Aregbesola kicks off housing estate project in Ilesa

Foundation laying ceremony of Ilesa New Town residential project in Osun State last week

Last week, at an elaborate ceremony in Ilesa, the outgoing Governor of Osun, Ogbeni Rauf Aregbesola, brought the hope of urbanisation of the town to life, flagging off the construction of an ultra-modern housing estate in Ilesa- the Ilesa New Town (Palm Dale Estate), to improve on the standard of living and general well-being of the people of the state. This comes under the New Towns and Areas Development initiative of the administration. The initiative, it is believed, is to build a fantastic human habitat, modern and smart settlement that will help to improve on the well-being of the citizenry and as well drive the socioeconomic development of the state, and that of Ijeshaland.

The new town, upon completion, will sit on approximately 290.173 hectares of land, with the following features: serviced residential plots numbering about 700 plots in all which are of Low, Medium and High Densities of average 800m2, 1200m2 and 3000m2 respectively; public and semi-public uses; commercial uses such as the hotels and event centres and support retail facilities and a State-of-the-art Golf Course.

According to the Director-General, Osun New Towns and Growth Areas Development Authority (ONT&GADA), Olumuyiwa Ige, an architect, the project will be developed as a truly liveable Smart City. He explained that the development was being executed on a Public Private Partnership (PPP) initiative.

To this end, the SAO-MUSTARD Concept group, the DG explained, having demonstrated capacity, are anchoring the flag-off development as a growth pole development strategy in developing Ilesa New Town. He explained that a portion of the estate, measuring approximately 91.720 hectares, including the Golf Course, has therefore been allocated to SAO-MUSTARD Concept for a comprehensive development.

Ige explained that for would-be subscribers to the project, features in the estate and the actual apartments would include but not limited to: general indoor spaces; all bedrooms would be ensuite toilets and bath facilities; kitchen with store and laundry; double vaulted living areas; dining area; courtyard; landscaped green environment; family lounge, among others.

He explained that the location of the estate is just two minutes drive to the expressway; five minutes drive to the community market; five minutes drive to University Teaching Hospital Complex (Wesley Guild); five minutes drive to community schools; 10 minutes drive to King’s Market and 10 minute drive to banks and financial institutions among others.

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Ige, who justified the project by insisting that as a result of steady urban growth, the need to create a New Town within the large expanse of hitherto Ilesa Leventis Foundation limited became imperative. This informed the choice of a portion of the land towards Osun Ankara for the project.

“The idea of developing Ilesa New Town by this Administration is just in tandem with pioneering New Town in the state, Oranmiyan New Town, which is within the State Capital Territory so that the Towns will turn out as models of beautiful and pleasant places for living and recreating,” Ige said.

That Aregbesola takes delight in the project is understandable. Firstly, the idea to build modern housing estates across the nine Federal Constituencies in the state by his administration had been conceptualised before he took over adminitration. Also, the project when completed will complement his administration’s efforts at providing affordable shelter for the people of the state through housing scheme. It is also in fulfillment of his administration’s commitment to make life more abundant, meaningful and worthwhile for the people of the state. Importantly, the project represents a fulfilment of the desire to modernise the town, especially when it is considered that it was developed with old technology at its inception.

“What we are doing today is phenomenal. We contacted UN-Habitat to help us fashion out modern structure across our nine federal constituencies. It took them one and half years to come up with their submission. It is their (UN-Habitat) submission that we have started implementing starting with the Oranmiyan New Town Development in Oshogbo. The location of this project is the highest point in Ilesa; the sun also sets here. So I encourage you all to be part of it,” Aregbesola said, adding that the Ilesa New Town is in tandem with his administration’s six-point integral action plan.


Buhari nominates Ronke Shokefun as Chairman board of NDIC

Ronke Shokefun

President Muhammadu Buhari has withdrawn the nomination of Olabode Akin Mustapha as chairman of governing board of Nigeria Deposit Insurance Corporation (NDIC) and replaced it with Ronke Shokefun.

Buhari’s request was contained in a letter read by Senate President Bukola Saraki on the floor of the upper legislative chamber on Tuesday.

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“The distinguished senate is kindly invited to recall my earlier request for the confirmation of the appointment of Chief Olabode Akin Mustapha as the chairman of governing board of the Nigeria Deposit Insurance Corporation (NDIC),” the letter read.

“That letter dated 27th March 2018, a copy attached herewith. You may also recall that the nominee is yet to be confirmed by the senate and I write to inform you of my decision to substitute Chief Olabode Akin Mustapha with Mrs Ronke Shokefun as chairman of the governing board.

“The distinguished senate is therefore kindly requested to consider and confirm the appointment of Mrs Ronke Shokefun as chairman of the governing board of the Nigeria Deposit Insurance Corporation (NDIC) as well as other members whose names have earlier been forwarded.

“While I hope this request will receive the usual expeditious consideration of the distinguished senate, please accept, Mr Senate President, the assurances of my highest consideration.”


Experts warn FG on danger of Abuja earth tremor

The Health of Mother Earth Foundation (HOMEF), Eco Defenders Network (EDN) and Urban-Rural Environmental Defenders (U-RED) has called on the federal government to stop rock mining in Abuja.

A statement jointly signed by Dr. Nnimmo Bassy, Shehu and Gods power, all heads of the three organisation respectively at the weekend said the time is now for the government to take a stand on the side of life and not corporate profits. Save Abuja, save Nigerians, protect our environment!

They warned that the earth tremors are clear signals that mining in Abuja must be stopped, adding that it is shame that the government continue to ignore the warnings of nature in the mindless pursuit of cash.

“In September 2018 we had an unusual earth tremor in Abuja. A repeat tremor yesterday in the Maitama area of Abuja gives serious cause for concern.

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“We do not need to wait before action is taken to protect lives and avoid a disaster. We have heard officials say that the tremor is caused by indiscriminate water borehole drilling in Abuja. Although that is an indictment of the government or not providing residents with pipe borne waster, we believe it is a smokescreen to divert attention from the real culprit.

“We are convinced that indiscriminate rock mining or blasting in the city. FG suspended rock blasting and mining activities after the first incidence occurred at Mpape, close to Maitama area in the FCT, but after a few weeks the suspension was lifted. Now we ask, why was the suspension lifted, and in whose interest should the blasting and mining activities continue at expense of people lives? the statement reads.

It stated further that the Rocks of Abuja, including Aso Rock and Zuma Rock are great landscape markers and have a national cultural significance which must not be blasted to oblivion.

Lagos won’t allow building without development permit – Tpl President

Chairman, Nigerian Institute of Town Planners (NITP), Bisi Adedire

The chairman of the Nigerian Institute of Town Planners (NITP), Bisi Adedire, has debunked the statement credited to him by a national daily during his testimony at the ongoing trial of the Registered Trustees of The Synagogue Church of All Nations (SCOAN) and four others for the collapse of SCOAN building at Ikotun Egbe, on September 12, 2014, at Lagos High Court, Igbosere.

He made the clarification at a press conference where he called the attention of the general public and government stating that it was erroneous and damaging for a paper to misquote him without first seeking clarification in such a highly sensitive matter before rushing to the press.

Adedire stated that it was published in a national daily that during his testimony at the ongoing criminal trial of the Registered Trustees of SCOAN and four others, that he said that Lagos allows building a house without a development permit.

“This is contrary to what was I said. I, Adedire, as a staunch follower of regulations and ethics of the profession, never said that.

“There is no section or subsection of any physical planning regulation of the State where it is permitted for buildings to be erected without development permit.”

While speaking at the court, Adedire was said to note thus:  “Planning permit is a process whereby a proponent who seeks to develop a land brings developmental proposal to the planning office with the aim of receiving development permit to ensure legitimate erection of buildings in accordance with government regulation.

“In other words, as far as the regulation is concerned, a building without development permit is not legitimate. However, it should be noted that the state government had always given room for existing buildings within the state which were constructed without planning approval to be condoled by allowing the owners or developers to come for regularization.”

In a previous publication by another national daily on March 1, 2018, pages 34 and 35, the state government through the Lagos State Physical Planning Permit Authority (LASPPPA) and Lagos State Building Control Agency (LASBCA) under the supervision of the Ministry of Physical Planning and Urban Development gave a-six-month grace for existing buildings without planning permit to regularize without the payment of penal fee.

“Initially, for regularization of existing structures, penal fee would be paid but it was stated in the publication that for applications that would be brought in within the time space, penal fees would be waived.

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The town planner noted that the process of regularizing a building without permit had been there even before he became a town planning consultant.

“As such, when asked by the Counsel if existing buildings in Lagos State could be given development permit, I, Tpl Adedire said yes based on the above publication of March 1, 2018 and what had always been obtainable in the State. This statement made is different from what was published.”

He explained that owners of such properties would only have to go through the planning process required, which includes: provision of title documents on the land (such as certificate of occupancy, deed of assignment or duly stamped receipt of land purchase), provision of survey plan, submission of drawings (architectural, structural, electrical and mechanical drawings where necessary depending on the project), availability of tax certificate, building integrity test etc.

He stressed that once the drawings were screened and recommended for calculation of assessment, the development is approved. He also stated at the court that if an applicant does not make full payment of the assessment fee, approval cannot be granted.

Furthermore, the witness who was just subpoena by the court via a letter dated October 4, 2018 to give evidence on Town Planning and Physical Planning Permit exercise and procedures in Lagos State as well as tender certify true copy (CTC) of necessary reports said that the Lagos State government through its appropriate agencies can issue any defaulting developer with enforcement notices. This ranges from contravention notice, stop work order, quit notice, sealing notice, regularization notice and demolition notice.


SOURCE: Daily Independent

Court Voids Presidential Panel’s Power To Prosecute, Seize Property

The Court of Appeal, Abuja Division yesterday held that the Chief Okoi Obono-Obla led Presidential Panel on Assets Recovery lacked the power to prosecute and therefore, cannot initiate criminal proceedings against any accused person.

Also, the court held that the panel lacked the constitutional power to seize properties of alleged offenders.

The judgement of the court follows an appeal filed by a staff of the Federal Ministry of Power, Works and Housing, Tijani Tumsah through his counsel, Kehinde Ogunwumiju, SAN.

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The panel had approached the High Court and obtained an order forfeiting his properties, alongside that of his brother, Ibrahim Tumsah, who is the Director of Finance and Accounts in Ministry of Power, Works and Housing.

Not satisfied, Tijani had approached the appellate court challenging the prosecutorial power of the panel.

Asides the Tumsah brothers that are being prosecuted by the panel, the panel has also filed a charge against the deputy senate president, Ike Ekweremadu, Senators Hope Uzodinma and Stella Oduah.

However, in unanimous judgement yesterday, a five-man panel of the court led by Justice Hussein Muhktar held that going by the Act that established the panel, it lacks power to prosecute any offender.

The court further held that the powers of the panel is only limited to investigation and not prosecution.

In the appeal, Ogunwumiju had asked the court to determine whether the suit culminating in the forfeiture order was validly instituted by the panel before the court.

The appellant also asked the appellate court to determine whether or not the panel could validly rely on the EFCC Act to obtain the freezing order granted by the lower court on December 6, 2017.

Also the appellant asked the court to determine whether or not the lower court was right when it refused to set aside its interim freezing order of December 6, 2016.

The court however resolved all the three issues in favour of the appellant.

It held that nothing in the Recovery of Public Property Act Cap R 4, LFN 2004 empowers the panel to initiate court proceedings pursuant to its investigative powers for the purpose of obtaining an interim order for forfeiture of property.

According to the court, “the panel cannot clothe itself with the cloth not given to it by the Act that established it. It cannot take over the responsibilities of the EFCC.

“The power to investigate and prosecute is solely for the EFCC and such cannot be taken over by any person or agency.

“The provision of the Act is unambiguous and not confusing. The powers of the panel is to conduct investigation on any officer who have corruptly enriched himself or breached the code of conduct.

“No power or authority is conferred on the panel to prosecute offenders.

“The ex-parte order granted by the lower court as regards the properties of the appellant is hereby set aside.

“The court below lacks the jurisdiction to entertain the matter, let alone enter judgement”.

The court held that suit instituted against the appellants at the lower court was not properly instituted.


Julius Berger Nigeria gets new Managing Director, expands executive management, creates Corporate Dev Directorate

The Board of Directors of Julius Berger Nigeria Plc (Julius Berger) has announced changes to the management structure of the company, effective October 16, 2018 including the appointment of a new Managing Director.

According to a statement issued by the company Monday, the new Managing Director, Dr Lars Richter succeeds Engr. Wolfgang Goetsch even as a new Directorate for Corporate Development has been created in the expansion of the company’s Executive Management.


The statement said that the changes were precipitated by the continuous growth and strategic demands of the Company with respect to its significant portfolio of building, infrastructure and industrial construction projects, and in the light of its diversification and development targets.

The new Managing Director, Dr. Lars Richter holds a Doctorate Degree in Civil Engineering. He has vast operational experience, broad technical know-how and a strong knowledge of Julius Berger, Nigeria-wide, garnered from 16 years of working with the Company, the last ten of which were spent in Nigeria managing the acquisition, operations and successful completion of major and challenging projects across the Company’s operations.

The statement said the new Directorate, Corporate Development is to be headed by Mr. Tobias Meletschus. He holds a Masters Degree in Commercial Law and also a Degree in Business Law. Mr. Meletschus has an extensive financial and legal background, with robust experience working with international blue chip companies. Since 2012, he has held the position of Head of Business Development within Julius Berger, leading diversification strategies and related business plans, as well as the assessment and successful negotiation of largescale projects.

The Board of Directors extends their utmost appreciation to the outgoing Managing Director, Engr. Wolfgang Goetsch, for his 27 years of faithful service and for his achievements in successfully turning around the business fortunes of Julius Berger in the past two years.

The company is dedicated to utilization of cutting-edge technologies, the continuous investment in staff training and strong partnership with clients. Quality, reliability, innovation and sustainability are the pillars of the company’s structures and actions. It continues to be committed to being a responsible corporate citizen and actively seeks out opportunities to make positive and measurable differences in the future of people and communities.

Source: Daily Post

2 whistle blowers in police custody for alleged false information against Mortgage Bank Managing Director


The Special Presidential Investigation Panel for the Recovery of Public Property has arrested two whistle blowers for allegedly misleading it with false information.

HousingNews Correspondent reports that the alleged false information was provided against  Engr. Dr. Emmanuel Mbaka, foremost real estate developer and Managing Director of Platinum Mortgage Bank.

The male suspects, Prince Jeff Ove, 37, from Bayelsa, and Mohammed Sanusi, 39, from Kogi, were presented to newsmen by the spokesperson of the panel, Lucie-Ann Laha, in Abuja on Friday.

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Laha alleged that the suspects told the panel under oath that the victim, who was present at the news briefing, had looted and stashed huge sums of money in his Abuja home.

She said the bogus tip-off prompted operatives of the panel to raid Mbaka’s home, an effort that ended in futility as nothing of such was found.

“We received information from the suspects that the victim was a politician who looted a large amount of money and stashed it in his house.

“We have found out that the person is not a politician. I don’t think association with politicians automatically makes you a politician.

“We were told there was a large cache of money in his house. The panel has carried out a thorough investigation, turned the house inside out and we found nothing,’’ she said.

Laha, who apologised to Mbaka on behalf of the panel, said the suspects would be prosecuted to show that the Federal Government’s Whistleblower Policy was not an instrument of character assassination.

“The policy is meant to encourage Nigerians to assist anti-corruption agencies with credible information to apprehend those that have looted the commonwealth of Nigerians.

“Anyone who brings information to the panel and any other anti-corruption agency is assured of confidentiality and certain rewards.

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“Conversely, when Nigerians try to circumvent this policy by giving false information in a bid to malign other Nigerians, the law says we should reprimand them, which is what we are doing here today,’’ she said.

Speaking to newsmen, the two suspects said they were in turn misled by informants, and apologised to Mbaka amid pleading with the panel for forgiveness.

Ove said, “I was in Bayelsa when I got information that there was a fund that a politician kept in Abuja here.

“We came and someone introduced me to a friend, who also corroborated the information that has turned out to be false, and that was why I approached the panel to report.

“Once again, I apologise to the man, I am very sorry, I have learnt my lessons and I promise this will never happen again.’’

On his part, Sanusi said sometime in March, 2017, one Aliyu told him that he knew a house in Abuja where stolen money was being kept.

He said he never bothered to take the information to anti-corruption agencies because Aliyu had said he wasn’t too sure of its authenticity.

“But the brother of this very man (Ove) standing beside me here came all the way from Bayelsa and said he had a special power to enter the house and search it.

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“He said all I needed to do was to show him the house, and he made me to understand that with the power he acquired from India he would be able to know whether the money was there or not.

“When we got there, he told me that the spirit had told him that there was money in the house, and that we should give him a little time to work on it,’’ he said.

Sanusi said he never knew that Ove and his unidentified brother had already approached the panel to inform it about the money.

Festus Adebayo, HousingNews, Abuja.

Home Mortgage

Home Mortgage is a loan given by a bank, mortgage company or other financial institution for the purchase of a primary or investment residence. In a home mortgage, the owner of the property (the borrower) transfers the title to the lender on the condition that the title will be transferred back to the owner once the payment has been made and other terms of the mortgage have been met.

A home mortgage will have either a fixed or floating interest rate, which is paid monthly along with a contribution to the principal loan amount. As the homeowner pays down the principal over time, the interest is calculated on a smaller base so that future mortgage payments apply more towards principal reduction as opposed to just paying the interest charges. In order to estimate the total cost of your monthly mortgage payments, it’s beneficial to use an online mortgage calculator.

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Home mortgages allow a much broader group of citizens the chance to own real estate, as the entire sum of the house doesn’t have to be provided up front. But because the lender actually holds the title for as long as the mortgage is in effect, they have the right to foreclose the home (sell it on the open market) if the borrower can’t make the payments.

A home mortgage is one of the most common forms of debt, and it is also one of the most advised. Mortgage loans come with lower interest rates than almost any other kind of debt an individual consumer can find.

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Home mortgages range from 10 to 30 years and the two main types of home mortgage loans are fixed rate and adjustable rate. In a fixed-rate mortgage, the interest rate and the periodic payment are generally the same each period. In an adjustable-rate home mortgage, the interest rate and periodic payment vary. Interest rates on adjustable-rate home mortgages are generally lower than fixed-rate home mortgages because the borrower bears the risk of an increase in interest rates.

To obtain a mortgage, the person seeking the loan must submit an application and information about his or her financial history to a lender, which is done to show the lender that the borrower is capable of repaying the loan. Sometimes, borrowers look to a mortgage broker for help in choosing a lender. When the borrower and the lender agree on the terms of the home mortgage, the lender puts a lien on the home as collateral for the loan. This means that if the borrower defaults on the mortgage, the lender may take possession of the house, which is called foreclosure.



The Federal Mortgage Bank of Nigeria (FMBN), the National Health Insurance Scheme (NHIS) and the National Pension Commission (PenCom) are three major institutions that have profound influence in the way the welfare of Nigerian workers, retirees and pensioners is shaped.

The three institutions share certain features in common: one of the features is that Federal Government employees are automatically enrolled as contributors to the pool of money meant to make it easier for them to meet their need for housing and basic health care while still in service, and periodic pension payments on retirement, respectively.

The amount of money deducted from the salary of each worker as contribution to each of the trio is decided without any consultation with the worker. This feature, which negates the principle of participation, is also common to the three organisations.

The decision on how and when any worker can benefit from his own money deducted and lodged with them ostensibly to further the welfare of the worker is left to the three powerful institutions to choose. This is another shared feature.

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To illustrate, the Federal Mortgage Bank of Nigeria may only advance loans to a worker to build or renovate or purchase a house when its management deems fit to do so, not necessarily based on the urgency of the need of the worker to have accommodation. Likewise, the NHIS, in addition to severely limiting the type of health care accessible by workers, it totally denies retired contributors access to its services regardless of the extent of their need for such services.

They are denied, even at the point of death. On its part, the National Pension Commission is supposedly constrained by the Act establishing it to pay Federal retirees a single kobo out of their Retirement Savings Accounts, even in the face of starvation, except after the Benefit Redemption Fund is activated in favour of the retirees. Some people perceive this arrangement as absurd.

The way and manner the three institutions operate need to be tampered with a human face; with empathy and in the context of the spirit of the humane intention that justified the establishment of each of the three institutions.

While the PenCom was busy earlier this week talking to Directors of Pension Operations, frustrated retirees under the Contributory Pension Scheme, which the Commission oversees, were crying out loudly for attention and payments of their pensions in several states of the country. So unsettling.

In the case of the Federal Mortgage Bank of Nigeria, its Managing Director told State House Correspondents after his meeting with the Vice President of Nigeria that a fresh approach toward facilitating house ownership has taken off, thus raising hope on future housing projects for thousands of beneficiaries with zero equity subscription. This is a good initiative, but the reported case of 2017 and 2018 retirees who are still patiently waiting for the refund of their contributions to the National Housing Fund (NHF) by the FMBN should be treated with the urgency it deserves. September is especially significant as school children resume, and the refunded money can be handy for many in paying school fees.

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The sum total of this article is that the Acts establishing the three institutions, which came into being to preserve and advance the welfare of their contributors, should be usefully flexible: in the case of the FMBN the zero equity approach is good, the rent-to-own concept is wonderful with lower interest charges; the NHIS establishment Act deserves amendment to extend access to basic health care to pensioners who were contributors. The PRA 2014 should be revisited to make it possible for retirees to access part of their savings while remittance to their RSAs from the Benefit Redemption Fund is processed.

The three institutions should be the drivers of the process of making their operations flexible in the interest of their clients.

Salisu Na’inna Dambatta


Buyer apathy threatens Abuja new estates

…developers see positive prospects, say prices to rise soon

Many new private estates in Abuja face poor patronage due to perceived high cost, a Daily Trust survey in the sector has shown.

The findings showed that the rate of sales of estate flats that has remained low despite flexible payment plans and juicy discount rates to attract potential buyers.

As such, some of the completed estates spread across the city have remained unoccupied with many more still under construction.

Low and middle income earners in the capital city for whom these new estate homes are supposedly targeted, lack the financial capacity to pay for the houses. A lot of them prefer, instead, to acquire land in the outskirts of the city, which they consider cheaper.

But a cross section of marketers, promoters and estate developers interviewed said they are not disturbed by the current rate of  low sales.

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The  survey carried out within the central part of the FCT metropolis, Lugbe, Apo, Kubwa and Karmo, showed that over 20 new estates have either been completed or are at various stages of completion in the last three years.

Urban Shelter Limited, a key player in Abuja’s real estate market, made up about 30 percent of the new residential developments in the FCT surveyed for this report.

One of the estates, Bellevue Residences, located in Life Camp, according to the company, is an “opportunity to respond to the socio-economic needs of the people by creating a privileged, safe and accessible residential development.” The price for a five bedroom villa at the residence goes for N150 million while a four bedroom town-home costs N70.5 million.

The price range for a home at its 30 apartment’s Lugbe estate begins from N9.5m. A two bedroom semi detached terrace apartment at its Sarauniya Estate Lugbe, which are at the building stage, cost N17.5m under a two-year payment plan.

A marketer of the estate said a subscriber who is unable to meet up with the two-year plan can opt for five-year plan but at a total cost of N22.75m.

Prices for a home  begin from N12m at The Brick City View, another member of the Brick City family in Kubwa.

The cost of an apartment at The Brick City Spring, an affordable luxury homes, situated in Jabi District begins from N9.5m, same as Brick City Valley estate along Kubwa-Zuba express way.

Prices start from N4m at its Kyami Estate, close to the Nnamdi Azikiwe International Airport.

Dantata Town, is another fast rising  estate developers in the FCT promoted  by Dantata Town Developers Limited, a real estate/construction firm. At the moment, it is marketing its newly developed Dantata Housing Estate Kubwa phase 1, 2 and 3 as well as the Dantata Mabushi Terrace Housing Estate in Mabushi Abuja in addition to those in Gwarimpa.

A two bedroom semi detached uncompleted apartment goes for N13.5m while the completed counterpart is N19.5m and an interested buyer is expected to make initial deposit of 30 per cent of the total cost, to spread the balance in instalmental payment.

Other ongoing estate developments surveyed included Brains and Hammers estates Apo 4-5 and Games Village, Flourish Estate Lugbe, Didi Estate Karmo, Park View Estate opposite Games Village, Kukwuaba where a  well finished, fully detached 5 bedroom luxury duplex goes for around N150m.

Some estates marketers, who spoke on the rate of subscription, however, said demand for estates is high because of the corresponding high demand for housing in Abuja due to the influx of people into the city.

“Many people have subscribed or have started buying,” said a representative of Urban Shelter Limited who markets Sarauniya Estate, Lugbe.

“In four months’ time the prices will even go higher because demand is high,” he said.

A marketer for Dantata Town Estate in Kubwa said there are now about 800 residents within all the phases in the estate.

However, some federal civil servants interviewed said the price of an average  estate home for workers on levels 8 to 10 was beyond their reach, and above the Federal Mortgage Bank Housing loan. But the developers blamed the high prices on cost of imported building materials as well as local ones.

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“The cost of land, building materials and logistics is actually why the cost is high,” said a developer who doesn’t want to be named.

Some developers said they are upbeat that the market will pick up particularly as the 2019 general elections draw near.

“After the 2019 general elections, the expectations are that new members of the National Assembly would buy personal houses in Abuja and likewise their aides.

“There might be new set of ministers, MDs and DGs who may be living outside Abuja before their appointment and by their appointments may need new homes. If the purchase of new homes does not rise by then definitely rent will increase,” he said.

By Daniel Adugbo & Malikatu Umar Shuaibu


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