Osinbajo, Wife Build School for Victims of Insurgency in Borno

The vice president of Nigeria, Professor Yemi Osinbajo, on Tuesday, May 21, paid a visit to the Learning Centre, a school he and his wife, Dolapo Osinbajo built for orphans affected by the insurgency in the northeast region.

During the visit to the school in Borno, Osinbajo was in the company of the state governor, Kashim Shettima and the governor-elect Professor Babagana Zulum.

Moreover, Osinbajo commissioned late Ambassador Gaji Galtimari housing estate in Borno (formerly CBN Quarters) which comprises 12 blocks of 144 apartments acquired and reconstructed by the Shettima.

Meanwhile, Legit.ng reported that Osinbajo on Thursday, May 16, said the federal government was re-designing the country’s education curriculum as part of its education road map, and every child would count.

Osinbajo said this as he was delivering the 23rd Convocation Lecture of the Lagos State University (LASU), during the university’s award of higher degree and postgraduate diploma certificates.

The title of the lecture was Africa Centres of Excellence in African Universities: a Veritable Catalyst for Nation Building and Development.

Source: Legit

How Australia’s top property billionaire is exploiting the slump

Harry Triguboff is remarkably calm about Australia’s worst real estate slump in a generation considering he’s got more at stake than perhaps anyone on the planet.

“We have our ups and downs and we keep building,” Mr Triguboff, 85, said in an interview from his office overlooking George Street, one of the busiest in Sydney. The developer, who’s worth US$9.2 billion, according to the Bloomberg Billionaires Index, plans to push on with expansion, even as the Sydney property market slides deeper into the doldrums.

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“If prices fall, I’ll buy the land cheaper,” Australia’s second-richest person said. “As long as you don’t lose your cool. You have to look at things in the longer term.”

Mr Triguboff, known as “High-Rise Harry”, has been in it for the long haul. He’s earned the nickname after more than half a century in the business. His closely held Meriton has built about one of every 10 apartments in Australia’s biggest city and more than 75,000 along the east coast of the country since he completed his first project at age 30.
For most of that time, the Australian property market has enjoyed strong growth, but not now. National home prices fell 5.6 per cent in the year through January, the biggest annual decline since 1983, according to data from CoreLogic Inc. Hardest-hit has been Mr Triguboff’s home town of Sydney, where prices are down 12 per cent from their mid-2017 peak.

Sydney has been caught up in a property downturn sweeping the globe. Manhattan’s median condo price has dipped below US$1 million for the first time in three years, Hong Kong home values recently endured their longest losing streak since 2008, and prices in London’s prime central neighbourhoods are 19 per cent below their 2014 peak.

Ben Udy, an economist at Capital Economics, expects Sydney prices to keep dropping until mid-2020, eventually bottoming out at 20 per cent below their peak. Apartments could bear the brunt of the downturn, after a building binge that’s left a glut of units, he said.

For many investors, this is the first time they’ve seen a sustained decline.

Mr Triguboff, though, has weathered slumps before, most notably in the mid-1970s when debts almost crippled the business and led to an insistence on funding projects from his own reserves.

He’s overcome tougher obstacles. Mr Triguboff fled to Australia as a boy from a Russian community in China after World War II. After arriving in 1948, he then spent time in the UK, Israel and South Africa before moving back to Australia in 1960. He ran milk delivery and taxi businesses before building his first block of units in 1963.

Mr Triguboff remains as active as ever. Current projects include Pagewood Green in Sydney’s eastern suburbs – the biggest project he’s undertaken – and his first beachfront tower, the 75 level Ocean development on the Gold Coast.

Despite the recent tumble in prices, Mr Triguboff isn’t slowing down. “We build at the same rate,” he said.

That confidence stems from flexibility in his strategy. Mr Triguboff builds apartments for the sale, rental and short-stay markets, and changes the amount of stock made available based on where demand is strongest.

Meriton has 9,000 units available for rent, Mr Triguboff estimates, and he expects that to climb to 10,000 by next year. Its Meriton Suites division is the largest owner of hotel rooms in the country.

“I don’t care whether they lease or they buy,” added Mr Triguboff. “So where leasing is concerned we are very strong. I build 40 units a week and I can lease 150 units a weeks. So where is the problem?”

Growing the business in a cooling market will be difficult. Constraints on foreign buyers add to the challenge, and a slowdown from China could be particularly problematic for Mr Triguboff, whose brand of affordable high-rise apartments is a hit with migrants from the world’s most populous country.

Mr Triguboff remains optimistic. “China has more than one billion people,” he noted. “And they love Australia. I think they love Australia as much as we love Australia. So there will always be enough of them that will buy.”

A sale of Meriton was considered in 2014, but five years later Mr Triguboff remains firmly in control. His grandchildren Daniel and Ariel Hendler, both in their 20s, are involved in the family business and stand as potential successors to the octogenarian.

And what about his health?

Mr Triguboff describes himself as looking better than he feels. He said he had just one day off work through ill health last year. “How many did you have?” he joked.

Source: Bloomberg

Meet America’s Top 10 Land Owners

The 10 biggest land owners in the United States collectively own more than 13 million acres across the country — that’s more than 0.5% of America.

Some of them are heirs who inherited land owned by their ancestors as early as the 1800s. Others are self-made millionaires who ventured into land acquisitions and have been racking up acres for years

The Land report compiled a list of the 100 largest landowners in the country.

Here are the 10 families or individuals who topped the list.

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  1. Pingree Heirs — 830,000 acres

The Pingree heirs are comprised of the fifth, sixth, and seventh generations of the Pingree family, descended from Salem shipping merchant David Pingree. They own landholdings across Maine, which are managed by the Seven Islands Land Company.

  1. King Ranch Heirs — 911,215 acres

The sprawling King Ranch was first assembled in the 1800s by Henry King, a former indentured servant who went on to earn a fortune as a steamboat captain, according to Forbes. The land now crosses four counties in Texas and Florida, and includes ranching, hunting, farming, and oil and gas operations.

  1. Brad Kelley — 1 million acres

The famously media-shy Brad Kelley finally confirmed to The Wall Street Journal last year that he owns roughly 1 million acres — mostly in west Texas, but also in Florida, Hawaii, Tennessee, and Kentucky. In 2012, Kelley bought the 800-acre Calumet Farm in Kentucky for $36 million, where he now bases his horse-racing operations.

“I grew up on a farm and that’s about as good an explanation as there is,” he told the Journal when asked about his land acquisitions. “Land is something I know. It’s something I have an affinity for. It becomes part of your DNA.”

  1. Singleton Family — 1.1 million acres

The Singleton family owns ranches in New Mexico and Santa Fe, passed down from the family patriarch Henry Singleton, who died in 1999. Singleton was the co-founder of the company Teledyne, and started buying up land in 1986. He eventually purchased 1.1 million acres’ worth of ranches.

  1. Irving Family — 1.246 million acres

J.D. Irving Limited, dubbed “one of Canada’s richest and most secretive business dynasties, owns a collective 3 million acres of timberland across Canada and the United States. The family’s US branch, Irving Woodlands, has managed roughly over 1 million acres in Maine for more than 60 years.

  1. Reed Family — 1.37 million acres

The Reed family’s Green Diamond Resource Company was founded in 1890 and is now among the oldest continuously operating forest products companies in the Pacific northwest. The family’s holdings span 1.37 million acres across California, Oregon, and Washington.

  1. Stan Kroenke — 1.38 million acres

Sports mogul Stan Kroenke, who owns the Los Angeles Rams and the Denver Nuggets, recently bought the historic Waggoner Ranch in Texas, boosting his holdings by more than 500,000 acres.

  1. Emmerson Family — 1.95 million acres

The Emmerson family owns Sierra Pacific Industries, the country’s second-largest lumber producer, along with roughly 2 million acres of timberland across California and Washington.

  1. Ted Turner — 2 million acres

Media mogul Ted Turner, best known for founding CNN, used to be the single largest private landowner in the country until his roughly 2 million acres were surpassed in 2011.

The 78-year-old billionaire owns land in 10 different states, and has cultivated a herd of 51,000 bison spread across 15 of his ranches in an effort to restore the country’s endangered bison population.

“When I was a little boy, I was interested in the natural world,” Turner told said.”We had a book about wildlife and it had the story of bison — how when the white men, [Christopher] Columbus landed, there were 30 million bison roaming the great plains of North America. Then, 200 years later there were 200 left. They came that close to extinction and I said, ‘What a terrible, sad thing.’ They were so cool-looking and I had never seen one, except in pictures.”

  1. John Malone — 2.2 million acres

John Malone, who has been nicknamed the “Cable Cowboy’’ for his telecommunications ventures, is the single largest landowner in the United States with 2.2 million acres of land.

He leapt ahead of Ted Turner in 2010 as the country’s largest individual landowner in when he made the largest single ranch sale in more than a decade by purchasing the 290,100-acre Bell Ranch in New Mexico.

Malone has also bought up parcels of land across the US, including in Colorado, Wyoming, Florida, Maine, New Hampshire, and Maryland.

Malone has a $9.22 billion net worth, is the chairman of Liberty Media, and also owns 28% of Discovery Communications, 8% of the publicly traded Atlanta Braves, and one-quarter of Liberty Global, the largest international cable company with 29 million subscribers.

Malone said, he considers a variety of factors before purchasing land, including aesthetics, economic viability, self-sufficiency, current management, and whether it can represent economic diversification for himself and his family.

“Productive land is one of the very few permanent values throughout history,” Malone said.
Source: .businessinsider.com

How Donald Trump’s Father Built A Real Estate Empire

Donald Trump has long enjoyed presenting himself as a self-made man, claiming the real estate portfolio that brought him wealth and fame is the product of hard graft and vision, nothing more.

Frederick Christ Trump (yes, you read that right) built up a huge property empire in the mid-20th century, incorporating 27,000 apartments and row houses in the New York City boroughs of Queens and Brooklyn, while the young Donald was raised in a 23-room, nine bathroom mansion in the leafy middle-class suburb of Jamaica Estates, making a nonsense of his claim to have sprung from hardship.

Fred was born in 1905, the son of German immigrant Frederick Drumpf, who had arrived in New York on 19 October 1885 from Kallstadt via Bremen, a 16-year-old seeking to evade military conscription.

Drumpf initially settled in the Big Apple before relocating to Seattle and then moving on to the Yukon Territory to take part in the Klondike Gold Rush, where he operated restaurants serving horse meat and a string of brothels catering to itinerant miners venturing in from the cold.

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A wealthy man, Frederick married Elizabeth Christ in 1902 and returned to New York where he worked as a hotel keeper and where their son Fred was raised in the Bronx.

Fred Trump started his first business venture at 15 in 1920, building garage extensions to existing houses as the automobile’s future at the heart of American life was becoming increasingly clear. Too young to sign the cheques, he became partners with his mother in Elizabeth Trump & Son. He built his first house two years after leaving high school.

Taking advantage of the Great Depression, when Franklin D Roosevelt’s government was doing all it could to bolster the construction and home financing industries, Fred Trump gradually grew his business throughout the 1930s to the 1950s by borrowing from the Federal Housing Authority and making influential friends among the Brooklyn Democratic Party.

His properties were “plain but sturdy brick rental towers, clustered together in immaculately groomed parks”, as his New York Times obituary put it, selling for $3,990 and spread across the low-income neighbourhoods of Coney Island, Bensonhurst, Sheepshead Bay, Flatbush and Brighton Beach in Brooklyn and Flushing and Jamaica Estates in Queens.

He also built apartments for servicemen in the Second World War in Pennsylvania and Virginia and foresaw the advent of supermarkets, building one of America’s first, the Trump Market at Woodhaven, New York, whose slogan was: “Serve yourself and save!”

Known for his thrift, one of Fred’s few luxuries was a Cadillac with a personalised “FTC” vanity plate (his son’s is “DJT”). Donald would recall in his ghost-written business manual The Art of the Deal (1987) that his father would roll up at construction sites after the working day was done and collect stray nails from the ground for his carpenters to use again the next morning.

He would also water down paint and manufacture his own disinfectant and cockroach spray to save cash, sending brand samples to labs to determine their ingredients.

What had cost $2 a bottle, he got mixed for 50 cents,” remembered his son.

Profiled by the trade magazine American Builder and Building Age in 1940, this side of his personality was revealed in depth: “Until last year he never had an office, and carried all his bookkeeping records around in his pocket. The ‘office’ he now has is a little structure of about 90 square feet of space in which the only occupant is a girl to write letters and answer the telephone. He still does most of his office work on the breakfast table at home.”

That office, employee Richard Levy told The Times, was a former dentist’s practice in Beach Haven, Coney Island: “I felt like Custer… There were all these huge wooden Indians all over the place.’’

Fred Trump’s practices were seldom free of controversy. A hard-bitten and ruthless man, he would lie about his family heritage, saying his ancestors hailed from Sweden so as not to deter potential Jewish tenants and developed a reputation for turning away black applicants, frequently bringing him into conflict with indignant civil rights groups.

As a father, Fred had hoped his eldest son, Fred Jr, would follow him into the family business and was disappointed, scorning the boy and turning instead to Donald, the class prankster at school.

In The Art of the Deal, President Trump describes the lessons he absorbed from his old man: “I never threw money around. I learned from my father that every penny counts, because before too long your pennies turn into dollars.”

Perhaps more tellingly, he revealed: “I was never intimidated by my father, the way most people were. I stood up to him, and he respected that.”

Donald Trump’s relationship with Fred has often been characterised as combative and oedipal, with the son closer to his Scottish mother Mary McLeod, the inspiration behind his golf resorts in Ayrshire and Aberdeen.

Whereas Trump Sr was largely frugal, although he was vain about his dyed hair in old age, Donald was flashy and flamboyant, vowing to take Manhattan and enter the luxury apartment market, dreaming of building the world’s tallest tower with his name emblazoned on it before turning his eye to the Eastern Seaboard and the gaming tables of Atlantic City, New Jersey.

While Fred may not have shared his boy’s taste for ostentation, he approved of his ambition and did not hesitate to bail him out when his Taj Mahal Casino folly hit the rocks in 1991.

“When the Taj was sinking like Donald’s own private Titanic, Fred Trump rushed to the casino to buy $3.35m in chips to buoy his flailing child, who used the money to avoid default by making an interest payment he wouldn’t otherwise have had the liquid reserves to meet. A straight loan would have put Fred Trump in the lengthy queue of creditors. With his loan in the form of chips he could redeem it as soon as his son had the capital.

The New Jersey Casino Control Commission ruled a year later that Fred Trump had engaged in an illegal loan and that Donald should return it, which would have forced him into instant bankruptcy. The Trumps blithely ignored the finding and instead paid a meagre $65,000 fine, though the manoeuvre failed to save the casino.”


Revisiting The Jakande Housing Model

Thirty-five years after Alhaji Lateef Kayode Jakande left office as the first civilian governor of Lagos State, his legacies in the housing sector are still speaking for him. Although most of the houses built by Jakande are today in distressed conditions due mainly to lack of maintenance culture, they are still housing many Lagosians.

With the coming of his administration in 1979, significant policy changes involving a more radical and integrated approach were adopted, in alleviating the housing problems in the state.

The major strategies adopted were: (i) Direct construction of housing on a massive scale, which was anticipated, would reduce the perennial shortage of housing, particularly for low-income groups.

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(ii) Establishment of the New Towns Development Authority (NTDA), in 1981, to provide an enabling environment for private initiative in housing provision, and open up new towns to accommodate the growing population.

(iii) Establishment of Lagos Building Investment Corporation, (later renamed Lagos Building Investment Company, LBIC), to encourage savings for building or purchasing of houses, and granting loans to prospective, qualified homeowners. These, along with the LSDPC and the State Department of Lands and Housing, were the main institutions involved in the development of housing policies and projects in the State during this era.

A relatively higher quantitative contribution came in only four years under the first civilian administration (1979-1983), which emphasized public housing. This period represents to date, the most dynamic in the history of public housing in Lagos State.

The housing programme in this era derived from a housing policy, based on a political ideology which recognized the right of every citizen to adequate shelter. As the implementation agency of the 1979-1983 housing programmes, LSDPC embarked on massive construction of low-cost housing estates.

The administration envisioned a programme of 50,000 housing units, out of which by 1983 when the military terminated the civilian regime, about 16,000 units (32 %) had been completed and allocated. Though the number was far below the target and grossly inadequate relative to the high demand for housing in Lagos, when compared to the combined efforts of its predecessors and successors, it made more contribution to the provision of 12 housing Estates in Lagos State.

To further the cause of its housing policy, the administration extended the staff housing loan scheme previously enjoyed by senior staff only, to low-income workers in Lagos State Public Service, who had worked for a minimum of ten years. The loans granted under liberalized terms of payment, enabled low-income employees to purchase housing units. Most of the existing public housing estates in Lagos, particularly in the low-income category, were implemented during this era.

These can be considered as the most representative legacy of the notion of public housing in Lagos and they constitute substantial interventions in the urban context.

The Jakande Estates in various parts of Lagos brought succour to many families when they were built in the early 80s

The estates were con­ceived as a solution to the peren­nial housing and accommodation problems in the acclaimed Centre of Excellence.

With this political masterstroke, the former governor’s name was etched in gold in the hearts of resi­dents of the state, and he became a reference point among his peers on how to address the housing needs of the people.

There was euphoria following the allotment of the estates in 1983, flats were got through lucky dips and lotteries and paid for at relatively low prices with the highest then going for N3, 000.

The initiative saved many families from relocating from Lagos and afforded them the opportunity of becoming landlords.

The estates were beautiful and the environments serene, well planned with internal access roads well tarred, to complement the luxuriating colours of paints on the blocks of flats, each owned by different landlords.

The prototype of the low-cost housing was replicated in different parts of the state, such as Oke-Afa, Isolo, Adeniji Adele, Abesan, Iyana-Ipaja,Iponri, Lekki, Ketu-Alapere, Amuwo-Odofin and other places had one form of the scheme or the other.

The implementation of the housing policy in Lagos, under Jakande offer a number of lessons that can help inform future choices. It is needful to develop alternative future scenarios for public housing in the next few decades to challenge the status quo and assist long term strategic planning.

Scenarios are not predictions of the future, but descriptions of alternative possible futures, which are used to stimulate thinking about the future and to test long-term strategic plans.

Source: Affa Dickson Acho with various sources

Why we are building REDAN House~chime

Reverend Ugochukwu Chime is the President of the Real Estate Developers Association of Nigeria, (REDAN). In this interview with Affa Dickson Acho, spoke on the real estate sector as a tool for gainful employment, the fundraising for the new REDAN building,and other issues in the housing sector.

Can you give us a brief background of yourself?

I’m a Surveyor by training, I’m a management expert by training, I’m a development consultant by training, I started working in the public service from 1980, I’ve had 15 years’ experience working in the public service, retiring in 1995. I’ve served as Chairman of housing corporation, I’ve served as consultant to banks, including Federal Mortgage Bank, so all my years have been in the lands and housing development industry.so currently I’m serving as President of the Real Estate Developers Association of Nigeria, and a Director in AG Homes Mortgage Bank.

Who is REDAN and what does REDAN actually do?

REDAN came into existence in 2002/2003, in response to the need for government to have an organised private sector investors who will be mandated to supply affordable housing for our citizens, the government under President Obasanjo constituted what we had the as the FMBN Technical board, under Professor Mabogunje,who now decided that, they should have this supply side organized into a group, whereby they can talk to them as a group and articulate themselves  to provide an enabling environment to create the needed growth in supply of affordable housing.

That was what led into the creation of REDAN, I happen to be the third president of the association, the first president was Alhaji Lateef Jakande, who was president from inception to 2009, after him we had Chief Olabode Afolayan, who was president from 2009 to 2015 February when I took over as the president and I’ll be handing over in February 2021.

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What will you say have been your major achievements as REDAN President?

We found out that there were a lot of issues on the acceptance of REDAN across stakeholders institutions,some felt that REDAN had come to displace them, some felt they were not ready for REDAN to come into existence, and within ourselves also, we didn’t have an effective structure for succession ,we also didn’t have the necessary tools, we also didn’t have the relationship with critical institutions that will help us play our role, the role of supplying houses, to Nigerians and therefore whittling down the millions of housing deficit we have.

So what we decided then was to tackle all these issues head on, by restructuring REDAN to have a succession in place. Because before I became the president, any developer could come in and become the President of REDAN and that distorted the flow that was in existence. But now we have a succession plan, so that the person who will take over after me is already known, and the person who will take over thereafter, by that means, we have sustainability. Policies ideas and promises that we have made as an administration, we made sure that the constitution was amended and accepted by all. We have also been able to go on advocacy with builders so that they can see the veritable need to have REDAN occupy their place in the scheme of things among stakeholders.

That role could not be played by any other organisation, we have the Nigerian Institute of Estate Surveyors and Valuers, who are the professionals who are playing in the industry, but they cannot replace the business entities that play there. Basically we are investors in the building supply value chain. So we went on advocacy to let the people know the role we are playing, and the role we need to play, that role hitherto was been played decades ago by government housing corporations and individuals.

We’ve also been able to engage in data collection, and management with CBN, World Bank and other organizations, because it will be a walk in the dark if you want to invest in the real estate sector without knowing where the houses are needed, what kind of houses, are they going to be affordable.

So we have been able to engage with them to create what we call Nigerian real estate data collection and management program, in conjunction with the Ministry of Power, Works and Housing, CBN, Federal Mortgage Bank, NMRC and many organizations who are users of this sort of data, including Nigerian Bureau of Statistics, National Population Commission.

We’ve also been able to ensure that our members get the requisite skill set, by getting an MoU with the University of Lagos, via which our members will now be educated and informed about the value steps in land acquisition, land preparation to consultancy to deciding the use of the land and feasibility studies, economic survey to determine the type of houses, and how to integrate it to the financial issues and the financial intelligence that is required. We’ve been able to engage other partners to let them know where we can have a meeting point.

There have been issues of affordable housing, what solutions have REDAN proffered to solve this issue?

REDAN has proffered a cocktail of issues that will address affordability, some of them are within the ambit of REDAN, some of them are within the private sector, for instance, the issue of the cost of land and the issue of approval of building drawings, the issue of the transfer or title cost are within the domain of the state governments, now the issue of cost of funds is within the fiscal policy which is under the umbrella of the Federal Government, now the issue of building materials is also under the umbrella of the Private sector but these are manufacturers and trading organizations.

What we have decided to do, is to engage them meaningfully, both government and the private sector operators to know that we can have housing as a tool for huge employment generation, for Internally Generated Revenue (IGR),and for other socio economic improvements that we need. If only each of us can take a shave in terms of the interest, can we the developers reduce the price, can also the building materials producers look into how they can get us building materials at good prices? Can government also be able to manage the land administration policies and ensure that they give access to land as well as reduce the transaction time and cost on issues that pertain to land.

If the Federal government decide to create an enabling environment, for Direct Foreign Investment (DFI)? Because there is a funding mismatch currently, you can use short term funds to create real estate investment, real estate is a long term project that goes on for about 2, 3, 4 years, so these are some of the issues that are beyond the control of REDAN members, but we have come to appreciate that we are the managers of the interest of these stakeholders. So we have decided to meet all the stakeholders to map out a plan that will lead to affordable housing and increased turnover in the number of houses.

What kind of questions should REDAN be asking political party candidates in the run up to the 2019 elections?

What we are trying to do is to interact with the candidates and interact with the electorates, and let them know that the real estate sector is a veritable tool for gainful employment for the populace and a vantage tool for us to create something for ourselves.

I understand you have a fund raising coming up for a new building for REDAN,can you shed more light on this?

On the 11th of December 2018,by 2pm at the International conference centre Abuja, we will be having a REDAN House launching, where we will invite REDAN members, developers and partners for us to sit down together, see how far we have come and see the necessity for us to be able to have a house for ourselves, a house whereby we can have  a library, where you can go to for information and data, it will be a shame for us to continue to build houses for people and not have a house that we can call our own, we’ve gotten a land, a very good land in a good location that will give us what we want. Already members of the EXCO, who brought out this vision have contributed the sum of 67 million Naira and that for me is mind boggling and it shows the level of commitment.

We are looking forward to raising over 300 million Naira to have the total package of the house and the infrastructure we need, my tenure will be ending in February 2021, and I intend to have that house completed so that my successor to the office of REDAN president will not have to use a rented apartment as we are doing now and we have also make provision for us to have a memorable plaque in front of the building for donors, and the six highest donors will have halls named after them, so that generations to come will know that these great men at a time when there was a clarion call for those who will rise and do the needful and build a house for REDAN, these ones responded.

SOURCE: Affa Dickson Acho



Nine Lagos Obas Who Rule The Real Estate Sector

In Lagos today, there are many first-class Obas who have a strong-hold in their various locations. Some of the influential and popular Obas, inherited the land thereby making them popular, rich and powerful. In this article that originally appeared in City People Magazine, we highlight nine popular Obas who play big in real estate.

His Royal Majesty, Oba Idowu Abiodun Oniru is a first class monarch in Lagos. He is undoubtedly one of the most influential traditional rulers and one of the biggest land owners in Lagos. He was trained in the United Kingdom as an engineer before he became an Oba.

Oniru family used to have over 6,000 acres of land along the coast but had lost some acres from the colonial days. Presently, land at Oniru is one of the most expensive in Lagos. Currently, a plot of land goes as high as 150 million Naira.

One of the most beautiful layouts and buildings in Lagos are in Oniru housing estates, not just because the Oba was trained as an engineer but because they employed some of the best hands in the real estate sector to plan the estate very well.

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His Royal Majesty, the Ojomu of Ajiran land is a big player and his name is synonymous to land. Oba Adetunji is a non-executive director of Cityscape International Limited and a foremost traditional ruler in all of the Lekki Peninsula. Oba Adetunji is a graduate of the University of Ife. He is the chairman of Royal Realities Limited, a Cityscape subsidiary; a real estate development company currently involved in the development of 2 private residential estates along the highbrow Lekki corridor in Lagos, Nigeria.

Talk of class, elegant and wealth, Oba Saheed Elegushi has them all. He is one of the most respected kings in Lagos with a large expanse of land. Elegushi is at Ikate in Eti-Osa local government area of Lagos state. It is a 135 square kilometres land mass. According to history, the root of Eti Osa people can be traced to Olofin, who migrated from Ile Ife and settled in Iddo. Furthermore, Ikate is situated to the west of Eti Osa, about three kilometres from Igbosere Creek, near Mobil oil company’s headquarters.

His Royal Majesty, the Onibeju of Ibejuland, Oba Olusegun Salami is one of the biggest monarchs/land owners in Lagos because of the new land acquisition going on in that area. Presently, a lot of real estate players have moved into the axis and over 100 hectares of land has been sold. Ibeju Lekki is a thriving community. It’s the new Lagos and gradually becoming the hub of Nigerian real estate activities. And that is why everybody is buying land there now because it’s one of the prime locations in Lagos.

His Royal Highness, the Onitedo of Itedo is one of the big monarchs in Ibeju Lekki area of Lagos, closely situated to Epe town. The custodian of land in this town is the Oba.The town is one of the few communities that shares borders with the  Free Trade Zone and that has been the destination of major real estate players.


His Royal Highness, Oba Olumuyiwa, is one of the monarchs in Ibeju Lekki area, a community that serves as the economic hub of the country and indeed West Africa sub-region due to the presence of the Free Trade Zone. Lekki community is originally in Ibeju Lekki; it is a small but growing community. Lekki is under Eti Osa east local government area. This town has a lot of resources but land has now become a big asset for the town.

His Royal Highness, the Onise of Ise land in Eti Osa, Local Government Area. His community is enjoying the massive development going on in Ibeju Lekki, where the Free Trade Zone is situated. It is one of the communities benefitting from industrial growth under Oba Ganiu, who is in-charge of land in the Community. This king also has a lot of land at his disposal making him one of the biggest land owners in Lagos.


His Royal Majesty, Oba Bashiru of Oworonshoki town in Lagos, is a well-known Monarch but only a few people know he plays big in the real estate sector. Oworonshoki is a town before the 3rd Mainland bridge. Presently, over 160 hectares of land is under reclamation by Kabiyesi.
Three companies are working hand in hand to make sure the project is completed in time. Few months back, Kabiyesi. A plot of land in Oworonshoki, now sells as high as 30 to 40 million Naira.

His Royal Highness, Oba Hamzat Atiku, is one of the most powerful Paramount rulers in Eti Osa. Land has always been the source of income to his people because of the investment in that axis. Presently, more investors are moving there for investment.



Olajumoke Adenowo: Nigeria’s Top Female Architect

Olajumoke Olufunmilola Adenowo, is an award-winning African architect, entrepreneur and philanthropist. She is also a public speaker, radio host and author. She is the founder of the boutique architecture and interior design firm AD Consulting, based in Lagos, Nigeria. CNN described her as “Africa’s Starchitect” and The Guardian (Nigeria) has described her as “the face of Architecture in Nigeria”. In 2018 she was recognized by the Royal Institute of British Architects (RIBA) as one of the most inspirational women in architecture today.

Adenowo has been featured in the world’s foremost architectural journal Architectural Record and has spoken at summits and conferences including the Global Women’s Forum and Harvard Business School (African Business Club). She hosts a syndicated radio show on leadership “Voice of Change”

Olajumoke Adenowo’s life is one of numbers. She enrolled at the University of Ife at just 14. Five years later, she had her first degree in architecture, and by 23 she was employed and designing her first building. Three years later, she set up shop solo, and two decades on she is one of Nigeria’s most accomplished architects.

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Always an overachiever, the ambitious builder — once described as the “face of architecture in Nigeria” — has dedicated her illustrious career to re-imagining her homeland’s landscape.Involved in the design and construction of over 70 buildings, she has brought institutional facilities, epic 2,500-seat auditoriums,  residences, estates and cutting edge corporate offices to life.

Adenowo’s hugely successful career is no doubt a reflection of the dreamer’s passion for her craft, and her success has been confirmed by numerous architectural accolades awarded to her.

Besides these business-based achievements, her work with women pushing for gender equality. Adenowo hosts her own radio show mentoring women — has seen her receive several commendations from the likes of the United Nations Information Centre over the years.

Here she reveals to CNN how she designs both functional and beautiful structures across the continent, her top tips for success and why she wants to inspire the next generation. Upon graduating at an early age, Adenowo quickly found work at Femi Majekodunmi Associates architectural firm where she impressed her boss — then the President of the International Union of Architectects — with her passion and enthusiasm. The work ethic she displayed opened up great opportunities for the rising designer who was soon asked to create the Federal Ministry of Lands in Abuja. “I was always ready. I would be at the office at 11pm on Sunday when other girls are dancing or something. I think my boss saw my passion and he gave me a chance,” she says. “If we had more mentors like that in Africa, I believe the younger generation would blossom faster.”

At 25, Adenowo decided to go it alone and start her own company, AD Consulting. It was a big risk to undertake but her reputation as one of Nigeria’s most prominent architects proves that sometimes you have jump into the unknown. “The office was a little bigger than three chairs. It was myself and a young boy who sat in the corridor but I started anyway because I believe that you do what you can with what you have, where you are.”

Adenowo explains that to build a great building, you have to have an omniscient outlook. “You have to know history, you have to understand culture, sociology, anthropology. You need to know physics, you have to understand chemistry to a point. You have to understand art and the history of art to be a really good architect,” she says. “Good architecture is about the spirit of the age. If you look at a pyramid, it talks about one man’s quest to be immortal … It’s 4,500 years old and we still see them. We can no longer forget those pharaohs because of architecture.”

On 3D designs she said”My buildings all have a fourth dimension and the fourth dimension is time. Each space I design changes in time. I design lighting schemes in such a way that by night the building is a totally different entity from what it was in the morning. I design buildings in such a way that as you move through the space, you experience something new at every step.”

On passion,she said”The passion comes from my clients. I feed off their energy… I would do anything for my clients to make sure that their buildings come out the way they should.” Despite juggling a prosperous career and a family at home, Adenowo still finds time to mentor women through her weekly radio show. She also founded the Awesome Treasures Foundation in 1999, which helps mentor women and young girls. “We believe the greatest need of Africa is leadership, vision. Strong people who are ready to give their all to say, ‘this is the way’, and Awesome Treasures is here to address that need, to raise transformational leaders.”

Adenowo may have achieved great success but that doesn’t mean she’s resting on her laurels. “It would be a dream come true if I have the opportunity to design a building that would define Nigeria’s identity. The way you see the Tour d’Eiffel and you think Paris, the Empire State Building and you think New York.”


How Housing Can Determine Educational, Health, and Economic Outcomes


Many social issues stem from a history of unstable, unaffordable, and poor-quality housing. Research shows that housing is the first rung on the ladder to economic opportunity for individuals and that a person’s access to opportunity is intrinsically linked with that of the community at large. As the gap between rents and incomes widens, it is critical that professionals in fields outside housing—including health, education, and economic development, among others—understand its central importance.

The following research shows how housing can create better educational opportunities for children, contribute to healthier people and neighborhoods, and build stronger economic foundations for families and communities.

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How housing affects educational outcomes

Children who live in a crowded household at any time before age 19 are less likely to graduate from high school and tend to have lower educational attainment at age 25.
Living in poor-quality housing and disadvantaged neighborhoods is associated with lower kindergarten readiness scores.

Homeless students are less likely to demonstrate proficiency in academic subjects. Passing rates for English language arts, math, and science exams are lower among homeless students than among their housed counterparts.

For typical households in the Fremont Unified School District, the impact of school quality on housing prices is more than three times greater than the impact found in studies in other regions. This impact matches the cost of private education for a child, suggesting that home prices act as tuition for in-demand public schools.

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Near a high-scoring public school, housing costs 2.4 times as much, or roughly $11,000 more a year, as housing near a low-scoring public school.

In one study in New York City, improvements in a school’s test scores are associated with higher home values and increased spending on residential investments (whether by owners or developers). Improving a school’s scores by one standard deviation was correlated with a 1.8 percent increase in housing values. Housing and financial instability often lead to children moving to poorer schools.

How housing affects health outcomes

Compared with New York City residents who stay in gentrifying neighborhoods, displaced residents who move to nongentrifying, low-income neighborhoods have significantly higher rates of emergency department visits, hospitalizations, and mental health–related visits for about five years after displacement.

Being behind on rent, moving multiple times, and experiencing homelessness are associated with adverse health outcomes for caregivers and children and with material hardship.
Households with poor housing quality had 50 percent higher odds of an asthma-related emergency department visit in the past year.

People with mental illness or an intellectual or developmental disability are less likely to receive responses to inquiries about rental housing and less likely to be invited to inspect available units.

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Renter households with children are more likely to have asthma triggers in their homes than owners. They are also more likely to have at least one child with asthma.

In a study of single-parent families living in violent neighborhoods, parents met or exceeded the national average for self-reported physical health but fell below the mental health average. Forty percent reported moderate to severe symptoms of depression and reported higher levels of stress from worrying about financial instability and concern for their children’s well-being.
In one study, older homeless adults who obtained housing during the study reported fewer depressive symptoms than those who were still homeless at follow-up.

How housing affects economic outcomes

Black per capita income is lower in regions with higher levels of economic and black-white segregation.There is a positive relationship between high levels of automobile ownership and estimated rates of foreclosure and mortgage default, suggesting that transportation costs affect housing affordability.

In Detroit, strong efforts by residents, coupled with support from community development organizations and external assistance, led to increased neighborhood housing prices in middle- and working-class neighborhoods that lost value in the foreclosure crisis. Residents’ efforts were less effective in higher-poverty neighborhoods with lower rates of owner occupancy.

The need for access to good jobs in central locations that is driving the lack of affordable housing shows that access to housing and access to opportunity are inextricably linked, which affects future intergenerational mobility.

Places with higher job accessibility by public transit are more likely to attract low-income households that do not own cars but have at least one employed worker, demonstrating that job accessibility by transit affects housing location choice.

Economically healthy cities tend to have higher rankings on economic, racial, and overall inclusion than distressed cities.

Federal housing assistance—from housing vouchers, to welfare-to-work programs, to financial coaching and incentives, and more—improves lives. Housing policies can be a tool to fight poverty and create upward mobility, making assistance a worthwhile and imperative investment in America’s future.

Veronica Gaitán

NIA 4th Distinguished Lecture Series to celebrate Arc. Gabriel Aduku’s excellence in the Nigerian Architectural community


The President of the Nigerian Institute of Architects (NIA), Arc. Festus Adibe Njoku has said that the NIA is set to recognize and celebrate the immeasurable impacts of Arc. Gabriel Yusuf Aduku in the Nigerian Architectural Industry at its 4th Distinguished Lecture Series to hold on September 24th, 2018 at the Shehu Musa Yaradua Centre, Abuja.

In a chat with HousingNews Correspondent earlier today, Arc. Festus explained that the distinguished lecture series is an annual event which was established as an avenue for past presidents to impart the knowledge they have acquired over the years to members of the association.

He made it known that as it’s the custom of the association; this year’s mantle has fallen on Arc. Gabriel Yakubu Aduku FNIA, PPNIA, OON a past president of NIA and the Principal Consultant & Director of Archon Nigeria Limited, to lecture the architectural community and Nigeria at large.

“… Arc. Gabriel Aduku is going to deliver this year’s lecture, somehow it’s like a parting gift to the profession where he will impart to us, what he want us to remember him for.” he said.

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The President added that the lecture series is “a time to give back to society… as a past president you must have gone through many stages and gathered many experiences right from the state chapter …so let him impart those ideas to the profession and to the society as we are celebrating his excellence by having him give us a distinguished lecture series”

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Also present in the chat session was Arc. Sunday Echono, Vice president of the NIA and the Chairman of the 4th distinguished lecture series committee. The NIA Vice President told HousingNews that the event will be a full program where excellence will be awarded and Arc. Aduku’s Book titled “Beyond simple lines” that “articulates his design philosophy, his accomplishments and the architectural culture that his firm has been able to establish and propagate in architectural economy” will be launched.

Arc. Sunday described Arc. Gabriel Aduku as “a man of many parts, he has led us as the president of NIA, ARCON, and if you look at the footprints he is someone who has played very key roles in our architectural economy. He is the first president from the northern part of the country and his firm Archcon Nigeria Limited is one of the top architectural firms in Northern Nigeria responsible for developing well known architects in northern Nigeria.”

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“His firm has been in operation for over 50years and has been producing so many architects who have gone on to also do lots of projects and a lot of that will be on display at the event” he added

Arc. Sunday enjoined friends, well wishers and every professional in the construction industry to come and join the Nigerian Institute of Architects to celebrate Arc. Gabriel Aduku an icon in the Nigerian architectural community.

“it is a period where we celebrate accomplished architects who have served the profession very well and also being a role model to the sector.” He said.

Wilson Ifeoma, HousingNews, Abuja

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