Presidential Poll: Nigeria stock market loses N85bn in six hours

The market capitalisation of listed equities on Tuesday shed N85 billion in six hours of trading to what traders attributed to profit taking as a result of the presidential poll.

Specifically, the market capitalisation, which opened at N12.194 trillion, shed N85 billion or 0.69 per cent to close at N12.109 trillion.

Also, the All-Share Index lost 226.30 points or 0.69 per cent to close at 32,473.82, compared with 32,700.12 recorded on Monday.

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Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the market pullback to profit taking embarked by some smart investors.

Mr Omordion said the smart money that pushed the market up with expectations that the opposition would win the presidential election were leaving the market.

He said some investors who entered the market in anticipation that the opposition economic policy and reforms would support market growth were taking profit ahead of earnings season.

“This pullback may not last as a result of 2019 dividend declaration season as dividend yield of financial service stocks are high and attractive due to low prices,” Mr Omordion stated.

Nestle dominated the losers’ chart, dropping by N70 to close at N1,510 per share.

Union Bank of Nigeria trailed with a loss of 60k to close at N6.65, while FBN Holdings was down by 30k to close at N8 per share.

Conversely, Guinness led the gainers’ table during the day, gaining N2.05 to close at N67.15 per share.

Dangote Flour followed with a gain of N1 to close at N12.05, while Oando gained 65k to close at N7.25 per share.

Air Services added 60k to close at N7.05, while Africa Prudential increased by 44k to close at N4.84 per share.

A breakdown of the activity chart indicates that the volume of shares traded rose by 46.57 per cent with an exchange of 322.18 million shares worth N2.43 billion in 4,066 deals.

This was against 219.81 million shares valued at N5.55 billion transacted in 2,999 deals on Monday.

Sunu Assurances recorded the highest volume of activity, trading 50.81 million shares worth N10.16 million.

Access Bank traded 32.30 million shares valued at N203.09 million, while Diamond Bank sold 28.60 million shares worth N70.10 million.

United Bank for Africa accounted for 19.02 million shares valued at N153.66 million, while Guaranty Trust Bank sold 17.77 million shares worth N677.66 million.

South Africa – Construction sector unlikely to recover before 2021

Following Finance Minister Tito Mboweni’s first budget, economist Dr Azar Jammine has raised hopes for a “major recovery” in the South African economy, but he warned it was unlikely to happen before 2021.

Speaking at AfriSam’s 2019 National Budget Breakfast in Sandton on Thursday, Dr Jammine told a diverse audience of more than 200 people from the construction sector that 2019-20 would remain very difficult. Planned government investment in infrastructure, for instance, was expected to rise only four per cent, spelling a continued slump for civil engineering.

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He said one of the key drivers of recovery would be restoring the tax-collecting capacity of the South African Revenue Services, which had fallen about ZAR40bn (US$2.88bn) short of target in the last financial year. He also hoped that government expenditure would be made more effective if the challenges at the State Owned Enterprises (SOEs) were addressed and the more than 34 per cent of the tax revenue being spent on the civil service was reduced significantly.

Construction sector
Focussing on the state of the construction sector and its prospects, Industry Insight senior economist, David Metelerkamp, painted a sombre picture for most segments. The hard-hit civil sector would see some light from the 14 per cent increase in planned government expenditure in transport and logistics infrastructure. Mr Metelerkamp noted that this was off a low base from last year, moderating its likely impact.

The building industry looked better than civils, he said, especially the residential segment. This was mainly in demand for flats and townhouses, where square metres completed grew considerably in 2018. Demand for ‘luxury homes’ was down. The future held promise for large mixed-use developments, of which over 30 were on the table, said Mr Metelerkamp. Ten of these were expected to launch in this financial year, and 14 more in FY20-21. He noted that the shopping centre ‘boom’ was over and that an oversupply now existed.

Cement oversupply
Referring to the oversupply in the cement sector, AfriSam sales and marketing executive, Richard Tomes, said AfriSam was now in a better position to cope with current market conditions after a period of right-sizing its business.


Mr Tomes added that despite the impact of the lack of infrastructure spend on the construction sector, he remains confident that some level of stability will return to the industry once the 2019 national elections have taken place and the newly elected government will have been mandated with a new five-year term to address issues around policy uncertainty and fix the state-owned entities.

He concludes,that to strengthen the construction industry and country, South Africans must all the heed the president’s call of ‘Thuma Mina’ made during his inaugural state-of-the-nation address – a call for all South Africans to ‘lend a hand’ and be of service to the nation.

Source: Cement News

Fire destroys INEC office in Imo

The Independent National Electoral Commission’s (INEC) office in Isiala Mbano, Imo North, was on Monday gutted by fire, destroying INEC materials and some infrastructure, the newsmen report.

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The cause of the fire which happened is yet to be ascertained. When contacted the INEC Public Relations Officer, Mrs Emmanuella Ben-Opara, she confirmed the incident and described it as very unfortunate.

The PRO explained that the staff was shocked to learn of the incident, adding that elections took place in the area without any record of violence or crisis. “Election took place in this place on Saturday and there was no record of any problem.

The people that did this did not tell us what their grievances were. “As at now, the commission in Imo is burdened with announcement of election results which we must finish before we start looking into the remote cause of the incident,’’ she said.

Asked if she could estimate the damage, Ben-Opara said it would be looked into at the end of declaration of the results in the state. The Police Public Relations Officer in Imo State Command DSP, Orlando Ikeokwu, said the command was yet to be briefed on the incident.

Hong Kong: How the Property Slump Could affect the Economy

Real estate is the main game in Hong Kong, and as the drop in housing prices nears correction territory, concern is mounting about the toll the downturn will exact on the city’s economy.

Home values in the world’s most expensive property market have fallen about 9 percent from their August peak as the China-U.S. trade war and potential rate hikes hurt consumer confidence. While the likes of JPMorgan Chase & Co. say prices will bottom this quarter, Jones Lang LaSalle Inc. says there’s worse to come, forecasting home values will slump a further 15 percent in 2019.

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Here’s what’s at stake if the downturn worsens:

In a city where land is in short supply, the government is able to generate a large amount of revenue from selling vacant plots. Land sales were the biggest contributor to government coffers in the fiscal year ended March 2018.

That also makes the administration highly reliant on the fortunes of the property market. This year’s budget, to be released Wednesday, will probably show the surplus will shrink 63 percent in fiscal 2019, largely because of diminished income from land sales, according to Deloitte LLP.

When the SARS outbreak crushed Hong Kong’s property market in 2003-04 — slashing the revenue contribution from land sales to just 3 percent — the budget deficit came in at more than HK$40 billion ($5 billion). With land-sales revenue at a two-decade high, it’s unlikely the good times will last.

The property downturn could also weigh on the broader economy by making homeowners and borrowers feel poorer, as the value of their house declines. That could act as a brake on consumer spending, according to Tommy Wu, a senior economist at Oxford Economics.

“When sentiment worsens as prices fall, people will be more cautious on consumption,” Wu said. “And when the value of the pledged property drops, there will also be more pressure on borrowing.”

Developers also play an outsize role in Hong Kong’s stock market, comprising the third-largest sector by weighting, following finance and communications, data compiled by Bloomberg shows.

That makes the share-market’s performance closely linked to the property sector. During the last decline in home prices between 2015-2016, the Hang Seng Index dropped about 10 percent. Then, as the property market boomed, with house values peaking at a record high in mid-2018, the index surged about 40 percent.

Source: Bloomberg

 

Solar power now competing for lands, holds lesson for Nigeria

The usage of solar energy is one topic that excites Nigerian, though majorities see it as a mirage because of the cost.

The reason why some discerning Nigerians are interested in it, of course, is not farfetched. Successive governments have failed woefully with regards to the provision of regular electricity.

While its beginning to gather momentum in Nigeria, in United States and other South Asian countries they seems move a step higher as solar power companies are now competing for land with agriculture, industry and expanding populations by placing floating panels in lakes, dams, reservoirs and the sea.

In Thailand for example, Electricity Generating Authority of Thailand (EGAT)said it will tender a proposal for a 45-megawatt floating solar plant in the Sirindhorn dam in the country’s northeast while it also plans to invest in about 16 such projects across nine dams in the country.

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Another country doing similar thing is Singapore, the country is developing one of the world’s largest offshore floating solar systems in the Strait of Johor to the north of the island.

“In land-scarce countries like Singapore, the widespread use of PV systems is hindered by space constraints and limited roof space,” said Frank Phuan, chief executive officer of Sunseap Group told Reuters.

CEO of Sunseap Group, one of the companies building the system said the platform has to be “more robust” than systems in reservoirs or lakes to withstand tougher conditions on the open sea, and to overcome barnacles that may grow on it.

“It was also difficult to find a spot in the sea that was not frequented by shipping vessels,” CEO of Sunseap Group admitted.

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According to the Solar Energy Research Institute of Singapore (SERIS), despite these challenges, floating solar systems are growing quickly in Asia alongside those on the ground and on roofs.

“While floating panels are more expensive to install, they are up to 16 percent more efficient because the water’s cooling effect helps reduce thermal losses and extend their life,”SERIS said.

The According to the Solar Energy Industries Association (SEIA), the United States also experienced a solar boom as installed capacity last year reached 60 gigawatts, up from about 9GW a decade ago, which it expects to more than double in the next five years, with about 14GW being installed annually.

“For a start, that means much more land will be needed: under a scenario that sees solar reach 1,618GW by 2050, the government estimates a total of 6.6 million acres (2.7 million hectares) will be required by 2050 – roughly the size of Massachusetts,”Solar Industry Research Data said.

According to the World Bank in a report title “Where Sun meets Water”,China currently accounts for most of the more than 1.1 gigawatts of floating solar capacity now installed.

There are concerns that the panels could block sunlight, affecting marine life and ecosystems, and that the electrical systems might not withstand the onslaught of water supporters say the technology is proven, and that the panels cover too small a surface area to create major problems.

Stakeholders will be hoping similar feet can be repeated in Africa biggest economy which is emerging to be one of the most attractive solar markets in the region.

Source: Dipo Oladehinde

UK: Retired Home-Owners Earn £1,000 a Month-Report

Home owners in Britain aged 65 and over have effectively earned almost £1,000 a month over the last six months from their properties, new research shows.

It means that retired home owners’ property wealth increased by £28 billion over the period to a new record high of £1.118 trillion, according to the pensioner property index from equity release advisor Key.

Owners in Yorkshire and Humberside recorded the biggest increase at £8,607, followed by those in Wales at £7,875, the North West at £7,546, all better than the national average of £5,889.

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In Scotland the average growth was £5,499, in the North East of England it was £4,103 and in East Anglia it was £3,133 while in London the growth was just £1,655 over the whole of the six month period.

Since Key started analysing the un-mortgaged property wealth of the over 65s in 2010, retired home owners have seen growth of nearly £340 billion in property wealth, equivalent to an increase of 43%.

‘The numbers are fascinating but the basic fact is that no matter what happens year to year to house prices many over-65s will have considerable property wealth which can transform their standard of living in retirement and help family members,’ said Will Hale, Key’s chief executive officer.

ceo‘Increasingly equity release customers are able to make substantial gifts to family members including their adult children or even grandchildren with money being used to clear debts, fund university fees and pay for house deposits and weddings. Customers can also use the money to age proof their own homes and preserve wealth for the family,’ he explained.

‘While equity release is not right for everyone, it is clear that if your home is your largest asset in retirement, you should take some time to think through when and if you might need to access this wealth,’ he added.

The average increase in property wealth over the six months was also strong in the East Midlands at £7,527, and the West Midlands at £7,376 as well as £6,328 in the South West and £6,103 in the South East.

Source: propertywire.com

Non-implementation of local building materials’ policy an impedient to housing delivery

A major paradigm shift in the use of indigenous building materials for housing design and construction may take long to come, following the inability of the Federal Government and its agencies to implement the new National Housing Policy.

Under the 2017 National Housing Policy, the government was urged to pursue vigorously the adoption of functional design standards that will facilitate cost reduction, affordability, acceptability and sustainability, which will respond to the cultural and regional peculiarities of potential users; expand and improve the manufacturing base for building materials production from all available local materials and evolve a more efficient distribution system.

According to the policy, the development of appropriate capacities to achieve sufficiency in the production of basic building materials and components of acceptable quality from local resources will stimulate effective economic growth and development; and structured manpower development programme for domestic requirement and international engagement.

The document further called on the authorities to encourage the expansion of existing industries producing building materials from local sources such as clay, bricks, concrete products, timber, glass and tiles.

It wants collaboration with other developing countries in the development of technical know-how for building materials manufacture; and encouragement in regional spread of building materials industries to stabilize cost as well as widen distribution.

Notwithstanding the good intentions of the stakeholders to ensure a robust indigenous building materials market, the absence of effective indigenous technology for the production of building materials, new building materials factories due to high cost of finance; inadequate and inefficient Infrastructural facilities (roads and rail transportation, water, sanitation, and power supply have worsened the plights of manufacturers and investors.

Besides, the recommendations of the policy for government to encourage the production and use of locally manufactured building materials by: providing incentives to, and creating the enabling environment for the private sector in order to encourage rapid flow of funds into building materials manufacturing through tax relief, accelerated depreciation and generous capital allowances are not adhered to.

There is also minimal support in providing matching grants for investments into research in the use of local materials for building materials manufacturers; providing loans at reduced rate of interest to manufacturers who will in turn supply self-built housing cooperatives and developers of low-income housing with their products at reasonable prices; attracting foreign participation into the building materials industry; and using local building materials for public projects at all tiers of government.

The Building Materials Producers Association of Nigeria (BUMPAN) formed to promote and encourage the production of building materials has remained in comatose.

The association is supposed to lay a solid foundation for the development of robust, effective and economically viable small and medium scale industries for the production of building materials.

Other strategies that are enshrined in the document such as strengthening the administrative, regulatory and institutional framework to ensure certification, registration and control of professional practices; supporting an integrated action programme for the organization of the informal building materials marketing sector; restructuring and adequately fund the Nigerian Building and Road Research Institute (NBRRI); and encourage establishment of building materials testing laboratories by the private sector have not been supported by the government.

Experts say, the non-adherence to the content of the policy is impacting negatively in the housing delivery, which should reduce the housing gap.

According to them, since the aim of the housing policy is to solve housing problems, there is the necessity to enhance the workability of the policy in order to achieve the goal.

Consequently, they stressed the need for periodic review of the housing policy to make it functional and acceptable.

The immediate past president of Nigeria Institute of Architects, (NIA), Tonye Braide, said the policy is a mere paper work as there are many cheap materials coming from China, which are competing with the local materials.

According to him, government should come out with a better policy as the price of the local materials are still high, which is reducing the local component needed for housing delivery.

He lamented a situation where materials that come from outside the country is cheaper and of higher quality, which will not help in mass construction of housing and ultimately reduce the housing deficit.

He said: “ it is not right that some body will carry materials all the way from China and it will be cheaper than the one manufactured locally.

“Like the project, we are doing in Akwa ibom, there is no local content element in the project.

“In the presentation of proposal, you have to put it that construction will use local content and local labour but in practice that is not the case.

“I feel that there must be a conceited effort than the lip service we are seeing in the implementation of the policy”, he added.

For NIA second Vice President, Enyi Ben-Eboh, there is a noticeable difference to the extent that such materials like cement are locally available. “To a large extent, there are areas in basic housing that foreign components are utilised.

“ One of the few aspects is roofing aluminum sheets where we still depend on foreign materials imported.

He also said the foreign doors from China is becoming common. If you look at the cost in relation to a wooden door, which may not be as durable, people will still prefer Chinese metal doors.

“To that extent, the government may have to look into how some of these materials that are unfavourably competitive with local ones can be either made to pay higher tariff or allow incentives for local manufacturers to be able to compete to achieve mass housing and eventually reduce the housing deficit.

According to him, affordable housing thrives on mass production.

“Whatever is manufactured, if it is done over a large quantity ,the prices come down, so if most of these components are produced locally like cement, it can meet the housing demand in Nigeria.

“We will get to a time when local product outweighs demand, then competition will come and the price will begin to come down.

“Presently, if you assemble available materials for a two bedroom bungalow, the price will still not be affordable to those who wants it.

“You found out that those who can afford a two bedroom bungalow are senior civil servants who do not need that level of housing .

“For the people below level seven and downwards, they cannot afford the local materials based on their salaries”, he added.

Speaking also on the local content consideration of the policy, an official of the Nigerian Building and Road Research Institute (NBRRI), Razaq Babatunde Lawal said the institute has been able to develop building materials like Pozzolana, a cementious material, Mardotile roofing, and other varieties of machines but mass-producing it for the housing industry, has been a big challenge.

“Pozzolana is an ancient materials of construction that is coming back in view of its advantages and need to have an alternative cementitious material apart from over dependence on ordinary Portland cement hundred per cent.

The material like Pozzolana was developed and used in the past but it is now staging a come back become of its affordability and its usefulness as a building material.

Pozzolana materials include volcanic ash, power station fly ash, burnt clays ash from some burnt plant materials; siliceous earths. When mixed with cements, it activates the cementing properties to reduce cost of concretes made from composite materials often referred to as blended cement”.

According to him, the product reduces cost of efficiency of mortar and concretes, improves workability of mortar and concrete, reduces heat of hydration and reduction on effects of alkali aggregate reactivity.

He disclosed that the first pozzolana plant in Nigeria has been commissioned and ready for investors to show interest.

Lawal who works in the Engineering Materials Research Department (EMRD) said “NBRRI has developed interlocking block making machine in which the blocks made don’t necessarily need to use mortal while plastering yet you will have very aesthetic building.

We have developed fiber-reinforced material for roofing of buildings. We have also improved on it by increasing the size with about 5mm in thickness, longer and reduce the laying time. NBRRI has all the professionals in the building environment and has developed various machines for the built sector.

The institute, he said hasn’t been able to mass-produce the materials and equipment because its mandate is solely to carry out research.

He explained that while it carries out research, the institute expects the public, based on exhibitions attended that investors should reach out to it and develop the products to the next level in terms of commercialization and forming partnership through proposals.

He stated that the fund to mass-produce its products might not be available. However, he said with institutional, private and foreign supports, the commercialization of its materials could be possible.

“Government has tried by going into pilots of the inventions but as a research institute over the years, we just write papers and it remains on the shelf if the products of the efforts is not commercialized”. Now we are having pilot plans in some universities. Through research we can avoid emissions by stopping the use of cement and start using alternative material. Cement industry and construction firms can partner with us through programmes on affordable housing and when they are using their cement, they could think of Pozzolana”, he said.

He observed that for the past 11years, interventions from the institute were not been felt, however, the current crops of leadership are desirous to let Nigerians feel its activity through development of exceptional building materials for building construction in the country.

Managing Director of Bolyn construction Nigeria Limited, a brick manufacturing company, Elder Rufus Bamgbola Akinrolabu said government has shown lack of political will to implement housing policies.

He lamented that government’s direct involvement in the housing sector over the years has led to politicisation of policies and programmes including those relating to housing, to the detriment of Nigerians.

He blamed the situation on issue of corruption in system, which has made ‘nothing’ to be implemented in the previous years.

Akinrolabu, who is a manufacturer of low-cost housing equipment based in Lagos, explained that Nigeria’s housing problem could become a thing of the past if only the government and people will look inwards and use the local materials that God has blessed the nation with.

“Many of the policies require money to implement and with the fall in the global price of oil, where is the money? Nigerian government has no business in housing because everything has been politicised. if you politicize everything and you go to the national assembly, ask them to budget funds and the money is appropriated and at the end of the day, the money is shared. How can policies be implemented when the government has no money”, he said.

Source: Guardian

It’s Possible to Develop New Housing Without Displacing Tons of Renters

Is it possible to build more housing without pushing renters from their homes?

Metro Vancouver is mostly built out, and there are policies in place to protect important agricultural, industrial and natural land from being turned into residential.

So if developers want to build new homes, they’ll likely have to destroy old ones.

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But while displacement is a reality of development in a maturing region, it shouldn’t always be vulnerable people who bear the brunt of change, say two urban professionals.

That’s what happened in Burnaby’s Metrotown, where a 2011 policy sped up development and a massive displacement of renters — all backed by the strategy of “transit-oriented growth.”

It doesn’t have to be this way. Data analyst Jens von Bergmann and transportation planner Denis Agar created visualizations of census data and found that many residential areas already served by frequent transit could handle more density with less displacement.

Currently, growth is often targeted around already dense areas of renters. Agar describes it as a “dark game of musical chairs” as renters are displaced and forced to find new homes.

And this is what it looks like when the number of renters per acre is mapped out on that network:

“We’ve been doing the thing that’s politically easy,” explains von Bergmann.

He understands that change in a neighbourhood can be a frightening thing, but argues that homeowners, compared to renters, are much less vulnerable.

Displacement for homeowners is voluntary, he said. “You don’t have to sell in a land assembly, but if you do so, typically, you’re well compensated for that inconvenience. From that perspective, the homeowner that’s facing displacement has a lot of tools to deal with it.”

Renters, on the other hand, don’t have that choice to stay.

“If they’re renters that have lived in an older building for a long time and rely on the affordable rent that the building grants, when they’re displaced, there’s nothing in the neighbourhood they could afford to move into. These events can be very traumatic and devastating for a household.”

Von Bergmann believes that transit-oriented development is a good growth strategy — it’s greener than car-oriented sprawl and contributes to a better quality of urban life — but wants to see the execution be less harmful.

UBC geographers have documented the existence of a corridor of low-income renters along the SkyTrain line, who depend on the rapid transit as an affordable alternative to driving. They’ve been gradually displaced by condo development.

This isn’t new. After legislation allowed condominiums in B.C. in 1966 and developers warmed up to building them, rental neighbourhoods in Vancouver like Kitsilano and Fairview — popular areas with low rental vacancy rates in the early 1970s — were hit with “demovictions.”

This urban transformation was most famously documented by Vancouver geographer David Ley. His 1996 book opens with the story of Mrs. Edna Shakel, a widow in her 70s on a fixed pension, who lived in a Fairview rooming house shared with other senior women. Her friends, church and familiar services were only a walk away.

But when the market tipped into favouring condos, Shakel was demovicted. The newcomers who bought in the condo building that replaced her home included company presidents and business managers.

Demovictions in Metrotown and Burquitlam continue this tradition. Many of the renters there are low-income newcomers, including refugees.

Demovictions mean renters are pushed away from the core needs and conveniences their neighbourhoods provided.

“One can’t help but think that renters are being directly targeted, despite how much more vulnerable they are to eviction,” he said.

It’s something that the activists of Stop Displacement also noted in theirPeople’s Plan for Metrotown in 2017

“The land under these houses is overvalued and awaiting redevelopment, but Burnaby’s zoning laws limit the possible redevelopments to new single family homes,” it read. “This is a wasted opportunity [for a] much greater density gain.”

The activists’ plan doesn’t flat-out reject the redevelopment of Metrotown’s old walk-up apartments, but suggests that displaced renters be placed in non-market housing nearby before doing so.

(There is currently a moratorium on development in the area. One real estate agent specializing in apartment buildings says the situation is “confusing as hell.”)

Von Bergmann and Agar’s hope is that conversation around growth also examines how to reduce the growing pains.

“Each municipality has some idea of how to grow,” said von Bergmann. “But the one thing that seems to be missing from the debate is talking about displacement.”

Source: The Tyee

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

Iran to build 200,000 houses in Syria

Tehran province Vice Chairman of Mass-Housing Constructors Association Iraj Rahbar,has announced signing a Memorandum of Understanding (MoU) between Iran and Syria for the construction of 200,000 residential units in the Syrian capital Damascus.

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Speaking on the occasion of Engineer’s Day, he said, “exporting technical and engineering services to neighboring countries is the main aim of the Association, so that this trend should be strengthened.”

“In our recent trip to Syria along with First Vice President Es’hagh Jahangiri and Mohammad Eslami, Minister of Roads and Urban Development, a Memorandum of Understanding (MoU) was inked between Iran and Syria for constructing 200,000 residential units in this Arab country,” he added.

According to the plans, Iran will build 200,000 residential houses in Syria in the form of multifamily residential complexes, mainly in the capital Damascus, he said.

He went on to say that the Syrian government prefers Iranian companies and contractors to take construction activities in Syria.

Last month, Iranian First Vice President Eshaq Jahangiri traveled to Syria heading a political and business delegation, during which the two sides inked 11 agreements.

Source: albawaba.com

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