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Proptech firm launches crowdfunding platform

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Property technology (Proptech) firm, Propcrowdy has launched a crowdfunding intermediary (CFI) platform into the Nigerian market. The launch is sequel to approval and licensing of the platform by the Securities and Exchange Commission (SEC).

With the approval and licensing, Propcrowdy is the first platform in Nigeria authorised to perform crowdfunding business under the rules and guidelines of SEC.

Propcrowdy says it is an inclusionary crowdfunding investment platform that is set up to make it possible for individuals who earn minimum wage to access and climb the real estate investment ladder in Africa.

The Founder/Chief Executive Officer, Propcrowdy, Roland Igbinoba said: “Doing this also enables us to raise project finance for small construction and development companies,”

The startup is focusing on two main target audiences, which are Nigerians who earn from $80 to $1,000 per month. It is estimated that over 127 million Nigerians fall in this category and Small and Medium Enterprises (SMEs) real estate developers whose annual turnover is less than $5million. There are over 3,600 of these SMEs

Igbinoba recalled that SEC had recently prohibited the activities of all Agritech and crowdfunding investment platforms due to the massive failure and fraudulent activities of many of the platforms.

He said: “SEC had observed with concern the fraudulent activities of some unregistered investment crowdfunding platforms and had strongly advised the investing public against making investment with or through any crowdfunding platform not registered with the commission.

The commission, in recognition of the potentials and importance of crowdfunding platforms and the need to protect investors through effective regulation had, in January 2021, published its crowdfunding rules and requested well-intending crowdfunding platforms to register with it.”

He noted that to build investors’ confidence and trust, Propcrowdy has taken the long and hard road to securing a crowdfunding license from SEC, adding that the platform was incorporated in 2019 when there was no regulation for crowdfunding.

Igbinoba quoted Head of Product Design, Williams Omoruyi, as recognising that low income earners and small real estate businesses in Africa lack the financial capacity to scale, adding, “at Propcrowdy, we are solving the twin problems of social impact and inclusiveness for those at the bottom of the pyramid and creating wealth and economic development for small and medium sized real estate developers.”

He said that funded developers on the platform must meet Propcrowdy’s requirements of environmental, social and governance factors alongside the security and financial metrics in the appraisal and investment decision-making process.

Igbinoba emphasised that success for Propcrowdy would be measured by how much they have been able to successfully democratize real estate investments within the low and medium income category in Africa, thereby empowering them and improving their wellbeing.

He assured that their contribution to net zero and the reduction in carbon emissions is of utmost importance.

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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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