC’s findings, while chalets 3 and 4 were purchased through Siqnathor, chalets 6 and 9 were owned by Noga Hotel

    The fifth duplex was bought from the Skye Bank Plc at N200million.

    Although the transactions were handled by  Still Earth belonging to Oyin Daramola, the governor has refused to pay estate agency fees up till the time of filing this report.

    Instead, he offered to pay fees through the award of contracts to the estate agent in Ekiti State to defray the commission on the five properties.

    Agbele allegedly brokered the deals.

    Another source, who was privy to the preliminary investigation, said: “They approached Oyin Daramola through Abiodun Agbele whom she knew in Ibadan.

    “Upon seeing Agbele who came to seek assistance to buy the four duplexes in Lagos, it was obvious he was looking so poor and could not afford the huge cost.

    “ Agbele then said his friend, who wanted the duplexes, will call her. It was then Fayose later called Oyin Daramola. We have the call logs and the transcript of the conversation or negotiation already.

    “Investigation confirmed that Fayose did not pay the agency fees but only offered to give contracts to Still Earth belonging to Daramola in Ekiti State to pay the required fees.

    “Unknowingly, he wanted to award the contracts for kick-back to feather his nest.”

    For questioning are Daramola of Still Earth, her former accountant and a consultant, simply called Titilayo of Philberth company.

    “We are going to interact with these three people on Friday as part of the ongoing investigation of the governor. We had a preliminary interface with Daramola, who was innocently manipulated by Agbele and the governor for a legitimate business,” the EFCC source said.

    Daramola reportedly told the EFCC team:  “I did legitimate business, I am not fraudulent. I don’t do dirty business deals.

    “You can check my background and business records, I have never been involved in shady transactions. Even the purchase of the duplexes, I made sure every process is documented without cutting corners. I have no cause to live a dubious life.”

  • Lagos mulls e-transaction for land, properties, others

    Lagos mulls e-transaction for land, properties, others

    •Access Bank lends support to empower entrepreneurs

    The Lagos State government is close to introducing e-transactions for all land and property  related matters, its governor, Akinwunmi Ambode, has said.

    Ambode, who spoke yesterday in Lagos at the Second Access Bank’s Annual Leadership Conference, tagged: “Leadership In A Transformation World- The Imperative of Innovation”,  said the government  has  created the Office of Transformation and Creativity in order to change the way “we do business in the state”, stating that within a very short time from now, those who wish to conduct transactions in the state in respect of  lands and properties, among others, would be able to do so, using e-facilities

    In addition, Ambode  said the state would introduce  an initiative to identify young entrepreneurs for the purpose of supporting their businesses.  “My  administration is to establish a viable platform, which would identify young entrepreneurs for the purpose of supporting and promoting their entrepreneurship within the state,” he said, adding that former President Olusegun Obasanjo and the President of the Dangote Group, Alhaji Aliko Dangote, have consented to sponsoring the initiative.

    The Group Managing Director/CEO, Access Bank, Herbert Wigwe, while giving his welcome address, said the lender has also lent  its support for the initiative.

    Ambode, whose pronouncement was applauded, also stressed the need for innovation via the introduction of Information Technology (IT) towards championing the development of the various sectors of the economy.

    He said: “It is no longer in doubt that Small and Medium-Scale Enterprises (SMEs) hold the key to realising our full potentials for growth and development. The history of the Asian Tigers is well known. It is also a fact that while most big business corporations started as Small Medium Enterprises, developing economies still pay special attention to the survival of SMEs in various sectors of their economies.

    He said the challenge of any government is to create an enabling environment that would enable the entrepreneurial spirit to thrive.  “Indeed, we live in interesting times. We live in an era where our ability to influence the society depends very much on how we are able to bring innovative ideas to bear on our responsibilities.