As of the end of last year, the digital currency was listed as a way to pay for some 75 properties for sale, especially in south Florida and California, according to the real estate firm Redfin.
“Bitcoin accepted” is a message now seen in the description of homes for sale in the Miami area.
One seller is going even farther, saying he will take only bitcoin (33 of them to be exact) for his half-million-dollar downtown condo in the Florida metropolis.
Bitcoin has been on a roller coaster ride of late, shooting up to nearly $20,000 a piece in mid-December and then dropping sharply around Christmas. It started the year at around $14,000.
Its use in real estate transactions is novel, and agents are wary because of its high volatility.
“I’d be blown away if a year from now we see hundreds of real estate transactions in bitcoins,” said Jay Parker, Florida CEO for the Douglas Elliman brokerage agency.
Still, such transactions can be useful for foreigners who want to invest in the United States and cannot otherwise do so, said economist and bitcoin expert Charles Evans of Barry University.
“This seems to be driven by international investors who are circumventing inefficient banking and currency controls at home, and by US cryptocurrency enthusiasts,” Evans told AFP.
“The governments in those countries restrict the amount of money that their residents are allowed to transfer abroad through the banking system. Bitcoin enables individuals there to bypass such restrictions,” he added.
This could be a draw for investors, who even before the bitcoin rage were already hot on the real estate market in south Florida.
Nearly half of all foreign buyers of property in south Florida are from Latin America.
According to the National Association of Realtors, over the past five years, investors from Venezuela, Brazil and Argentina—in that order—have led purchases in this part of the state.
Bitcoin offers another advantage for some foreign investors: it lets them dodge US economic sanctions.
Evans cited the example of Venezuela, which imposes strict currency controls and is enduring runaway inflation that surpassed 2,600 percent in 2017.
What is more, many senior officials in the government of Venezuela’s President Nicolas Maduro have been hit by sanctions imposed by Washington, which considers his administration a dictatorship.
Evans said there is also a lot of interest in bitcoin among Iranians, whom he described as “doubly hit” with restrictions in Iran and international sanctions.
It is an open secret that money laundering fuels the real estate market in south Florida. But instead of hiding the practice, bitcoin could have the opposite effect.
The crypto currency “is a terrible medium for large-scale money laundering, because all bitcoin transactions are recorded in the publicly available transaction record known at the Blockchain,” said Evans.
Although bitcoin has been associated with the drug trade and cyber attacks, Blockchain “leaves a lot of fingerprints,” former Florida representative Jose Felix Diaz told Politico.
“So if you’re using it for illegitimate reasons, the state and the federal government should have every tool at their disposal to go after you,” Diaz said.
Last year, Diaz sponsored a bill-turned-law that includes bitcoin in Florida’s laws for fighting money laundering.
Real estate agent Parker also said money laundering via bitcoin is far from posing a risk because “the beneficial owners of the real estate are always going to be able to be traced.”
Parker said the fad of doing real estate deals in bitcoin could be as volatile as the currency itself.
“I think it’s a gimmick. There’s not much risk. The only risk is if the currency crashes before you can liquidate it,” said Parker.
“I think the people that are using bitcoins to try to market their properties are doing it with the very purpose of getting you to write about it, getting their properties exposure,” said Parker.
Edo State government has given illegal occupiers of its land ten days ultimatum to quit or forfeit their property. The Chief of Staff to Governor Godwin Obaseki, Taiwo Akerele who read the riot act stated this at the premises of Benin Technical College, Benin City, where several portions of the state’s land have been taken over by businessmen and private developers. He expressed shock that individuals and groups could convert the land mass allocated to the school and perfected 50 years ago to private uses.“There is a survey plan that was approved in 1966 and signed by the Surveyor General in 1967 that is 50 years ago specifically to accommodate the Benin Technical College. The land starts from opposite Dewosco straight to Ikpoba River and over the years, the school has operated from here. After sometimes, Iyobha College was also established and located within the perimeter of the land, then Eweka Grammar School as well as a primary school.
“ But some people have taken laws into their hands by encroaching into the Benin Technical College land. There is a cattle ranch, a sawmill and temporary shelters but we have seen permanent structures and private houses built inside the land.
This is unacceptable to government. He added: “We are fencing the school 100 percent and we have come to sensitise the people in this place to move out otherwise the property automatically becomes that of government because there is no evidence to show that government actually approved this land to any of them. We don’t want any of them to lose anything particularly those who are doing sawmill and those raring cattle”.
Reacting, some of the occupants claimed they have been there for over two decades and have been paying revenue to Egor local government, stressing that a private developer said the land was sold to him. Sanal ilişkilerin değil, gerçek ilişkilerin gelişmesi corum escort için harekete geçmeye hazır bir adama ihtiyacım var. Bazen güzel yüzün ve vücudun altında kötü ruh gizlenir. Bundan korkarak sizlerle en özel dakikaları yaşamak için sabırsızlanıyorum. Sağlıklı bir yaşam tarzı için ve kişisel bir eğitmen hakkında hayal ediyorsanız, doğru profili seçtiniz! Evet, kişisel antrenörün ve aynı zamanda eşsiz bir escort görüşmelerini yaşayabileceğim. Çok sakin bir kadınım ama içimde tutkulu bir ateş var. Her daim sıcak şekildeki görüşmelerin vereceği tat doğrultusunda gecelik beraberliklerden keyif alabilir, memnuniyeti sağlayabiliriz. Sınırların olmadığı şekildeki görüşmeler her daim en muhteşemi olacak ve buradaki andan da birlikte keyif alacağız diyebilirim. Çünkü deneyim sahibi birisi olarak buradayım. Kibar ve eğlenceliyim. İlk görüşte aşka inanmam. Hayatın getireceklerinden habersiz bir şekilde burada en özel dakikaları yaşayabilir, memnuniyeti de gerçekleştirebiliriz. Sanırım güçlü ilişkiler kurmayı biliyorum ve iki tarafın aydin escort gerçekten istediğini ve birbirlerine bir şeyler yapmaya istekli olmasının kolay olduğunu düşünüyorum. Güvenin çok önemli olduğuna inanıyorum, insanlar birbirlerine güvenmekten korkmamalı. Kalbinin ve ruhunun en çekici özelliklerinin olduğuna inanıyorum. Burada Mersin masöz escort görüşmelerinin vereceği tat doğrultusunda en özel beraberlikleri, en muhteşem geceleri yaşayabilir, sizinle birlikte burada unutulamayacak anları da rahat bir şekilde yaşayabiliriz. Siz de aynı fikirlerdeyseniz bunu da hemen bana belirterek alınacak tadı da kısa süre içerisinde kat be kat artırabiliriz.Merhabalar tatlım, bu meslekte yeni bir bayan olarak sizlere sesleniyorum ve siz elit beylere diyorum ki benim gibi yeni bir bayan bulmuşken gelin de seks randevunuzu benden alın. Ben seks konusunda iyi olduğumu baştan söyleyeyim. Şimdi beni bu meslekte yeni diye bir şey bilmiyordur muhabbetine getirmeyin. Ben sizlerle en iyi şekilde seks yapacağım ve sizlerle beraber olduğum da kendimi sizlerle en güzel şekilde ödüllendireceğim. Bence benim gibi güzellikte bir bayanı bulduğunuz için sizler de çok sevinerek kendinizi benimle en güzel şekilde ödüllendirebilirsiniz. Mersin escort bayanı olarak sizlerin karşısına kalite kokan bir bayan olarak çıkıyorum. Kaliteli bir bayan olduğum için şöyle söyleyeyim karşıma kepez escort kim çıkarsa çıksın ben en iyi şekilde memnun ederim. Sizler de benimle hayatınızın en dolu seksini yaşamak istiyorsanız bir an evvel benimle buluşun diyorum. Yeni olduğum için söylediğim gibi beni tecrübesiz falan zannetmeyin, benim de kendime göre tecrübe ve deneyimlerim var. Mersin escort Hale adı altında sizlerin karşısına korkusuzca çıkan ve sizlerle sürekli olarak seks yapmayı isteyen bir bayanım. Kendinizi benden alı koymayın da benimle seks yapmak için bir an evvel buluşun canlarım. Sizlere sunduğum hizmetten sonra şüphesiz ki sizler beni seven ve benimle olmak isteyen beyler olacaksınız. Kendime güvenerek Mersin bayan escort olarak iyi günler dilerim.Selam tatlım, bu gece sizlerin can sıkıntısını en iyi şekilde alacak ve sizlerle seks yaptığım da siz elit beyleri en iyi şekilde memnun edecek bir Mersin escort bayan olarak siz canlarımın karşısına çıkıyorum. Beyler benimle seks yapan beyler her zaman kazanırlar, benimle seks bornova escort yaptığınız zaman sizler de kazanacaksınız ve benimle seks yaptığınız için eminim ki beni çok seveceksiniz. Bugüne kadar elimden geleni ardıma koymadan siz elit beylerle seks yaptım. Siz elit beylerle seks yaptığım zaman da kendimi hep sizlerle mutlu ettim. Canlarım benim seks konusunda ne kadar kaliteli bir bayan olduğumu benim tadıma baktığınız da anlayacaksınız. Her erkek yanında fit olsun seksi olsun öylesine güzel bir bayan ister. Bende tam o aradığınız kriterlere uygun bir bayanım.
Living Faith Church bought 24 Villages to house the ongoing Canaan city Project which would serve as residence for Church members in 15,000 buildings. The Church would also construct a Four way express from Lafenwa to Ayobo to ease the traffic for people going to and from Canaan city.
Funding model: The Church buys the land, lays the pipes, Construct the Roads and parks, build the Health Center, Secondary School etc The Houses would be Constructed by the Construction Consortium with their own Money. Interested members pays the Church, Church holds the money and give to the Construction agencies as they deliver on the construction.
The new 8,000 hectares of land acquired by him to build his proposed Africa’s biggest housing estate in Ado-Odo/Ota local government area of Ogun State were from villagers.
The hectares of land were acquired from villages in Iyesi, Ijeba, Osuke, Faru, Olukowonjo, Idimu, Okomi, Ibeju, Lemomu, Atan, Igbesa, Lusada, Ewutagbe, Imuta, Batera, Tatowu, Ikogbo, Imoshe, Igbo-Ota and stretches to Lafenwa and Olugbodo.
Furthermore, our source also squealed that part of the reasons Oyedepo acquired some of the land from villages that link Lafenwa to Ayobo is to construct a highway that will be a four-lane express.
This, we learnt, will ease the heavy traffic they always encounter when coming to Canaanland to worship.
On Sunday, February 6, 2011, one of the representatives of Idimu village, Mr. Segun Oke, confirmed the land acquisition. “Yes, it is true that Bishop David Oyedepo acquired hectares of land from about 24 villages to build Canaan City. The lands are actually more than 8,000 hectares, because in some of the villages, he got more than a thousand hectares. Our own clan is Idimu and I can tell you categorically that he got the land at the rate of — — per acre. The family heads were Ikibawo and Ileshe. We were all paid with Intercontinental Bank cheques. I can tell you that he is also constructing a four-lane expressway that will link Canaanland to Ayobo, Lagos. As regards where the land owners have relocated, Ado-Ode/Ota has an expanse of land and the villagers still have spare lands around the village.”
Bishop David Oyedepo is currently building Africa’s biggest housing estate in Ota, Ogun State known as Canaan City.
The architect turned preacher of the Word acquired about 8,000 hectares of land for the project. The land has already been fenced. That alone cost tge church 1 billion naira, as its perimeter length is about 400km.
The houses are of six types and range from 3-bedroom flats of N4.9 million, duplex of N37.13m, semi-detached duplex of N24.2m, terrace house of N15.41m, high cost apartment of N24.62m, medium cost apartment of N8.22m to executive villas of N45.5 million. Other facilities inside the Canaan City would include a police station, banks, shopping centres, parks, swimming pools for each block and flats and villas, plus Covenant University Teaching Hospital. The record breaking 15,000 housing units will be handled by a Consortium of 10 Indigenous and Foreign Construction agencies.
The first set of units are already being completed.
The Organizer of Abuja International Housing Show – Largest Housing Event in Africa and Owners of Housing Television on AIT has congratulated the newly appointed Managing Director of Sterling Bank PLC Mr. Abubakar Suleiman. In a Statement made available to the press in Abuja on Friday, the organizer of Abuja International Housing Show described Mr. Sulaimon as a Housing friendly personality who made it possible for Sterling Bank to win the Housing Friendly Bank of the Year at the 2017 Abuja International Housing Show/ Nigeria Housing Awards The Abuja International Housing Show through its managing director, Bar. Festus Adebayo said the non interest banking for Housing Finance should be sustained by the Bank for the interest of affordable Housing delivery in Nigeria.
About Abubakar Suleiman • Abubakar Suleiman obtained a degree in Economics at the University of Abuja. He also has a Masters degree in Major Program Management from the University of Oxford. In addition he has attended various executive education programs at INSEAD, Harvard, Stanford, Wharton, and Said Business Schools. • He began his career as a Staff Assistant at Arthur Andersen (now KPMG Nigeria) from August 1996 to December 1997. He then moved to MBC International Bank (now First Bank) where he worked as a Management Associate between February 1998 to Agust 1999. He later worked in Citibank Nigeria in roles spanning Treasury and Asset & Liability Management Between January 2000 and October 2003. • Abubakar joined Sterling Bank (then known as Trust Bank Africa) in 2003 with responsibility for Treasury and Finance. Following the merger in 2006, he was appointed Group Treasurer; a position he held until 2011 when he assumed the role of Integration Director – tasked with managing and integrating Equitorial Trust Bank (ETB) into Sterling. • He was named Chief Financial Officer (CFO) in 2012, and appointed an Executive Director in April 2014 with responsibility for the financial performance of the Company; and directly overseeing the Finance and Performance Management, Strategy and Innovation, Brand Management and Communication, and Human Resource Management Department. • Prior to this, he was also appointed Sponsor, Islamic Projects in November 2003 where he was charged with developing Islamic finance products.
The Lagos State Governor, Akinwunmi Ambode, yesterday pledged to pay compensations to owners of buildings demolished to facilitate construction.The governor, who spoke at the 10th Quarterly Town Hall meeting, said he would begin the payment in the next four weeks.He added that henceforth, such displaced persons would be relocated before construction begins.He disclosed that his government would not embark on any development without carrying the people along.
While promising to prioritise education and healthcare, he added that he would stimulate the economy and create employment.He said: “Despite the harsh economy, our state’s budget performed at 82 per cent. The total revenue generated was N503.7billion, representing a performance of 78 per cent.
“The total recurrent expenditure was N281.33billion, which is a performance of 92 per cent. Also, the total capital expenditure stood at N387.60billion or 76 per cent performance. “With this, we initiated and delivered many high impact projects and critical infrastructure aimed at making life easier for the people. We disbursed funds to small businesses and individuals to stimulate the economy.”Ambode commended the people whose support enabled him to perform well last year.
On security, he said the government has taken strategic steps to secure the residents, adding that killer herdsmen would not have a space in the state.The governor revealed that the Lagos State Employment Trust Fund disbursed N4.5billion to 5,500 beneficiaries in 2017, who also received training on financial literacy and business management. He said in fulfilling the promise to students in tertiary institutions across the state, N635.5million was disbursed to 8,419 students across the state.
“Our government acquired healthcare equipment worth N2.5 billion. The equipment would strengthen the capacity of our health facilities to render improved health services and also facilitate the smooth take off of the Lagos State Health Scheme. “In order to meet the needs of the youth in the area of technical and vocational development, we have approved the establishment of three new technical colleges, bringing the numbers to eight,” he said.
Meanwhile, the governor yesterday sacked three of his commissioners, and appointed five new ones.In a statement by the Secretary to the State Government, Mr. Tunji Bello, the three affected cabinet members are Mrs. Adebimpe Akinsola, Mr. Femi Odubiyi and Mr. Anifowoshe Abiola.The newly appointed commissioners are Mr. Hakeem Fahm (Ministry of Science and Technology), Mr. Ladi Lawanson (Ministry of Transportation), Mr. Segun Banjo (Ministry of Economic Planning and Budget), Mrs. Olayinka Oladunjoye (Ministry of Commerce and Industry), and Mr. Hakeem Sulaiman (Communities and Communications).
Among those redeployed were Mr. Rotimi Ogunleye, from Commerce and Industry to Physical Planning and Urban Development, Mr. Steve Ayorinde, from the Ministry of Information and Strategy to Tourism, Arts and Culture and Mr. Kehinde Bamigbetan, from Communities and Communication to Information and Strategy.
Others were Mr. Babatunde Durosinmi Etti, from the Ministry of Wealth Creation to the Environment, Mrs. Uzamat Akinbile-Yusuf from Youth and Social Development to Wealth Creation and Mr. Agboola Dabiri, from Central Business District to Youth and Social Development. Also redeployed were Dr. Samuel Adejare from the Ministry of the Environment to Waterfront Infrastructure Development, Engr. Ade Akinsanya, from Waterfront Infrastructure Development to Works and Infrastructure.
The statement added that Mr. Benjamin Olabinjo was moved as Special Adviser, Commerce and Industry to Civic Engagement, while Mr. Kehinde Joseph was redeployed from Special Adviser, Civic Engagement to Housing.
Mr. Deji Tinubu, Special Adviser Sports has been redeployed as Special Adviser to the Governor on Commerce and Industry, while Mr. Anofiu Elegushi was moved as Special Adviser, Transport to become Special Adviser, Central Business District.
Mr. Emma Okas Wike is currently the second vice president of the Nigerian Institution of Estate Surveyors and Valuers, the founding as well as the principal partner of the firm of Emma Wike & Partners. In this interview with EMMANUEL BADEJO, he bares his mind on sundry issues that affect real estate in Nigeria. EXCERPT:
How can real estate sector in Nigeria receive a boost in 2018?
The government should provide the enabling environment for the real estate sector to do well. I don’t support the view that government should go into direct construction of houses but it should encourage the private sector to take on that while it creates enabling environment. The government should always meet and consult with the professionals for advice. The government at all levels should embark on valuing their assets with the purpose of payment of tax. The government should diversify from oil and gas to other sectors of the economy. I am convinced that if we diversify, it will boost the economy enormously.
Don’t you think call for a Valuer-General in Nigeria will further worsen government’s bottlenecks in real estate matter?
The issue of a Valuer-General in Nigeria has long been overdue. The coordination of all valuation tasks in Nigeria is still porous, and the appointment of a competent Valuer-General will reduce this gap. Take for instance; we have an office known as Surveyor-General in Nigeria. This office takes care of all land matters in Nigeria. The same way, if there is a Valuer-General, the office will help the country with the issue of land and real estate issues. This is much more needed, as the world has become a global village. With this office in place, the challenges with information on all real estate matters would have been significantly addressed. Also, the usual acrimony that trails compensation would be better handled. This will help investment and invariably, the nation’s economy. This office will also take on data generation and management. The Valuer-General will again play key roles in government’s policies on housing and real estate.
Do you support unbundling the Ministry of Power, Works and Housing?
Government should separate the Ministry of Power, Works and Housing. We have since been calling for this and I think President Muhammadu Buhari should consider this as a matter of urgency. Lumping them together is not good for the nation. This may have also been responsible for snail pace at which this government is moving. There is no way we can get good results if this ministry remains as one.
Two bills that affect your profession are before the National Assembly. One, is on facility management and other is on valuation. What is your stand on these bills?
Fortunately, I was among the delegate that went for Council for Facility Management in Nigeria. Our position is that, facility management is a multidisciplinary profession and we are not claiming that we possess the sole right to it. What we are saying is that there is a law in existence that created the Estate Surveying and Registration Board of Nigeria and that law empowers estate surveyors and valuers to coordinate the facility management job even if experts in other fields intend to undertake such role.
In essence, there should not be another regulatory body for that purpose, as ESVARBON, which is backed by law, is still in place. Therefore, creating another regulatory body is tantamount to duplicating the role of Estate Surveyors and Valuers Registration Board. Secondly, bringing in another regulatory body is a way of relieving estate surveyors and valuers of their statutory and constitutional duties. Facility management is part of our roles, though we know and agree that some engineers, architects and other professionals may come in, but a qualified and registered estate surveyors and valuers should coordinate that sector. We have already made our position known and we are happy that the committee listened to us. All over the world, there is no body that regulates facility management other than estate surveyors and valuers.
On the issue of the bill on valuation, being pursued by COREN, we have been on this matter for a very long time. Luckily, for us one of our members had taken the matter to court and we won. The court then said that it is only the estate surveyors and valuers that have the legal and professional competence to place value on anything to be valued. For them to reopen this agitation is simply a step not in right direction. If they were not satisfied with the verdict of the court, they should have appealed, though I am not a lawyer, I think, the time within which to appeal has elapsed. Bringing same issue through the back is not acceptable. We are countering this request and we shall continue to do that until we see that right thing is done on this matter.
The engineers cannot come now and be seeking to become valuers through the back door, prying into other people’s profession. That is unconstitutional, unethical and unacceptable. I know that very, very soon, we shall be sending our counter motion against this.
What is happening to the Greater Port Harcourt City project?
It is moving on very well, though the state of the economy has in way affected the project. Notwithstanding, our Governor, Chief Nyesom Wike, has resolved to ensure that the project goes on. I can tell you that recently we signed Memoranda of Understanding (MoU) with two investors and I know that within the first quarter 2018, they will move to site.
Presently, we have commenced the spare parts and mechanic market project. This is an ultra modern market that the Governor has graciously approved to develop and sell. The investors have already taken over the site and started clearing it. One of the benefits of the project is that it will create employment opportunities. In fact, as we speak, the host communities are already benefiting. It will also generate revenue to both the government and the investors. The government has provided the land, which is our own equity contribution to the project, while the investors will bring financial and developmental expertise. I know that in the next two or three months, physical construction would commence. I am aware that some of the materials to be used for the initial construction will be imported, while they intend to establish a factory here where the other materials would be done. What we are suffering from now has to do with raw materials. Once this is sorted out, they will build the factory here in Nigeria.
In addition, we are aware that there is another company that has shown interest to build about 2,000 housing units in Rivers State within the next one year. The Governor has been able to give the company a waver with a view of stimulating and encouraging this initiative. Some individuals have also bought land and they are to build within the Greater Port-Harcourt City project. Certainly, the lifespan of this project will outlive the administration of Governor Wike. What has the government put in place to ensure this project does not suffer the fate of project abandonment?
In Rivers state, the Governor has introduced a new dimension by not abandoning the projects he inherited from his predecessor. While he was campaigning, he made a promise that any project that affects and benefits the lives of the people would be completed. I want to believe that since he has started this, whoever will succeed him will tow the same line. The Governor believes that government is a continuum and that, he has demonstrated in many ways.
Two, there is a law that has been vetoed by the Governor to protect this investment. Also, there is an agreement between the government and the investors. With what we have on ground, it will be difficult for anybody to discontinue such project. So, far there is a legal framework on ground; there is a contract on ground. All the arms of government are aware of the project, so, there is nothing to be afraid of.
In what ways have you contributed to boosting estate surveying and valuation in Nigeria?
Right from the time I was the assistant publicity secretary of the institute, I have been encouraging the young surveyors. I discovered that some of the candidates usually have challenges with their election as estate surveyors and valuers, not because they are not brilliant but due to stage fright and fear. So, before the election, I engage in a lot of counseling to boost their confidence level before the panel.
This has been helping out. So, I have taken it upon myself to encourage the younger professionals. As the chairman of Rivers State of NIESV, I had a policy that discouraged any of the younger professionals to remain on probation for three years. I have also been teaching our colleagues on professional conduct and ethics because I believe in correction instead of punitive measures.
Finally, I have also tried as much as possible to engage in advocacy. This I did as the chairman, Rivers State chapter of the Nigeria Institution of Estate Surveyors and Valuers. It paid us off, to the extent that our relationship has greatly been impacted so much that the government takes us into confidence when it comes to housing and real estate issues. If God gives me the opportunity, I shall do more in the nearest future.
As part of efforts to raise its revenue profile the management and board of the Dangote Group Staff Multipurpose Cooperative Society Limited (DANCOOPS) has set machinery in motion to diversify into real estate, micro credit and loans, among other business ventures.
Making this disclosure at the weekend was the President of the Society, Comrade Afolabi Kamoru. He spoke in Lagos at the Society’s 10th Annual General Meeting.
Kamoru, while giving account of his stewardship in the last two years, said his executive team has been able to change the fortunes of its members thus far from a humble beginning.
Specifically, he said: “As big as the Society is, we just secured, renovated and furnished an office space and within a short period we have been able to perfect a few things for the Society. Aside from that, we have a landed property in Mowe, with construction about to start.” At the end of the financial year, ended December 31st, 2016, the DANCOOPS boss said, “The Society closed its books with surplus figure of N122, 369, 545, 43, which represents an increase of 46.38% over the last year’s profit.’’
Expatiating, he said: ‘’There was reduction in the interest rates to cushion the effects of the economic hardship on members, payment of unclaimed dividends as well as savings increased by N390m with both dividends and net surpluses increased by over 48%.’’
He also hinted of plans by the Society to acquire properties in strategic areas for business purposes, adding: “Already we have sent business proposals are being discussed and finalised with the SBU’s to establish Sales points of all brands of Dangote products for members. The Society is also planning to delve into finance scheme in the next two years.
“What we are looking forward now is from now to the next two years, we want to woo all Dangote staff to be members of the Cooperative. For a Society which started in 2004 with just 400 members and now 10, 000, our target is to grow it to about 15,000-20,000 members in the coming years,” he stressed.
Echoing similar sentiments, Comrade Odetunde Oluwole, two time president of the Society, said plans are in top gear to commence construction at Obajana in Benue state, Move in Ogun, Lokoja in Kogi state respectively.
“In Lagos state, we are planning to construct a housing estate, which we are about to commence. We already have Certificate of Occupancy, layout and approval. It’s just to move to site,” he said.
DANCOOPS, according to Oluwole which is made up of the following federating units namely: Dangote Industries Limited (Holding company), Dangote Sugar Refinery Plc, Dangote Four Mills, Dangote Oil Refinery Company Limited, Dangote Fertilizer Company of Nigeria Plc, National Salt Company of Nigeria Plc (NASCON), Dangote Cement Plc, Dangote Agro Sacks Limited, Dansa Foods Limited, A.G Dangote, Dangote Sino Truk West Africa Ltd, is also determined to branched into microfinance banking and other businesses as part of efforts to invest in lucrative ventures for the benefit of its members.
The highpoint of the occasion was the election of new executives to lead the affairs of the Society. Among those elected include, Afolabi Kamoru, who was re-elected as president, Olabode M Ojo, as Vice President, Lukmon O Yusuf, Treasurer, Bature Farman, as General Secretary, Chibueze Nwaeze, Assistant General Secretary.
Others include: Blamoh Adewale, as Assistant Financial Secretary with Ex-Officio as follows: Alh Isa S Musa, Oladipupo O Funsho, Ashonibare Ade.
Indications abound why the drive to source building materials locally by Nigerians cannot be possible. Nigerians are known to have penchant for foreign goods and so anything labelled Nigeria, no matter the quality, is regarded as inferior. The worst aspect of that is that even if a Nigerian starts anything good, government will do everything possible, whether within or outside the law, to frustrate the person. This is what experts see as reason for the backwardness of the economy as well as the sole dependence on oil.
For obvious reasons, government has veered off the local content policy. However, to confuse those who may not understand, they keep voicing the policy and using it as a ploy to get those they target. There are some building materials you simply can’t put any price on due to the sheer number of varieties, qualities, and categories. Therefore, this list includes the major building materials of broad category.
Statistics obtained from the Raw Materials Research and Development Council (RMRDC) showed that between 2010 and 2015, Nigeria spent N13.6 trillion on the importation of raw materials, especially building materials, that could have been sourced locally if some more rigorous work had been put into the country’s import substitution strategy. According to some experts, this is correct, yet government officials and those who read such things in the universities that are appointed leaders on account of their speciality abandoned them for easy and finished products. Statistics also show that Nigeria in 2016, spent about another N5.89 trillion on the importation of similar raw materials, thus bringing the total sum spent on the importation of primary raw materials into the country within the seven-year period to N19.5 trillion. The imports in 2016 included some finished products. This means that on the average, the country splashed N2.79 trillion every year in the past seven years to import building materials and other raw and finished materials.
However, the most expected of the problems that needs attention is the fact that so much has been spent on research yet nothing tangible has been achieved as more Nigerians are entering the import circle without looking inwards to see what could be done homewards. Some experts argue that if half of the resources put into importation is directed towards construction of factories and companies that can do what is done abroad, Nigeria’s problem of importing building materials would have been a thing of the past.
Despite being a large country, one wonders whether any successive governments have considered how big the building and construction materials business in Africa really is? For one to venture into such things means looking for solutions on how to procure them locally. At this point, discerning minds begin to ask whether government is not aware that high building and construction activities are often signs of growing economies. This is because when the economy looks good, the demand for residential, commercial and all kinds of real estate usually goes through the roof. The Federal Government levies Customs duties on most imports but these duties were substantially reduced in 1986 and in 1995. The import duty varies from 5 per cent to 60 per cent, averaging 12 per cent. All imports are also subject to a 7 per cent port surcharge and a 5 per cent Value Added Tax (VAT). The paperwork necessary for exporting and importing is lengthy.The taxation system has been widely avoided and valuations are arbitrary. The implication is that since authorities prefer making some stipends from charging imported materials, they prefer Nigerians to do more importation than exportation. This, some experts adduce as reasons Customs officials chase goods into the construction sites because they are imported. They prefer to be zealous in things that would bring them aggrandisement instead of growing the economy.
From government archive, prohibited exports include raw hides and skins, timber and building materials, raw palm kernels, and unprocessed rubber (to protect building and processing industries) yet the will to convert them into finished products here in Nigeria for use is lacking. They rather prefer to have them finished abroad and brought to the country as foreign goods for Nigerians to patronise them. Again, most goods produced in Nigeria may be freely exported, although prohibited imports include live chicks, flour, vegetable oils, gypsum, mosquito repellent coils, plastic domestic articles, used tires and weapons.
The NBRRI was part of the West Africa Building and Road Research Institute jointly established in 1952 by building professionals in Ghana and Nigeria. When Nigeria attained independence in 1960, the Nigerian members pulled out while their Ghanaian counterparts formed the Building and Road Research Institute linked with the Ghana Academy of Arts and Science. In 1978 the NBRRI became a department in the Ministry of Works and Housing. In the most recent past, the Executive Director, Royal Pacific Group, promoters of Fraser Suites, Abuja, Mr. M G Nasreddin, stressed the need for government to increase investment in property industry or better still support private investment with enabling environment. He believes that such opportunity will also encourage local and international private investments, thus creating wealth down the value chain, boosting the economy and complementing the effort of government in the provision of quality and affordable housing for Nigerians and employment.
This, if seriously analysed, could be the route to finding solution to manufacturing of building materials here in Nigeria as the private investors to be attracted will not wholly depend on imports for their jobs. Manga time, they will use their technical know-hows to bring about the manufacture of some of the materials they use. With this, little by little, they will creep into the Nigerian space.
Over the years, the NBRRI has conducted researches into materials for constructing roads and houses. Under President Shehu Shagari, the institute acquired a site and built its headquarters on the Ota-Idiroko Federal Highway.
The need to be close to the seat of power necessitated relocation to Abuja, and the establishment of zonal offices in each geo-political zone. The sprawling complex in Ota was then designated National Laboratory and Production Complex. The institute has also done much work on the use of cement for road construction in Nigeria. This is essential as it is known that the world reserves of heavy crude (which yields the bitumen base for asphalt) is dwindling. Limestone is abundant in Nigeria and cement manufacturers are promoting the use of cement for road construction.
Technology is good as it helps to bridge a long process of doing things within a twinkle of an eye. Technology also brings about beauty and aesthetics in both human life and materials. In fact, technology has touched every fabric of our human life such that no single thing is devoid of its innovation.
But sometimes, technologies turn out to be a good servant and bad master and vice versa as the case may be. Light, brick block, television, phone, asbestos roofing materials, asphalt tarring of road, painting of houses and maintaining gardens around the home, in addition to transportation medium, computers as well as solar roofing sheets and tiles, including floor and wall tiles, are all part of technology.
As a good servant, these technologies help in either beautifying our lifestyles, making our jobs easy and increasing our propensity in job creation. But on the other hand, it can be a bad master in the sense that a single vehicular accident can kill as many people as possible, so also electricity and slippery floor tiles.
Pope JohnPaul II, was once reported to have slipped off a tiled floor and sustained injuries. The Catholic Pontif was also reported to have suffered many other domestic accidents as a result of slippery tiles. But aside these disadvantages, tiles, whether on the floor or wall, help to change the aesthetics of your property or home. Flooring materials, therefore, play an important role in shaping the final aesthetic value of your rooms. The floor usually dominates a neutral palette and attracts instant attention. Thus, you can dramatically change the appearance of your entire room by redoing the flooring. So, if you’re planning to remodel your rooms by replacing the flooring, you would naturally like to avoid any undesirable consequences or flaws in the process.
Ceramic floor tiles are one of the most used flooring materials after hardwood. If you’re planning to shop for tiles, there are a few things you must avoid. In order to avoid the bad master aspect of tiles in your homes, there are certain precautions you must take to enjoy only the positive side of tiles.
Taking floor measurements without expert guide
Don’t measure your floor lengths on your own, instead have a professional tile installer do it for you. Although this procedure seems quick and simple, nevertheless, it is not a piece of cake for an average person. Since a non-technical person is unfamiliar with technical terms like “off angles”, “floor inclination” and “edges”, you should hire a licensed tile setter to accomplish the task. He can give you an estimated number and size of tiles you will need in your room.
Using the services of a fake tiler
Enthusiastic weekend do-gooders look for amateur improvement projects so that they can save a couple of money. Replacing your old flooring with ceramic floor tiles requires a great deal of patience, time and efforts. You need to search for a skilled, seasoned and reputed contractor who can handle this job well. Use of fake or inferior materials
Before you start with the remodelling procedure, it is essential that you plan a budget. However, make sure you choose a good contractor. Don’t just hire anybody who offers you discounted rates. There is no substitute to the skills, experience and knowledge of the experts, therefore, hire the best contractors in town. Likewise, don’t buy materials from road side retailers just because they are offering affordable rates. Take some time and differentiate between expensive and cost-effective as well as good-quality and poor quality services.
Living above your standards Tiled floors look pleasing to the eye and add a great value to your home but the key rule in choosing a floor type is to get a suitable material that can easily fit in with your lifestyle. Don’t buy fancy flooring for entertainment purposes. If your floors receive plenty of traffic on a regular basis, you shouldn’t add glassy or slippery floor tiles to your rooms, especially when you have kids and pets at home. Having a tiled floor makes you vulnerable to slips and minor accidents. Therefore, consider the daily requirements of your family members when choosing flooring for their rooms.
Inability to pick grout colours matching the wall
Purchasing grout and installing it is relatively easier than replacing it from time to time. Since shadow and light can play tricks on the eye, it is important that you consider the final appearances of your tiled floors. Visualise what they will look like after installation. This way, you can add the right shade to lighten them up or tone them down, according to surrounding elements.
Not exploring market for better options
Ceramic floor tiles come in different sizes, shapes, textures, patterns and types. The market is jam-packed with different types of materials that add a classy look to your rooms. If you want attractive flooring for your rooms, it is important that you conduct thorough research on the market. Compare and contrast the materials designed by different manufacturers, test their durability, analyse their costs and see if they fit into your project. Always buy flooring materials from reliable and reputed dealers only. Moreover, don’t just hire any person you come across in the very first attempt. Interview different tile setters, discuss your project with them, negotiate prices and come up with the best deal.
Failure to understand tiles manual
All reputed tile installers offer price quotes and a detailed description of their services in writing. Make sure that you discuss important details like price rates, project duration, types of materials required, number of workers you are planning to have in your home, workmanship guarantee and insurance policies with your tile setter. Get a written copy of the work contract and read it carefully before you make the payment.