FCTA Tasks Construction Firms, Developers On Tree Planting

The Federal Capital Territory Administration (FCTA) has called on construction companies and housing developers, in the Federal capital Territory (FCT), to make provisions for replacement of felled trees, as part of their Corporate Social Responsibility.

In an address at the flag-off of the ‘2019 FCT Tree Planting Campaign’, to mark the 25th anniversary of the World Day to Combat Desertification and Drought, held in Abuja, yesterday,FCT permanent secretary, Sir Christian Ohaa, noted that the administration has the challenge of felling of trees, due to provision of infrastructure and mass housing.

Ohaa stated that it has become imperative for the present and coming generation of Nigerians to recognise the dangers of desertification and drought and come together to combat the menace.

He noted that desertification remains one of the biggest and most serious environmental challenges of global proportions, because it affects all regions of the world and is characterized by the degradation of land in arid and semi-arid and sub-humid areas.

“The effects of desertification are equally serious and devastating because it primarily reduces the ability of land to support and sustain life. Desertification ensures that the land becomes less usable. Vegetation is lacked or damaged and famine inevitably occurs. Other effects include, increased gully erosions, sand storms, migration and death.”

While calling on nongovernmental organizations (NGOs) and residents of the FCT to join the campaign to combat desertification and drought, the permanent stated that it is always best to prevent desertification from occurring in the first place, adding that one of the most effective ways is by planting of trees.

Earlier in a welcome address, the acting coordinator of Abuja Metropolitan Management Council (AMMC), Mr. Mohammed Abdulraheed Suleiman, had noted that Nigeria, including the FCT has made efforts to address desertification and drought through the annual tree planting exercise.

Suleiman disclosed that this year’s event is being organised by the department of parks and recreation in collaboration with 09 Bikers Club Association, Abuja.

Source: leadershipng

24 billion tons of fertile land lost every year, warns UN chief on World Day to Combat Desertification

In a video message released in advance of the World Day to Combat Desertification and Drought, marked on Monday, UN Secretary-General António Guterres warned that the world loses 24 billion tons of fertile land every year, and that the degradation in land quality is responsible for a reduction in the national domestic product of up to eight per cent every year.

“Desertification, land degradation and drought are major threats affecting millions of people worldwide,” said the UN chief, “particularly women and children.” Mr. Guterres said that it is time to “urgently” change such trends, adding that protecting and restoring land can “reduce forced migration, improve food security and spur economic growth”, as well as helping to address the “global climate emergency”.

‘Let’s grow the future together’

The World Day, which raises awareness of international efforts to combat desertification, was established 25 years ago, along with the UN Convention to Combat Desertification, the sole legally binding international agreement linking environment and development to sustainable land management. Running under the slogan “Let’s grow the future together”, the 2019 World Day focuses on three key issues related to land: drought, human security and climate.

By 2025, says the UN, two-thirds of the world will be living under “water-stressed” conditions – when demand outstrips supply during certain periods – with 1.8 billion people experience absolute water scarcity, where a region’s natural water resources are inadequate to supply the demand. Migration is likely to increase as a result of desertification, with the UN estimating that, by 2045, it will be responsible for the displacement of some 135 million people.

 

Restoring the soil of degraded land, however, can be an important weapon in the fight against the climate crisis. With the land use sector representing almost 25 per cent of total global emissions, the restoration of degraded land has the potential to store up to 3 million tons of carbon annually.

The importance of ensuring that land is well-managed is noted in the UN’s 2030 Agenda for Sustainable Development, which declares that “we are determined to protect the planet from degradation, including through sustainable consumption and production, sustainably managing its natural resources and taking urgent action on climate change, so that it can support the needs of the present and future generations”. Specifically, Goal 15 states our resolve to halt and reverse land degradation.

What is desertification?

Desertification does not refer to the expansion of deserts, but rather the degradation of land in arid, semi-arid and dry sub-humid areas, primarily as a result of human activities and climatic variations. It happens areas of dry land are extremely vulnerable to over-exploitation and inappropriate land use. Poverty, political instability, deforestation, overgrazing and bad irrigation practices can all undermine the productivity of the land.

‘It isn’t just about sand’

In his message, Ibrahim Thiaw, the Executive Secretary of the UN Convention, said there are only three things all people need to know about the World Day to Combat Desertification:

  1. It isn’t just about sand,
  2. It isn’t an isolated issue that will quietly disappear; and
  3. It isn’t someone else’s problem

“It’s about restoring and protecting the fragile layer of land which only covers a third of the Earth, but which can either alleviate or accelerate the double-edged crisis facing our biodiversity and our climate,” he said.

The international community, he continued, has acknowledged the central role our land plays in our lives and livelihoods, and since the creation of the Convention, some 196 countries, including Brazil, Indonesia, China and India, as well as the European Union, have signed up to coordinated actions for sustainable land management.

“However, there are even more stories about how poor land management has degraded an area twice the size of China and shaped a farming sector that contributes nearly a quarter of all greenhouse gases,” he said, stressing that there are even more stories about how half the people on the planet are affected by that damaged land or live in urban areas, consuming resources that require 200 times as much land as their towns and cities and generating 70 per cent of emissions.

 

“Yet, the world is determined that by 2030, we will switch from destroying the Earth to making it productive enough to grow a better future for everyone. If we take action to restore our degraded land, it will save $1.3 billion a day to invest in the education, equality and clean energy that can reduce poverty, conflict and environmental migration,” noted Mr. Thiaw.

And while, better land management does not hold all the answers, it offers a stepping stone to reach global goals by 2030 and then act as a natural multiplier of their benefits.

“So, for this World Day to Combat Desertification, I am calling on everyone to drive this change from the ground up; to make choices and take action, either privately or professionally, as producers or consumers, to protect and restore our land. Let’s grow the future together,” he said.

Source: UN News

N900b Probe: Senators, Reps To Return Fake Projects Funds

Investigators are hitting the road today in search of lawmakers’ N900b constituency projects in states.

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) is verifying constituency projects executed by immediate past senators and members of the House of Representatives.

The commission said it will make recoveries on projects/contracts confirmed to have been inflated or in which contractors underperformed or did not perform at all.

To be verified are 180 key projects in the 36 states at the rate of five per state.

The probe covers projects between 2015 and 2018 embarked upon by members of the 8th National Assembly.

 

About 2, 516 projects were tracked between 2015 and 2017. Of the lot, 918 were not done, 395 ongoing and 214 cannot be located.

According to a document released by the spokesperson for the commission, Mrs. Rasheedat A. Okoduwa, the first phase will be conducted in 12 states.

The states are: Kogi and Benue (North-Central); Adamawa and Bauchi (North-East); Sokoto and Kano (North-West); Imo and Enugu (South-East); Lagos and Osun (South-West); and Akwa Ibom and Edo (South-South).

Okoduwa said members of the Steering Committee of the investigation/ verification team were drawn from the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Nigerian Institute of Quantity Surveyors (NIQS), the Budget Office of the Federation, the Office of the Accountant-General of the Federation, “Premium Times”, the International Centre for Investigative Reporting (ICIR), the Public and Private Development Centre, the Bureau of Public Procurement (BPP), the Community for Peace & Corrupt-free Society and BudgIT.

The document said: “The first phase of the exercise is to commence in 12 states across the six geo-political zones of the country from Tuesday. At least five projects have been identified for tracking in each state.

“Site visits in each state by the tracking team will involve ICPC and representatives of other members of the Steering Committee as well as a competent officer from the executing agency for each project.

The tracking teams is to:

  • investigate fraudulent procurement practices in the award of contracts for constituency projects and other projects with potential to impact the lives of ordinary Nigerians;
  • monitor in collaboration with critical stakeholders, the implementation of constituency projects from inception to completion;
  • make recoveries on projects/contracts confirmed to have been inflated or in which contractors underperformed or did not perform at all;
  • Track contracting companies for all statutory regulatory compliance, including, among others but not limited to, tax obligations.

The ICPC listed expected outcomes as improved delivery of social welfare services to the citizens; value for money in execution of public projects; increased performance of the Commission’s enforcement mandate; enhanced collaboration between the Commission, CSOs and the media; increase in the quality and quantity of shared information/intelligence; increase in recovery of public funds; and improved opportunity for the attainment of the Sustainable Development Goals (SDGs).

The Chairman of ICPC, Prof. Bolaji Owasanoye, gave a three-year breakdown of the projects done by the lawmakers.

He said: “The level of implementation of constituency projects in 16 focus states for 2015 is revealing. Out of 436 constituency projects for the year that were tracked, 145 were completed, 77 ongoing while 211 were not executed at all.

“For 2016, out of a total of 852 constituency projects in 20 states in the 2016 Budget that were tracked, 350 were completed, 118 were ongoing, 41 locations not specified in the budget and 343 not done or performed.

“In 2017, a total of 1,228 constituency projects in the budget were tracked for performance as at June 2018. Out of these, 478 were completed, 173 in unspecified location, 200 ongoing, 13 abandoned and 364 not started. The level of performance of constituency projects is therefore disputable.”

He said constituency projects had been turned into avenues of corruption.

Owasanoye added: “Constituency projects are intended to be developmental, such as provision of water, rural electrification, rural clinics, schools, community centres and bursary for indigent students.

“In the light of annual budgetary allocations to constituency projects and based on actual releases by the government, it is firmly believed that the impact of constituency projects on the lives of ordinary Nigerians ought to be more visible.

“Regrettably, available statistics from open sources paint a bleak picture of the level of performance or delivery of constituency projects.

“Over the years, constituency projects have become enmeshed in controversy among non-state actors, the promoters of the projects and the communities that are supposed to benefit from the projects.

“The concern is that in Nigeria, rather than address the needs of constituents, many constituency projects have become avenues of corruption.”

Source: thenationonlineng

World Bank Staff to take 40 Women out of Extreme Poverty in FCT

Worried by the number of poor people in Nigeria, World Bank Group has flagged-off an empowerment programme to take 40 women out of extreme poverty in the Federal Capital Territory, FCT.

The project, which is part of the group’s community connection campaign 2019, seeks to empower the 40 less privileged women of Gbagalape community in Abuja through training and other support in the production of household consumables and beauty ornaments.

Speaking at the flag-off of the training, Mrs Selina Enyioha, the Executive Director of Citizens’ Health Education and Development Initiative, implementing partners of the program, urged the women not to take it for granted as it has lifted many women in Durumi Community where it was implemented last year.

“It is not easy meeting the criteria to be among those selected to be empowered. I plead with all the participants to be serious and committed to this programme. To the recipients of the equipment, use them properly,” she said. She also said the program, fully funded by the Staff of the World Bank in Nigeria, would contribute to the health care of the women.

The selected women were sensitised on the importance of routine immunization, family planning, HIV testing and counselling, and nutrition education by a Principal Nursing Officer, at the State House Clinic, Mrs Esther Tukur. The World Bank staff also purchased solar lightening systems, delivery beds, hospital examination couches, mattresses and pillows for six primary healthcare centres in the FCT and neighbouring Nasarawa state.

Source: vanguardngr

FCT Requires N500b to Resettle Abuja Original Inhabitants

No less than N500 billion is required to resettle the original inhabitants in 13 villages within Abuja City, the Federal Capital Territory (FCT) administration has said.

It also stated that poor funding is part of the reasons for stalled infrastructure development of some of the districts that have been earmarked in phases 2,3 and 4 of the Federal Capital City.

This disclosure was made at the weekend by the Executive Secretary, Federal Capital Development Authority  (FCDA), Umar Jibrin in Enugu during a media retreat.

Represented by Richard Dauda, the Executive Secretary noted that the issue of resettlement of original Inhabitants and their compensation was among the challenges that have stalled the proper planning and successful implementation of the Abuja project in accordance with the master plan.

He revealed that the N500 billion was needed for provision of engineering infrastructure and compensation of  the villages within phases II, III and partly IV of the city, where a total population of 213,046 people live in a land area of 673.20 hectares spread around 15 districts, which have engineering  infrastructure projects.

He further explained that due to dwindling allocation to FCTA, the administration was considering several alternative source of funding, which includes the land swap initiative of the previous administration.

Also speaking on the efforts of FCT towards the development of the nation’s capital, FCT Permanent Secretary, Mr. Christian Ohaa said the present administration had made enormous progress in the area of manpower and infrastructural development.

Source: GuardianG

NSE, REDmoney to host Islamic Finance Nigeria forum

The Nigerian Stock Exchange (NSE), in partnership with REDmoney Group, unveiled plans to hold the inaugural edition of the Islamic Finance Nigeria (IFN) Forum aimed at accelerating financial services within the nation.

Mr Jude Chiemeka, Head, Trading Business Division, NSE, in a statement in Lagos, said that Islamic assets were gaining momentum as an alternative investment avenue in Nigeria and globally.

“As a result, a forum aimed at promoting the growth and development of the Nigerian Islamic Finance industry and facilitating the growth of a new asset class in the capital market was pertinent,’’ he said.

Chiemeka said the forum is expected to feature a mix of panel sessions, onstage interviews, interactive sessions on experiences and opportunities in the Nigerian Islamic finance market.

“Also, a number of themes in Islamic finance including, Corporate Financing and Capital Raising in Nigeria would be exposed,’’ he said.

“The IFN Forum affirms our commitment to stimulating non-interest capital market products innovation.

“It will offer us the opportunity to deepen our engagement with our stakeholders.

“It will also provide us with important insights that will enable us to take a leap forward in the development of innovative and practical solutions to propel the Islamic capital market which will aid Nigeria in achieving its Sustainable Development Agenda,’’ Chiemeka said.

He noted that the IFN Nigeria Forum 2019 would be headlined by Ms Mary Uduk, Acting Director-General, Securities and Exchange Commission (SEC), to bring together a stellar line-up of speakers, comprising senior industry players, decision makers, regulators and investors.

Other speakers confirmed for the event include Ms Patience Oniha, Director-General, Debt Management Office of Nigeria; Hajia Aisha Dahir-Umar, Acting Director-General, National Pension Commission; and Mr Jude Chiemeka, Divisional Head, Trading Business, NSE.

Also expected are Hajara Adeola, Managing Director/Chief Executive Officer, Lotus Capital; Adeola Sunmola, Partner, Udo Udoma & Belo Osagie; and Oluseun Olatidoye, Head, Debt Capital Markets, FBNQuest Merchant Bank.

The reports state that the forum themed: “Harnessing the Islamic Finance Sector for Infrastructure Development and Economic Growth”, is to be held on June 18, 2019 in Lagos.

IFN Nigeria Forum is the first stop in the inaugural three-part IFN African Roadshow 2019.

After the IFN Forum in Nigeria, the roadshow will continue in Kenya and South Africa, two of the most likely markets to see Sharia-compliant financing flourish in the coming years.

REDmoney Group is the foremost global provider of specialised Islamic financial media services across three core divisions of events and publishing.

Source: von

Titan Trust Bank Set to Redefine Retail Banking in Nigeria

Barring any last-minute changes, one of the five new banks licensed by the Central Bank of Nigeria (CBN), Titan Trust Bank Limited, is set for entry into the Nigerian banking industry in grand style, in a matter of weeks, The Witness can authoritatively reveal.

This newspaper had reported that the CBN recently approved licenses for five new banks to operate in the country.

While others are still recruiting and putting things in place, inside sources say Titan Trust, a national financial institution, has completed its processes and is set for take-off soon.

Led by seasoned banker and former deputy governor of the CBN, Mr Tunde Lemo, as chairman, the new commercial bank, sources informed The Witness is starting operation with a solid post capitalization financial base in real cash.

Some of those already on board the new bank are experienced financial gurus, giving the signal that the bank is ready the compete with the long-standing and well-rooted Nigerian banks.

According to the lender, the bank was formed to take advantage of the identified gaps in the banking sector and address the unmet needs of the retail mass market, SMEs and corporates.

The new bank headquartered at Plot 1680, Sanusi Fafunwa Street, Victoria Island, Lagos, Nigeria has the following facilities: Commercial Banking, SME Banking, Digital Banking amongst others. On its commercial banking services, the lender said on its website: “As a national commercial bank, we are committed to supporting businesses, giving them the power to build a better future. Each day, companies are working together to create sustainable economic value.

“We are committed to that vision by ensuring we provide business capital and resources, primed to support these visions, as we continue to tell Africa’s story.”

Titan Trust Bank believes there is nothing like a small business. “All businesses are exactly that; businesses! Our team is made of professionals with an entrepreneurial mindset, working to help you and your business take advantage of the many benefits of banking with Titan, and give your competition a run for their money,” it said.

Titan Trust further posited that it will leverage on digital platforms to empower the emerging pan-African economy, whilst showcasing the industry pioneering solutions, expertise and professionalism.

Established on December 12, 2018, the bank obtained its national banking license on April 26, 2019, to operate as a commercial bank with national authorization.

Others in the titan team are

Mr Andrew Ojei

Mr Andy Ojei is a Fellow of The Institute of Chartered Accountants of Nigeria as well as a Fellow and Council Member of The Institute of Credit Administration of Nigeria.

He was the pioneer managing director of Zenith Bank, Ghana. He left Zenith Bank Plc in June 2013 as an executive director after 21 years of service. He is a seasoned businessman with interests in real estate and information technology.

Mr Ojei, an alumnus of the University of Lagos, Enugu State University of Science and Technology, INSEAD (France), Stanford (Singapore) and Wharton (Philadelphia) currently serves as a member of the Governing Council of Ritman University, Ikot Ekpene, Akwa Ibom State.

Alhaji Abubakar Mohammed

Alhaji Abubakar Mohammed is a seasoned entrepreneur with over 30 years’ experience managing and leading businesses across the country.

He is the managing director of Syndicated Investment Limited, a construction firm. He has held this post for over 33 years.

He has also been the chairman/CEO of Impex Limited, a security, contracting and trading company since 1993.

Alhaji Aminu Bashari

Alhaji Bashari Aminu (Iyan Zazzau), is the chairman of the Board of Directors of Vital Products Limited.

He is a Fellow of the Institute of Financial Accountants (UK) and a Fellow of the Association of National Accountants of Nigeria. He is a senior title holder in the Emirate of Zazzau and was a Senior District Head of Sabon-Gari, Zaria in Kaduna State from 1979 to 2018.

He is currently on the board of several companies.

Mudassir Amray – MD/CEO

Mudassir Amray is a banker with over 25 years of global exposure across six geographies (US, Nigeria, Malaysia, Hong Kong, Singapore, and Pakistan).

He has held senior positions in global banks such as: Citi New York – Managing Director & Head of Global Capital Management (LATAM), Citi Nigeria – Managing Director & Head of Corporate & Investment Banking, Nigeria and Ghana, Al Rajhi Malaysia – Country Business Head, Citi HK – Head of Capital Management, Asia Pacific, Citi Singapore – Head of Islamic Banking, Asia Pacific, Citi Pakistan, Country Business Head.

Adaeze Udensi – Executive Director

Adaeze has over 23 years’ banking experience, and was until recently, an Executive Director in Heritage Bank.

In her four years as executive director, she supervised the South businesses; oversaw Retail, Private Wealth, Collections, E-Business, Customer Experience and IT functions; and served as Executive Compliance Officer.

Adaeze also acted as managing director of Heritage Bank in 2017. Prior to this, she spent 16 years in Zenith Bank growing its Oil & Gas, Public Sector, Commercial and Retail businesses into the 2nd largest portfolio in the Bank, leaving as a general manager.

Adaeze has a first degree in banking, and MBA’s from Rivers State University of Science & Technology, and the University of Bangor, Wales.

She has also attended several Executive Management Programmes in Wharton Business School, Kellogg School of Management, Harvard Business School, and INSEAD.

Stella Nwihim – Head of HR

Stella is a seasoned professional with over 21 years’ experience spanning Human Resources, Sales and Banking Operations.

She has held key HR positions in Zenith Bank Plc and UBA Plc including Head Workforce Planning, Head Shared Services and Head Business Partnering, where she made significant contributions in organizational development, performance and change management and business strategy.

She holds a B.Sc. and M.Sc. (Biology) and an MBA (Management) and is a member of the Chartered Institute of Personnel and Development (CIPD).

Mark Oguh – CFO

Mark has 22 years’ experience in the banking industry covering Operations, Audit and Financial Control.

He is also a Fellow of the Institute of Chartered Accountants of Nigeria and Chartered Institute of Taxation of Nigeria.

He holds a Bachelor’s degree in accountancy and business administration and an MBA in banking and finance. He was the financial controller at Diamond Bank from 2015 to March 31, 2019.

Ademola Ajayi – Chief Compliance Officer

Ademola Ajayi is the chief compliance officer of Titan Trust Bank Limited. He holds Bachelor’s Degree in Accounting (First Class Honours) from Babcock University, Ilishan Ogun State. He also holds Higher National Diploma in accounting with Upper credits class from the Polytechnic, Ibadan. He is a fellow (FCA) of the Institute of Chartered Accountant of Nigeria (ICAN). He is also an Associate of Compliance Institute of Nigeria (CIN). He is a Security and Exchange Commission (SEC) registered Compliance Officer and a registered professional of Financial Reporting Council of Nigeria (FRCN). Internationally, he is a Certified Compliance Officer (CCO) and Certified Fraud and Crime; Investigation and Prevention by GAFM USA. He is also a fellow of GAFM USA.

He has been in the Nigerian Banking Sector since 1996, well over 2 decades, with experience cutting across financial control, credit review and monitoring, business development, banking operations, internal controls, internal audit, inspection and compliance functions. His career in banking started in NAL Merchant Bank, where he did the mandatory one-year national youth service. Immediately after his service year, he was recruited by Zenith Bank, where he performed creditably well in banking operations generally, controls and risk management related functions, and later with specific focus on compliance risk management role. He played a key role in setting up compliance department in Zenith Bank and took same to an enviable height. Ademola AJAYI is a team player, and will positively impact any team he finds himself. He has attended compliance trainings, locally and internationally. He is also a competent trainer on compliance matters.

George Aiyudu – Head of IT

George is a certified COBIT implementer with over 21 years banking experience covering Banking Operations, International Operations and Information Technology.

He holds a Bachelor’s degree in Chemical Engineering and also holds a Masters Degree in Business Information Systems. He was the Group Head, IT Change and Transformation at Diamond Bank.

El’rufai Issues Land Documents to 491 Post Elections Victims

Kaduna State Governor Nasir Ahmad El’ Rufai has issued Certificates of Occupancy of land to 491 victims of 2011 post elections violence in the state.

He assured the victims that the remaining 478 land documents will be given to the affected victims through Kaduna State Geographical Information System KADGIS) subsequently.

‎Governor El’rufai disclosed this when he received delegation from Zango Kataf Local Government at the Government House. He told the delegation that late Governor Patrick Ibrahim Yakowa approved the offer for 491 victims in a Government layout at Katabu, Igabi LGA but the process was stalled due to bureaucratic errors.

He added that the state government was pleased to grant them the plots of land to enable them settle down. El’ Rufai said from the 2011 post Elections violence, many lives were lost as he assured them of the state government’s commitment to protect lives and properties of its citizens.

Responding, leader of the delegation Alhaji Sani Uba thanked the State governor for the gesture.

Source: dailytrustng

Media/PR Consultant Decries Erosion of Professionalism

A Public Relations/media consultant, Mr Okechukwu Keshi Ukegbu, has decried the deplorable level at which media professionalism is eroding.

Mr Ukegbu warned that if the ugly trend was not urgently addressed, it would spell doom for the nation’s development, adding that no nation survives without the media.

He said “the media coordinates every other sphere of the socio-political and economic structure of a country, and is the last hope of a nation even if every other hope has collapsed.”

“We cannot fold our hands and watch this important segment of our national existence collapse.

“Charlatans have taken over the industry and the industry is fast crumbling like pack of cards.

“The worst hit is the social media where no atom of media professionalism is demonstrated. Ethical issues such as balance and fairness have been thrown away.

“The advent of the new media has turned everybody who can operate a smart phone to a media practitioner. Hardly can you differentiate between quackery from professionalism in the media industry these days.

“The gate keeping process of the media is now a wide concept as it is now a garbage in, garbage out practices these days”.

Mr Ukegbu therefore, called on the media regularly bodies to step up actions to check this menace.

Source: businesspost

Victors, Savannah Court drive Union Homes’ REITs

Union Homes Real Estate Investment Trust has released its key performance metrics for the period with Victors Court and Savannah Court the most preferred among its estates. With nine properties under its management, the REITS had N9.86 billion net asset value (NAV) as at May 31, 2019 with 0.49 percent delinquency rates.

Estates under the management of this fund include McDonald Court in Ikoyi; Savannah Court in Victoria Island; Contemporary Apartment in Parkview Ikoyi; Olive Apartment in Jabi, Abuja; Continental Apartment in VI; Victors Court and Charter Court both in Lagos. Others are Amina Court in Apo, Abuja and Locke Apartment in Lekki, Lagos State.

With 100 percent occupancy rate, Victors Court was the most preferred by individuals amongst the Union Homes’ estates. It has three housing units and the property is aged seven years with a 4.21 percent yield.

This is followed by Savannah Court with 93 percent occupancy rate. It has 14 housing units and the property has been in existence for just eight years. The current yield on this estate is 4.27 percent. Charter Court in Ikoyi Lagos, with eleven housing units, posted the third highest occupancy rate of 91 percent. It is also aged seven years, with 3.22 percent yield.

Mcdonald Court in Ikoyi Lagos, with 8 housing units recorded 86 percent occupancy rate just as its current yield is 4.10 percent and has been in existence for eight years. Locke Apartment in Lekki recorded 80 percent occupancy rate, 6.51 percent yield and has 15 housing units in its three years of existence. Contemporary Apartment in Parkview Lagos has been in existence for seven years. It has 4 housing units and recorded 75 percent occupancy rate. Current yield is 4.24 percent.

The least performing apartment according to the NSE data is Amina Court in Abuja with posted just 40 percent occupancy rate during the reference period. It has 5 housing units, has been in existence for 3 years with zero yield. Olive Apartment and Continental Apartments have twelve and twenty-two apartments respectively and each has been in existence for seven years. However, there is no information available on the types of tenants , length of tenancy while the current yield is zero on either of the apartments.

Source: businessday

 

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