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Rental rates are rising in the border communities of Lagos.

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Rental rates in the border communities between Lagos and Ogun states, such as Ojodu-Berger, Akute, Warewa, Arepo, Magboro, and Sango, are experiencing an upward trend. A survey conducted by the Nigerian Tribune reveals that in areas like Warewa, Arepo, and Magboro, rental prices for three-bedroom apartments have surged to between N1.3 million and N1.5 million per annum, while two-bedroom units now command around N800,000 annually.

The surge in rental costs is attributed to various factors, including the escalating prices of building materials and ongoing maintenance expenses. Landlords and property owners in these localities justify the increases, citing the devaluation of the Naira and inflation, which have diminished the purchasing power of the currency.

Until the government addresses the underlying issues concerning volatile foreign exchange rates, inflation, and high building material costs, the trend of rising rental values is expected to persist. Mr. Sulaimon Agbabiaka, a landlord and agent in Alimosho, emphasizes the inevitability of rent hikes due to increased building material costs and the obligation of property owners to repay bank loans with interest.

“House rent will definitely increase because the cost of building materials has increased. Besides, the fact that many property owners secured bank loans to build and have to pay back with interest is another reason,” Agbabiaka said.

In Alimosho, rental rates have notably increased, with three-bedroom units now renting for N1 million, up from N800,000, and two-bedroom units for N1 million, up from N700,000. The demand for two-bedroom apartments in Alimosho outweighs the supply, contributing to the premium pricing.

Tunde Balogun, Co-founder/CEO of SmallSmall, highlights the repercussions of inflation and currency devaluation on rental prices. As the value of the Naira depreciates, landlords adjust rental rates to offset the reduced purchasing power, making renting properties more expensive for individuals and businesses.

“Whilst I agree that we need to give the current government some time for their policies to take full effect, sadly time is not on our side as a nation. Government needs to consider taking some drastic measures to alleviate the growing concern and frustration of the masses. It could be as little as the president addressing the nation on television at least once a week, reassuring us the citizens that things will get better, “ he said.

Going by the increase in the building materials prices, another professional, Stephen Jagun, said: ‘This already is leading to serious increase in rent.

“ It is a simple law of demand and supply. Simply put we have excess demand,” he said

According to him, the cost of construction would definitely be outrageous, adding that developers would find it difficult to recoup their investment either by selling or leasing out.

“If they want to sell, the price will embarrassingly high while rent to match the investment will be realised,” he said.

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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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