News
Average rent hits N720,000 in Lagos, 10 states
The median rent of a three-bedroom apartment in Nigeria has reached a new high of N750,000, findings by The PUNCH have revealed.
A comprehensive evaluation of the average rent of a three-bedroom apartment across 15 major cities in the country, with prices sourced from propertypro.ng and estate agents, showed that the cost of a three-bedroom flat in Lagos, Abuja, and Port Harcourt went as high as N1.5m per annum.
Minna, Lokoja, and Ilorin were some of the major cities with the lowest rental rates in this category, with a three-bedroom flat going for as low as N300,000 in Lokoja.
Other major cities covered in the survey were Jalingo, Asaba, Keffi, Enugu, Makurdi, Uyo, and Gusau.
Average market rent represents the equidistant rent, by unit type (types of flats) as determined in the annual survey of rents for a given period. The survey aggregates average rates in different parts of a geographical locale with a view to striking a mid-point between the highest and lowest rental rates.
Experts have attributed the increase in rental rates across the country to a rise in the cost of building materials and maintenance.
According to a Lagos-based realtor, Michael Ajibola, real estate developers have had to weather an aggressive surge in the cost of doing business.
He said this has made property developers hike rents as they need to recoup costs and maintain profit margins.
He said, “In terms of affordability, I work with some of these developers, and the only thing you hear is that there is nothing like affordability in property. That is what you hear these days.
“You cannot blame this. It boils down to the dollar and how it affects some of these construction projects. For median rent, Lagos is a peculiar place. But if you are looking at the six geopolitical zones, rent is not affordable anywhere. So, people have to go the extra mile (to pay their rent) and this is really causing a strain.”
Ajibola further stated that with the current economic conditions, estate developers have prioritized constructing for high-income earners at the expense of the masses.
He urged the government to initiate more housing schemes that would benefit low-income earners.
Similarly, an Enugu-based estate agent, Philemon Nweze, noted that rental rates in the state have increased by over 50 percent in the past three years.
Also speaking, a source in a firm that manufactures aluminum doors and windows, who pleaded anonymity, said a harsh business environment occasioned by lack of ability to access forex and other challenges had led to the increment of the price of building materials.
News
Lagos schedules meeting with owners of distressed buildings.
The Lagos State Government has said it would soon arrange a meeting with developers/owners of distressed buildings on how best to address the redesign and remodelling of such structures by November.
This was disclosed recently by the Commissioner for Physical Planning and Urban Development, Oluyinka Olumide, at a function in Alahusa, Lagos.
Olumide said the prevalence of distressed buildings in different parts of the state was worrisome and needed the urgent attention of all stakeholders.
He said, “The Ministry of Physical Planning and Urban Development as mandated by the Lagos State Urban and Regional Planning and Development Law, 2019, as amended, was willing to extend its responsibility for approving the remodelling of existing buildings to provide technical assistance to developers and owners of distressed buildings, especially on the design and remodelling of such buildings.
News
FG threatens contractors over Enugu-Onitsha road delay
The Federal Government has instructed the contractors responsible for the 107km Enugu-Onitsha road dualization to expedite the project.
This directive was given by the Minister of Works, Senator David Umahi, during a meeting with MTN, the Enugu State Government, and the contractors, RCC Ltd and Nigercat Ltd, on Friday.
According to a statement released on Friday, the minister said he is disappointed over the slow pace of work on the project, he said, “Let me express my disappointment over the slow pace of work on that project. It is one of the worst roads in this country.
“Everywhere we have diversion; diverting from the one that RCC and Nigercat had completed, the contractors are not kind enough to even put stone based on the diversion points.”
He added, “So, by the reason of the launching of our Operation Free our Roads, it is now a violation of the policy on the side of the controllers and directors of the Federal Ministry of Works where we have vehicles falling on any project that is ongoing or where there are potholes on our roads.”
He also blamed the sufferings of road users on the lack of commitment and insensitivity of the contractors.
“The public must know that the President’s intention is not for them to suffer while trying to fix the roads, and it is their right to insist that contractors should fix the roads that they are engaged on,” he said.
The Minister commended the Enugu state government for their resolve to fund the construction of a 20 KM section of the road and expressed hope that MTN would execute the second phase of the project.
He noted, “Why the Enugu State government is intervening is because of the slow pace of work by the contractors and because of funding issues. The essence of tax credit is for funds to be made available. And so, I don’t see RCC going to keep their promise to finish this project in 6 months.
“My advice to MTN is to look for another contractor within that axis if they want to get the job done. Division of labour is even the best. While they are doing the road, and if Nigercat is doing a good job, you can give them greater scope to do if you want to finish that job.”
He warned contractors that the Federal Government would not accept phased handovers of projects and has phased out Variation of Price in contract administration.
News
Ekiti state government mediates land dispute between traditional ruler and family in Epe-Ekiti
The Ekiti State government has intervened to resolve a longstanding land dispute between the Elepe of Epe-Ekiti, Oba Ayodele Adesoye, and the Atolagbe family. The government cautioned against the misuse of modernization as an excuse to disregard traditional customs.
In line with the community’s traditions, the government has ordered the release of resources, including palm trees at Oko Oba Farmland, to Oba Adesoye for his administration. This decision ensures the continued adherence to age-old practices.
Ekiti State Deputy Governor, Chief (Mrs) Monisade Afuye, announced the resolution in Ado-Ekiti. The decision was made after considering the Elepe’s claim to Oko Oba Farmland based on historical evidence.
Mrs. Afuye acknowledged the Elepe’s right to be the custodian of Oko Oba Farmland, citing longstanding traditions that support his claim. The decision reflects the importance of respecting historical practices and ensuring their preservation.
The deputy governor, however, told the monarch in clear terms that other princes and princesses from all the three ruling houses should be allowed to farm on the land without payment of royalty.
Mrs Afuye appealed to the community to comply with the government’s position to restore unity, peace and orderliness to the beleaguered community.
Oba Adesoye expressed gratitude for the government’s decision and pledged to foster peace and unity between the throne and the community, aiming to accelerate Epe’s development.
Representing the Atolagbe family, Dr. Yemi Agbeleoba acknowledged their willingness to cede Oko Oba Farmland to the monarch. However, he emphasized the need for all three ruling houses to participate for a lasting and traditional solution.
Agbeleoba expressed appreciation for the government’s directive, believing it will contribute to resolving the long-standing conflict.
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