Reporter

mike-pompeo

U.S. congratulates Buhari, Nigeria

The U. S. has congratulated Nigeria on its successful presidential election and President Muhammadu Buhari on his re-election.

U.S. Secretary of State Michael Pompeo, in a statement, noted the assessments of international and domestic observer missions affirming the overall credibility of the election.

Pompeo said the United States’ assessment was  “in spite of localized violence and irregularities”.

He called on all Nigerians to ensure successful Gubernatorial and House of Assembly elections on March 9.

Pompeo said: “The United States congratulates the people of Nigeria on a successful presidential election and President Muhammadu Buhari on his re-election.
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“We commend all those Nigerians who participated peacefully in the election and condemn those whose acts of violence harmed Nigerians and the electoral process.

“We note the assessments of international and domestic observer missions affirming the overall credibility of the election, despite localised violence and irregularities.

“We also congratulate all the other candidates for their peaceful participation in the electoral process.

“We call on all Nigerians to ensure successful state elections next week.

“Going forward, the United States remains committed to working together with Nigeria to achieve greater peace and prosperity for both our nations”.

Exhibit

The presidential election, held on February 23 saw Buhari poll 15,191,847 votes and his closest challenger, People’s Democratic Party’s candidate and former Vice President Atiku Abubakar polled 11,255,978 votes to emerge a runner-up.

Buhari, who was declared re-elected by the Independent National Electoral Commission, also won in 19 states, to defeat other 72 candidates including Atiku, who won 17 states and the Federal Capital Territory, to occupy the second position. (NAN)

Source: Daily Trust

dangote

Dangote Cement maintains market dominance, exports 0.8MT of cement

Africa’s largest cement producer, Dangote Cement, has maintained its dominance of the Nigerian market, accounting for 65 per cent of the total volume sold in the domestic cement sector in 2018.

The company also exported 800,000 metric tonnes (MT) of cement to West African countries in 2018, strengthening Nigeria’s position as a cement exporting country, creating jobs in the economy, and earning foreign exchange.

According to the details of Dangote Cement’s audited results for the year ended December, 31, 2018, it sold a total of 23.54 MT of cement across Africa indicating an increase of 7.4 per cent over 21.92 MT sold in 2017.

Nigerian operations accounted for 14.18 MT representing an increase of 11.4 per cent over the volume of 12.72 metric tonnes sold during the preceding year. The increase in the Nigerian volume is attributable to higher building activities as the economy recovered from recession.

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The sales volume in Nigeria is quite significant given the turbulent market situation as the election period approached and people usually hedged in the construction industry during such periods.

According to the Group Chief Executive Officer, Dangote Cement, Joe Makoju, financial performance by Dangote Cement was “driven by a strong increase in our home market, Nigeria, despite heavy rains and uncertainties about the election. Although Pan-African volumes were unchanged in 2018.

“I am confident that we will see an increase in 2019, driven by higher volumes in Tanzania, Ethiopia, Congo and Sierra Leone. Now that we have gas turbines operating in Tanzania, we will also see increased profitability in the Pan-Africa region and this will help to improve overall Group margins,” he said.Exhibit

 

Across Africa, the cement Group posted a combined revenue of N901.21 billion, with Nigerian operations doing N618.30 billion, representing an increase of 11.9 per cent over N552.36 billion in 2017. The Nigerian economy was earlier projected to have grown by 1.9 per cent in 2017, meaning that Dangote Cement outperformed the domestic economy.

Pan-African operations recorded revenues of N263.26 billion, an increase of 9.6 per cent over N258.44 billion posted in the corresponding period in 2017. Profit after tax stood at N390.32 billion in contrast to N204.25 billion while earnings per share rose from N11.65 to N22.83.

The company’s directors are proposing a dividend of N16 per share.

election-2019

How Buhari won Atiku in Lagos

President Muhammadu Buhari has won the Presidential election in Lagos State, by defeating his rival, Atiku Abubakar of the Peoples Democratic Party, PDP, with a 132,798 vote margin.

Buhari and Atiku The margin was lower than the 160,143 votes with which Buhari defeated Jonathan in 2015 in the megapolis. Buhari then polled 792,460 votes, while Jonathan got 632,327.

In the latest results announced by the Independent National Electoral Commission, INEC, in Yaba area of Lagos, Southwest Nigeria on Monday afternoon, Buhari polled 580,814 votes to beat Atiku, who got 448,016 votes in keenly contested election.

 

While Buhari won in 15 Local Government Areas of Lagos, Atiku won in five councils, heavily populated by South East residents.

The full result:

Ibeju/Lekki LG

APC: 12,179

PDP: 9,222

Lagos lsland LG

APC: 27,452

PDP: 7,396

Apapa LG

APC-18,170

PDP-11,295

Ikorodu LG

APC: 40,719

PDP: 21,252

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Epe LG

APC: 17,710

PDP: 13,305

Ikeja LGA

APC: 23,638

PDP: 21,518

Badagry LG

APC: 21,417

PDP: 17,936

Agege LG

APC: 36,443

PDP: 16,497

ETI-OSA LG

APC: 20,963

PDP: 25,216

Ifako Ijaiye LG

APC: 33,419

PDP: 18,100

AAC: 674

Mushin LG

APC: 43,543

PDP: 20,277

Oshodi/lsolo LG

APC: 29,860

PDP: 28,806

Lagos Mainland

LG APC: 22,684

PDP: 15,137

Ojo LG

APC: 24,333

PDP: 29,019

Surulere LG

APC: 30,621

PDP: 31,603

Somolu LG

APC: 28,418

PDP: 21,978

Kosofe LG

APC : 39,216

PDP: 28,715

Amuwo-Odofin

APC: 16,670

PDP : 34,312

Ajeromi Ifelodun

PDP: 31, 971

APC: 28,153

Alimosho

PDP: 44461

APC: 65,206

south-africa

South Africa Real Estate Activities Report 2018 with Profiles of 140+ Companies Including Pam Golding Properties, RE/MAX, Seeff Property Services and Harcourts

This report focuses on the real estate industry which comprises commercial, industrial and residential properties, as well as property valuation and bond origination. The real estate sector contributed 5.6% to GDP, based on 2016 data. The South African listed-property sector is worth about R500bn with about 46% of the value of the sector reflecting investment in overseas markets. 

The real estate sector’s performance largely depends on economic drivers and has been challenged by slow economic growth during the past few years. In spite of this, the number of principal estate agents registered with the Estate Agency Affairs Board grew by 4.8% from 2016 to 2017. Property development is not showing signs of slowing down, but developers are struggling to increase occupancy rates due to oversupply.

Pressing Issues: 

South Africa’s real estate landscape is set to undergo major changes in the future driven mainly by regulatory changes, including land restitution, and technology disruptors. Growth in residential property prices remained subdued in the first five months of 2018 with house prices increasing 4% and 4.8% year-on-year in May. There are a number of opportunities in the sector brought about by high demand for student accommodation and gated communities and urban renewal and regeneration projects. But low projected growth rates and slowdown in economic activity could limit expansion and new development.

Report Coverage: 

The comprehensive report on South African Real Estate Activities describes current conditions and recent developments in all sub-sectors, as well as factors influencing the success of the sector. 

The report profiles 141 companies, including the main players in the residential real estate sector, Pam Golding Properties, RE/MAX of Southern Africa, Seeff Property Services and Harcourts Real Estate. Profiles also include Vukile Property Fund and Arrowhead which have made significant acquisitions and developers including Abland, WBHO and Renprop.


Key Topics Covered: 

1. INTRODUCTION

2. DESCRIPTION OF THE INDUSTRY
2.1. Industry Value Chain
2.2. Geographic Position


3. SIZE OF THE INDUSTRY

4. STATE OF THE INDUSTRY
4.1. Local
4.1.1. Corporate Actions
4.1.2. Regulations
4.1.3. Enterprise Development and Social Economic Development
4.2. Continental
4.3. International 

5. INFLUENCING FACTORS
5.1. Economic Environment
5.2. Government Initiatives
5.3. Land Restitution
5.4. Rising Operating Costs
5.5. Water and Electricity Supply Constraints
5.6. Labour
5.7. Technology Disruptors
5.8. Information Technology (IT), Research and Development (R&D) and Innovation
5.9. Cyclicality
5.10. Transport Systems
5.11. Crime and Security
5.12. Consumer Education
5.13. Environmental Concerns 

6. COMPETITION
6.1. Barriers to Entry 

7. SWOT ANALYSIS

8. OUTLOOK

9. INDUSTRY ASSOCIATIONS

10. REFERENCES
10.1. Publications
10.2. Websites

Appendices

Appendix 1 
Commercial Property Investment and Management Companies
Property Developers
Sustainable Human Settlements (previously RDP Housing)
Development of Leisure Resorts and Hotels
Industrial Development Zones
Residential Real Estate
Property Valuation
Bond Origination

Appendix 2
Major Property Development Projects recently Completed or in Progress

Appendix 3
Office and Industrial Property Development Projects Recently Completed or in Progress

Appendix 4
Retail Centre Projects Recently Completed or in Progress

Appendix 5
Affordable (or GAP) Housing Developments Recently Completed or in Progress

Appendix 6
Other Legislation Relevant to the Real Estate Sector

Appendix 7
Qualification Requirements for the Industry



Company Profiles

Commercial Property Investment And Management

  • Accelerate Property Fund Ltd
  • Acsion Ltd
  • Adrenna Property Group Ltd
  • Afhco Holdings (Pty) Ltd
  • Arrowhead Properties Ltd
  • Ascension Properties Ltd
  • Atterbury Property (Pty) Ltd
  • Beare Properties (Pty) Ltd
  • Broll Property Group (Pty) Ltd
  • City Lodge Hotels Ltd
  • Delta Property Fund Ltd
  • Emira Property Fund Ltd
  • Equites Property Fund Ltd
  • Eris Property Group (Pty) Ltd
  • Excellerate Real Estate Services (Pty) Ltd
  • Exemplar Reitail Ltd
  • Fairvest Property Holdings Ltd
  • Fieldspace Property Managers (Pty) Ltd
  • Fortress Reit Ltd
  • Freedom Property Fund Ltd
  • Gemgrow Properties Ltd
  • Growthpoint Properties Ltd
  • Heriot Reit Ltd
  • Hermans And Roman Property Solutions (Pty) Ltd
  • Homechoice Holdings Ltd
  • Hyprop Investments Ltd
  • Inframax Holdings (Pty) Ltd
  • Ingenuity Property Investments Ltd
  • Investec Property Fund Ltd
  • Jhi Retail (Pty) Ltd
  • Legacy Hotels And Resorts (Pty) Ltd
  • Liberty Holdings Ltd
  • Maxprop Holdings (Pty) Ltd
  • Merchant And Industrial Properties Ltd
  • Montagu Homes (Pty) Ltd
  • Oasis Crescent Property Fund
  • Oasis Crescent Property Fund Managers Ltd
  • Octodec Investments Ltd
  • Old Mutual Life Assurance Company (South Africa) Ltd
  • Orion Real Estate Ltd
  • Pareto Ltd
  • Passenger Rail Agency Of South Africa
  • Public Investment Corporation Soc Ltd
  • Putprop Ltd
  • Rebosis Property Fund Ltd
  • Redefine Properties Ltd
  • Renprop (Pty) Ltd
  • Resilient Reit Ltd
  • Rmg Management Group Sa (Pty) Ltd
  • Sa Corporate Real Estate Ltd
  • Sable Holdings Ltd
  • Sanlam Ltd
  • Sargas (Pty) Ltd
  • Stor-Age Property Reit Ltd
  • Strategic Real Estate Managers (Pty) Ltd
  • Texton Property Fund Ltd
  • Tourvest Holdings (Pty) Ltd
  • Tower Property Fund Ltd
  • Trafalgar Property Management (Pty) Ltd
  • Visual International Holdings Ltd
  • Vukile Property Fund Ltd
  • Zenprop Management Services (Pty) Ltd
  • Zenprop Property Holdings (Pty) Ltd

Major Property Developers

  • Abland (Pty) Ltd
  • Acsion Ltd
  • Afhco Holdings (Pty) Ltd
  • Atterbury Property (Pty) Ltd
  • Eris Property Group (Pty) Ltd
  • Free State Development Corporation
  • Group Five Ltd
  • Growthpoint Properties Ltd
  • Hyprop Investments Ltd
  • Ingenuity Property Investments Ltd
  • Investec Property (Pty) Ltd
  • Keystone Investments (Pty) Ltd
  • Liberty Holdings Ltd
  • Montagu Homes (Pty) Ltd
  • Old Mutual Life Assurance Company (South Africa) Ltd
  • Orion Real Estate Ltd
  • Rabie Property Group (Pty) Ltd
  • Renprop (Pty) Ltd
  • Rpp Developments (Pty) Ltd
  • Sable Holdings Ltd
  • Summercon Holdco (Pty) Ltd
  • Swish Property Group (Pty) Ltd
  • Tci Properties (Pty) Ltd
  • Tongaat Hulett Developments (Pty) Ltd
  • Visual International Holdings Ltd
  • Wbho Construction (Pty) Ltd
  • Westbrook Residential Development (Pty) Ltd
  • Zenprop Property Holdings (Pty) Ltd
  • Zotos Brothers (Pty) Ltd

Sustainable Human Settlements – (Previously Rdp Housing)

  • Calgro M3 Holdings Ltd
  • Inframax Holdings (Pty) Ltd
  • Nu-Way Housing Developments (Pty) Ltd
  • Power Development Projects (Pty) Ltd
  • Trustgro Developments (Pty) Ltd

Development Of Leisure Resorts & Hotels

  • City Lodge Hotels Ltd
  • Kat Leisure (Pty) Ltd
  • Legacy Hotels And Resorts (Pty) Ltd
  • Peermont Global (Pty) Ltd
  • Sun International Ltd
  • Tsogo Sun Holdings Ltd
  • Company Profile – Industrial Development Zone
  • Coega Development Corporation (Pty) Ltd
  • East London Industrial Development Zone Soc Ltd
  • Richards Bay Industrial Development Zone Company Soc Ltd

Residential Real Estate

  • Aida National Franchises (Pty) Ltd
  • Electronic Realty Associates (South Africa) (Pty) Ltd
  • Everybody Wins Real Estate Franchising (Pty) Ltd
  • First Realty Central (Pty) Ltd
  • Firzt Realty (Pty) Ltd
  • Geffen International Realty Franchises (Pty) Ltd
  • Jawitz Properties (Pty) Ltd
  • Just Property Group Holdings (Pty) Ltd (The)
  • Leapfrog Property Group (Pty) Ltd
  • My Africa Properties (Pty) Ltd
  • Pam Golding Properties (Pty) Ltd
  • Property Referral Network (Pty) Ltd
  • Realty One International Property Group (Pty) Ltd
  • Seeff Property Services (Pty) Ltd
  • Wakefields Real Estate (Pty) Ltd

Property Valuation

  • Appraisal Corporation Cc
  • Broll Valuation And Advisory Services (Pty) Ltd
  • Cape Value (Pty) Ltd
  • Corporate Valuations Cc
  • Ddp Valuers (Pty) Ltd
  • Eris Property Group (Pty) Ltd
  • Magnus Penny Associates Cc
  • Mills Fitchet (East Coast) Cc
  • Mills Fitchet (Gauteng) Cc
  • Mills Fitchet (Kzn) Cc
  • Mills Fitchet (Natal) (Pty) Ltd
  • Mills Fitchet (Pwv) (Pty) Ltd
  • Mills Fitchet Africa (Pty) Ltd
  • Mills Fitchet Valuations (Pty) Ltd
  • Rode And Associates (Pty) Ltd
  • S A Appraisers And Valuers Cc
  • Spectrum Valuations And Asset Solutions (Pty) Ltd
  • Company Profiles – Bond Origination
  • Betterlife Group Ltd
  • Intelligent Debt Management (Pty) Ltd
  • Multinet Home Loans (Pty) Ltd
  • Ooba (Pty) Ltd

Source: Cision PR NewsWire

aero

2019 Elections: Aero slashes fare by 50 percent for voters

Nigeria’s foremost commercial airline, Aero Contractors has introduced promo fares to help Nigerians who wish to travel to go and vote during the elections.

The airline said the promo is its own contribution to support Nigeria’s conduct of successful election and also to encourage the citizens to travel to where they can cast their votes.

By the promo, the airline said it has decided to cut its fares by about 50 percent to support Nigerians to travel without spending much, adding that this is an incentive to the citizens to carry out their civic responsibility during the elections

Aero, in a statement, said effective Monday, February 18, 2019, it would commence the sale of tickets from N16,000 for travels between the 21st and the 25th of February, 2019 on all her routes to encourage Nigerians to travel to their various destinations in order to cast their votes.

Aero Contractors flies to Lagos, Abuja, Kano, Port Harcourt, Warri, Asaba, Uyo and Sokoto.

The special fare is only available online, it said.

Source: Daily Trust

nigeria

Nigeria losses about $1.5billion on election postponement

Lagos Chamber of Commerce and Industry (LCCI) has stated that the postponement of the Presidential election by INEC cost the nation no less than $1.2billion loss owing to the disruption of activities across the states.
Independent National Electoral Commission (INEC) postponed the general elections a few hours to the commencement.The elections scheduled to commence Saturday, February 16 with the presidential and National Assembly elections, will be held February 23. Governorship and state houses of assembly elections will take place on March 9.

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The Director General of the Chamber, Muda Yusuf in a chat with The Guardian noted that several activities were disrupted as a result of the postponement adding that a slowdown should be expected in the days ahead till the elections are conducted.

Yusuf stated that many SMEs’ activities were affected; the airports and seaports were shut down while many people have had to move from one location to another.

He noted that the impact of the loss will be felt across the sectors of the economy, especially for activities scheduled for February 23rd, the new date for the elections.

Source: TheGuardian

KENYA PROPERTY MARKET 2019 : THE FALL…

Real estate in general is a tricky investment option. People have the wrong belief that since real estate is an asset-backed investment and it has liquidation value, it is risk free. That is completely wrong. Property does provide more security compared to some of the other types of investments but it is not risk free. Its safety is subject to several factors, such as the market risk and specific risk. Market dynamics, macroeconomic developments, trends, demand and supply are some of the factors that determine the performance of a property investment.

Kenya’s real estate sector is increasingly becoming a tricky investment option following the ever-increasing supply against declining demand, in the middle of a challenging macroeconomic environment. For the last three years, all available data point to the same direction. Τhe real estate market has been overestimated and the average investor has been dragged into absurdly high-risk investments in a market that should be at a much lower level.

As per the latest house price index, the market is under pressure. The real estate sector has recorded its slowest quarterly growth in four years, giving weight to recent property market reports that have signaled a slump in demand despite increased supply of new housing units. The sharp recorded dip is linked to uncertainties in approval laws, difficulty in accessing bank loans and a general slowdown in spending power among buyers as well as oversupply.

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Fresh Kenya National Bureau of Statistics (KNBS) data, covering the third quarter ended September 2018, shows real estate recorded the slowest growth since the 5.4 per cent registered in the fourth quarter of 2014. According to available data there is an oversupply of commercial offices of 5.3 million square feet, which is expected to grow to 5.7 million square feet in 2019.The retail segment has an oversupply of two million square feet that is expected to increase with the opening of malls, such as Crystal Rivers in Athi River. The residential sector has increased supply in the middle to high-end residential sector, with a decreasing effective demand, hence recording a decline in occupancy rates in 2018.

Cement consumption and production of galvanized sheets used for construction also fell this year, signaling the slowdown in real estate activity. Kenyan banks’ non-performing loan (NPL) ratios are among the most elevated among major economies in Africa, and are likely to be exacerbated by continued contractors and suppliers who owe lenders billions of shillings. Latest Central Bank of Kenya (CBK) data shows the ratio of bad loans to total loan book among Kenyan banks stood at 12.3 percent at the end of October.

market cycle

 

For the real estate sector, NPLs increased by Sh14.4 billion (48%) as a result of slow uptake of developed housing units, and delay in subdivision of land, indicated the CBK report. The real estate market in Kenya has entered the downward part of the market cycle. Kenya’s property market is now in the middle of the hyper supply phase. During this phase, the supply of new construction continues to come in, while demand falls. This causes occupancy rates to fall, and rental growth to slow. Values follow the same trend. Different suppliers of new construction begin to compete heavily for tenants and buyers.

kitchenEventually, market participants recognize the downturn and commitments to new construction should theoretically slow or stop. If they do so soon enough, the market can avoid a severe downturn or even stay in this phase for a while. However, due to the lagged nature of construction, this doesn’t always happen. If new construction continues to come in faster than demand and occupancy drops below its long-term average, then the market falls into the final phase: recession. Kenya has been in this phase for almost two years now. It’s just a matter of time before it enters the next phase which follows hyper supply. That is recession.

In this phase, massive oversupply, together with negative demand growth, causes rents and values to decline, leading to losses. Additionally, the price increases caused by hyper supply often force the central banks to raise interest rates and remove interest caps. This has the positive effect of slowing new construction, but also increases financing costs on existing properties. If interest rates are raised high enough, this can cause potentially painful losses.

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As the bid ask spread in property prices becomes too wide, market liquidity can become low or nonexistent, preventing landlords from cutting their losses easily by selling. Property owners stuck in this situation either need deep pockets to ride out the recession, or forced to make a distress sale leading to catastrophic losses. Since real estate is a large part of the overall economy, the entire economy suffers, which accelerates the real estate recession dynamics. Foreclosures begin to occur, and may even begin to accelerate. At this stage, shrewd investors and funds pick up real estate bargains. The market bottom doesn’t occur until new constructions and completion cease, or demand grows higher than the new supply being added.

Some analysts claim that Recession has already started while others believe that recession is close. However you look at it, real estate sector is highly unpromising in the coming years. In the residential sector, most projections show that performance will remain flat. Commercial office overview for 2019, analysts forecast a decline of the average rental yield to eight per cent as a result of oversupply, with the average occupancy rates expected to decrease by at least 1.5 percentage points.

cable

Further, in retail, returns are expected to stagnate as a result of increased supply. The average expected trend is that occupancy rates are expected to decline leading to reduced yields and values due to oversupply and reduced demand.

The beauty of market cycles is that there are always opportunities for those who understand the market and make rational decisions. During recessions, many opportunities are created for those who want to make a long term investments looking for bargains. They have to take a position which they will capitalize in the medium to long term when the market cycle will enter the recovery and expansion phase.

Real estate, just like any other investment, involves risk as it is based on a risk return trade off. Investors need to seek for professional assistance in order to make the right decisions and understand correctly the market dynamics and the risks involved rather than following rumors which usually lead to irrational and risky choices.

Source: Kioleoglou kosta

 

 

 

Vancouver

MONTREAL’S REAL-ESTATE MARKET IS ABOUT TO ECLIPSE VANCOUVER’S

Vancouver is on pace to lose its status as Canada’s second largest housing market to Montreal.

While still Canada’s most expensive city for housing, a recent collapse in sales has led the value of real estate transactions substantially lower. That leaves Montreal’s soaring market poised to overtake the Pacific coast city’s.

In January, the total dollar value of real estate transactions in Vancouver fell to C$1.7 billion ($1.3 billion) on a seasonally adjusted basis, the weakest level since 2013 and down 42 percent from a year earlier, according to data released Friday by the Canadian Real Estate Association. Meanwhile, the value of transactions in Montreal reached C$1.63 billion to start the year, an increase of 18 percent from last January. Montreal — which has much cheaper homes, but more transactions — hasn’t been this close to Vancouver since 2008.

exhibit

Montreal is the business capital of the largely French-speaking province of Quebec and Canada’s second largest city by population. But it was left out of the boom that saw home prices in Toronto and Vancouver surge to levels that made those cities unaffordable and prompted a rush of regulations to slow down them down.

Housing Heat Creeps East

Vancouver’s real estate market is about to be overtaken by Montreal’s

These measures have included new regional taxes on foreign buyers in Toronto and Vancouver that aren’t in place in Montreal. Higher interest rates and tougher rules for mortgage lending also seem to be having the biggest effect on the country’s priciest markets.

January saw home sales in Montreal climb the fastest in a decade as lower prices and a booming economy lured buyers. Sales in the city advanced 7.1 percent from December, the fastest pace since May 2009, and the number of units sold reached a record. Montreal’s gains are well ahead of identical moves in Vancouver and Toronto where sales rose 1.2 percent, and double the national increase of 3.6 percent.

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There’s far less concern Montreal will show the signs of overheating seen in Canada’s two other major cities, given price differentials.

“Much of the recent price appreciation and sales increases, that really reflects the strength of the economy,’’ Marc Desormeaux, an economist at Bank of Nova Scotia, said by phone from Toronto. “Montreal remains relatively affordable.’’

Montreal’s benchmark home price was C$349,300 in January, up 6.3 percent from a year earlier. That’s still far less than the Vancouver price of C$1.02 million, which is down 4.5 percent.

Canada’s largest city Toronto still has by far the most real estate transactions, reaching C$5.4 billion to start the year, albeit greatly reduced from the C$8.5 billion in activity seen at the beginning on of 2017.

Source : Bloomberg

FG orders border to be reopened

The Federal Government has announced that all borders initially scheduled to be opened at noon on Sunday should now be reopened noon today (Saturday )

The nation’s border was shut down ahead of the Presidential and National Assembly elections earlier scheduled to hold today.

The Independent National Electoral commission (INEC) had at midnight on Feiday postponed the elections by one week.

Sequel to the postponement, the Comptroller General of Immigration, Muhammad Babandede, in a statement he personally signed said that the Minister of Interior, Abdulraman Danbazau has ordered that all borders be reopened due to the postponement of the elections earlier scheduled to hold today, February 16, 2019.

He said that the Nigerian Immigration Officers will now continue their normal border conrrol duties to ensure that all persons crossing the nation’s land, air and sea travel with a valid ans genue document and also pass through recognized routes.
affordable

Mixta Nigeria lists N5.28bn bond on NSE

Mixta Nigeria has listed a 5.28billion naira bond on the Nigerian Stock Exchange. The real estate firm noted that the funds from the bonds will be directed towards the creation of affordable housing. Kola Ashiru-Balogun, Managing Director at Mixta Nigeria joins CNBC Africa to discuss the details.

Source: cnbcafrica.com

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