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NIQS seeks stricter project monitoring to curb corruption

BPP to review contracts for building projects
Except the Bureau of Public Procurement (BPP) adopt stricter monitoring strategies of projects, the high level of corruption going on within the construction industry would remain unchallenged, quantity surveyors have said.

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The body under the aegis of Nigerian Institute of Quantity Surveyors (NIQS) made the revelation in Abuja when a delegation of the National Executive Council (NEC) of the institute led by its President, Obafemi Onashile paid a courtesy visit to the Director General, BPP, Mamman Ahmadu.

The institute noted that the limiting of BPP’s oversight to due diligence at pre-award stage of projects only and non execution of project monitoring duties at the actual execution of the projects on site is still making massive corruption to persist on government projects with attendant negative consequences on the economy.

Onashile said for BPP to make a much better impact in delivering value-for-money for the nation, it must take its oversight influence beyond the pre-award of contracts. Even throughout the construction phase of the projects that they had earlier authorized to ensure that approvals are not circumvented through the possible corrupt compromise of either quality standards or the specified sizes of such projects or both in order to reduce the actual costs without passing the cost reduction to the government.

READ:ABUJA INTERNATIONAL HOUSING SHOW – THE LARGEST HOUSING AND CONSTRUCTION EXPO IN WEST AFRICA

The NIQS boss also called for the introduction of forensic audits for very large and complex completed projects within six years of their completion to ensure that another independent layer of scrutiny is brought to bear on the investment in the project as obtains in disciplined economy like the US.

Onashile further implored the BPP to look into the development of another alternative form of contract to the currently existing BPP form of contract, which whilst working very well for civil engineering projects is quite deficient for building projects that comes with peculiar and different administrative procedures.

While acknowledging the improvement of the BPP in fast tracking due diligence processes and ensuring faster commencement of government projects, the NIQS President called for the engagement of more quantity surveyors as staff of the agency to enable it discharge its responsibility of oversight of public procurement efficiently and effectively.

“We believe that as experts trained to provide total cost and procurement management of capital projects from conception to completion, we have vital roles to play in prudent costing of projects, procurement management and project monitoring to ensure better earned value for money,” Onashile said.

He called for collaboration between the BPP and the NIQS as well as its regulation body, Quantity Surveyors Registration Board of Nigeria (QSRBN) through availing sponsorship for cost researches being undertaken by QSRBN/NIQS in the forms of construction cost database research project and also construction costing softwares development.

In his response, Ahmadu commended the NIQS for its readiness to partner with relevant agencies of Federal Government to reduce cost of construction projects and ensuring compliance with best practices.

Ahmadu admonished the NIQS to set up stiffer penalties for any of their professional members that may be found guilty on corruption charges on any project and to bar such member from ever practicing as a professional of the Institute.

He confirmed that the BPP is already in the process of procuring the services of a transaction adviser to review and advise on the alternative form of contract that will best suit building projects.

LASG evolves template for building filling stations

Maureen Ihua-Maduenyi

The Lagos State Commissioner for Physical Planning and Urban Development, Rotimi Ogunleye, says the state government is working on a new template for building filling stations, which will soon be released to the public.

The state government had last year placed an embargo on the approval and construction of filling stations in all parts of the state till further notice.

READ:ABUJA INTERNATIONAL HOUSING SHOW – THE LARGEST HOUSING AND CONSTRUCTION EXPO IN WEST AFRICA

The immediate past Commissioner for Physical Planning and Urban Development, Wasiu Anifowose, had disclosed that the government had decided not to grant construction permit for filling stations pending the inventory of existing ones.

Ogunleye, at a stakeholders’ interactive session in Amuwo Odofin and Oriade, explained that the government placed an embargo on building approval for filling stations to prevent fire disasters.

According to him, the increasing rate at which filling stations are springing up in the state has become dangerous.

He said, “Recently, we placed an embargo on the building of filling stations in the country. We are passionate about what is happening in our state and we do not want cases of fire incidences. We have realised that people are just building filling stations in areas that are not meant for them, which is dangerous. Filling stations owners no longer obey the rule of 400 metres distance. The proliferation of the filling station needs to be controlled.

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“We all know the flammability of products sold by the filling stations. We will inform the general public when we lift the embargo and begin to approve building plans for filling stations again. We are currently developing a procedure and an implementable code.”

The commissioner also appealed to residents of the state to seek adequate information on land and properties before purchasing them, adding that securing planning permit for land increases its value.

He also stated that residents must build in a way that would not disturb others in the state.

Ogunleye said, “Before now, people were not bothered about securing approval for their properties because of registered titles, but the Governor, Akinwunmi Ambode, has given permission for approval without registered titles. Now, with the family receipt and duty stamp by the commissioner, you will be given provisional approval.

“It is important that you get planning permit for any kind of construction you are embarking on, even if you are building with woods or irons. If you do not get approval before building, you will be penalised. We have given amnesty to land owners to come and obtain their permit between March 1 and August 31 without being punished. During this period, no one will be penalised. I urge people to key into the state government’s plan to boost investment and job creation through adequate planning.”

The Special Adviser to the Governor on Urban Development, Mrs. Yetunde Onabule, also cautioned residents of the state against encroaching on government’s land.

She said there were no vacant or free land in the state as plans had been made for most available land.

Onabule added, “We want a safe, secure, functional and useful community that can compete favourably with London, Dubai and other developed cities of the world. They achieved that because people in those countries engaged in planning. We should also plan well and obey government laws. We are the ones causing setbacks to the development of this state because we often disobey and build illegally.

“We also erect structures on drainage, under the staircase and places that threaten our safety. Lagos has plans for all the land you see. Do not think that they are free or unused; finances may just delay their usage and construction. All those places turned to roadside markets today have their own plans. They are reserved for certain purposes.”

Don’t patronise quack estate agents, Patunola-Ajayi warns Nigerians

Olufemi Atoyebi, Ibadan

The immediate past President of the Nigerian Institution of Estate Surveyors and Valuers, Dr. Joshua Patunola-Ajayi, has warned against patronising people he described as quacks, who defraud innocent people in the real estate business.

He spoke in Ibadan during the 48th Annual Conference of the institution, which ended on Saturday and during which Patunola-Ajayi completed his term of office.

According to him, there is a huge difference between real estate professionals and estate agents on the street, while expressing sadness that despite the existence of the law guiding the practice of real estate, many people still boldly go against the law.

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He said, “Many people do not know the difference between our members and estate agents on the street. Many people are doing estate agency just to survive but our own business is practised by trained individuals who are certified by the body.

“Despite the law that specifies who should practice the profession, we still have many people going against the law. Eradicating quacks in real estate is a big fight that the government must address to protect the industry and help economic development. There is a code of ethics in the profession that protects tenants and ordinary people from being defrauded. I urge people to patronise professionals in the industry to guard against being defrauded.”

While highlighting the impact of the annual conference on the economy and ordinary people, Patunola-Ajayi stated that members were provided with an avenue to develop their capacities, which would in turn benefit the nation’s economy.

He said, “The annual national conference was an opportunity to give intensive lectures to members on how to improve on their work. It was also an avenue to network and enable our members to update their skills and meet the global best practices in the profession.

READ:ABUJA INTERNATIONAL HOUSING SHOW – THE LARGEST HOUSING AND CONSTRUCTION EXPO IN WEST AFRICA

“Among the issues addressed were potential of the real estate sector as a veritable tool for economic development and ethical concerns in infrastructural development. When we come together in a conference, we have in our hearts what positive impact we will have on the people.”

The new NIESV President, Mr. Roland Abonta, said the conference was held to address how Nigeria could take advantage of the investment opportunities in the sector.

NIQS asks BPP to improve on project monitoring

Maureen Ihua-Maduenyi

The Nigerian Institute of Quantity Surveyors has called on the Bureau of Public Procurement to adopt stricter monitoring strategies of projects as a way to curb corruption in the country.

The institute made the call in Abuja when a delegation of its National Executive Council led by the President, Mr. Obafemi Onashile, paid a courtesy visit to the Director-General, BPP, Mr. Mamman Ahmadu.

The NIQS noted that the limiting of the BPP’s oversight to due diligence at the pre-award stage of projects only and non-execution of project monitoring duties during the actual execution on sites were the reasons massive corruption persisted in government projects with the attendant negative consequences on the economy.

Onashile was quoted to have said that for the BPP to make better impact in delivering value for the nation, it must take its oversight influence beyond the pre-award of contracts to the entire phase of the projects it had earlier authorised to ensure that approvals were not circumvented through the possible compromise of either quality standards or the specified sizes of such projects, or both.

READ:ABUJA INTERNATIONAL HOUSING SHOW – THE LARGEST HOUSING AND CONSTRUCTION EXPO IN WEST AFRICA

He stated, “Forensic audits should be introduced for very large and complex projects within six years of their completion to ensure that another independent layer of scrutiny is brought to bear on the investment in the project as obtains in disciplined economies like the United States.

“When contractors realise that forensic audit can be conducted on their projects way after the delivery by different sets of officers and that they can be called back to account for short-changes on the completed projects, this will further discourage corrupt tendencies between the contractors and the supervising Ministries, Department and Agencies of government, or consultants.”

Onashile also urged the BPP to look into the development of another alternative Form of Contract to the existing one, which he noted that while it worked very well for civil engineering projects, it was quite deficient for building projects with peculiar and different administrative procedures.

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Ahmadu, on his part, commended the institute for its readiness to partner relevant agencies of the government to reduce the cost of construction projects and ensuring compliance with best practices.

FMBN Tasks Morgage Banks On Interest Rate Harmonisation

The managing director/chief executive of Federal Mortgage Bank of Nigeria (FMBN), Arc. Ahmed Musa Dangiwa has called on Primary Mortgage Banks (PMBs) to harmonise their interest rates in order to conform to the laid down uniform underwriting standards. He also enjoined PMBs to spread their branches to cover the entire country for easy access of mortgages by Nigerians.

READ:ABUJA INTERNATIONAL HOUSING SHOW – THE LARGEST HOUSING AND CONSTRUCTION EXPO IN WEST AFRICA

He stated this in Abuja during the monthly meeting of FMBN with Mortgage Bankers’ Association of Nigeria (MBAN) and Real Estate Developers’ Association of Nigeria (REDAN) on ways to address issues bordering on housing acquisition and mortgages. Dangiwa commended the experts for sustaining the forum even as he pleaded with members of MBAN to minimize the Turn Around Time (TAT) and refrain from delaying disbursements to developers once approved by FMBN.

He vowed to sanction defaulting PMBs adding that REDAN should produce affordable housing models and avoid unilateral changing of building designs, specifications and scope. Also speaking, the president of MBAN, Mr Adeniyi Akinlusi assured that MBAN would key into the vision of FMBN, just as he commended the bank for unveiling uniform underwriting standards for the industry. He advocated for non-interest mortgages especially for victims of insurgency in the North East for reconstruction of houses destroyed by Boko Haram. Akinlusi urged members to consider the enormity of the housing gap and work towards bridging the deficit.

On his part, president of REDAN, Rev. Ugochukwu Chime expressed satisfaction with the leadership of FMBN which he described as responsible and responsive. He sought the integration of Nigeria Mortgage Refinancing Company (NMRC), Central Bank of Nigeria (CBN) and Land Administrators into the forum, enjoining members to fully implement the provisions of the National Housing Policy (NHP). Chime underscored the importance of security in the real estate business adding that without adequate security that the sector cannot perform optimally.

He eulogised the initiative of FMBN in introducing SMS alert to National Housing Fund (NHF) contributors, describing it as ‘a game changer that speaks well about the transparency of the current leadership of the bank’. In a related event, the MD of FMBN, Arc. Ahmed Musa Dangiwa noted that the bank is facing considerable challenges particularly in the area of recapitalisation. He stated this when he received members of the Infrastructure Policy Commission (IPC) of Nigeria Economic Summit Group (NESG) who were on a courtesy visit to the bank. He pleaded with the group to assist the bank in tackling the issue since FMBN is a social housing agency that targets the provision of affordable housing to over 80 percent of the population, comprising both low and medium income earners. Dangiwa described FMBN as the last succour of the common man through its affordable mortgages and construction finance saying that it’s the only bank that issues individual mortgages loans to National Housing Fund (NHF) contributors at an affordable interest rate of 6 percent across the country. “We have the FMBN renovation loans with liberalised conditions for easy access of Nigerians and the rent-to-own product which will be launched soon is under development,” Dangiwa said. He noted that the bank issued construction finance loans to developers, cooperative societies and housing co-operations so as to increase affordable housing stocks in the country which he believed would reduce the housing deficit. He lamented that the bank is facing considerable challenges particularly in the area of recapitalisation even as he pleaded with the group to assist in tackling the issue.

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While noting that FMBN is a social housing agency that targets the low and medium income earners which constitute over 80 percent of the population, he assured that the bank is ready to partner with the group mutually. He said: “Provision of affordable housing and mortgage finance at 6 percent interest rate has been our business focus and it will also increase the financial inclusive of the group.’’ The managing director/chief executive of Federal Mortgage Bank of Nigeria (FMBN), Arc. Ahmed Musa Dangiwa has called on Primary Mortgage Banks (PMBs) to harmonise their interest rates in order to conform to the laid down uniform underwriting standards. He also enjoined PMBs to spread their branches to cover the entire country for easy access of mortgages by Nigerians. He stated this in Abuja during the monthly meeting of FMBN with Mortgage Bankers’ Association of Nigeria (MBAN) and Real Estate Developers’ Association of Nigeria (REDAN) on ways to address issues bordering on housing acquisition and mortgages. Dangiwa commended the experts for sustaining the forum even as he pleaded with members of MBAN to minimize the Turn Around Time (TAT) and refrain from delaying disbursements to developers once approved by FMBN. He vowed to sanction defaulting PMBs adding that REDAN should produce affordable housing models and avoid unilateral changing of building designs, specifications and scope. Also speaking, the president of MBAN, Mr Adeniyi Akinlusi assured that MBAN would key into the vision of FMBN, just as he commended the bank for unveiling uniform underwriting standards for the industry. He advocated for non-interest mortgages especially for victims of insurgency in the North East for reconstruction of houses destroyed by Boko Haram. Akinlusi urged members to consider the enormity of the housing gap and work towards bridging the deficit. On his part, president of REDAN, Rev. Ugochukwu Chime expressed satisfaction with the leadership of FMBN which he described as responsible and responsive. He sought the integration of Nigeria Mortgage Refinancing Company (NMRC), Central Bank of Nigeria (CBN) and Land Administrators into the forum, enjoining members to fully implement the provisions of the National Housing Policy (NHP). Chime underscored the importance of security in the real estate business adding that without adequate security that the sector cannot perform optimally. He eulogised the initiative of FMBN in introducing SMS alert to National Housing Fund (NHF) contributors, describing it as ‘a game changer that speaks well about the transparency of the current leadership of the bank’. In a related event, the MD of FMBN, Arc. Ahmed Musa Dangiwa noted that the bank is facing considerable challenges particularly in the area of recapitalisation. He stated this when he received members of the Infrastructure Policy Commission (IPC) of Nigeria Economic Summit Group (NESG) who were on a courtesy visit to the bank. He pleaded with the group to assist the bank in tackling the issue since FMBN is a social housing agency that targets the provision of affordable housing to over 80 percent of the population, comprising both low and medium income earners. Dangiwa described FMBN as the last succour of the common man through its affordable mortgages and construction finance saying that it’s the only bank that issues individual mortgages loans to National Housing Fund (NHF) contributors at an affordable interest rate of 6 percent across the country. “We have the FMBN renovation loans with liberalised conditions for easy access of Nigerians and the rent-to-own product which will be launched soon is under development,” Dangiwa said. He noted that the bank issued construction finance loans to developers, cooperative societies and housing co-operations so as to increase affordable housing stocks in the country which he believed would reduce the housing deficit.

He lamented that the bank is facing considerable challenges particularly in the area of recapitalisation even as he pleaded with the group to assist in tackling the issue. While noting that FMBN is a social housing agency that targets the low and medium income earners which constitute over 80 percent of the population, he assured that the bank is ready to partner with the group mutually. He said: “Provision of affordable housing and mortgage finance at 6 percent interest rate has been our business focus and it will also increase the financial inclusive of the group.’’ The managing director/chief executive of Federal Mortgage Bank of Nigeria (FMBN), Arc. Ahmed Musa Dangiwa has called on Primary Mortgage Banks (PMBs) to harmonise their interest rates in order to conform to the laid down uniform underwriting standards. He also enjoined PMBs to spread their branches to cover the entire country for easy access of mortgages by Nigerians. He stated this in Abuja during the monthly meeting of FMBN with Mortgage Bankers’ Association of Nigeria (MBAN) and Real Estate Developers’ Association of Nigeria (REDAN) on ways to address issues bordering on housing acquisition and mortgages. Dangiwa commended the experts for sustaining the forum even as he pleaded with members of MBAN to minimize the Turn Around Time (TAT) and refrain from delaying disbursements to developers once approved by FMBN. He vowed to sanction defaulting PMBs adding that REDAN should produce affordable housing models and avoid unilateral changing of building designs, specifications and scope. Also speaking, the president of MBAN, Mr Adeniyi Akinlusi assured that MBAN would key into the vision of FMBN, just as he commended the bank for unveiling uniform underwriting standards for the industry. He advocated for non-interest mortgages especially for victims of insurgency in the North East for reconstruction of houses destroyed by Boko Haram. Akinlusi urged members to consider the enormity of the housing gap and work towards bridging the deficit. On his part, president of REDAN, Rev. Ugochukwu Chime expressed satisfaction with the leadership of FMBN which he described as responsible and responsive. He sought the integration of Nigeria Mortgage Refinancing Company (NMRC), Central Bank of Nigeria (CBN) and Land Administrators into the forum, enjoining members to fully implement the provisions of the National Housing Policy (NHP). Chime underscored the importance of security in the real estate business adding that without adequate security that the sector cannot perform optimally. He eulogised the initiative of FMBN in introducing SMS alert to National Housing Fund (NHF) contributors, describing it as ‘a game changer that speaks well about the transparency of the current leadership of the bank’. In a related event, the MD of FMBN, Arc. Ahmed Musa Dangiwa noted that the bank is facing considerable challenges particularly in the area of recapitalisation. He stated this when he received members of the Infrastructure Policy Commission (IPC) of Nigeria Economic Summit Group (NESG) who were on a courtesy visit to the bank. He pleaded with the group to assist the bank in tackling the issue since FMBN is a social housing agency that targets the provision of affordable housing to over 80 percent of the population, comprising both low and medium income earners.

Dangiwa described FMBN as the last succour of the common man through its affordable mortgages and construction finance saying that it’s the only bank that issues individual mortgages loans to National Housing Fund (NHF) contributors at an affordable interest rate of 6 percent across the country. “We have the FMBN renovation loans with liberalised conditions for easy access of Nigerians and the rent-to-own product which will be launched soon is under development,” Dangiwa said. He noted that the bank issued construction finance loans to developers, cooperative societies and housing co-operations so as to increase affordable housing stocks in the country which he believed would reduce the housing deficit. He lamented that the bank is facing considerable challenges particularly in the area of recapitalisation even as he pleaded with the group to assist in tackling the issue. While noting that FMBN is a social housing agency that targets the low and medium income earners which constitute over 80 percent of the population, he assured that the bank is ready to partner with the group mutually. He said: “Provision of affordable housing and mortgage finance at 6 percent interest rate has been our business focus and it will also increase the financial inclusive of the group.’’

Another set of beneficiaries to get CoO

The Ogun State Governor, Senator Ibikunle Amosun will be distributing Certificates of Occupancy and other land title documents to another batch of beneficiaries under the Homeowners’ Charter Programme.


The Director-General, Bureau of Lands and Survey, Mr. Biyi Ismail, who disclosed this in his office, said beneficiaries would be collecting their documents as from Wednesday, March 28, 2018 by 9am prompt at the Arcade Ground, Governor’s office, Oke-Mosan, Abeokuta.

READ:ABUJA INTERNATIONAL HOUSING SHOW – THE LARGEST HOUSING AND CONSTRUCTION EXPO IN WEST AFRICA

How Land Use Charge’ll affect tenants

Although the Lagos State Government has allayed fears that the Land Use Charge (LUC) will have negative effect on tenants, there are strong indications that property owners may not escape its crippling consequences. This is because, the introduction of LUC, will definitely increase the cost of property and that will have a ripple effect on the cost of hiring property. Tenants will therefore be made to pay the difference. This will start immediately for those who are about to pay for accommodation while those who have already paid will have to wait till next year when their rents will expire.

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Because of the way the LUC was introduced, residents are calling reversal of the increase slammed on land/building owners in Lagos by the administration of Governor Akinwunmi Ambode. At the vanguard of opposition to the new rate are opposition political parties, residents of highbrow estates in Lagos, business and professional associations. The state government has used all available instruments to pass the message across. But despite the efforts, the message is not going down well with residents of the state including trade professionals.

The Organised Private Sector (OPS) has already indicated that the review was not adequate.

A political party, Action Democratic Party (ADP), for instance, described the increase in the LUC as obnoxious, while claiming that the new levy would geometrically increase the level of hardship residents of the state face.

ADP argued that the increase would lead to an upsurge in rents paid by Lagosians and subsequently render many homeless. The party added that government exists for the people and people are not supposed to suffer in the hands of those who are serving them as a result of callous policies by the government of Lagos State.

READ:ABUJA INTERNATIONAL HOUSING SHOW – THE LARGEST HOUSING AND CONSTRUCTION EXPO IN WEST AFRICA

“If the state government is out on an aggressive revenue drive, it should not be done in a manner that will further wreak the already poor and struggling majority in the state,” ADP added.

For its part, the Nigerian Bar Association (NBA), Ikeja branch, expressed displeasure at the new charges, which it argued will lead to further impoverishment of over 17,000,000 Lagosians.

NBA maintained that the poor economy is already negatively affecting the people while urging the governor to be sensitive in implementing policies that would gravely affect the residents of the state. According to the lawyers, if after seven days, Governor Ambode fails to reverse the new charges under the LUC Law 2018, they will go out on full protest.

Speaking on the planned protest, the Chairman of the branch, Mr. Adesina Ogunlana, said the protest march tagged, ‘Hell’ would start from the branch secretariat in Ikeja all the way to the Lagos State Secretariat in Alausa. Ogunlana said the branch was set to begin the first phase of critical and constructive response to the “decidedly insensitive, provocative, arbitrary and parochial tax agenda programme” against the Ambode administration. According to him, it is clear that if these regimes of tax are allowed to stay, Lagos would be turned into a toxic environment and a living hell.

“Even ordinarily in Lagos State, accommodation is only cheap and easily affordable for those who live in the parks and under the bridge. The governor should not hide under the umbrella of working to develop Lagos into a mega-smart city to kill Lagosians with pharaonic taxes. We urge the governor to rethink his decision and immediately scrap the increment in the LUC or risk being voted out of office as he is seeking second term.”he said.

Similarly, the Manufacturers Association of Nigeria (MAN), said stakeholders were not consulted before the decision to increase the charges was made.

They added that the increase would contribute to the folding up of many companies in Lagos. MAN, through its President, Frank Jacobs, noted that the state would be setting a bad precedence for other states if the law stands. Jacob also noted that members of MAN would be affected by the law because it will lead to increase in the price of locally-made goods and finished commodities in the state thus killing local companies in the country.

But the governor, at a parley with the OPS, tagged: “Lagos Means Business” held at the Eko Hotel and Towers, Victoria Island, Lagos, recently told the audience comprising business moguls and captains of industry that the LUC was supposed to be reviewed every five years, but lamented that the law had not been reviewed since 2002 when it was set up, which spanned about 15 years. But those who analysed the matter believe that successive governments ran away from it on the ground of its sensitivity and economic conditions of the citizens. They argued that it was insensitivity that beclouded his sense of reasoning coupled with the massive support he got during the elections that brought him as governor.

The governor maintained that, “now, the question is this; those who are having commercial property, if they compare the rental income they were getting in 2002 against the rental income they are getting in 2017, are they the same? The issue is this, the level of infrastructure that existed in 2002 as against what has happened in the last 15 years, are they the same? Did it not come at a cost? So, why is the market value of the property you built with N1 million, 15 years after, now selling at N20 million?

“Why do you think somebody who is a buyer will pay N20 million for it? Is it not because of the facilities around the property? So, we have to sacrifice; that is how it works everywhere. So, somebody comes and says we have increased by 400 per cent. The question is, the 400 per cent of what? You were paying N10,000 before, now we say you should pay N50,000 and you are calculating and turning statistics upside down by saying it is 400 per cent. Is it not still small?” Ambode asked while justifying the increase in LUC.

To make the bill pass through, the Commissioner for Finance, Mr. Akinyemi Ashade, laboured in his capacity as the man in charge of the court and said that the government has extended the period for taxpayers to enjoy the 15 per cent discount in the reviewed LUC law to April 14, 2018 to enable the implementation and enforcement of the new law, as well as allow many property owners to benefit from the discount.

Ashade took time to clarify reactions to some sections of the public on the new law. He explained that under the old law, which had not been reviewed for over 15 years, the LUC rate was totally inaccurate and retrogressive and was depriving the state of keeping track of all economic activities that relate to land in Lagos State.

He stated that the rates, which were reviewed by the Lagos State House of Assembly and signed into law by the Governor on February 8, 2018, is a merger of all property and land-based rates and charges in the state.

According to him, the new law is a consolidation of ground rent, tenement rate, and neighbourhood improvement levy.

This charge is payable annually in respect of all real estate properties in the State, which means owners and occupiers holding a lease to a property for 10 years or more are now liable to pay the annual LUC invoice charged. Thus, the Tenement Rates Law, the Land Based Rates Law, the Neighbourhood Improvement Charge and all other similar Property Rates or Charges, Laws or amendments to any such property Laws shall cease to apply to any property in Lagos State as from 2018. Nonetheless, all pending invoices, orders, rules, regulations, etc. under the 2001 repealed Law shall continue to be in effect until such obligations are discharged, “he stated.

REDAN Decries High Casualties In Estate Business

Real Estate Developers Association of Nigeria (REDAN) has identified undefined and uncharted leap of faith operating environment as the cause of casualties in the estate business. The President, Rev. Ugochukwu Chime made this disclosure during his acceptance speech and investiture as the president of the 5th REDAN National Executive Council 2018-2020 in Abuja.

READ:ABUJA INTERNATIONAL HOUSING SHOW – THE LARGEST HOUSING AND CONSTRUCTION EXPO IN WEST AFRICA

Starting that the many casualties is impossible for the association to ignore, he added that the fifth exco which he would preside over would strive to position itself to ensure formidable discharge of its mundane responsibilities in areas of housing advocacy and standardisation of products and services.

Chime noted that the challenges hindering a seamless interface of and smooth transaction on the housing value chain had been identified and would be dealt with progressively. He stated: “Issues of data, finance, land administration, monitoring and compliance with the extant laws and best practices e top of our priority list. “In doing so, we call on government arms- the executive and legislature to give us support in our course to bring succour to the Nigeria’s real estate sphere. The structure and enabling environment that will govern the interface and relationships among players must be clearly defined. “The current undefined and uncharted leap of faith operating environment has yielded too many casualties for us to ignore,” Chime said. The president stressed that the data collation effort initiated by REDAN/Central Bank of Nigeria (CBN) under the auspices of National Real Estate Data Collation and Management Program (NREDMP) would be enhanced and sustained. He stressed that the publication of the data on the outcome of the National land Administration Offtakers affordability; Business Survey and Household Condition Survey would be in April 2018.

“We shall further the work we initiated with Federal Mortgage Bank of Nigeria (FMBN), Nigerian Mortgage Refinance Corporation (NMRC) and other stakeholders to ensure ease of doing real estate business and make home ownership accessible and affordable, while expecting cooperation from policy makers and other agencies,” Chime said. The president said the future of socio-economic development of the country is tied to how the country articultes, profound and propel strategies that would unlock the huge potentials in the real estate industry.

Buhari’s economic blueprint does not address Nigerians’ needs — Bill Gates

The present economic templates being used by the Muhammadu Buhari government do not have the ability to address the unique needs of Nigerians at present, American business magnate, Bill Gates, has said.

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The philanthropist and founder of Microsoft corporation however said Nigeria has the ability to approach ‘upper middle-income status’ like Brazil, China and Mexico, but added that achieving this status depends on ”the choice Nigerian leaders make”.

Mr. Gates, at the special and expanded National Economic Council, held in Abuja on Thursday tasked Nigerian leaders to sincerely invest in not just infrastructural development but also human investment.

The theme of the meeting was “Role of human capital investment in supporting pro-poor and economic growth agenda”.

The investor said though Nigeria is rapidly approaching upper- middle income status, the country has ”unmatched economic potential and what becomes of that potential depends on the choice Nigerian leaders makes”.

He said the Nigerian government’s Economic Recovery and Growth Plan (ERGP) identifies “investing in our people” as one of three “strategic objectives”.

But the “execution priorities” do not fully reflect people’s needs, ”prioritising physical capital over human capital”, he said.

“To anchor the economy over the long term, investments in infrastructure and competitiveness must go hand in hand with investment in people. People without roads ports and factories can’t flourish. And roads, ports and factories without skilled workers to build and manage them can’t sustain an economy,” he said.

President Muhammadu Buhari on assumption of office had unveiled a four-year ERGP (2017-2020) to help propel the country towards the path of development and growth.

ERGP is an economic plan that builds on the 2016 Strategic Implementation Plan (SIP), a short term plan aimed at tackling corruption, improving security and rebuilding the nation’s economy.

ERGP seeks to build on the SIP by restoring growth, investing in people and build a global competitive economy.

Mr. Gates said the most important choice Nigerian leaders can make is ”to maximise the country’s greatest resource, which is the people”.

He said Nigeria will thrive when every Nigerian is able to thrive.

“If you invest in their health, education, and opportunities- the human capital we are talking about today, then they will lay the foundation for sustained prosperity. If you don’t, however, then it is very important to recognise that there will be a sharp limit on how much the country can grow,” he said.

According to author, Nigeria’s government revenue as a percentage of its GDP is by far the lowest in the world, at 6 per cent and this makes the government investment in Nigerians difficult.

“The next lowest country, Bangladesh collects 10 per cent of its GDP. If you got yourself up to second to the last in the world, you would have an extra $18 billion to budget. Obviously, you are aiming higher, but it gives you some idea about the scale we are talking about.

“We want to support you in your work to mobilise resources to invest in your country and I urge you to rethink your investment on Nigerian people,” he said.

Speaking, Nigerian billionaire business man, Aliko Dangote said for the next generation to thrive as adults and drive the economic progress, ”the government need to invest in their health and wellbeing”.

“The government need to invest in the youth’s ability to learn and apply new skills in an ever changing global economy. That at its core, is what we mean by human capital; healthy and productive and well-educated young people who are then enabled to succeed, lift up themselves and their families, and contribute to the society through their own ingenuity.

REDAN to publicise real estate data to boost affordable housing Estate

By Ella Anokam

Abuja,

The Real Estate Development Association of Nigeria (REDAN) says it will publicise the outcome of the national land administration, off-takers affordability and household condition survey in April to enhance housing sector.

READ:ABUJA INTERNATIONAL HOUSING SHOW – THE LARGEST HOUSING AND CONSTRUCTION EXPO IN WEST AFRICA

Rev. Ugochukwu Chime, National President of REDAN, made this known at his investiture as the fifth REDAN President in Abuja.

The Professional said that REDAN would enhance and sustain the data collation, under the auspices of the National Real Estate Data Collation and Management Programme (NRE-DCMP) to boost affordable housing.


Housing News Abuja Correspondent reports that NRE-DCMP was initiated by REDAN and Central Bank of Nigeria (CBN) to collate property price index nationwide to solve year-long housing problems in the country.

Chime noted that the data would enable appropriate planning and fore-casting to take place, saying that justification of intervention by the government would also be elicited.

The Surveyor said that the data to be publicised was collated from the national land administrators on pre-construction, construction and post construction activities within each state and FCT.

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“Data will also emerge from developers profile and capacity, demand and affordability profile of the market within a given locality and household condition survey.

“We shall further the work we initiated with the Federal Mortgage Bank of Nigeria, Nigerian Mortgage Refinance Company, and Mortgage Bankers Association of Nigeria and other stakeholders to ensure ease of doing real estate business.

“It will make home ownership accessible and affordable while expecting cooperation from policy makers and other agencies,’’ the expert said.

The national president noted that the pledge was borne out of the desire to see housing playing role of being source of economic empowerment for the citizens through employment generation.

According to him, the future of socio-economic development in Nigeria is tied to how the association articulate, propound and propel strategies that will unlock the huge potential in the industry.

He thanked all the founding fathers, who had been laboring and their successors to see that the paradigm shift in home ownership approach.

Chime said that the association needed service providers like lawyers, surveyors, town planners, estate valuers, architects, engineers, quantity surveyors, builders, marketers and media practitioners.

This collaboration, he said, would ensure that the multidimensional and multidisciplinary demands of the real estate industry were effectively actualised.

“The fifth executive will strive to position itself to ensure formidable discharge of its mundane responsibilities in areas of housing advocacy and standardisation of products and services.

Chime noted that he would consolidate and enhance the laudable agenda setting and advocacy efforts of his predecessors.

The work of re-engineering and improving the internal mechanism and processes of REDAN to reposition its service and housing delivery was on course.

Chief Olabode Afolayan, former REDAN National President, also noted that for its mandate of meeting housing needs to be achieved, strong partnership and cooperation were needed with stakeholders.

Afolayan commended those who had achieved a milestone in the housing sector by delivering housing units for the benefit of the masses.

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