Posts in category "news"

The Lagos State Government enacted a Tenancy Law a while ago. Tenants in the State saw this as a step in the right direction. From all indications, it appears the frenzy has fizzled out and it is business as usual again. This made me to pen an article titled, "is the Lagos Tenancy Law a Paper-Tiger?". Nigeria is no doubt awash with laws, we are not lacking in them. We should endeavor to make the laws enforceable.

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We wrote a while ago that the Ogun State government recently introduced a scheme tagged, "Ogun State Homeowners Charter"  which is aimed at regularizing Property Titles in Ogun State. The exercise was initially billed to end on February 28 but has been extended to March 31st, 2014. Reports indicate that quite a good number of property owners in Ogun State availed themselves this rare opportunity to sort out their Property Titles. Typical of events in   Nigeria, people were said to be initially skeptical about the program but when they realized it was for real, there was a mad rush to benefit from the scheme.

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The Economic and Financial Crimes Commission (EFCC) on 4/3/2014, secured a court order for the forfeiture of Brifina Hotel located at plot 1106 Cadastral Zone BO2, Durumi District, Abuja. The EFCC was able to establish that the property was bought with stolen pension funds embezzled by an erstwhile Director in the Pension department of the Office of the Head of Service, one Dr. Sani Shuaibu Teidi. According to the EFCC, Dr. Teidi denied ownership of the said property but the original owner averred that the property was sold to Dr. Teidi for N339 million. EFCC's investigation confirmed that the property was acquired by Dr. Teidi using one of his front companies - Badawulu Ventures. Dr. Teidi is currently facing a 22-count charge bordering on obtaining money by false pretence, conspiring to commit fraud, concealing the origin of stolen pension funds totalling about N18.3 billion amongst others.

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The Lagos state Government is undoubtedly walking the talk with its housing g initiative called Lagos Home Ownership Mortgage Scheme (Lagos HOMS). We told you a while ago in one of our articles that Lagos HOMS will offer Lagos residents an opportunity to own their own homes through mortgage payments spread over 10 years.

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Things are really looking up in the Nigerian Real Estate sector with various Stakeholders churning out programs aimed at providing affordable homes especially for low income earners. The latest in this fray is the Federal Housing Authority (FHA) which is gearing up to commence work in different parts of Nigeria beginning with the New Town Project in Bwari, near the Federal Capital Territory, Abuja.

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Prompted by a prevalence of building collapse in Nigeria, I penned an article titled - "Stemming The Tide of Building Collapse in Nigeria". I wrote that Piece a couple of days ago not knowing another building collapse was in the offing at Enugu State. In the aforementioned essay, I sought the opinion, input of experts in identifying the causes and proffering solutions to the recurring trend of building collapse in Nigeria.

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Some folks don't just get it when we whine about the prevalence of unscrupulous property agents and property scams in Nigeria and the need for one to 'shine his/eyes well well' before parting with his/her hard earned money in the name of renting, buying a property. One hundred Lagosians have become the latest victims of a well-orchestrated property scam. In their petition to the Inspector General of Police, EFCC et al published on Nigerian Guardian Newspaper, the victims recanted how they got duped by a 'smooth talking' property developer who absconded with a total of about ₦52 million he collected from them (the petitioners). In a petition signed by the trio of Uche Arinze, Innocent Odenga and Victor Odiete on behalf of the other petitioners, the victims allege that one Mr. Sameul Adeniyi Ogundana a.k.a Prince and his accomplice, Mr. Adetayo Olatunbosin, defrauded them of the said amount under the guise of renting them apartments at No. 8, Igbesa street, off Ashimowu Bakare Street, Itire, Lagos state.

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Citing his governments desire to encourage low income Lagos residents to own homes without much stress, the Lagos State Governor, Mr. Babatunde Raji Fashola on Monday 03/02/2014 flagged off the Lagos Home Ownership Mortgage Scheme (LagosHOMS). Mr. Fashola said LagosHOMS is part of his administration's solution towards reducing the acute housing deficit in Lagos State. According to Fashola, "the economic realities had made house ownership almost impossible for most income earners". He went further to say, "for many years, our people have had to acquire houses, often times being required to pay cash once and for all, as if they were buying a shirt or a pair of shoes in a shop. This approach in part, explains why a large number of ordinary middle class and working people, cannot afford to acquire homes on the basis of their legitimate income derived from hard work. In Lagos, we are of the view that a home is not something you buy in one day, but over time in a way that your ability to acquire is tied to your income and continued prosperity".

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In one of my earlier essays, I hinted that plans were in the works by the Federal Government to introduce an encouraging mortgage regime that will be accessible to many Nigerians especially low income earners.

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Recall we wrote a while ago that a new electronic certificate of occupancy was in the offing in Lagos State. Now the deal is done.

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