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‘Investors should pay attention to property maintenance’

The Business Development Manager, Provast Limited, Mr. Segun Olabode, says investors in real estate should place emphasis on efficient management and maintenance of their existing stock of properties so as to enjoy maximum returns on their investments.

Olabode, who is an estate surveyor and valuer as well as a facility manager, spoke at a master class for members of the Nigerian Institution of Estate Surveyors and Valuers, Lagos State Branch, recently.


He said there was also a need for an effective safety management system to be in place.

Olabode stated, “The objective of a safety management system is to provide a structured management approach to control safety risks in operations. Effective safety management must take into account the specific structures and processes related to safety.
“The SMS is a comprehensive and integrated system that ensures that all work at the facility or site is conducted safely and should be fully documented, accessible and comprehensible to those that need to use it.”

According to him, property owners, organisations and investors prefer outsourcing the management of their facilities and structures so as to get better returns on investments.

Gemade accuses FG of withholding N100billion appropriated for housing

The Chairman Senate Committee on Lands, Housing and Urban Development, Senator Barnabas Gemade, has revealed that the sum of N100 billion appropriated in the 2017 Budget as intervention fund, to support mortgage activities in the country has not been released to the Federal Mortgage Bank of Nigeria (FMBN).

This is even as the year will elapse in few weeks’ time, and the National Assembly has commenced deliberations on the 2018 Budget presented by President Muhammadu Buhari.

Gemade, who made the disclosure while the committee was on oversight function at the FMBN, urged the Bank to liaise with the supervisory Ministry of Power, Works, and Housing, and the Ministry of Finance, to ensure that the fund so appropriated is released to it for the purpose.

Furthermore, he urged stakeholders including the Federal Government, Central Bank of Nigeria (CBN), and the Nigeria Social Insurance Trust Fund (NSITF), to pay up their equity contribution and actualise the recapitalisation of the FMBN.

NSIA Plans Massive Investment In Infrastructure

The Nigeria Sovereign Investment Authority on Wednesday said it was planning to invest massively in the Nigerian Infrastructure Debt Fund being managed by Chapel Hill Denham Nigeria.

The NSIA said this in a statement issued in Abuja and signed by its Communications Adviser, Mr. Titilope Olubiyi.

It, however, did not disclose the amount to be invested, but added that the investment was consistent with its mandate of playing a leading role in sustained economic development for the benefits of Nigeria.

The NIDF is a Nigerian domiciled close-ended fund. It is the first and only domestic currency listed infrastructure debt fund across Africa.

It is focused on mobilising domestic savings, particularly pension funds, life insurance companies, large corporates as well as family office groups for investing in economically critical and financially viable infrastructure assets.

The fund supports traditional infrastructure sectors, primarily transport, power, renewable energy, utilities, energy infrastructure, logistics and other public-private partnership type investments, with naira long-dated senior debt.

The statement said the NIDF was able to support these projects with long-term financing and in the process, would generate superior risk adjusted returns for its investors

Commenting on the investment, the Chief Executive Officer/Managing Director, NSIA, Uche Orji, said, “We are pleased to support the NIDF, as it is consistent with the NSIA’s strategy of enabling Nigeria pension fund participation in infrastructure, makes available long-term naira financing, and is led by a high-quality management team.

“We look forward to working with the NIDF team to ensure that the fund grows through further institutional investor participation and access to high-quality investments.”

The statement also quoted the Chief Executive Officer of Chapel Hill Denham, Mr. Bolaji Balogun, to have said that the fund would direct institutional investments into productive infrastructure assets.

He said, “Mobilisation of domestic currency sources for funding infrastructure is critical for Nigeria, in order to meaningfully bridge the existing infrastructure deficit.

“The NIDF directs institutional investments into productive infrastructure assets, which have a positive development impact, through the multiplier effect on investments, economic growth and well-being of the population.

“The NIDF has the potential to mobilise a meaningful proportion of this requirement by channelling the growing pension and insurance assets as well as other long-term pools of capital into infrastructure investment and financing.”

Police contributes N10bn to national housing fund – IGP Idris

The Nigeria Police Force has revealed that it had contributed over N10 billion in remittances to the National Housing Fund since the inception of the scheme.

The Inspector-General of Police, Mr Ibrahim Idris, made the disclosure at the inauguration of the Nigeria Police Mortgage Bank Cash Centre and ATM gallery in Abuja.
Idris said that the establishment of the bank became imperative to provide police officers with unhindered access to the National Housing Fund.

He also said that the bank had also provided officers with loans at lower interest rates than obtained in other commercial banks.

He promised to ensure transparency and accountability in the management of all police investments to enhance welfare of personnel.

“It is my earnest belief that the Nigeria Police Mortgage Bank is strategically positioned to drive our ambitious welfare agenda,”the police boss said.
He said that the force would continue to support and encourage synergy toward achieving the welfare objectives of the bank.

He said that the police management would consider ways of encouraging and engaging other police investments and Institutions in mobilising fund to support the bank.

The Chairman, Board of Directors of the bank, retired DIG Uba Ringim, said that the bank had successfully disbursed mortgage loans to over 500 police personnel.

Ringim said the bank had also processed over 400 National housing fund loans approval from the Federal Mortgage Bank of Nigeria for personnel.
He further said that over 200 police officers were beneficiaries of other loan products with the lowest interest rates.

He said that the cash centre would avail the bank customers with the opportunity to walk in and access wide range of products and mortgage services.

The chairman said that the bank had obtained CBN approval for the deployment of three additional ATMs in Garki, Wuse and Dei-Dei, all in Abuja.

The News Agency of Nigeria (NAN) reports that the Nigeria Police Mortgage Bank commenced business in 2015 to provide personnel with affordable and quality housing.

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Association Tells LASG To Decentralise Town Planning

The Association of Town Planning Consultants of Nigeria (ATOPCON), Lagos State Chapter, has called on the state government to decentralise town planning by involving local governments.

The ATOPCON President, Mr Olaide Afolabi, made the call in Lagos on Thursday.

Afolabi said that it had become necessary to have a more responsive planning system in the state.

He said that decentralisation was vital because of the increased rate of illegal erection of structures in the state.

Afolabi said that decentralisation of town planning process would discourage people from erecting such structures.

“We are working toward improved planning practice in Lagos State so that things will be done in an orderly manner, and there will be less illegal developments.

“We want the government to make planning easier and more transparent; a lot of people will benefit from this instead of having illegal developments and government chasing illegal developers with scarce resources.

“Let planning be decentralised and local governments be given the power to be involved in issuing planning permits,’’ he said.

Afolabi said that there were a number of challenges facing town planning in the state.

“There is always a gap between the regulator and the regulated.

“There is too much bureaucracy at the level of the government.

“We want a more responsive physical planning system in the state,” he said.

Afolabi expressed the optimism that decentralisation of town planning process would erase the bottlenecks associated with issuing planning permits.

He said that it was improper to delay issuance of planning permits for months and sometimes years after submission of applications.

“If one wants a development permit, there is no reason he should not get it within few weeks, but a lot of people take months or years to get it done and they accumulate debt because they borrowed for the project,” he added.

Lagos Arraigns Property Developer Over Alleged Fraud

Lagos – The Lagos State Government,has arraigned a property developer, David Olumide Aderinokun and a staff of the New Town Development Authority (NTDA), Balogun Adeniyi Abdul-Wakil before an Igbosere Magistrate Court over alleged conspiracy, forgery, stealing and property fraud on parcels of land in Lekki Peninsula estimated at 2678.068 square metres.

Aderinokun was arraigned separately on an eight-count charge bordering on the offence before Chief Magistrate Olufolake Oshin, and alongside Abdul-Wakil on another eight-count charge before the same court.
Aderinokun, trading under the name of Davade Properties, was alleged to have conspired with others now at large sometime in February 2016 to commit felony to wit stealing, forgery and obtaining money under false pretense.

The charge said Aderinokun criminally “converted a piece of land measuring approximately 1764.44 square metres situate at Plot 7B, Block CBD.1, Lekki Peninsula Scheme 1, Eti Osa Local Government Area of Lagos State, property of Ocean Trust Limited for your own use and to the use of others, and thereby committed an offence contrary to Section 287 of the Criminal Law Cap C17, Vol. 3, Laws of Lagos State, 2015.”

He was said to have forged a Deed of Assignment with file number DLS/GC/110323 with the intention of using same to defraud unsuspecting members of the public.
Besides, Aderinokun was alleged to have fraudulently obtained N18million from one Mrs Jumoke Fola-Alade on the pretense that he was the owner of the said property contrary to and punishable under Section 314 of the Criminal Law Cap C17, Vol.3, Laws of Lagos State.

In the other charge, Aderinokun and Abdul-Wakil were said to have conspired with others now at large to fraudulently convert a piece of land measuring approximately 913.628 square metres situated at Plot 44, Block 77, Lekki Peninsula Scheme 1 in Eti Osa for their use.

The property in question, which was registered as Number 96 at page 96 in Volume 1993p, belonged to Mr Ben Adebisi Oyekunle and Mrs Bukola Taiwo Oyekunle.
In one of the counts, Aderinokun and Abdul-Wakil and others now at large were said to have “On or about the 3rd of March, 2012 at Lekki Area of Lagos State in the Lagos Magisterial District, possessed a fraudulent document (Deed of Assignment registered as No 91 at page 91 in Volume 2399) knowing fully well that the document was false and presented same at the Lagos State Land Registry, Alausa, Ikeja for registration and thereby committed an offence contrary to Section 320 of the Criminal Law Cap C17, Vol.3, Laws of Lagos State, 2015.”

Abdul-Wakil was said to have used official information at his disposal to fraudulently convert the said land for his own use contrary to the law.

The defendants pleaded not guilty, while their lawyers – Stanley Imhanruor and Sunny Ogoh urged the court to grant them bail on liberal terms.

The lawyers based the bail application on the grounds that the defendants had no criminal records and were appearing in court for the first time, adding that the offences for which they were charged were bailable.

Ex-AMCON Chief, Others, Make Case for the Real Estate Sector

There is bright future and many opportunities through which the nation’s economy can be boosted in the real estate sector, experts have stated.
A former Chief Executive Officer and Managing Director of Asset Management Corporation of Nigeria (AMCON), Mustafa Chike-Obi, who was one of those who shared the belief, called for adjustment in the tax benefit of Real Estate Investment Trust (REIT) to encourage investments in the real estate sector.

Chike-Obi, who spoke at the maiden edition of Fusion of Real Estate, Interior Design and Art (FREIA) conference held in Lagos, stressed that there is too much emphasis on the tax benefit of REIT coming from company and personal income taxes, which he said is not encouraging more investors.

Earlier in his welcome address, the convener of the FREIA event and the CEO of LVG, Tommy Odama, described the forum as an event which explores the dynamic relationship between real estate, interior design and art and the opportunities that come alive when industry stakeholders collaborate.

According to Odama, the event which will be held annually, will raise the bar for real estate events in Nigeria, adding that he hoped that FREIA would one day become a global brand.

The event was kick-started with an art and design exhibition which was curated by Oliver Enwonwu of Omenka Art Gallery and featured a mix of distinct traditional and contemporary art works as well as one of a kind made in Nigeria design pieces.

While extolling the resilience of operators in the real estate for working in what is acclaimed all over the world as the most difficult circumstances, Chike-Obi had called for more government roles in the sector by guaranteeing certain type of mortgages.

According to him, at present, government is only guaranteeing the lender, which is not doing much and as such should guarantee the mortgage itself.
“Enforcement of mortgage is key to the development of the sector hence government guarantee is key because of the enforcement issues on mortgages.

“This is the way to go in most parts of developed countries like the United States because right now banks are not really interested in mortgages.
“They are very wary about enforcing their property rights because of the image it will create on them”, he said.
He stressed the need for creation of a system where parties collectively bear the cost of evicting tenants, who refused to pay their rents.

Chike-Obi, who is the chief executive officer of Alpha Africa Advisors, also lamented lack of mortgage financing in Nigeria, saying the huge collaterals attached to such financing, is making it a difficult journey.
The former AMCON boss urged stakeholders to create a pressure group that will discuss with government and commercial institutions on the right ways to finance mortgage because government does not listen very quickly in Nigeria unless trade groups, who are credible can sufficiently articulate their desire

Other speakers included; Director of African Artists Foundation, AzuNwagbogu; CEO, Agatha’s Interior Design, Agatha Eric Udorie; and a Senior Development Manager, Rendeavour West Africa, Odunayo Ojo.

Speaking on return on investment for real estate developers in Nigeria, one of the panelists at the event, Olajumoke Adenowo said: “Good design is related to ROI directly, it pays for itself, that’s why there are signature buildings. It can be likened to buying into a Picasso. Such investments have enduring legacies. As we move towards commercial development, estate and malls, it is best for real estate investors to consult and engage architects with in-depth understanding of architectural psychology, to create designs that make a piece of real estate stand out and make it financially rewarding.”

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