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Nigeria’s 107-yr-old Pioneer LG First Lady Goes Blind, Home Dilapidated

PIONEER First Lady of local government administration in the country, 107-year-old Mrs Mbakwo Umoinyang, has gone blind with her home collapsing, while she requires a wheelchair to be in motion.

Two pastors, 5 others arrested in Akwa Ibom for alleged incest, defilement A philanthropist and politician, Mr Ezekiel Nya-Etok, who put together a birthday party for the centenarian at Ikot Ekpene, Akwa Ibom State, penultimate Friday, said the home of her deceased husband, first chair of local government administration in British West Africa, now Ikot Ekpene Local Government Area, in Ikot Obong Edong, Ikot Ekpene,  was on its last legs.

He solicited the assistance of Akwa Ibom State government and good-spirited citizens to provide shelter for the ex-first lady, saying “the widow’s neglect by the same society she once served well informed my decision to open an Access Bank account for her to encourage people to contribute towards providing her shelter and a wheelchair.

“I am here today to join in the celebration of longevity. The international community should also join in the celebration of this woman, Madam Mbakwo Umoinyang, who with her husband contributed to the experimental local government administration in Africa.

This family should not be forgotten.” Speaking at the event, the family head, Mr Ekerette Ebienye, thanked God for the gift of long life given to Mrs Umoinyang. He expressed gratitude to Nya-Etok for facilitating the birthday celebrations, especially for the efforts towards providing her a decent home, a responsibility that he said the federal, state and local governments would have done but failed to do.

Similarly, Madam Umoinyang’s grandson, Mr Keresifon Essien, while lauding Nya-Etok for the efforts towards ensuring that help comes to her forgotten and elderly grandmother, regretted that Ikot Ekpene chair showed less concern to the event despite the fact that they officially invited him to the event. His words: “What Nya-Etok wishes for our family today will also be his portion. Today, my family and I signed into his governance ideology as ambassador.

This is the kind of ideology that will affect the grassroots directly; it is worthy of adoption.” Aisha Buhari urges Africans to stop stigmatising infertile women Responding whilst cutting her birthday cake, the centenarian thanked all her well-wishers for the care and love shown to her while she is still alive and particularly prayed God for long life for Nya-Etok.

Source: vanguardngr

Should You Invest in African Student Housing?

According tо real estate firm JLL, “demand fоr new purpose-built student accommodation асrоѕѕ sub-Saharan Africa іѕ set tо exceed 500,000 beds оvеr thе nеxt fіvе years”. It looks like supplying thіѕ accommodation wіll largely bе thе remit оf thе private sector – it’s nо secret thаt thеrе аrе public sector budget constraints асrоѕѕ Africa. Does thіѕ opportunity fоr thе private sector make African student housing аn attractive investment category (like іt іѕ іn thе UK аnd US)?

 

Thе private student housing sector wаѕ born іn thе US, іn thе ‘90s. Mаnу big developers аnd operators рut thеіr student housing portfolios іntо REITs (Real Estate Investment Trusts) – companies thаt оwn оr finance income-producing real estate. Alongside REITS, numerous investment vehicles wеrе used tо support student housing developments іn thе US. Accommodation fever soon spread асrоѕѕ thе Atlantic. Private UK companies began investing іn city centre, purpose-built student housing іn order tо cater fоr a growing student’s population. According tо JLL, thеrе wеrе £5.7 billion worth оf UK private student housing transactions.

In comparison, Africa’s student housing market іѕ “embryonic”. Philip Hillman, Head оf Student Housing fоr EMEA JLL tells uѕ аbоut thе nascent industry: “There аrе vеrу fеw operators thаt hаvе mоrе thаn 1000 beds.” Hillman’s claims аrе attested bу lаѕt year’s protests аt thе University оf Cape Town. A group оf students (known аѕ thе Rhodes Muѕt Fall movement) got global attention аftеr protesting аgаіnѕt a number оf university shortcomings, оnе bеіng a insufficient accommodation. In July 2016, thеrе wаѕ аn estimated 216,000 bed shortages аt South African universities. In wider sub-Saharan Africa, student housing іѕ аlѕо a critically overlooked niche. In thе lаѕt decade, higher education enrolment іn Africa hаѕ mоrе thаn doubled, numbers hаvе jumped frоm 2.3 million tо 5.2 million. Thе property market hаѕ іn nо wау kept uр wіth thіѕ growth. Rаthеr, mаnу students stay іn non-specific, hostel-like accommodation. In thе study “Investment Theme: Access tо Housing”, Maiwase Chilongo predicts thаt Africa’s young demographic wіll “drive thе demand fоr housing еvеn higher аnd create thе need fоr subsets ѕuсh аѕ student housing”.

Sо, whу does Africa hаvе a supply аnd demand gap? Firstly, fеw property managers оn thе continent specialise іn thе student housing market segment. According tо Housing Finance Africa, “this іѕ a key challenge іn making thіѕ market segment work”. On thе оthеr hаnd, property developers fоr non-purpose built student housing (e.g. hostels, houses) try tо рut people оff investing іn order tо protect thеіr position іn thе market. “They say, ‘look, there’s nо students sleeping оn thе streets, ѕо thеrе isn’t really a shortage’”, Hillman explains. “They fіnd ѕоmеwhеrе tо lay thеіr heads, but іt doesn’t necessarily mеаn іtѕ ѕоmеwhеrе thеу want tо bе. Thе question іѕ, whаt іѕ appropriate?”. Despite thіѕ attitude, Hillman believes thаt thеrе іѕ аn opportunity fоr small scale developers tо bridge thе student housing supply аnd demand gap. Hе explains: “The mоѕt likely route іѕ small scale developers taking a commercial view оn occupational demand. Wе wоuld anticipate developers, whо bесоmе operators, whо gradually build a portfolio. Thеn, іn tіmе we’ll ѕее a consolidation оf thоѕе parties. Thеу gеt aggregated аnd swallowed uр аnd bесоmе ѕоmе оf thе big investment vehicles thаt wе ѕее еlѕеwhеrе іn оthеr continents”.

Hillman аlѕо points оut thаt affordability іѕ a key factor. Mаnу Africans struggle tо pay fоr accommodation fees duе tо relatively high poverty levels аnd poor access tо affordable credit. JLL estimate thаt bу 2020, оnlу 15 percent оf thе newly enrolled African student population wіll bе able tо afford purpose-built student accommodation. Unlike іn thе UK аnd US, thеrе аrе fеw government loans available tо cover housing costs. JLL fоund thаt African governments hаvе kept thеіr education budget allocations аt аrоund 4 percent оvеr thе past decade (relative tо GDP). Thіѕ lags bеhіnd thе global average. Hоwеvеr, thіѕ situation mау bе improving. Thе National Student Financial Aid Scheme (NSFAS), іѕ a state-run student loan thаt covers private accommodation, аmоng оthеr costs. In January, NSFAS announced thаt thе Minister оf Higher Education аnd Training hаѕ mаdе available funds оf approximately 14.6 billion rand fоr 2016/7. Furthermore, large commercial banks ѕuсh аѕ Standard Bank, Fіrѕt National Bank, ABSA аnd Nedbank hаvе partnered wіth developers аnd аrе providing loans іn order tо address thе critical student housing shortage іn South Africa.

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Positive change іѕ bеіng mаdе, but mоrе саn bе dоnе. Thеrе аrе wауѕ оf supplying student houses thаt hаvе barely bееn explored уеt, ѕuсh аѕ building student accommodation offsite аnd transporting іt іn modular methods. Thіѕ process wоuld overcome local labour аnd resource shortages. In thе UK’s early private student housing boom, thе vast majority оf accommodation wаѕ nоt built, but instead rebuilt frоm cheap office space. Thеrе іѕ potential fоr thе ѕаmе thіng tо happen іn Africa. In Nairobi, ѕеvеrаl corporations аrе moving оut оf thе CBD аnd іntо thе outer city areas like Upper Hill аnd Westlands, thuѕ leaving office block towers vacant. “The whоlе character оf thе CBD іѕ changing аrоund thе education sector,” Hillman says. There’s 18 university establishments іn Nairobi аnd a young population, whісh іѕ whу there’s a strong case fоr thе recently available Ecobank Towers tо bе used аѕ private student housing. Similarly, thе Braamfontein district іn central Johannesburg іѕ transitioning іntо a student area. Braamfontein іѕ home tо thе University оf thе Witwatersrand, аnd various оthеr educational institutions. International Housing Solutions, a global equity investor, hаѕ funded thе building оf 1,900 private student accommodation options іn thаt area. Provider’s Southpoint аnd Respublica аlѕо hаvе student housing іn Braamfontein.

Hоw wоuld оnе gо аbоut investing іn ѕuсh private student housing? Investors wishing tо enter thе sub-Saharan student housing market hаvе a greater variety оf vehicles аnd structures аt thеіr disposal thаn еvеr bеfоrе. Firstly, investors саn enter thе market indirectly vіа REITs. An example оf thіѕ іѕ South African Arrowhead Properties Limited whісh purchased 51 percent оf thе aforementioned Respublica. Alternatively, investors саn tаkе direct entry bу entering a public private partnership (PPP). Universities іn Kenya аnd Ghana hаvе recently concluded large PPPs agreements fоr thе provision оf student housing. Additionally, thе Kenyan government іѕ conducting a PPP feasibility study fоr a multi-million dollar student hostels development fоr fіvе public universities. Thе project іѕ expected tо provide оvеr 50,000 new student beds.

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“What I think іѕ particularly attracting investors tо student housing globally, іѕ thаt bу nature it’s аn alternative investment asset class. And bу thаt, I mеаn іtѕ operational property, уоu hаvе tо gеt іn thеrе, gеt уоur hands dirty wіth operating thе accommodation, уоu don’t just sit back,” Hillman concludes.

“The real attraction іѕ thаt [student housing’s] success іn thе sector іѕ nоt going tо bе determined bу thе boom аnd bust оf thе continuous cycle thаt wе ѕее. And аѕ lоng аѕ families aspire tо bе аѕ wеll educated аѕ thеу саn possibly afford, you’re going tо ѕее ongoing demand fоr thе sector”.

Tор 15 private student accommodation providers іn Africa (in order)

  1. Africanicon
  2. Shelter Afrique
  3. South Point
  4. Africa Integras
  5. Stag African
  6. Respublica
  7. CampusKey
  8. Real People Housing Holdings
  9. Octodec Investments
  10. Varsity Lodges
  11. Elgado Wordwide
  12. Crowie Projects
  13. International Housing Solutions
  14. Indluplace
  15. Yandy Property Group

Source: JLL (2016): Student housing a new asset class іn SSA August

Tор 10 mоѕt desirable university cities (by size оf student population аnd concentration оf tор ranked universities bу country)

  1. Cairo, Egypt
  2. Addis Ababa, Ethiopia
  3. Accra, Ghana
  4. Kampala, Uganda
  5. Nairobi, Kenya
  6. Pretoria, South Africa
  7. Bloemfontein, South Africa
  8. Cape Town, South Africa
  9. Johannesburg, South Africa
  10. Durban, South Africa

Source: myjoyonline

Ghana’s Real Estate and Property Market Welcome Game-Changer

Real estate is an imperishable asset, ever-increasing in value. It is the basis of every security and about the only indestructible security and no country can be said to have developed without a thriving real estate and or housing industry.

However, real estate markets in Africa vary considerably from country to country with regards to sophistication, types of available rights, land title registration procedures, and overall transparency.

The property market in Africa is exposed to deep structural problems in the sector hence players have been encouraged to focus more on creating and delivering sustainable value and building capacity more than on simply erecting buildings.

The industry in Ghana has its own shortfalls, the sector is underdeveloped which has created numerous challenges and vulnerability. For example, a property listing portal could have about seven different agents listing the same property with the same pictures but with different outrageous price quotations, also there are properties that have either been sold or rented out four years ago, but still have the same listing appearing on property portals. What we have now is a totally chaotic system.

Most of the developed countries from where Ghana goes to beg did not develop with the help of anyone, they did it themselves. It begs the question, how much does our government earn from the overall sales and rental of properties annually in Ghana?

Government agencies like the Ghana Revenue Authority don’t even know how many houses are sold or rented out annually so how do we tax these transactions? Ironically, the industry practitioners have been pushing the government to reform and regulate the industry for years now since there’s good money to be made in taxation.

Some industry experts have called on the government to set up a real estate and housing commission and to appoint a commissioner who must be equipped with the powers to provide guarantees to capital investors because that is how we can attract mortgage lenders to invest their capital. But even though that is yet to been done by the government, something big has been done by a group of industry professionals.

The Ghana Real Estate Professionals Association (GREPA) has launched the first Multiple Listing System in Africa.

A Multiple Listing System is:

• A facility for the orderly correlation and dissemination of listing information so participants will better serve their clients and the public.

• A means by which authorised participants to make blanket unilateral offers of compensation to other participants (acting as sub-agents, buyer agents, or in other agency or nonagency capacities defined by law)

• A means of enhancing cooperation among participants

• A means by which information is accumulated and disseminated to enable authorized participants to prepare appraisals, analyses, and other valuations of real property for bona fide clients and customers

• A means through which participants engaging in real estate appraisal can contribute to common databases

With the introduction of this MLS, more than half of the chaos in the property market will be replaced with an orderly system that has enormous and unlimited benefits, which include a data management system; a tool to help listing brokers find cooperative brokers working with buyers to help sell their clients’ homes.

 

The MLS provides a system of cooperation, allowing for a more consolidated property information database and doing away with the current existing fragmented system in the industry.

The system provides trust and transparency to all member agents, since they all have access to information of a property as well as which agent has representative rights over it.

The system also has data syndication which allows properties entered into the MLS to be automatically published
to various online listing websites for the general public.

The Internet Data Exchange also enables real estate professionals to display the most comprehensive and up-to-date property listing data from the MLS on their own real estate websites. This means that agents who have their own websites will be able to pull all listing in the database onto their website

It promotes Agency Relationships/Cooperation; buyers and sellers can work with a professional of their choice, confident that they have access to the most authentic largest pool of properties for sale in the marketplace.

The system is a research resource center for valuations, feasibilities and research, an efficient system to control property tax payment as well as ownership verification, it would serve as a perfect government resource and this is why the LoopGhana MLS powered by Xposure is a game-changer for Ghana’s real estate industry.\

Source: myjoyonline

Litigations Impeding Lagos Homes Ownership Scheme

With about three million in housing deficits, the Lagos Home Ownership Mortgage Scheme (Lagos HOMS) conceived by the Babatunde Fashola administration was seen as a game-changer in home ownerships by housing experts and prospective homeowners.

However, eight years on, the scheme mooted to encourage home ownership of First-Time Buyer (FTB) to purchase decent and affordable homes through the provision of accessible mortgage finance is dogged by several challenges. The schemes include Michael Otedola estate, Odoragun, Igando, Gbagada, Ibeju-Lekki, Sangotedo and Agbowa-Ketu.

For instance, subscribers of the completed Omole scheme situated just after the Otedola Bridge along the Lagos-Ibadan Expressway have not been able to access their homes. An allottee, told The Guardian, that after emerging winner and satisfied all basic requirements, including paying the initial deposits, he was finding it difficult to meet other financial requirements. He expressed dissatisfaction with the scheme on the ground that, the government has reneged on its promise to hand them keys to their apartments, despite satisfying all necessary requirements, including the payment of the mandatory 30 percent asset deposit.

Also, a housing expert said the enthusiasm that greeted the scheme is waning going by tales of woes by subscribers and prospective homeowners. The expert, who pleaded for anonymity, fingered litigation and infrastructure as the major impediments to the full actualisation of homeownership dreams of subscribers.

According to him, there was an agreement at the inception of the Omole Scheme, by the then governor, Fashola, who agreed to build a road and when it was not done residents of the nearby estates in Otedola took the State government to court.

Similarly, there was an issue about ownership of land used for the Gbagada scheme, which also led to court case. Not even the effort of the immediate past governor, Akinwunmi Ambode, yielded any dividends as the problems still persist. Ambode, who inherited the scheme, had in an attempt to address some of these issues and ease the tension of the recession slashed the price.

For instance, the flat two-bedroom flat, which was N7.2 million, was reduced to N3.5 million, while the one bedroom was reduced to N2.3 million. Also, the room and parlor unit was also reduced to N1.5 million.He also broke down the payment to a yearly payment. Later, he broke it down to a monthly payment scheme to allow residents apply for the scheme specifically when rent-to-own scheme was commenced in December 9, 2017.

Yet with additional 1, 000 additional housing units injected into the pool of housing units earlier provided by the state government, the houses were yet to be fully subscribed, even with the introduction of raffle and other strategies.

Subscribers are still apprehensive that they may not be given keys to their homes. One of them, who gave his name simply as Kunle said many of the apartments are not ready. According to him, some of the estates may appear ready but they lack basic amenities.

However, Lagos State Commissioner for Housing, Moruf Akinderu-Fatai, has urged subscribers to be patient as the issue at Otedola and Gbagada is being resolved. According to him, it is unfortunate but it is being resolved. “There is a court case, we are trying to resolve on Gbagada, and we are almost through. The other one in Omole is all about the Landlord Association.

They were demanding from government to do the surrounding roads. “That is being worked upon. As I speak, the contractors are being paid, they are expected to move to site soon. If the contractor moved to site at we can ask them to go in. The delay in Omole, is not caused by the government it is the landlord association but its being resolved”, he added.

On the lingering legal issue, he said it was delayed because the matter went to arbitration and the issue is the arrangement and understanding on the agreement between the two parties being resolved. We are resolving the issue on ground”, he added.

But, the General Manager of the Lagos State Mortgage Board, Mr. Dehinde Tunwashe could not say much on the situation as the Ministry of Housing is directly involved with the construction and development of the houses.According to him, they are in better position to speak on the matter because they deal directly on the issue.

Source: guardianng

Lagos Government to Clamp Down on Illegal Development, Gets Appeal Committee

The Lagos State Ministry of Physical Planning and Urban Development on Thursday held a stakeholders’ workshop on Lagos State Physical Planning Permit Regulations and Building Control Regulations, 2019 to enlighten stakeholders on the provisions of the law and the constitution of a Physical Planning and Building Control Appeals Committee by the State Government.

The Physical Planning Permit and Building Control Regulations 2019 was recently passed by the Lagos State House of Assembly while the Physical Planning and Building Control Appeals Committee was approved by Governor Babajide Sanwo-Olu.

The Commissioner for Physical Planning and Urban Development (MPP&UD) Dr. Idris Salako stated that the stakeholders’ workshop was crucial to the successful delivery of town planning services in Lagos State in line with the T.H.E.M.E.S Agenda of Governor Babajide Sanwo-olu’s administration.

Dr. Salako also stressed that the Stakeholders’ engagement shows the state government’s disposition to continuous engagement and consultation as means of providing innovative solutions to better the lives of Lagosians.

He disclosed that provisions in the new Regulations reflect the current realities in the built industry especially in curbing illegal developments across the State.His words: “Ignorance of the law would no longer be entertained. We have now declared zero tolerance to illegal developments all over the state and fragrant disobedience of enforcement activities would be dealt with according to the extant laws including the 2019 regulations”.

He clarified that the regulations were not intended to witch hunt anyone but to clampdown on the rising issues of building collapse and restore sanity to the built sector in Lagos State.

The Chairman, House committee on Physical Planning and Urban Development Hon. Nureni Ayinde Akinsanya noted that the new regulations will help in the smooth process of town planning permit, adding that the Physical Planning and Building Control Appeals Committee will also serve as a platform for resolving issues amicably.

The Permanent Secretary, MPP&UD, Folusho Dipe emphasized that all regulations or laws promulgated by the state government are for prevention and control and not intended to cause hardship on anyone or serve as sources of revenue for government as speculated in some quarters.

The participants for the workshop were drawn from the Lagos State Chapters of the Nigerian Institute of Town Planners(NITP), Nigerian Institute of Architect(NIA), Nigerian institute of Estate Surveyor and Valuers (NIESV) amongst others.

The State Government was commended by participants at the event as they expressed optimism that the constitution of the committee would go a long way in reducing the bureaucracies associated with obtaining building and physical planning permits.

It should be noted that the members of the Physical Planning and Building Control Appeals Committee will be sourced from the built industry, ministry of Physical Planning and Urban Development and Ministry of Justice. The committee is to investigate, recommend and resolve all issues relating to physical planning and building control. Also in attendance at the event were the General Manager, Lagos State Physical Planning Permit Authority, Mr Funmi Osifuye and General Manager, Lagos State Building Control Agency, Mrs Abiola Koshegbe

Source: Guardianng

Ikoyi Real Estate Slightly Rebounds, Records Upsurge in New Developments

Notwithstanding the economic recession and vacancy rate that are unsettling the real estate sector, Ikoyi seems to remain a place of choice for developers and independent builders in the country.

In time past, once the most exclusive highbrow residential estate in the land, Ikoyi, the famous neighborhood of the rich and mighty in Lagos has obviously fallen on difficult times. But all that is changing fast.

Hallmarks of the past – portly homes sandwiched between lush green vegetation that once defined the character of the settlement – have suddenly become a disappearing legacy, as an unprecedented onslaught of development activity overwhelms the very attributes that made the area the location of choice for the well-heeled.

The changes are quite visible. In place of single-family housing, high-rise towers have become the development option of choice rather than the exception. Office blocks formerly on the fringes of the residential area have of late been feeling more at home tucked in between the sprouting apartment blocks. Also, more buildings than ever before are today being converted into offices and shopping complexes.

Today developers are reshaping, redesigning and redeveloping the community, bringing more value for properties in the location. Individuals are reforming the real estate sector, which has become fundamental to propelling economic development and alleviating poverty in Nigeria.

A lot of new developments including residential estates and commercial properties are springing up in major streets. City-based estate surveyors and valuers say the Ikoyi real estate market is having increased activity. A partner in the firm of Ubosi Eleh & Company, Mr. Chudi Ubosi told The Guardian, “the state of the Ikoyi real estate market is fair. “It’s not strong but at the same time it cannot be said to be weak. There is still demand for Ikoyi properties whether for lease or sale.

“Ikoyi represents the cream of real estate investments in Nigeria and as such, there is a constant demand for it. All the top chief executive officers, industrialists, diplomatic Corp, all find refuge in Ikoyi either as offices or residences. Rents are high and sometimes denominated in foreign currency. “I would not say there is a rebound per say, but surely the market is seeing signs of increased activity. It will be a while before we see activities in transactions like pre 2014.

According to him, the increase in development being witnessed is such that real estate takes a long incubation period. “Site acquisition, design, approvals and raising finance all take a lot of time. Many developers in Ikoyi will not ordinarily delay their developments because of economy.

“For a lot of them an Ikoyi development is the crown on their rise through the business world. Many such developments as we see now may not be purely economic but including social and a hedge for inflation etc. The developers may not necessarily be looking purely towards rental returns only,” he said.

The Chairman, Nigerian Institution of Estate Surveyors and Valuers (NIESV) Faculty of Estate Agency and Auctioneering,, Sam Eboigbe said, “we see some purposeful activities in Ikoyi area , especially in high-rise commercial and residential portfolios.

“Though sector has in the last three years witnessed low activities as a result of the economic meltdown but there are some positive indicators that will give stakeholders ray of hope.CBN is encouraging banks to resume and increase loan advances to customers.This is a healthy development and would ultimately influence activities in that sector.

He explained that Ikoyi shares boundary with Banana Island. And it is on record that Banana Island is enjoying unprecidented appreciable rates and values never experienced in the history of property listings and deals in Africa. It is simply unimaginable that we can be talking about N500,000-N550,000/ per square metres as land values in Banana Island. The listings for various classes of properties are similarly characterised by revised appreciable rates.

Eboigbe said: “It is only certain that immediate adjoining neighborhoods like Ikoyi, Osborne phase 1 could attract some measure of appreciation in the rates and values.“Again there has been increased preferences for Joint Venture options in property development activities in Ikoyi in recent times. Most of the outings have been staged to have the backing of international investors and funding.

“These are usually intelligent and automated designs with state of the Art facilities in response to the stylish request for high quality residential and commercial properties.“Investors and real estate professionals have similarly been involved in brainstorming sessions to tackle the perceived lull in that sector resulting in the voids and vacancies and it appears that tangible breakthroughs have been achieved as a number of properties have achieved reasonable letting in the recent times,” he said.

Eboigbe explained that the strategy is to collapse the rates in response to the offers of would be clients to attain the targeted capacity regardless of the projected cash flows. Stephen Ola Jagun, the principal partner of Jagun Associates, argued that property has a good hedge against inflation, so those who have the money will rather want to tie them to property than make it lose value in the bank.

He said: “All over the world, it has been realised that Nigerian property market gives very high return on investment. This is encouraging Nigerians in diaspora who have good equity on their property to scoop same and bring home to invest while enjoying good rate for a mortgage abroad.”

The Guardian investigation also revealed that most of the Ikoyi buildings were remodeled to exhibit luxury and attract top-notch tenants. For instance, Sisi Paris is one of its latest creations, built for those who insist on a lifestyle of luxury. The 10-storey luxury apartments come with opulent furnishing.

According to the Executive Director of Cobblestone Properties, Mrs. Bella Disu, who unveiled a complex recently, “when we decided to restructure the building, we focused on delivering the ideal luxury living experience. To meet the needs of the average family, each three and four bedroom apartment was redesigned to have two living rooms, one of which can be re-purposed as a study, cinema, or playroom for children. Each apartment also has a fully fitted laundry and a pantry,”

“We believe that true luxury extends beyond fittings and finishing; it is in every detail that contributes to superb daily living. That is why Sisi Paris goes a step further by delivering first-rate service. Round-the-clock concierge will provide scheduling and reservation services while the on-site minimart is a one-stop-shop for daily needs,” she added.

Source: guardianng

Focus on Aluminium Extrusion Industries Plc and its Declining 2019 Performance

For Aluminium Extrusion Industries Plc, which happens to be the only aluminium manufacturer currently listed on the Nigerian Stock Exchange, 2019 has not been such a good year. Although the company has not exactly recorded a loss thus far, its profits declined drastically, according to latest earnings report seen by Nairametrics. Based on this underperformance, it is not surprising that a lot of investors chose to ignore the stock.

On this week’s Nairametrics Company Profile, we take a closer look at Aluminium Extrusion Industries Plc. As always, we shall be focusing on the company’s business model, its target audience, and prospects. We shall also be examining some of the possible challenges (such as competition) which might be impacting negatively on the company’s growth.

About Aluminium Extrusion Industries Plc

Incorporated on October 26th, 1982, the company specialises in the manufacturing and sales of extruded aluminium profiles. The company is located in the eastern Nigerian city of Owerri in Imo State. It is a subsidiary of Tower Aluminium Plc which, interestingly, is the largest aluminium manufacturing group in the country. In specific terms, Tower Aluminium owns 67.76% stake in the company.

 

Aluminium Extrusion Industries Plc was listed on the Nigerian Stock Exchange on October 26, 1982. Information made available to the public indicates that the company’s share outstanding is 219,956,000. This, multiplied by the company’s share price of N8.10 gives a market capitalisation of N1.7 billion. Note that the share price has remained mostly unchanged throughout 2019.

The company’s products

At the core of the company’s business operation in Nigeria is the production of extruded aluminium materials and roofing sheets, all of which are essential in the construction industry. The company says that it sources for raw materials mainly from scrap aluminium which are purchased from scavengers, then recycled/processed. This, therefore, shows that this company’s business model equally contributes towards saving the planet.

The target market for Aluminium Extrusion Industries Plc

As a major producer of extruded aluminium profiles in Nigeria, the company has a large target market, particularly in the building construction industry. For example, the company targets homeowners and estate developers/construction companies with its aluminium roofing sheets. Its extruded aluminum profiles are also widely used across the country for the construction of doors and windows.

 

The company’s competitors

As you may well know, there is hardly a company that operates without at least one competitor. This is the case with Aluminium Extrusion Industries Plc, whose main competitor is First Aluminium Nigeria Plc. Much like Aluminium Extrusion, First Aluminum (which delisted from the NSE in August), equally manufactures aluminium roofing sheets as well as other products. Other competitors may be considered to include the likes of Tower Building Products, Queens Aluminium Company Ltd, PGN Limited, etc. All of these companies are subsidiaries under Tower Aluminium Plc which equally functions as the parent company of Aluminium Extrusion Industries Plc.

Housing Development

Overview of the company’s board

Aluminium Extrusion Industries Plc has about 70 full-time employees on its payroll. Out of this number, seven individuals make up the board of directors. They include the following:

  • Dr Pascal G. Dozie: Chairman
  • Mr Veeraraghavan Ganesh: Managing Director
  • Vivek Goel: Non-Executive Director
  • Dr. John Nwaiwu: Non-Executive Director
  • Mr. Ramesh Chandra Biswal: Non-Executive Director
  • Barr. Peter Mgbenwelu: Non-Executive Director
  • Dr Jinesh C Dugad: Non-Executive Director

 

The company’s recent financial performance

According to the company’s latest earnings report for the nine months ended September 30th 2019, revenue grew by 3.2% to N2.1 billion, up from N2 billion during the comparable period last year. However, there were increases in cost of sales, administrative expenses, and income tax. Profit for the period was reported at N24.3 million as against N61.5 million during the first nine months of 2018, thereby marking a 60.4% decline.

Source: nairametrics

Police Convert Abandoned Niger Estate to Barracks

The Niger State-owned Zuma Housing Estate located on the Abuja-Kaduna expressway is now wearing the Nigeria Police colours. The transformation was noticed recently after many years of abandonment of the structure by the state government.

The estate was built by the administration of a former governor of the state, late Alhaji Abdulkadir Kure, in an effort to provide affordable accommodation for the people of the state.  It comprises of hundreds of units of two and three bedroom bungalows.

The project, which had reached 80 percent completion was abandoned by the contractor, following the exit of the administration. Loading.. Copy video url Play / Pause Mute / Unmute Report a problem Language Mox Player Fence of the estate, now barracks Work on the estate was stalled by bureaucratic bottlenecks and intrigues fuelled by contending interests, it was gathered. The succeeding government, after assessing the facility and evaluating funds needed for its completion, decided to dispose of it altogether.

The state government then opened bidding for interested buyers to come forward with offers in 2009, but could not seal the deal owing to the failure of organisations that had earlier showed interest to come forward. Daily Trust learnt that in 2013, the administration approved the sale of the estate in agreement with the Federal Mortgage Bank of Nigeria (FMBN) and a private company.

The then commissioner of Land and Housing, Dr Peter Sarki, had told newsmen that FMBN had earlier agreed to give N639.7 million in three tranches of 40 per cent first release and 30 per cent each in two subsequent releases. He said the bank released N255.9 million and Niger State government gave N100 million to a private company through the Urban Development Board, adding, however, that only 90 of the 250 housing units were completed. According to him, the N255.9 million released by the bank had yielded up to N300 million interest, forcing the parties to sell off to a private company to recover their investment.

He explained that under the new arrangement, the state government would be refunded N110 million, the private company N70 million and the bank N255.9 million. He also revealed that the bank had decided to forgo the N300 million interest in order to ensure quick recovery of its initial loan for the project. It was learnt that Aso Savings and Loans later emerged buyer of the estate having been able to cough out the initial deposit agreed on.

According to the agreement, the state government agreed with the buyer that individuals who made commitment in acquiring houses in the estate would have their interest protected by the new owners. Our correspondent learnt that 50 people had paid fully for houses, while others made deposits of different sums. “We allocated to about 50 people that paid in full and about 66 people had made some deposits for the houses as it was under mortgage arrangement.

“The state executive council meeting approved that whoever wants to buy the site, it’s agreed among other conditions, that the 50 or so who have fully paid their money will be allowed to retain their houses, except if they don’t want, to while the 66 others that made deposits will have their money refunded,” Sarki had said. With the supposed sale of the estate to the Nigeria Police by Aso Savings and Loans, the people’s fate now hangs in the balance.

Our reporters observed that the facility is undergoing renovation and facelift. It was also observed that some policemen are already living in the facility, now referred to as police barracks. Major renovations made include re-roofing, new windows, doors, repainting of the buildings and the gate with the colours and logo of the Nigeria Police Force. Some civilians residing in the facility expressed concern about the uncertainty of their future in the estate.

While some have expressed interest to remain in the facility, others opted for compensation to enable them relocate. Some of them who spoke to Daily Trust faulted the exercise, saying it was a big blow to the citizens of the state who lived in the axis. One of them who spoke in confidence described the state government’s action as anti-workers and the people.

They alleged that those who contributed to the scheme were not consulted before the decision to privatise the facility was taken. “While the project was going on, the state Ministry of Works and Housing was ordered to start collecting money from interested buyers, and they went ahead to register people beyond the available housing units. And when the privatization deal was being sealed, the then government promised to compensate those who committed money to it but up till this moment the compensation has not been paid,” one of them lamented.

An occupant who has relocated said it was on one faithful day that some officers of the Nigeria Police Force came and ejected all of them and took over the place which they have been living in for quite some years. He said the houses had been abandoned for a long period of time and some of them saw it as an opportunity to reside in them without paying a dime. When contacted, the Police Public Relations Officer in state, DSP Mohammed Dan-Ina Abubakar asked for more time to reach out to the appropriate officers who handle such matters. Also, the Public Relations Officer in the state Ministry of Land and Housing Malama Sadiya Imam asked for more time to confirm the development.

Source: Dailytrustng

Engineers Call For Increased Investment in Power Distribution

The Nigerian Academy of Engineering has asked the Federal Government to ensure adequate investment in the energy value chain and address limitations to meter asset scheme in the country.

The group said it had become necessary for power distribution companies to prioritise processes and initiatives geared towards adding value and fostering customer satisfaction.

The President of NAE, Prof. Fola Lasisi, at the academy’s public lecture in Lagos, said such investment was necessary for Nigerians to live a better life.

Lasisi stated that if the problem of poor power distribution network was solved, many of the social challenges confronting the country would be resolved.

“The NAE will continue to provide input and leadership in national technological issues and policies at the highest level possible, through contributions to science, engineering and technology ideas in Nigeria and by extension, globally,” he added.

The Chief Executive Officer, Ikeja Electric Distribution Plc, Dr Anthony Youdeowei, said the approach to transforming the energy sector should be hinged on service delivery, building a customer-centric business and deploying technology to improve operational efficiency.

Speaking on ‘Building a sustainable and viable electricity distribution network’, Youdeowei said power distribution companies lacked the capacity to meter all customers; hence, the need to involve third parties in that specific role.

He said, “Government should allow the metering process to work. There is a need to redefine the distribution business and improve customer metering. Proper and complete privatisation by letting market forces to decide and ensuring that there is inflow of capital into the entire energy value chain.

“Amazon, Uber were initially loss making but attracted huge investments because the numbers and the projections were believable. Project transparency and integrity in all dealings with customers and leveraging cutting-edge technology in improving and optimising business processes is important. Also, we need to deploy technology in areas of the business where there is heavy dependence on human intervention.”

He disclosed that the Ikeja Electricity had kick-started the provision of bilateral premium power that required provision of quality services to clusters of customers within the network.

The Deputy Governor, Central Bank of Nigeria, Folashodun Shonubi, who is also an engineer, stated that there was a need to improve the power sector through reorientation of people in the power value chain.

He said engineering was not the problem but those involved in the processes of the sector.

He said professionals should groom young engineers through practical exposure and exchange of experiences that would prepare them for the future

Source: Punchng

REDAN To Hold Professional Training For Members on Wednesday in Lagos

After a successful training program in Abuja, the Real Estate Developers Association of Nigeria (REDAN), is set to hold another training on emerging trends in real estate development in Nigeria for its members in Lagos on Wednesday, 20th November 2019 at The Haven AVMC Compound Ikeja.

The training which is a basic and relative training for all stakeholders in housing and real estate will include capacity building, unveiling emerging laws, policies and practice issues in the real estate sector, advocacy programs, and more.

The Abuja version of the event which is part of a continuous professional development program for REDAN members was attended by over 150 participants, real estate executives, the MD of Family Homes Funds, Femi Adewole, senior representatives from the Federal Mortgage Bank of Nigeria, Central Bank of Nigeria, and other stakeholders including the Chairman Senate Committee on Housing, Senator Sam Egwu.

The event earned positive reviews from the participants who were exposed to more professional opportunities, practise ideals and technical advancement.

According to the President of the Association, Ugochukwu Chime, the event also offers opportunities for estate developers and other housing sector stakeholders seeking reliable means of funding their projects to meet representatives from funding institutions and agencies that can make their quest possible.

The Lagos event will host all real estate developers in the south west, including other sector professionals like surveyors, architects, engineers, administrators and many more.

The program is inspired by the need to have basic and relative training for all stakeholders and practitioners in the housing and real estate value chain; develop capacity to reduce waste, ensure time utilisation and lead to enhanced mass delivery of houses.

Ensuring that developers are aware and capable of handling the multidimensional and multi-disciplinary challenges involved in real estate industry; unveiling to real estate developers emerging laws, policies and practice issues in the real estate sector, in the realm of finance, land administration, technology, money laundering.

To ensure coherent and coordinated advocacy programs with potential for high positive impact on affordable housing delivery with all levels of stakeholders institutions; need for optimal utilisation of resources to ensure cost effective construction; effective and seamless communication of opportunities between stakeholders.

After the Lagos event, the training will also be held in Owerri, Imo state at Graceland Event Arena, Owerri on November 22, 2019 from 9am-5pm.

The registration fee is 50, 000 naira covering for 2 participants per organisation, and payable to REDAN AGM ACCOUNT, Zenith Bank – 1012691172.

Participant will be provided with all training materials.

For enquiries please call, 08034562550 or 08037300893 or visit www.redanonline.org.ng.

 

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