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“Dangote Refinery Sparks Ibeju-Lekki Real Estate Boom and Investment Opportunities”

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Located in Lagos, Nigeria, Ibeju-Lekki is experiencing a remarkable evolution that is attracting investors and potential homeowners. Leading this wave of development is the Dangote Refinery, a massive project set to redefine the economic terrain. This piece delves into the significant influence of the refinery on Ibeju-Lekki’s real estate sector and the budding prospects for investors and residents.

Once overlooked, Ibeju-Lekki, nestled along the Lekki Peninsula, has experienced rapid development since the inception of the Dangote Refinery. Expected to be Africa’s largest, the refinery has spurred economic activities, turning the suburb into a thriving hub.

The Dangote Refinery has triggered substantial economic growth in Ibeju-Lekki, creating a surge in job opportunities. With a projected daily refining capacity of 650,000 barrels, the refinery has increased the demand for housing, driving up real estate values in response to the growing workforce and ancillary businesses.

In anticipation of increased economic activity, both governmental and private investments have flowed into infrastructure development in Ibeju-Lekki. Upgraded transportation, new roads, and improved power and water systems have enhanced livability, contributing to the area’s appeal as a prime real estate destination.

The swift expansion offers attractive prospects for real estate investors. The increased desire for residential, commercial, and industrial properties has resulted in a notable rise in property prices. Savvy investors are capitalizing on this trend by purchasing land and properties, anticipating future value appreciation.

Moreover, the Dangote Refinery’s presence has attracted multinational corporations and industrial projects, further boosting the demand for office spaces and industrial facilities, creating additional avenues for real estate investment.

Alongside upscale advancements, Ibeju-Lekki is also attending to the requirement for cost-effective housing choices for the refinery’s employees. Private developers and governmental bodies have launched affordable housing programs, striving to harmonize lavish developments with inclusive housing options catering to various income brackets.

The commencement of the Dangote Refinery signifies a pivotal transformation in Ibeju-Lekki’s real estate scene. The economic upsurge, propelled by the refinery and related sectors, has spurred job creation and infrastructure enhancement. Investors are leveraging the escalating property prices, while endeavors are in progress to deliver a range of cost-efficient housing alternatives. As the refinery approaches finalization, Ibeju-Lekki emerges as a central investment hub and a desirable residential destination for the coming years.

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Lagos schedules meeting with owners of distressed buildings.

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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.

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FG threatens contractors over Enugu-Onitsha road delay

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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.

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Ekiti state government mediates land dispute between traditional ruler and family in Epe-Ekiti

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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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