Housing News

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High vacancy rate in VI, Ikoyi drives down rent by 8% in H1

The chairman of JEDO Investment Limited, Alhaji Aliyu Oroji Wamakko has disclosed that with lower interest rate and special intervention fund for housing development, that investors would be able to provide houses at a very cheaper price.

In an interview with LEADERSHIP in Abuja, however pleaded with federal government to resolve the absence of special intervention fund in the housing sector, just like it was done in the agriculture sector.

The chairman was optimistic that the failure of government to provide intervention fund is the reason for high interest rate and high cost of houses in the built sector.



‘How Investors Can Build Cheaper Houses’

The chairman of JEDO Investment Limited, Alhaji Aliyu Oroji Wamakko has disclosed that with lower interest rate and special intervention fund for housing development, that investors would be able to provide houses at a very cheaper price.

In an interview with LEADERSHIP in Abuja, however pleaded with federal government to resolve the absence of special intervention fund in the housing sector, just like it was done in the agriculture sector.

The chairman was optimistic that the failure of government to provide intervention fund is the reason for high interest rate and high cost of houses in the built sector.

He stated that cooperative housing finance is key to accessing decent and affordable housing especially for the low income earners in the informal sector.

Wamakko who is also the vice president, Real Estate Developers Association of Nigeria (REDAN) requested that federal government should subsidise the prices of its houses for low income earners.

He hinted that REDAN has consistently advocated for the enactment of foreclosure law to safeguard realty investment in case of default by off-takers.

The chairman stated that the only alternative to end sprawling slum settlements, which he described as a breeding area for miscreants and other negative societal vices, is for government to provide decent and affordable houses for Nigerians.

He commended federal government for initiating the National Housing Programme (NHP), as World Bank had revealed that Nigeria has over 17 million housing deficit.

“I believe the programme is a step forward in addressing the issue of housing deficit in Nigeria, but the only thing I find difficult is the prices of the houses which are yet to be announced publicly,’’he said.

Wamakko hinted that the infrastructure at the sites should reflect the cost of the houses, to avoid derailing the objectives of building for low income earners, saying that the houses should be affordable.

“When we are talking about housing cost, we should first of all consider the plight of workers and civil servants as well as others in the public sector,  If you examine their monthly income, it’s too poor to buy a house,’’he said.

The chairman noted that though labour unions settled for N30, 000 minimum wage, that the annual rental fees, food and clothing are the three priorities that should be considered before increasing salaries of civil servants.

“For instance, if somebody pays annual rent of N600, 000 to N700, 000 for a 2 bedroom flat, if you divide it into 12 months, that means his salary cannot offset the rental fee including other responsibilities like payment of school fees, clothing and other domestic issues”, he said.

Source: leadershipng

FG to Gather Data for Housing Affordability for Nigerians – Fashola

The Minister of Works and Housing, Babatunde Fashola, on Tuesday told United Nations officials that there was a need to gather data on where people want houses, the type of houses and their affordability in Nigeria.

He also noted that the challenges of housing needs were more pronounced in urban cities than in rural communities.

The minister, who said these in Abuja while receiving a delegation of the UN-Habitat Mission, commended the UN Human Settlements Programmes for its commitment towards addressing the global challenges of urbanisation.

Officials of the UN-Habitat Mission visited the minister to brief him on the outcomes of the validation workshop on the evaluation of the memorandum of understanding between the Federal Government and UN-Habitat held in Abuja.

Fashola requested the UN body to supply more information on the areas of intended collaboration, adding that as a national strategy, Nigeria would look out for how investments would grow its economy and develop its people.

He added that there was a need to work out a strategy on housing to meet the interest of all stakeholders.

The minister assured the delegation that the Federal Government would continue to collaborate and work with the UN body to achieve the clear mandate of the UN-Habit Programme.

The head of the UN-Habitat delegation, Dr Naison Mutizwa-Mangiza, told the minister about some key outcomes of the validation workshop.

He also told the minister about the forthcoming conference of ministers’ of housing scheduled for Abu Dhabi in 2020 and extended an invitation to Nigeria to attend.

The Minister of State for Works and Housing, Abubakar Aliyu, expressed satisfaction with the level of cooperation between the Federal Government and the UN-Habitat.

See Why CBN Has Increased Charges on Withdrawals, Deposits

The Central Bank of Nigeria, in a circular to all deposit money banks, yesterday announced the commencement of charges on deposits in addition to already existing charges on withdrawals.

According to the circular, the charges, which take effect from today, will attract three percent processing fees for withdrawals and two percent processing fees for lodgements of amounts above N500,000 for individual accounts.

Corporate accounts will attract five percent processing fees for withdrawals and three percent processing fee for lodgements of amounts above N3,000,000.

In a statement by the Director, Payments System Management Department at the bank, Sam Okojere, the CBN said the charges on deposits shall apply in Lagos, Ogun, Kano, Abia, Anambra and Rivers States as well as the Federal Capital Territory.

It also stated that the implementation of the cashless policy would take effect from March 31, 2020 nationwide.

The statement added: “with effect from September 17, 2019, the CBN has approved for banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions as stipulated by regulations.”

Real Estate Firm Targets Millennial Investors with Affordable Housing Scheme

4point Real Estate Investment Ltd, a Lagos-based property development company, is championing the drive for real estate investment opportunities targeted at millennial investors with the development of affordable housing schemes in suburban Lagos communities.

Leveraging on the successful launch of its maiden housing scheme, Rose Gardens, in Asese, Ogun state in 2018, the company has introduced a new premium development called Wealthgate Park at Eleko, Lekki, Lagos.
The Managing Director, 4point Real Estate Investment Lit, Mr. Wale Olayanju, stated that the company, which until recently, had concentrated its effort in developing residential communities across the Mainland metropolitan area of Lagos state, launched Wealthgate as a social enterprise strategy to encourage more millennials and young Nigerians to start investing in real estate.

Olanyanju explained that 4point Property does not just believe in housing that meets subscribers’ need, but also believes in examining the challenges at every point in the housing value-chain and providing credible answers which meet the need of its clients. According to him, “With the introduction of Wealthgate Park, 4point Property is steadily extending home-ownership opportunities to millennials, among others, a class that has been largely overlooked by development firms as many cannot directly afford the outright payment or short payment tenure associated with genuine developments in the Lekki axis with verifiable title documents”.

Olayanju said a parcel of land in the scheme sells for N7.2 million, far below the prevailing market value of about N12 million in the axis, adding that his firm has put in place flexible payment options that are as low as 4.5 per cent annual mortgage rate for buyers, and is in the process of securing key partnerships with mortgage banks to allow the spread of payment spanning five years.

Other benefits of the scheme he said, include absence of the traditional land grabbers and land speculators, as all legal documentations are given to buyers under the scheme upon the completion of payment and no hidden charges.

“Beside the fact that Lekki stands out as one of the most ideal investment hubs in African real estate with lots of infrastructure earmarked for the area, such as the Free Trade zone, refinery project and many others that will see property value significantly appreciate in the next few years, the Wealthgate land offer could not have come at a better time”, 4Point real estate boss noted. He further stated that “The idea of the Wealthgate was to create a luxury private community at a fast-developing location that Nigerians can comfortably afford and where they can live a life of comfort free from the hassles, noise, stress and pollution of major cities.

Source: Vanguardng

Nigeria’s Ministers to Give First Report in December

Ministers in Nigeria will render the first report on their performance on the mandates outlined for them by President Muhammadu Buhari in December this year.

The Ministers were sworn in and assigned their portfolios in August with President charging them to work to implement the policies of government to ensure security, grow the economy and fight corruption.

Vice President Yemi Osinbajo, who spoke at the 2019 National Annual Conference of the Nigerian Institute of Management, NIM, said this would be part of what “will be done differently on implementation of government plans in this dispensation.”

According to him, President Buhari developed mandates that the ministers were required to meet in the 2nd Term of his administration.

“After the Presidential Policy Dialogue preceding the inauguration of Ministers, the President developed a list of specific mandates for each ministry.

“Each of those mandates had clearly spelt out action points. The ministers are to render their first reports on performance in December.”

Osinbajo said the full and effective performance of the mandates by the ministers is an implementation challenge, requiring the contributions of the NIM on the journey.

Speaking on the theme of the NIM 2019 Conference, “Managing the Challenge of Democracy,” Osinbajo said that the central question in Nigeria, especially in the private sector at present, “is not the lack of talent or well researched policies, but the weakness in getting things done, or implementation, doing things as opposed to talking about doing them.
“Implementation is possibly the central management challenge today. And it is in my respectful view at the heart of the challenges of managing our democracy.

“So in every real sense our problem is a management one. If the NIM achieved nothing else but a prescription on how to resolve the problem you would certainly deserve to be described as national heroes.

“But to take the prize you will need to ensure implementation beginning with your members.”

The Vice President outlined fives issues for the consideration of the NIM that would be necessary in their contribution to the deepening of democracy in Nigeria.
“First is the central question of governance, ethics in the management of public resources; second is the issue of merit over quotas and politics in the selection of talents and projects; third are the challenges in human capital development; fourth is the problems of scale, scale in social services for example education, providing 21st century relevant education to millions of children as the country heads for third place in world population.

“Last but by no means the least is the problem of poverty, and the creation of wealth and opportunity for millions.”


He said government’s approach to the first issue has been to tackle grand corruption and changing systems that promote graft.
Osinbajo said the implementation of such policies as the Treasury Single Account, TSA, the Whistleblower, the Integrated Personnel Payroll Information System, IPPIS, among others, has helped government to tackle corruption.

The vice president also spoke on government programmes on health and education, pointing out the allocation of 1% of the Consolidated Revenue Fund, CRF, to healthcare in 2018, and the launch of the first phase of the Basic Healthcare Provision Fund with the disbursement of N6.5 billion to the first 15 qualifying States and the FCT.
“The next level is the implementation of compulsory health insurance for all Nigerians on a co-payment basis with government.
“We are working at the level of the National Economic Council to achieve the president’s June 20th charge to State governors to ensure full implementation of free and compulsory education in the first nine years of the school life of every Nigerian child.”

Earlier in his address of welcome, the President of the NIM, Olukunle Iyanda, said that the annual conference of the institute provides platforms to critically examine government programmes and policies with a view to making inputs that could help government to achieve them.


Buhari Dissolves Panel for Recovery of Public Property

President Muhammadu Buhari has dissolved the Special Presidential Investigation Panel for the Recovery of Public Property (SPIP) as currently constituted with Mr. Okoi Obono-Obla as Chairman.

The Attorney-General of the Federation and Minister of Justice has been directed to immediately take over all outstanding investigations and other activities of the SPIP.

This was contained in a statement issued on Tuesday by the Special Adviser on Media and publicity, Chief Femi Adesina.

The panel was established in August 2017 by the then Acting President, Prof. Yemi Osinbajo, SAN to investigate specifically mandated cases of corruption, abuse of office and similar offences by public officers.

President Buhari, according to the statement, thanked all members of the dissolved panel for their services.

“The President looks forward to receiving the final Independent Corrupt Practices and other related offences Commission (ICPC) report on the ongoing investigations of the dissolved panel’s Chairman,” it stated.

Source: Nationng

Private Sector Asks Buhari to Listen, Implement Recommendations of new Economic Council

Experts in Nigeria’s private sector have tasked President Muhammadu Buhari to not only listen but also implement recommendations of the newly formed Economic Advisory Council (EAC) in order to avoid the lacklustre performance of the country’s economy recorded in the last four years.

President Buhari on Monday constituted an Economic Advisory Council, headed by a renowned economist, Doyin Salami, to replace the existing Economic Management Team (EMT).

The new council, which will report directly to the president, is saddled with the responsibility of advising the president on economic policy matters, including fiscal analysis, economic growth and a range of internal and global economic issues working with the relevant cabinet members and heads of monetary and fiscal agencies.

But development experts and captains of industry who spoke with BusinessDay on Monday, while commending President Buhari for constituting the EAC, advised him not to treat the council, which is made up of respected economists, as a thing of decoration or as an image-laundering tool.

For s start, they urged President Buhari to act on some of the tough recommendations which some members of the council have spoken about in the past, such as reduction of government recurrent expenditure, increase in budget transparency, support for growth of export sector, accelerating public-private partnership for critical infrastructure that will invite private capital, eradication of fuel subsidies, among others. Muda Yusuf, director-general, Lagos Chamber of Commerce and Industry (LCCI), said the decision to set up an Economic Advisory Council was a step in the right direction.

He, however, hopes the government would also be bold enough not only listen but also follow their recommendations as well. “The newly-constituted economic advisory council is fully loaded with respected economists who will give dispassionate advice unlike politicians. Let’s hope the president will also listen to them,” Yusuf said.

Andrew Nevin, chief economist at PwC, said the establishment of the Economic Advisory Council was a very positive step as the Federal Government has promised to lift 100 million Nigerians out of poverty in 10 years. He, however, said this would only be possible with a private sector that is 10-15 times larger than today.

“The members of EAC are all outstanding thinkers and economists and the chairman Doyin Salami will undoubtedly provide excellent leadership. We are sure if the FG accepts the economic guidance of the EAC, Nigeria will prosper,” Nevin told BusinessDay by mail.

Ayo Akinwunmi of FSDH Merchant Bank said the Economic Advisory Council would set direction for the economy but added that the council is only working in advisory capacity and not economic management team. This, he said, implies the president can either take or ignore their recommendations.

“The more we have intelligent economists engaging or advising the government, the better for the economy. Due to the high calibre of the economic team, if some of the members feel they are just trumpeting, they may want to quit,” Akinwunmi told BusinessDay.

Other stakeholders said the immediate task before the EAC is to solve dwindling government finances which have taken a toll on public infrastructure and economic growth as government has failed to meet revenue projections for the past three years and there are no signs the trend will reverse this year.

In the first six months of 2019, the government raised N2.0 trillion, 30 percent off the mark of projected revenues of N2.9 trillion for that period, and N6.9 trillion for the full-year, according to data by the Ministry of Finance.

The EAC, according to a statement by Femi Adesina, presidential spokesman, will have monthly technical sessions as well as scheduled quarterly meetings with the president.

The chairman may, however, request for unscheduled meetings if the need arises. Other members of the council include Mohammed Sagagi, who will serve as vice-chairman; Ode Ojowu, member, and Shehu Yahaya, member.

Others are Iyabo Masha, Chukwuma Soludo, Bismark Rewane and Mohammed Salisu, who will serve as secretary (senior special assistant to the president, development policy). Salami, chairman of the council, was born in 1963.

He left the Central Bank of Nigeria in November 2017, after a stint as member of the CBN’s Monetary Policy Committee. He is a Senior Fellow/ Associate Professor and fulltime member of the faculty at the Lagos Business School (LBS), Pan-Atlantic University.

Source: businessdayng

More Struggles for Real Estate Investors as Xenophobia Threatens Opportunities in AFCFTA

The xenophobic attacks in South Africa directed chiefly at nationals of other African countries are seriously threatening opportunities which the African Continental Free Trade Agreement (AFCFTA) is expected to offer real estate investors on the continent, experts have said.

At the continental level, African real estate markets are underperforming with the investors struggling with falling demands and rising vacancy rates in both residential and commercial real estate buildings. The signing of AFCFTA in June 2019 was seen by these investors as light ray in the tunnel.

Apart from facilitating job creation and greater competitiveness of African micro, small and medium-sized enterprises (MSMES), experts explain that, as a trade agreement in force between African countries, there are also opportunities for real estate investors in AFCFTA.

But these foreseen or expected opportunities are now under threat because, according to MKO Balogun, CEO, Global PFI, a Lagosbased real estate firm, “any disturbance or unrest leads to uncertainty while uncertainty, in turn, breeds negative effect on economy.”

Though Balogun says the value of African foreign ownership of real estate asset in South Africa may not be all that significant, Edem Usong, a real estate manager and property market analyst, differs, taking a holistic view of Africa as a whole and South Africa as the second largest economy on the continent.

Africa is generally considered underweight relative to other continents in terms of the value of its real estate assets. Despite its large and growing population estimated at 15 percent of the world total, the gross asset value of Africa’s real estate is estimated at €113 billion, representing just 1 percent of the world’s total value.

Andrew Baum, a Cambridge University professor and thought leader on global real estate investments, who gave this insight at a roundtable discussion in Lagos, explained that the continent’s underweight in real estate asset value was based on global performance of real estate investment trusts (REITS).

This explains, in part, why AFCFTA as a crucial ingredient in lifting people out of poverty and invigorating the continent’s growth trajectory, was welcome especially by real estate investors. “Africa is now one of the biggest economic blocs in the world, meaning that the continent has become borderless such that businesses can now move from one country to another,” noted Mustapha Njie, CEO, Taf Africa Global.

“Free movement of businesses from one country to another means there will be increased demand for both residential and commercial real estate, including office, retail and industrial space in which investments could be made,” Njie added in an interview with Businessday.

However, Usong notes that “what xenophobia is doing in South Africa is a direct opposite of the expected gains of AFCFTA because the attacks on Nigerians and their investments in South Africa and the reprisal attacks on South African interests in Nigeria are all counter to the spirit of AFCFTA”.

“Nigerian, Zimbabwean and Kenyan nationals are the main targets of the xenophobic attacks and these countries, particularly Nigeria, are major real estate investment destinations and commercial hubs on the continents,” Usong said, pointing out further that these attacks impact negatively on the economy of the continent and also on individual countries.

He recalled how South African investors took the Nigerian retail and office space markets by storm, spreading their investment interests in both core and secondary retail markets. He cited Resilient Africa, a real estate investment company from South Africa, that was already operating outside the traditional big cities of Abuja, Lagos and Port Harcourt.

Source: Businessdayng

Mass Housing: FCTA Seeks Partnership With UN-Habitat

Minister of the Federal Capital Territory (FCT) Muhammad Musa Bello has sought FCTA’s  partnership with he United Nations Human Settlement Programme (UN-Habitat) for improvement and development especially in the critical areas of transportation waste management as well as mass housing.

Bello made the call when he received officials of  UN-Habitat led by its Director, Regional Office for Africa, Dr. Naison Mutizwa Mangiza, who was on a courtesy visit to FCTA.

The FCT Minister said that with the increasing population of the FCT, some of the major challenges confronting the territory include provision of affordable mass housing, mass transportation and waste management.

On the provision of a functional and affordable mass transportation system which will not impact negatively on the environment, the minister called for technical assistance for the use of electric or hybrid mass transportation buses that will release less or no harmful carbon emissions into the atmosphere that it is currently occurring with the use of diesel powered mass transportation buses.

The use of electric/hybrid buses to create a reliable mass transportation system will reduce the number of vehicles on the roads and ultimately lead to a cleaner and safer environment, he reiterated.

The minister also suggested possible sources of renewable energy such as solar for charging purposes.

On waste management, Bello said that the technical support of the UN organization will help the FCT better manage waste collection and disposal which includes recycling.

This, he said has the potential of providing jobs for many unemployed youths in the society.

While commending the UN-Habitat’s plans to upgrade the Nigeria country office to a Multi-country office, the minister stressed the need for FCT to avoid mistakes of many urban cities that tend to grow, develop and eventually decay.

He emphasized the greening policy of the administration in confronting the challenges that bedevil many urban cities.

Bello accepted the invitation of the UN-Habitat to attend the World Urban Forum (WUF 10) scheduled to hold in Abu Dhabi next year.

Earlier, the UN-Habitat Regional Director had commended Nigeria’s leadership role in the funding of UN-Habitat programmes and activities, not only in Nigeria, but in other African countries.

He commented on the cleanliness of Abuja City.

Mangiza said they were in the FCTA to see how UN-Habitat can provide support for the administration especially in the areas of proposal conceptualization to access funds and capacity development.

The meeting was attended by the FCT Minister of State, Ramatu Tijjani Aliyu, The Permanent Secretary, Chinyeaka Ohaa and other senior members of the FCTA.

Source: viewpointhousingnews

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