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Encouraging the diaspora to consider investing in Nigeria’s real estate sector

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Ambassador Obioma Nzewuji, the Charge’d Affaire at the Nigeria High Commission in Canada, has encouraged Nigerians living abroad to invest in Nigeria’s real estate sector to help address the significant housing shortage in the country. By doing so, they can support the government’s initiatives to meet the housing demand and reduce the housing deficit. This message was conveyed during a virtual event organized by the Nigerian and Canadian Business Network over the weekend.

The event also had in attendance NCBN Ottawa President, Apostle Cornelius Babalola; NCBN Toronto President, Wale Rabiu, and NCBN Chairman, King Wale Adesanya.

Speaking extensively on the opportunities in Nigeria’s housing sector, the acting high commissioner said: “Nigeria has a wide gap of housing deficit. The biggest opportunity lies in the provision of low-cost and affordable housing. This is one area that investors can actually take advantage of.

“It is possible, from our findings, to use technology to deliver housing with speed and efficiency. There are prospects for collaborating with state governments and the private sector.

"There’s also a growing demand for mortgage-driven property financing across the major income space in Nigeria which could offer opportunities in property financing.

“I should advise that you carry out your due diligence in collaboration with the Nigerian High Commission’s institutional support.”

Also speaking at the event, the Chief Executive Officer of Pelican Valley Nigeria Limited, Babatunde Adeyemo, declared that, despite her challenges, Nigeria remains a beautiful country with boundless opportunities for the citizens, especially the youth, to tap into.

Speaking on “About Real Estate Project and how the Diasporas Can Invest in it,” outlined that the pathway for successful real estate investment in Nigeria must be premised on due diligence, value addition, gaining and sustenance of trust, as well as patience.

He also highlighted Pelican Valley’s government-approved developments and affordable housing solutions as some of the innovations standing Pelican Valley out positively from others.

The chief promoter of Pelican Valley Estate, Laderin, Pelican Brief Estate, Pelican Ecostay Apartments, and Pelican’s Greenish Acres Farm Estate in Kobape, Ogun State, said: “People in the diaspora have funds to invest in real estate but where most of them get it wrong is the failure of getting the right platform to invest their money in and that has been a clog in the wheel of progress of both Nigerians at home and abroad who want to invest in the real estate industry.

“Pelican Valley Nigeria Limited is here to change the narrative. I believe there is nothing bad in us starting to remould the ideology now; it is never too late. I am a strong believer in remodelling ideology and I believe we can start to change the narrative.

“To be in real estate in Nigeria is not that difficult in as much you can follow some steps and principles such as due diligence, adding value, buying time for your property to appreciate and goodwill. And you can also explore our open doors to see things for yourself.”

Other speakers at the event are Ken Oguzie, Lady Kay, Badewa Williams, Dr. Olakunle Ibitoye, Dr. Chris Brooks, and Dr. Olumide Oladipo.

During the session, Oguzie facilitated the connection between Nigerian and Canadian businesses by showcasing investment opportunities. King Ade expressed appreciation for the participants and speakers, emphasizing the importance of collaboration between businesses from the two countries. Lady Kay and Dr. Chris Brooks reiterated the significance of partnerships, while Williams invited attendees to participate in the upcoming Nigerian Diaspora Investment Summit set for November 2024.

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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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