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Obaseki’s affordable housing plan opens Edo’s real estate sector to private developers

…as EDPA unveils criteria for PPP, JV

Edo State Governor, Mr. Godwin Obaseki’s reforms in private property management and plans for affordable housing have opened up the real estate sector to private developers.

The state government had ratified a law banning activities of Community Development Association, setting up a Private Property Protection taskforce to ensure that developers and property owners do not fall prey to land-grabbers and other unscrupulous elements in the property sector.

It is against this backdrop that the Edo Development and Property Agency (EDPA) is calling on developers to tap from the growing real estate sector in the state for development of affordable housing in a develop, finance, build and sell arrangement. The plan also makes room for joint-venture partnerships.

Executive Chairman, EDPA, Ms. Isoken Omo, in a release, said the state government will be exploring the private-public partnership (PPP) option in developing affordable real estate projects across the state.

She said, “The projects will be sited on various strategic parcels of land pooled into the Edo State Housing Development Land Bank domiciled with the agency.

“Other sites for the projects include new sites of land that will be identified in line with the proposals submitted by prospective developers and investors who are interested in partnering with the state government in developing, financing, building and selling housing units across the state.”

Recall that Governor Godwin Obaseki had, in his Workers’ Day address, promised social housing for workers and other residents in the state.

“In delivering Housing to workers, plans are on between the Federal Mortgage Bank, Nigeria Labour Congress (NLC), Trade Union Congress (TUC), Nigeria Employers Consultative Association (NECA) and the Edo State Government to provide Housing for Edo State workers. The repositioned Edo Development and Property Agency (EDPA) is also working on social housing for Edo workers by private investors,” the governor said at the Workers’ Day event.

A bill to reposition the EDPA was signed into law recently by the governor to empower the agency for partnerships that will boost housing stock in the state and reduce the overall national housing deficit figures.

Thisday

Power, works, housing get lion share in 2018 budget

• National Assembly approves N9.120 trillion
• Nigerians in mixed reactions over delay, allocations
• Buhari yet to get petroleum bill, says presidency
The two chambers of the National Assembly, yesterday, passed the 2018 budget totaling N9.120, 334,988,225.The budget is over N500 billion higher than the N8.612 trillion proposed by President Muhammadu Buhari to the joint session of the Assembly last year.The Chairman, Senate Appropriation Committee, Danjuma Goje, said:”The increase was done after close consultation with the executive.”
In his remarks, Senate President Bukola Saraki called for immediate implementation “so that our people will begin to benefit from the objective of the budget and the opportunities it offers.”House of Representatives Speaker Yakubu Dogara also urged the executive arm of government to ensure expeditious implementation of the budget.
The Ministry of Power, Works and Housing received N682,959,550,242; Ministry ofTransportation, N251,420,000.000; Ministry of Defence, N157,715,439.613; Ministry of Agriculture and Rural Development, N149,198,139.0 37; Ministry of Water Resources, N147,199,614,645; and Ministry of Industry, Trade and Investment, N105,156,176,854.Ministry of Education got N102,907,290,833; Ministry of Health, N86,482,848,198; Ministry of Environment, N17,492,955,833; and Ministry of Niger Delta Affairs, N58,082,611,977.
The Federal Government’s special intervention programme got N150,000,000,000; grants and donor funded projects, N169,919,791,292; and zonal intervention projects, N100,000,000. The National Assembly, the National Judicial Council, the Universal Basic Education and the Niger Delta Development Commission (NDDC) also got approval for statutory transfer worth N139,500,000,000; N109,063,630,546; and N81,882,555,891.
Nigerians, meanwhile, have been reacting to the passage of the budget.The Chairman of the Senate Committee on Environment, Oluremi Tinubu, expressed concern over the low allocation to environment, saying the amount cannot tackle the Ogoni cleanup.She spoke at the fifth Impact Plan Retreat organised by the National Environmental Standards and Regulations Enforcement Agency (NESREA), yesterday, in Keffi, Nasarawa State.
The Registrar, Institute of Credit Administration (ICA), Dr. Chris Onalo, urged government to compensate for the delay in passing the budget by releasing funds for infrastructural development of key areas of the economy.
He said: “We have put in a lot of years to nurture our democratic principle and it is important that the legislature and the executive put aside any form of personality consideration. It is quite clear that Nigerians should not be denied any form of economic prosperity. Nowhere in the world will Nigeria be congratulated for a budget that should have been passed early enough in the interest of the country.
“We are supposed to have 12 months to make good use of the budget. The delay means that Nigeria has been unfortunately tied down and moved out of economic activities during the time the budget was delayed.”The President of the Lagos Chamber of Commerce and Industry (LCCI), Babatunde Ruwase, regretted the delay. He said the risk is that recurrent spending will be fully implemented while capital projects suffer implementation deficiency.
He said: “The delay has implications for planning in both the public and private sectors of the economy. Strategic planning for many organisations takes a cue from the budget structure and the policies that come with it. To the extent that the budget is not in place, uncertainty and associated business risks in the economy are heightened. This is surely not good for investors’ confidence, either from a foreign investor’s perspective or from domestic investors’ standpoint.”
He added: “There is the need for better communication between the National Assembly and the executive arm of government. They need to be on the same page with regard to the fundamental principles of the budget. It is also necessary to clearly define the boundaries of responsibilities between the executive and legislature in budgetary appropriations, to avoid the recurring problem of delays.”
On his part, the President, Manufacturers Association of Nigeria (MAN), Dr. Frank Jacobs, noted: “We are happy the budget is passed. That means funds would be made available while the buying power of consumers may likely improve. This would also translate to improvement in production and sales by the productive sector of the economy. In all, it is a good one for the economy as a whole.”
Meanwhile, the harmonised Petroleum Industry Governance Bill (PIGB) approved by the National Assembly March 28, is yet to reach Buhari’s desk for assent, the Presidency said yesterday.
The Senior Special Assistant to the President on National Assembly Matters (Senate), Senator Ita Enang, in a statement said his findings revealed the bill is still undergoing standard operating legislative processes preparatory to being transmitted to the president.
“Further to several enquiries by the media, interest groups, and the public in respect of the named bill, may I please state that the said bill has not yet been transmitted by the National Assembly to president,” he said.The implication, according to Onalo, is that the PIGB may suffer more delay and dampened enthusiasm, resulting in investment losses in the oil and gas sector.
 Adamu Abuh, Terhemba Daka, George Opara, Cornelius Essen, Roseline Okere and Femi Adekoya

 

Community tackles Okorocha over planned demolition of ancestral market

Indigenes of Umuoma, Ogbe Ahiara and Ahiazu in Mbaise Local Government Area of Imo State have cautioned Governor Rochas Okorocha to rescind his plan to demolish their ancestral market.

They said that the market is a veritable symbol for them and a major source of livelihood.

In a peaceful protest to register their opposition, the aggrieved villagers said the demolition of the market, known as Afor Ogbe, would bring poverty to the people.

The protesters, who sang solidarity songs holding palm fronds, carried placards with inscriptions such as “Afor Ogbe is our heritage, we do not want any interference from government”, “Demolition of Afor Ogbe will only bring poverty to our people”, “Government of Imo State leave Afor Ogbe alone”, among others.

The irate villagers vowed to resist the demolition.

Speaking during the protest, Chairman of Aladimma Umuoma, Chief Emmanuel Egbutu, told Southern City News that the people were opposed to the market demolition because it is a major source of livelihood, adding that it is also one of the symbols of the village.

According to Egbutu, when the stories of government’s intention to demolish the market filtered into the ears of the indigenes, they waited patiently to hear directly from the government but all to no avail.

“They had also falsely claimed to have secured the blessing of the traditional ruler of the Ogbe community, HRH Eze Pat Ihuoma which eventually turned out to be a ruse.

“Demolition of the market will adversely affect our people economically and if the market requires renovation, let the government allow us to effect the repairs by ourselves because we have the resources to do this. If they want to build a new market in our area, we will provide land for them but let them leave our ancestral market for us,” he said.

Other indigenes, Onyekwere Nze, Celestine Agbiogwu and Mrs Nkem Nwosu who variously corroborated the views of Egbutu warned the state government to drop the planned market demolition.

They stressed that doing otherwise would impose avoidable hardship on those whose means of livelihood depend on it.

When contacted, the state Commissioner for Information, Prof. Nnamdi Obiareri, said he was not aware of the development.

Also, the Commissioner of Non-Formal Sector, Mrs. Joy Mbawuike, made the same claim that she was not aware of the demolition exercise.

Gibson Achonu

 

Lagos promises 14,187 housing units in 24 months

Lagos State Government has said that it will deliver 14,187 housing units across the state in the next two years through joint venture partnership.

The Commissioner for Housing, Mr. Gbolahan Lawal, stated this at the ongoing 2018 ministerial press briefing to mark the third anniversary of Governor Akinwunmi Ambode’s administration.

He said by this initiative, the state intends to provide 20,000 housing units over a period of four years spanning 2017-2020.

“This initiative is implemented through a joint venture arrangement between the state and the private investor/joint venture partner. Under this initiative, the state provides land, the documentation in terms of permits, approvals, registration of documents and stamping as its own contribution while the joint venture partner provides funds and construction expertise as its contribution,” he said.

According to him, the Special Purpose Vehicle (SPV)/Project Company is made up of both parties and that the shareholding would be based on the value of the equity contribution of the parties.

Besides, the Lagos State Government yesterday commenced the urban regeneration of Ikoyi, Victoria Island and Ikeja Government Reserved Areas (GRAs), with the unveiling of 45 new road construction equipment and commissioning of newly-interlocked road in Lekki.

The equipment, which include three road printers and three giant wheel leaders, among others, were unveiled after a public demonstration to the media and government functionaries to complete the construction of interlocked road in Joseph Hotounu Street, Lekki.

Governor Akinwunmi Ambode, who spoke at the unveiling, represented by Commissioner for Physical Planning and Urban Development, Mr. Rotimi Ogunleye, said the new equipment were procured in line with efforts to reposition the Lagos State Public Works Corporation for the urban regeneration programme aimed at addressing environmental and infrastructural challenges in Ikoyi, Victoria Island and Ikeja GRAs.

Ambode said the equipment would be immediately deployed across the state for the urban renewal initiative, saying that they would go a long way in ensuring the regeneration of the entire Lagos landscape.

Also, Secretary to the State Government, Mr. Tunji Bello, said the paving stone machines and road printers were acquired to basically construct roads that would last longer considering the state of the Lagos environment being waterlogged.

Gbenga Salau

FORMER NSE BOSS CALLS FOR MECHANISM IN REAL ESTATE SECTOR TO DEAL WITH FRAUDSTERS

A former President of the Nigerian Society of Engineers (NSE) Engr. Emeka Ezeh has called on the Government to put in place a governance structure mechanism to prevent the activities of fraudsters in the real estate sector.

Engr. Ezeh made the call in an interview with Housing TV in Abuja.

He said “first and foremost, there is a need for governance structure on how real estate development should be managed. Government needs to come with a regulation on how that should happen. “

Engr. Ezeh who was also a former Director of the Bureau of Public Procurement also called on the Department of Development Control to set up a Unit to monitor real estate development.

He added that “if somebody puts up advert that he has an estate being developed, they are all over the place, everywhere, and am sure that people in development control have access to some of these things, all they need to do is to set up a department to monitor real estate development”

He further stated that “when they run into such advertisements, they have a responsibility to reach out to the owners of such addresses, please can we see the approval for these development and if there is no such approval that shuts off that scheme by the person and in the process the customers will not be swindled. There will be a sense of sanity and order for the real estate sector.”

He noted that there is a need for development control to ensure that those who advertise estates are properly approved with necessary papers, vision for infrastructure like water, electricity, good access roads among others.

Engr. Ezeh advised the consumers to always carry out due diligence before parting with their money to estate developers.

He said” until there is a responsibility on the part of the would be tenant on how they approach them, educate them on what to expect of the developers, if someone comes to you making an offer, you need to do a bit of due diligence check on the developer himself by insisting on getting his details and evidence of government approval of that estate.”

 

The former NSE boss added that “there is so much expectation of government in our whole psyche. It’s a good thing to look up to the government but people are forgetting their personal responsibility. There is a need for the people to be a bit cautious in dealing with people. It’s expected that due diligence will be carried out before parting with your money. You have your responsibility as a customer to find out how these are”

On the state of the roads in the rainy season, he said the pressure on the roads due to the collapse of the rail infrastructure is responsible for their present state.

According to him, roads are not permanent structures and are meant to be rehabilitated after some time, noting that he supports the call to change the budget year from May to May to take advantage of the dry season in repairing the roads.

Adeleke Samuel, Housing TV

Nigeria Requires $363bn to Tackle Housing Deficit

The federal government will have to cough out a huge sum of $363 billion (about N111. 08 trillion) to meet the current housing deficit in the country.

This revelation was made Tuesday by a former Chief Executive Officer of Nigeria Mortgage Refinance Company (NMRC), Prof. Charles Inyangate, at a workshop to mark the World Facilities Management Day in Abuja.

Citing a report by the Centre for African Housing Finance released in October 2015, Inyangate, who delivered the keynote address: ‘Enabling Positive Experiences in an Evolving Economy’, said that amount is required to fix the country’s housing deficit, which ranges between 17-23 million units.

The current housing stock in Nigeria is estimated at 21 million units while the estimated demand is between 38 million and 44 million units.

He said a crisis is looming given the prevailing housing deficit, in view of Nigeria’s demography, which is considered the fastest growing in the world.

He added that over the next 30 years, according to a report by the National Integrated Infrastructure Masterplan (NIMP), $95 billion private sector funding will be required to develop Nigeria’s infrastructure towards the provision of paved roads and electricity.

Inyangate tasked facilities managers to intensify their approach in facility management, saying it is the only means to achieve sustainable and effective development of Nigerian cities.

“Facilities managers are expected to be value creators within their respective organisations. They have a role to play in the building and redesigning process. If government can’t do alone, there is an urgent need for a proactive Public Private Partnership to address Nigeria’s economic challenges. The competence skill set needed to function in Facilities Management are multi-dimensional, it is appropriate that all facilities managers ensure they are well equipped with the competencies,” he said.

At the workshop, Senator Ahmad Abubakar (Bauchi South) revealed that there was a Facility Management Bill before the National Assembly.

He said the bill when passed will enhance and ensure legal framework, localisation of processes and practices of facility management in the country.

He said the Bill had already passed the second reading and public hearing stages.

Olawale Ajimotokan

Reforms: FG commences titling of lands

As part of measures to increase access to land and addressing the rising cases of illegal land grabbing, the Presidential Technical Committee on Land Reforms has said that it has commenced titling of lands across the country.

The representative of the Chairman of the Presidential Technical Committee on land Reform, Mrs Gloria Agu-Nwafor, disclosed this in Abuja on Tuesday at the opening of a three-day workshop on the United Nations Voluntary Guidelines for Responsible Governance of Tenure of Land, Fisheries and Forest.

At the meeting organised by the Global Convergence on Land, Water and Seed West Africa; the Centre for Environmental Education and Development and the Food and Agriculture Organisation (FAO), she said they had commenced titling of land in Kano and Akure, Ondo State.

According to her, the importance of land titling in Nigeria is very important as it would ease transfer of land ownership to next of kin in case of death, facilitate land leasing for agricultural purpose and also help in the payment of compensation, in case of government or investors taking over the land.

“The committee has been using Systematic land Titling and Registration through which they have been able to rake in several land for Certificate of Ownership. The committee has been pushing the establishment of National Land Commission and the commission who will help in the monitoring of land titles in the country,” Agu-Nwafor said.

The Focal Person for the Convergence on Land, Water and Seed Struggle for West Africa and Nigeria, Mr Raymond Enoch, said that the use of the Voluntary Guidelines on Responsible governance on Land (VGGT) for Fisheries and Forestry would enhance agricultural production, food security and responsible use of land for fisheries and forest resources.

He said that the UN Voluntary Guidelines is an advocacy tool that could be utilized by CSOs to enable government treat land responsibly and reduce land grab.

Enoch who disclosed that there are about 79 land deals going on in Nigeria, lamented that the actual owners of the land are being short-changed under the promises that the land was being used for investment.

The Representative of the FAO-Global, Mr Calzabini Eldorado, said that CSOs need to increase dialogue on governance of tenure to improve access to land for the local community

Also, the Food and Agricultural Coordinator at Action Aid Nigeria, Azubike Nwokoye, lamented that the government that should be the protectors are the facilitators of land grab and also violating the UN voluntary guidelines on protecting the right of land owners.

Abbas Jimoh

SHELTER AFRIQUE, UN HABITAT, AUHF, NMRC, FMBN AND NHFP TO HEADLINE 12TH ABUJA INTERNATIONAL HOUSING SHOW

Leading Pan-African finance institution, Shelter Afrique, UN Habitat and the African Union of Housing Finance will lead a host of major players in the real estate sector at the 12th Abuja International Housing Show.

The Largest housing show/ construction expo on the continent will hold at the International Conference Centre Abuja between 16 and 19 July this year.

The Show’s Director of Media, Flora Anne, who also is the anchor of Housing TV on AIT told Housing News that some of the new collaborators are the African Association of Interior Designers, Nigerian Institution of Estate Surveyors and Valuers, Nigerian Housing Finance Programme, Real Estate Developers Association of Nigeria, Mortgage Bankers Association of Nigeria, Nigeria Institute of Building, Association of Housing Corporation of Nigeria, Housing Development Advocacy Network and the Abuja Metropolitan Management Council.

Others expected at the Show are Federal Ministry of Power, Works and Housing, OPIC Investment USA, Nigeria Mortgage Refinance Company (NMRC) and over 300 Exhibitors from 10 Countries.

The Guest Speakers for the housing finance section of the 12th Abuja Housing Show are drawn from the World Bank, African Union of Housing Finance, Central Bank of Nigeria, Shelter Afrique Kenya, Federal Mortgage Bank of Nigeria, Nigeria Mortgage Refinance Company, UN Habitat, OPIC Investment USA, Mortgage Warehouse Funding Limited among others.

The Director said it is time to have a policy dialogue on the way forward with all stakeholders, professional bodies, policy makers in Nigeria.

She  noted further that “an important component of Abuja International Housing Show’s strategic plan is its public policy education and advocacy goal which is to support efforts to promote policies- both legislative and regulatory-aimed at improving housing opportunities for those in need. The Show engages every level of an Organization as well as our experience to develop and promote national, state and local policies aimed at narrowing the housing affordability gap of affordable homes for low income persons and stabilize communities. We will work with other stakeholders, practitioners and advocates to advance our goal.”

Flora added that the Show continues to occupy a unique position of being able to directly communicate a stakeholder’s perspective with three decades experience (the promoters) developing, financing and managing affordable housing.

This year’s event has as its theme- Driving Growth and sustainability in Nigeria Housing and Mortgage Markets-improving structures and policies for impact.

The Housing Show that has now taken international dimension is being organized by Housing Development Programme on AIT with the collaboration of Mortgage Banking Association of Nigeria, African Union of Housing Finance, Nigeria Housing Finance Programme, Real Estate Developers Association of Nigeria, National Assembly Committee on Housing and Africa Association of Design Architects.

The Show will witness over 350 exhibitors with over 15,000 participants.

Adeleke Samuel, Housing News

Rising Incomes in 2018 Boosting Home Affordability in U.S.

According to the National Association of Home Builders/Wells Fargo Housing Opportunity Index released this week, strong U.S. wage growth more than offset an increase in mortgage interest rates to boost nationwide housing affordability in the first quarter of 2018.

In all, 61.6 percent of new and existing homes sold between the beginning of January and end of March were affordable to families earning the U.S. median income of $71,900. This is up from the 59.6 percent of homes sold that were affordable to median-income earners in the fourth quarter.

“Continued job growth, rising wages and strong consumer confidence are fueling housing demand. In turn, this should lead to more buyers entering the housing market in the coming months,” said NAHB Chairman Randy Noel, a custom home builder from LaPlace, La. “However, builders continue to face headwinds that could impact affordability, including chronic labor and lot shortages, rising prices for building materials and excessive regulations.”

“At the national level, median family income rose an impressive 5.7 percent to $71,900 in 2018 from $68,000 last year, and this wage growth helped to boost housing affordability,” said NAHB Chief Economist Robert Dietz. “A growing economy, along with tight inventories and increasing household formations, will lift housing production in the year ahead. But we also expect mortgage rates to continue to rise, and this will place downward pressure on affordability.”

Average mortgage rates jumped by nearly 30 basis points in the first quarter to 4.34 percent from 4.06 percent in the fourth quarter of 2017.

Of the 237 metropolitan areas recorded in the first quarter HOI, 167 markets registered a gain in affordability from the fourth quarter of 2017, 68 posted a loss and two were unchanged.

Youngstown-Warren-Boardman, Ohio-Pa., was the nation’s most affordable major housing market. There, 90.9 percent of all new and existing homes sold in the first quarter were affordable to families earning the area’s median income of $60,100. Meanwhile, Cumberland, Md.-W.Va., was rated the nation’s most affordable smaller market, with 98.5 percent of homes sold in the first quarter being affordable to families earning the median income of $55,500.

Rounding out the top five affordable major housing markets in respective order were Indianapolis-Carmel-Anderson, Ind.; Scranton-Wilkes Barre-Hazleton, Pa.; Toledo, Ohio; and Harrisburg-Carlisle, Pa.

Smaller markets joining Cumberland at the top of the list included Springfield, Ohio; Elmira, N.Y.; Wheeling, W.Va.-Ohio; and Fairbanks, Alaska, which also posted a fifth place tie with Binghamton, N.Y.

San Francisco, for the second straight quarter, was the nation’s least affordable major market. There, just 9.2 percent of the homes sold in the first quarter of 2018 were affordable to families earning the area’s median income of $119,600.

Other major metros at the bottom of the affordability chart were located in California. In descending order, they included Los Angeles,-Long Beach-Glendale; Anaheim-Santa Ana-Irvine; San Jose-Sunnyvale-Santa Clara; and San Diego-Carlsbad.

All five least affordable small housing markets were also in the Golden State. At the very bottom of the affordability chart was Salinas, where 10.7 percent of all new and existing homes sold were affordable to families earning the area’s median income of $69,100.

Worldpropertyjournal

$1bn 30-year bond to support mortgage industry

Ghana’s maiden thirty-year bond will be channelled into reducing the country’s rising housing deficit.

This will also be achieved through the provision of mortgages and the completion of the government’s affordable housing unit projects.

Finance Minister, Ken Ofori Atta disclosed this in an exclusive interview with Citi Business News after the issuance of Ghana’s sovereign bond.

The thirty-year bond, a maiden one to be issued by Ghana, attracted a billion dollars from investors.

The country is expected to pay back investors at a rate of 8.62 percent.

The Finance Minister, tells Citi Business News that the proceeds of the bonds will largely support the government infrastructural projects.

The thirty-year bond issue he says will support the mortgage industry.

“It’s basically an indication of trust that people would want to go that long with your country… usually when you are creating mortgages, you benchmark them against twenty to thirty-year paper. So now we are beginning to get a sense of such type of pricing, as we create instrument to support the mortgage industry,” he stated.

Currently, the country’s housing deficit is estimated at 1.7 million.

Some industry watchers believe the figure will escalate to 2 million by next year, 2019.

Already the works and housing ministry has ditched an earlier plan of establishing a housing bank to meet the mortgage needs of majority of citizens.

It is now seeking to do so via already established commercial banks involved in mortgages.

Meanwhile, Mr. Ofori Atta believes investments into other critical sectors, with the bond proceeds, should drive employment creation.

“A couple of the key issues that our government committed to tackle are infrastructure deficit and job creation. The momentum and tempo for rolling out the infrastructure needs and supporting our projects which will create jobs is what we are going to be focusing on, together with the implementing agencies and the other resources that find the resources to back them up.”

The Minister who admits to securing new bonds anytime the conditions permit however says his team is working to improve Ghana’s ratings to double B’s and triple B’s to get better rates the next time around.

Ghananewhomes

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