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BREAKING: Four killed as Building Collapses in Magodo

No fewer than four persons have been confirmed dead after a house built on a hill in the Magodo-Isheri area of Lagos State collapsed on Saturday.

The General Manager, Lagos State Emergency Management Agency, Dr Femi Oke-Osayintolu, who confirmed the casualty figure to our correspondent, said the tragedy struck around 8:00 a.m.

He said some injured victims trapped in the rubble had been rescued and rushed to a hospital while emergency officials were on the ground to ensure safety at the scene.

It was gathered that a rescue operation is ongoing at Ita-Elewa, Ikorodu eskişehir escort bayanlar where another incident of building collapse occurred.

Oke-Osayintolu promised to get back to our correspondent with details on the Ikorodu incident.

Source: Punchng

Indian High Commission Trains 529 Nigerians in 3years, says High Commissioner

Indian High Commission has so far trained 529 Nigerians in Indian Technical and Economic Cooperation (ITEC) in the past three years.

Mr. Abhay Thakur, High Commissioner of India, disclosed this at the 55 years Anniversary ceremony to mark the ITEC Day in Abuja on Friday.

He said that the ongoing ITEC year for 2019-2020, the government of India was offering about 14,000 scholarships to the partner countries with Nigeria having 250 slots.

“I am happy to inform you that during the ongoing ITEC year 2019-2020, government of India is offering around 14,000 scholarships to the partner countries, out of these, 250 slots are available for Nigeria, 32 for Cameroon, 10 for Benin, 5 for Chad and 5 for ECOWAS.

” In the last 3 years Nigeria has utilised 529 ITEC slots, Benin 20, Cameroon 90 and Chad 21.

“I would add that the number of slots can be increased further if we see significant, say about 80per cent utilisation of existing ITEC slots.

“Since the inception of ITEC programme in 1964 more than 200,000 professionals from across the world has participated in various training programme.

“I am particularly pleased to inform that, against the target announced at the India-Africa Forum Summit (IAFS) in New Delhi in October 2015 that India will train 50,000 people in different areas.

“We have already trained more than 40,000 persons in four years. We had also made a commitment of USD 10billion in Lines of Credit to Africa and we have crossed 6.5billion.

“I feel delighted that we have been able to add much substance to our capacity building assistance to Africa through the ITEC programme,” he said.

The envoy, however, noted that short term and long term degree scholarships have been added to the ITEC programme under the Africa- Specific IAFS scholarship scheme, as well as educational programmes.

Also speaking, the Minister of Defence, Maj.-Gen. Bashir Magashi said that India and Nigeria has gone a long way in it diplomatic relations since the pre-colonial independence of Nigeria.

Magashi, who was represented by the Director, Air Force Affairs Department, Mr. Ashibel Utsu, said that most Nigerians born in the early 70 were delivered by Indian doctors and taught by Indian teachers.

” India and Nigeria has alot in common in terms of our cultural diversity, population, size and general way of life.

” It is therefore encouraging that these friendship and good will that has existed between both nations is being sustained through the programme and other collaborations from Nigeria.

” I sincerely commend the Indian government for these effort and the annual host of the ITEC day, which brings alumni together to share their various experiences,” he said.

News Agency of Nigeria (NAN) reports that the ITEC programmes is fully funded by the India Government annually.(NAN)

Shelter Afrique Lauds Kenya for Role in Turnaround

•The Company turned around a Sh500 million loss recorded in June 2018 into a  Sh7.8 million net profit as at June 2019, against a budgeted loss of Sh72 million

•Shelter Afrique Chairman Nghidinua Daniel said the Company owes its speedy recovery to goodwill by member states and more so to Kenya’s support as a host nation.

Pan African housing development financier, Shelter Afrique says Kenya played a key role in returning the institution back to profitability.

The Company turned around a Sh500 million loss recorded in June 2018 into a  Sh7.8 million net profit as at June 2019, against a budgeted loss of Sh72 million.

As fees and other incomes grew by 11 per cent to Sh80 million uring the review period, interest income recorded a 19 per cent drop to Sh779 million due to a declining loan portfolio.

Shelter Afrique Chairman Nghidinua Daniel said the Company owes its speedy recovery to goodwill by member states and more so to Kenya’s support as a host nation.

“Kenya is one of the countries we’ve financed single largest projects which conform to our affordable housing strategy, and we’ve found ourselves working in tandem in many fronts involving the development of affordable housing,” he said.

He added that the Kenyan government was always ready to provide support when called upon. The state gave $16.2 million (Sh1.68 billion) to Shelter Afrique in additional capital between 2017-2019.

Shelter Afrique managing director Andrew Chimphondah said that in addition to the support by member states, recovery had been fast-tracked by a new agreement the company entered into with its lenders.

“We successfully negotiated and concluded debt restructuring agreement with all our eight lenders and effectively restructured the US110 million debt to be repaid over five years from the existing loan book, with a bullet payment in the fifth year,” he said.

 

Over the past three years, the financier had halted undertaking new projects to allow for restructuring of its operations and turnaround the company from loss-making.

Kenya is one of the top shareholders and the host nation to the pan-African housing financier, which is also owned by 44 African countries, the African Development Bank, and the African Re.

As at 2017, Kenya was the largest shareholder among governments with an 11.16 per cent stake, second to AfDB’s majority share of 22.7 per cent.

Other large shareholders included Ghana (11.02 per cent), Nigeria (9.62 per cent) and Algeria (7.36 per cent).

Source: the-sta

Winners For Africa’s Top Real Estate Developments Announced At The 10th API Summit

The winning developments, project teams and professionals came from Ghana, Kenya, Zambia, Nigeria, Mozambique, Namibia, Mauritius and Rwanda

Property developers, suppliers and owners were provided an opportunity to showcase their best projects and services from across sub-Saharan Africa at the annual Africa Property Investment (API) (www.APIEvents.com) Awards which were on held on the 2nd of October 2019, at a gala networking dinner held at the exclusive Alice & Fifth Restaurant.

A key component of the 10th API Summit, Africa’s largest investment and real estate development, the Awards, now in their third year, recognised innovation and outstanding achievement across the entire property industry across 13 categories. The categories covered projects and the leaders shaping the future of Africa’s real estate sector. These categeries covered: Retail, Office, Mixed Use, Green Building, Hotel, Alternative Asset, Architectural Design, Banking, High-end residential, Logistics and best women in Property.

The winning developments, project teams and professionals came from Ghana, Kenya, Zambia, Nigeria, Mozambique, Namibia, Mauritius and Rwanda, and critically provided a moment of peer recognition for completed projects, says the managing Director of API Events’ Kfir Rusin.

The projects were judged on a wide range of criteria including location, infrastructure and transport access, integration into the environment, originality of the concept, technical and architectural quality, services offered, sensitivity to the local community, innovation, sustainability, corporate staff involvement, response to market demands, financial performance, occupancy, and the impact of the project on economic convergence.

Kfir Rusin, Managing Director of API Events: “We congratulate all the winners and finalists as well as their respective project teams. They have set an exceptionally high standard for real estate developments across sub-Saharan Africa and continue to shape the African built environment landscape. API Events is proud to be associated with these companies and wishes to aid in further pushing the boundaries of excellence for African property development.”

The calibre of entries was world class and the panel of judges had a challenging time selecting the winners, nevertheless they managed to hone in on the worthy projects. Here are the winners for each category from the 2019 Africa Property Investment Awards.

The 3rd Annual API Awards Winners BEST AFFORDABLE HOUSINGKaribu Homes | Nairobi, KenyaBEST ARCHITECTURAL DESIGNTatu City Education Village (Crawford International School) | Nairobi, Kenya

 Project Team Award Winner: Boogertman+Partners ArchitectsBEST COMMERCIAL OFFICE DEVELOPMENTSU Tower | Accra, Ghana 

Project Team Awarded Winner: Boogertman+Partners Architects,BEST GREEN BUILDINGMon Tresor Business Gateway – Office Park | Plaine Magnien, Mauritius

 Project team Award Winner: Omnicane LtdBEST HIGH-END RESIDENTIAL DEVELOPMENTPurple Haze | Nairobi, Kenya


 Project team Award Winner: Dewbury LimitedBEST HOTEL DEVELOPMENTHilton Garden Inn Mbabane| Mbabane, eSwatini

 Project team Award Winner: Paragon ArchitectsTOP AFRICAN REAL ESTATE BANK OF THE YEARNedbank CIBBEST RETAIL DEVELOPMENTEast Park Mall | Lusaka, Zambia

 Project team Award Winner: Graduare Property Development LimitedBEST MIXED-USE DEVELOPMENTAppolonia City| Accra, Ghana P

roject Team Award Winner: RendeavourBEST INDUSTRIAL & LOGISTICS DEVELOPMENTAgility Logistics Parks| Maputo, Mozambique

 Project team Award Winner: Agility AfricaYOUNG PROPERTY PERSON OF THE YEARNeltah Mosimanegape | Tempest Gold, BotswanaWOMEN IN AFRICAN REAL ESTATEOluwatosin Ajose | Deal HQ Partners, NigeriaBEST PROPERTY TECHNOLOGY AWARDLand Layby, Nigeria Distributed by APO Group on behalf of API Events.

Source: africa.com

States’ IGR Hits N691 Billion As Osun, Others Recorded Biggest Growth

The latest Internally Generated Revenue (IGR) report released by the National Bureau of Statistics showed that all states in Nigeria generated the total sum of N691.11 billion between January and June 2019.

According to the Bureau’s report, the IGR generated by the 36 states and FCT rose by 94.2 billion (15.7%) when compared to the N596.91 billion IGR generated in half 2018.

The report also showed that thirty-one (31) states and the FCT recorded growth in IGR while five (5) states recorded a decline in IGR at the end of H1 2019.

The Breakdown: In half-year 2019, details of the report showed that across the 36 states, Nigeria’s commercial hub, Lagos State, generated the biggest IGR of N205.16 billion. This means Lagos IGR constituted 30% of the IGR generated across states in half-year 2019.

  • River State ranks the second with the biggest IGR of N75.9 billion
  • Other states among the top 10 states with the biggest IGR include FCT (N38.5 billion), Delta (N36.3 billion), Ogun (N29.5 billion), Kaduna (N22.4 billion), Akwa Ibom (N20.4 billion), Ondo (N19 billion), Kano (N18.5 billion) and Cross River (N16.7 billion).
  • Meanwhile, Gombe, Yobe and Taraba states recorded the lowest IGR of N2.08 billion, N2.2 billion and N3.27 billion.

IGR Growth: Meanwhile, while Lagos is top in terms of the amount of IGR generated in half-year 2019, other states recorded the highest growth recorded in terms of IGR generated between half-year 2018 and half year 2019.

Further analysis showed that Zamafara State recorded the biggest growth in the total IGR in half-year 2019. Specifically, Zamafara generated N2.65 billion IGR in half-year 2018, while the state’s IGR rose to N7.21 billion in half-year 2019. This implies that Zamfara recorded a 171% increase in its total IGR between half-year 2018 and 2019.

Also, Kebbi and Osun States both rank second and third respectively with the biggest growth in IGR. Specifically, Kebbi generated N2.03 billion IGR in half-year 2018, while the state’s IGR hit N4.71 billion in half-year 2019. This means the state’s IGR rose by 132%.

On the other hand, Osun State’s IGR rose from N4.7 billion in half-year 2018 to N4.72 billion in half-year 2019, representing 131% in its IGR increase.

 

In the meantime, while the decline in the federal allocation has been a critical concern to most states, the rise in IGR recorded in most of these states is indeed a welcome development, as this is expected to ease off pressures from the fiscal constraint currently witnessed in the economy.

Source: nairametrics

FG, CRCC sign $3.9bn Agreement on Abuja-Itakpe Railway

The Federal Government yesterday signed a $3.9 billion agreement with China Railway Construction Corporation (CRCC) for the construction of the Abuja-Itakpe railway.

Minister of Transportation, Rotimi Amaechi, who announced this in Abuja on Thursday, expressed hope that the project would be speedily completed. “The signing ceremony that we had today is the first PPP railway agreement for Abuja-Baru-Itakpe and Lokoja and it is between Nigeria and CRCC,” he said.

“The agreement is supposed to be 15 percent Nigeria equity and 10 per cent CRCC equity and then we borrow 75 per cent as SPV from the Chinese bank.

“Part of the agreement is that CRCCI will provide us with a performance bond from their bank before we give a sovereign guarantee for them to be able to borrow the 75 percent.

“There is a concession agreement that CRCCI will manage both the railway and the seaport and recover the 75 per cent and pay the money.

“So, the entire railway for now in Nigeria is constructed by CRCC. I think that the good working relationship we have had with CRCC is the reason we have not been able to engage other companies.” On the Ibadan dry port, the minister expressed displeasure that work had not been completed and called for the completion of the project.

He also urged the CRCC to ensure it commenced work on the Abuja to Itakpe and Warri seaport rail line.

“You were pushing us to approve and now we have but you are not on site; there is a need for CRCCI to go to site,” he said.

On funding for the project, Amaechi said majority of the funds would come from the Chinese government.

The minister urged more collaboration with the Chinese, especially CRCC and CCECC to improve the capability of Nigerians in the sector. “There is a need to instruct both CCECC and CRCCL to realise that we need to localise the technology and we need local participation of both Nigerian engineers and contractors,” he said.

“That’s why we emphasise on the universities we are asking you to build; we are expecting that not only will you build you will provide us with lecturers until we can train our own lecturers.

“Just like we are holding CCECC on issue of manufacturing at Kajola, for which we have awarded them the contract of about 500 million dollars to build for us rolling stock for Lagos-Ibadan.

Source: sunnewsonline

BoI’s MD Complains That SMEs Don’t Repay Loans, Nigerians react

The Managing Director of Nigeria’s Bank of Industry (BoI), Kayode Pitan, was recently quoted as saying that it is very challenging to get repayment on loans issued to SMEs. According to him, some business owners in the country often behave as if loans given to them by the BoI represent their own share of the “national cake”. As such, they refuse to pay back the loans when they are supposed to.

“People have the perception that money from BoI and other DFI, are their share of the “National Cake, so they avoid repayments.”

It is very easy to see Pitan’s frustration. After all, the issue of loan default is a general problem bedevilling the Nigerian banking sector. The problem also explains why Non-Performing Loan has been a major problem in the country for such a long time. Interestingly, it is the same entrepreneurs who often complain about lack of access to financial facilities that are guilty of defaulting on loans. This makes it very problematic for banks to lend, no doubt.

In the case of the Bank of Industry, however, there is another way to consider the issue of loan default. Some Nigerians who reacted to Pitan’s complaints have pointed out that one of the reasons SMEs default on BoI loans is because said loans are supposedly given to people who are underserving of them in the first place. One person even alleged that the BoI only gives loans to entrepreneurs who are willing to give kickbacks to officials of the institution.

Other people also asserted that staff at the BoI only approve loans for those they know, regardless of whether such people meet the loan requirements. In other words, due diligence is seldom followed through, allegedly. Sadly, when the loans are not paid back, BoI’s Pitan begins to complain.

Other people, however, did point out that refusal to repay loans is a bad attitude that must stop. Those of us here at Nairametrics agree to this point of view because loan defaults have disadvantages that somehow affect everyone, albeit negatively.Note that the Bank of Industry is a state-owned development financial institution whose primary function is to fund the real sector of the economy by providing funding “for the establishment of large, medium and small projects as well as the expansion, diversification and modernisation of existing enterprises…”

Source: nairametrics

 

FG, CRCC Sign $3.9bn Agreement On Abuja-Itakpe Railway

The Federal Government yesterday signed a $3.9 billion agreement with China Railway Construction Corporation (CRCC) for the construction of the Abuja-Itakpe railway.

Minister of Transportation, Rotimi Amaechi, who announced this in Abuja on Thursday, expressed hope that the project would be speedily completed. “The signing ceremony that we had today is the first PPP railway agreement for Abuja-Baru-Itakpe and Lokoja and it is between Nigeria and CRCC,” he said.

“The agreement is supposed to be 15 percent Nigeria equity and 10 per cent CRCC equity and then we borrow 75 per cent as SPV from the Chinese bank.

“Part of the agreement is that CRCCI will provide us with a performance bond from their bank before we give a sovereign guarantee for them to be able to borrow the 75 percent.

“There is a concession agreement that CRCCI will manage both the railway and the seaport and recover the 75 per cent and pay the money.

“So, the entire railway for now in Nigeria is constructed by CRCC. I think that the good working relationship we have had with CRCC is the reason we have not been able to engage other companies.” On the Ibadan dry port, the minister expressed displeasure that work had not been completed and called for the completion of the project.

He also urged the CRCC to ensure it commenced work on the Abuja to Itakpe and Warri seaport rail line.

“You were pushing us to approve and now we have but you are not on site; there is a need for CRCCI to go to site,” he said.

On funding for the project, Amaechi said majority of the funds would come from the Chinese government.

The minister urged more collaboration with the Chinese, especially CRCC and CCECC to improve the capability of Nigerians in the sector. “There is a need to instruct both CCECC and CRCCL to realise that we need to localise the technology and we need local participation of both Nigerian engineers and contractors,” he said.

“That’s why we emphasise on the universities we are asking you to build; we are expecting that not only will you build you will provide us with lecturers until we can train our own lecturers.

“Just like we are holding CCECC on issue of manufacturing at Kajola, for which we have awarded them the contract of about 500 million dollars to build for us rolling stock for Lagos-Ibadan.

Source: sunnewsonline

Lagos Reads Riot To Contractors, Orders Them To Complete Outstanding Projects

Contractors handling housing schemes in Lagos state have been  instructed to make to complete their tasks or face severe sanctions. 

The order was given recently by  the Commissioner for Housing in Lagos state, Moruf Akinderu-Fatai,  during a site inspection of some of the housing schemes at Sangotedo, Ajah and Lekki alongside the Special Adviser to the Governor on Housing, Mrs Toke Benson-Awoyinka, Permanent Secretary, Housing, Mr Wasiu Akewusola and other state officials.

Akinderu-Fatai, who expressed displeasure with some of the contractors, wondered why they  are yet to meet up with the accepted milestones in the contract agreement signed with the state government.

“It is sad that many of the contractors are not meeting up with our expectations  in term of timelines particularly at Sangotedo.” He said.

Akinderu-Fatai  also highlighted the consequences of delayed completion as including “deterioration of structures, need for variations in cost of schemes as well as security risks to neighbouring settlements.”

Apart from the speed of work, the Commissioner  also disapproved of the manner in which some of the  projects were  being executed without recourse to original plans approved by the government.

He said that some contractors have deviated from the original plans and have adjusted bills of quantity without obtaining consent from the appropriate authorities.

“The vision of the state is to raise the bar and set new standards in estate development and this can only be achieved when  all parties involved comply with global standards.

“The articulation of our vision for a new order as we promote the regeneration of our cities is very crucial hence non compliance is not acceptable to us “. He said .

Akinderu-Fatai further pointed out that “ the quality of homes and safety of end users are paramount considerations that can not be compromised. Changing the standards is not only dishonest but also dangerous. “

The Commissioner revealed that the site visit was to provide first hand information on the actual situation of many of the  on going housing schemes.

He disclosed that going forward some contracts will be redetermined or revoked for non -performance or non compliance with terms of agreement. He said this was necessary so that government can deliver on its mandate in the housing sector without unnecessary delay.

 

He reiterated that the commitment of government is beyond mere talk but actions will be taken to ensure that affordable and quality homes are made readily available to the people.

He also seized the opportunity to seek out opportunities for more housing schemes along the east flank of the state, saying that “the state government will leave no stone unturned in bridging the gap caused by housing deficit in the state.”

Earlier, the Special Adviser to the Governor on Housing, Mrs Toke Benson-Awoyinka advised that integrity tests should be conducted on houses  that had not been worked upon in the past five years. The Permanent Secretary Mr Wasiu Akewusola also called for a review of some of the contractors who had been on site for over five years without any progress.

Source: sunnewsonline

AIHS Visits Chairman Senate Committee on Housing on Outstanding Bills in NASS

On behalf of the Abuja International Housing Show (AIHS), a special delegation paid a courtesy call to the Chairman Senate Committee on Housing, Senator Sam Egwu on Wednesday to discuss issues regarding collaboration and the outstanding bills in National Assembly necessary for housing and construction industry development.

While giving a remark at the Senator’s office in National Assembly, the CEO and Convener of AIHS, Festus Adebayo reminded the Chairman of the Committee of his excellent performances in the area of housing when he was the Governor of Ebonyi state. He said that he remembered that as a governor, Sam Egwu did a lot to support the Ebonyi state Housing Corporation in construction of houses for the workers funded by FMBN.

According to Adebayo, it is exciting to have the Senator back in housing – a familiar terrain. He expressed his desire to partner with the committee as the voice of the Nigerian housing industry to ensure that all important bills that will aid development and investment in the real estate sector are successfully passed into law or reviewed where necessary.

Among these bills includes the foreclosure bill; review of land use act of 1978; review of Federal Government Housing Loans Board bill (FGHLB); review of the National Housing Fund (NHF) Scheme Act 1992; review of Mortgage Banks Act 1989 (subsumed in BOFIA); review of Federal Mortgage Bank of Nigeria (FMBN) Act 1993; review of the Trustee Investment Act 1962; review of the Nigeria Social Insurance Trust Fund (NSITF) Act 1993; review of the Insurance Act 2002; review of the Investment and Security Act 1999; review of the Federal Housing Authority (FHA) Act 1990; Climate change adaptation policy; Policy creating the National Council on Housing for sector regulation; Securitization Bill and other affordable housing policies.

In the instance of the foreclosure law, Adebayo said anyone interested in investing in the mortgage sector will surely want to know about the existence of foreclosure law or not.

In his response, the Chairman Senate Committee on Housing, Senator Sam Egwu commended the patriotism of the conveners of AIHS for leaving no stone unturned in ensuring a better housing and construction industry in Nigeria.

He said that the committee is ready to work with the leading advocacy organisation to ensure that the bills are all looked into and that he looks forward to the partnership which will positively reposition the Nigeria housing sector.

He said that it will be necessary for the visiting delegation to meet other members of the committee in order to facilitate more interaction and cooperation. This, he believes, will definitely enable the process that will lead to a housing sector that wouldn’t only create housing, but employment and immense contributions to the country’s GDP.

He expressed the willingness of the committee to support and work with all relevant stakeholders in the sector.

He said the committee is particularly worried about the issue of building collapse and will work with stakeholders to fashion a permanent solution to the issue.

The visiting delegation included Festus Adebayo, CEO and Convener, AIHS; Ugochukwu Chime, President, Real Estate Developers Association of Nigeria (REDAN); TPL Umar Shuaibu, immediate past Coordinator, Abuja Metropolitan Management Council.

In the aftermath of the event, AIHS and REDAN are set to collaboratively mobilise more stakeholders to work with the committee and achieve quicker and better results.

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