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PoliticsRe: Jonathan Asks Sanusi For Royal Blessing by Dragonking: 9:02am On Jan 22, 2015
The same sanusi he sacked last year, now he is begging him for vote...Karma is really a biitch. grin

Next time Mr President, don't think you are above every citizen in the country because one day they might be the ones holding positions that can make or mar you..

PoliticsNigeria May Double VAT Due To Falling Oil Prices by Dragonking(op): 8:57am On Jan 22, 2015
The federal government plans to double its value-added tax
(VAT) and cancel government projects if oil prices continue
to slide.
Coordinating Minister for the Economy/Minister of Finance,
Dr. Ngozi Okonjo-Iweala said this in an interview with The
Wall Street Journal. According to OKonjo-Iweala, the
country is reviewing some 6,000 ongoing projects to see
which will be kept, delayed, or scrapped.
“It will be a huge exercise,” she said. If oil prices continue
to sink, it will also raise its value-added tax, which at five
per cent to 10 per cent she said.
Nigeria faces a test of whether or not it can raise revenue
and cut spending as quickly as oil prices are tumbling. The
collapse in global crude rates has arrived at a particularly
inopportune moment for Africa’s largest economy and
country by population. The government earns about 80 per
cent of its income from petroleum exports.
Also, the Central Bank of Nigeria (CBN) on Tuesday kept its
key interest rate on hold, betting that recently imposed
capital controls would be enough to arrest the damage
caused by tumbling oil.
The country’s drop in oil income has come just as spending
is rising. The country of 174 million is locked in a costly war
against Boko Haram, an Islamic insurgency that has
conquered a Belgium-sized swath of its north-east, forcing
the military to purchase new helicopters and tanks to
respond.
Next month, Nigeria will hold a general election that looks
likely to be the country’s closest ever. The cascading oil
prices had pushed the naira, to a record low N190 to a
dollar on Monday.
It is against that backdrop that the country’s finance
ministry has been trying to build a budget that reflects a
realistic assumption on where crude prices will stand.
Nigeria’s 2015 budget initially assumed oil would trade at
$78 per barrel, a projection the finance ministry cut to $73
in November and then again to $65 in December.
On Tuesday, prices for Brent crude settled just below $48
per barrel.
“We don’t know where the bottom is,” Okonjo-Iweala said.
"Should it be $50? Should it be $45? Should it be $40? Is the
bottom $30? I have no idea.”
The country, she added, will hold off on issuing a new
budget with a revised oil price benchmark until crude prices
stabilize.Also, the CBN Governor, Mr. Godwin Emefiele said
the key interest rate would remain at 13 per cent, its level
since a 100-basis point increase in November. Aside from
the recent rate increase, the bank has tested less
conventional measures to stem the local currency’s slide. In
November the bank curtailed U.S. dollar sales and bought
naira to stoke demand. But defending the naira’s peg
against the dollar has been costly. The country’s foreign
currency holdings have fallen to $34.5 billion from nearly
$40 billion in July.
The central bank had also lowered its target trading band
for the naira in November — a sign that it wasn’t able to
defend Nigeria’s currency at stronger levels.
When those measures and the rate increase didn’t check the
naira’s decline, the central bank had also moved to curb
currency speculation.
Emefiele on Tuesday defended the extraordinary measures
the central bank is using to try to stem the naira’s slide.
“We will continue to provide liquidity for legitimate
transactions, and people should stop speculative attacks on
the Nigerian currency,” he added.
"We will continue to provide liquidity for legitimate
transactions, and people should stop speculative attack on
the Nigerian currency."
But economists cautioned that those moves can’t
compensate for Nigeria’s core challenge which is to
diversify the economy away from oil revenues that fund
more than 70 per cent of the public budget.
The government’s heavy reliance on revenues from oil
production are raising concerns that the steep drop in
prices could crimp its ability to pay for overdue
infrastructure projects and fight the intensifying Islamist
insurgency. In December officials acknowledged they would
need to rein in spending by lowering the anticipated average
oil price on which the country bases its budget to $65 from
$75.
“Irrespective of the monetary policy response, the economy
will be subject to painful adjustments,” an analyst at Rand
Merchant Bank in Johannesburg, Nema Ramkhelawan-
Bhana said.
In the short term, the bank appears intent on allowing the
fresh capital control measures time to shore up the naira,
according to the chief investment officer of the Africa Fund
at Duet Asset Management, which manages more than $5.5
billion, Ayo Salami.
“It is understandable that the bank now wants to evaluate
the impact of what they have already done,” he said.
http://www.thisdaylive.com/articles/nigeria-may-double-vat-due-to-falling-oil-prices/199826/
PoliticsRe: Alleged Fraud: EFCC Probes Rivers, Kano, Others by Dragonking: 10:09am On Jan 21, 2015
It is now they want to probe when election is fast approachinghuh..when they have realised that people want change to the current status...useless efcc, useless people. mtchhheeeww
European Football (EPL, UEFA, La Liga)Re: Liverpool Vs Chelsea: Carling Cup (1 - 1) On 20th January 2015 by Dragonking: 10:38pm On Jan 20, 2015
maum:
Chelsea now playing with 3 centre-backs...Terry, Cahill and Ivanoviç and 2 full backs...na wa o. See fear
Liverpool well done
so how e take concern u if he decides to use 7 centre backshuh
European Football (EPL, UEFA, La Liga)Re: Liverpool Vs Chelsea: Carling Cup (1 - 1) On 20th January 2015 by Dragonking: 10:35pm On Jan 20, 2015
Courtois thank u
European Football (EPL, UEFA, La Liga)Re: Liverpool Vs Chelsea: Carling Cup (1 - 1) On 20th January 2015 by Dragonking: 10:34pm On Jan 20, 2015
illswift:
We shld run away with a draw, we will continue this fight another day abeg
that's why mourinho wants to park the bus with the introduction of azipequeta
European Football (EPL, UEFA, La Liga)Re: Liverpool Vs Chelsea: Carling Cup (1 - 1) On 20th January 2015 by Dragonking: 10:31pm On Jan 20, 2015
Cesar Azpiicueta is about to come on for the Blues,
Willian the player making way.
European Football (EPL, UEFA, La Liga)Re: Liverpool Vs Chelsea: Carling Cup (1 - 1) On 20th January 2015 by Dragonking: 10:23pm On Jan 20, 2015
Come on Chelsea!
European Football (EPL, UEFA, La Liga)Re: Liverpool Vs Chelsea: Carling Cup (1 - 1) On 20th January 2015 by Dragonking: 10:11pm On Jan 20, 2015
mukina2:
c'mon liverpool!!!! grin
Sharraaap.
European Football (EPL, UEFA, La Liga)Re: Liverpool Vs Chelsea: Carling Cup (1 - 1) On 20th January 2015 by Dragonking: 9:07pm On Jan 20, 2015
mukina2:
my CD don lose angry
you must find am because u go dance for Chelsea fans today...sekem sekem sekem...grin
European Football (EPL, UEFA, La Liga)Re: Liverpool Vs Chelsea: Carling Cup (1 - 1) On 20th January 2015 by Dragonking: 9:04pm On Jan 20, 2015
mukina2:
Goal hazard
oya dance for me...sekem sekem sekem..grin
PhonesRe: Whatsapp Banned Me For 24hours by Dragonking: 8:41pm On Jan 20, 2015
Wetin make we come do nowhuh
European Football (EPL, UEFA, La Liga)Re: Liverpool Vs Chelsea: Carling Cup (1 - 1) On 20th January 2015 by Dragonking: 8:06pm On Jan 20, 2015
Chelsea team v Liverpool: Courtois; Ivanovic, Cahill,
Terry (c), Filipe Luis; Matic, Mikel; Willian, Fabregas,
Hazard; Diego Costa

Subs v Liverpool: Cech, Zouma, Azpilicueta, Ramires,
Oscar, Remy, Drogba. #CFC
PoliticsRe: Nigeria's Current Petrol Pump Price Better Than That Of The USA by Dragonking: 7:38am On Jan 20, 2015
DONOCSO:
As I read the title, wetin commot for my mind na thunder fire you! Thank God say I no talk am.
In fact, I wanted to say make God punish the OP..how on earth can someone compare the standard of living in Nigeria to that of the USA..the op needs a brain transplant asap.
InvestmentRe: Nigerian Stock Exchange Market Pick Alerts by Dragonking: 10:59am On Jan 19, 2015
i see more green today..@myjoy08 are we expecting a mini bull anytime soon?
Foreign AffairsNiger Death Toll Rises After Cartoon Protests by Dragonking(op): 11:29am On Jan 18, 2015
The president of Niger says at least 10 people have been
killed in two days of violent protests over a French
publication’s cartoon depicting Prophet Muhammad.
President Mahamadou Issoufou said that five people died
after demonstrations in the capital city of Niamey on
Saturday. The victims were inside churches and bars that
were set ablaze, he said.
The deaths came after at least five people were killed in the
town of Zinder on Friday after prayer services there.
The violence erupted after the French satirical
weekly Charlie Hebdo published a new cartoon depicting the
Prophet Muhammad. The issue, published on Wednesday,
was the first following a January 7 attack on its
headquarters that left 12 dead.
Police fired tear gas at crowds of stone-throwing youths
who set fire to at least six churches and looted shops in
Niamey on Saturday after authorities banned a meeting
called by local Islamic leaders. A police station was
attacked and at least two police cars burned.
Police sources told Reuters that two charred bodies were
found inside a burned church on the outskirts of Niamey,
while the body of a woman was found in a bar. She was
believed to have been suffocated by tear gas and smoke,
they said.
“They offended our Prophet Muhammad. That’s what we
didn’t like,” protester Amadou Abdoul Ouahab said.
“This is the reason why we have asked Muslims to come,
so that we can explain this to them, but the state refused.
That’s why we’re angry today.”

http://www.punchng.com/news/niger-death-toll-rises-after-cartoon-protests/?utm_source=twitterfeed&utm_medium=twitter
CelebritiesRe: Chika Ike Bares Her Belly Button In New Photo by Dragonking: 10:42pm On Jan 14, 2015
we can all see the reason why chika ike was desperately seeking for a divorce... if she was still married her husband wouldn't allow such and no politician will come and fvck for for money..useless.
InvestmentRe: Nigerian Stock Exchange Market Pick Alerts by Dragonking: 11:54am On Jan 14, 2015
kotlass:
You be poet? grin grin

Transcorp Hotel IPO recorded c.50% subscription and Oando rights issue to end today (if I'm not mistaken). Market does not give a heck about those kinds of information this season. cheesy cheesy No news good enough to excite the market. sad sad
has access bank rights issue ended too? just asking.
InvestmentRe: Nigerian Stock Exchange Market Pick Alerts by Dragonking: 11:14pm On Jan 13, 2015
kotlass:
The ojoro wey dey happen with Dangcem price eh! shocked shocked shocked
I think say na only me see am..NSE I hail thee.
EducationRe: New Federal Universities Built By Gej And Their Structures - Photos by Dragonking: 1:27pm On Jan 13, 2015
GEJ is working!!!! grin grin grin

APC you see ya life

RomanceRe: Relationship Mistakes You Must Avoid In 2015 by Dragonking: 12:24pm On Jan 13, 2015
This thread no go reach page3 the way e dey crawl so.

PoliticsRe: Buhari Is Number One Enemy 0f Yoruba People – Minister Of State For Works by Dragonking: 12:17pm On Jan 13, 2015
So the yorubas are still slaves to the fulanis/Hausa..Chiaaaa!!!!

RomanceRe: These Parts Of A Lady Is A Complete Turn Off To Me. Am I Normal? by Dragonking: 5:45pm On Jan 12, 2015
Baddestguyp:
I need the link to that thread cool
I know the thread the op is referring to, but men those ladies azzes are biggggg..
Christianity EtcRe: Christ Embassy Faces A N1bn lawsuit After Pastors Beat Church member To Coma by Dragonking(op): 3:29pm On Jan 12, 2015
Mods pls help me afix the website..it is hidden when I paste it.
Christianity EtcRe: Christ Embassy Faces A N1bn lawsuit After Pastors Beat Church member To Coma by Dragonking(op): 3:29pm On Jan 12, 2015
.
Christianity EtcRe: Christ Embassy Faces A N1bn lawsuit After Pastors Beat Church member To Coma by Dragonking(op): 3:16pm On Jan 12, 2015
“My staff, Daniel confronted the Pastor and asked
him why he should push me that way requesting to
know if he wanted to kill me. At this point, Pastor
Dave ordered his colleague, Pastor Ayo and the
security men to throw us out of the Church
premises.
“The Pastor pounced on Daniel, aided by some
other pastors and members of the Church who
came out in droves to beat him up. I received my
pound of beating when I attempted to rescue Daniel,
whom six ordained pastors of Christ
Embassy,Church staff and security held down and
threatened to murder. At this point, two security
men were in possession of firearms while one of the
pastors continually poured a white substance
suspected to be a tranquilizer on his face to subdue
him. This they did with all enthusiasm and
recklessness.”
Speaking further, the battered woman averred that,
while screaming for help in the middle of an
estimated 20-man mob squad of Pastor Chris
Oyakhilome’s church, a female member was also
beating her repeatedly.
“My production manager, Ms Ayo and an Abuja
Church member, Sister Nonye, who recognised me,
helped to rescue me from the Christ Embassy
monster squad. In an attempt to record the incident,
one of them grabbed my phone and smashed it to
the ground beyond repair.
“I headed for the Alausa Police station where I
made a formal complaint”, said U-cheena amid
sobs and tears.
At the Alausa Police Station, she was subsequently
given a letter to go to the hospital where she was
treated.
U-cheena added that the CSO to Pastor Chris
Oyakhilome, Deacon Ik came with Pastor Dave to
give his statement along with Pastor Ayo, who
assaulted her and her staff.
They were eventually detained alongside some of
the pastors involved in the head-shaking assault.
U-cheena, who until the unfortunate incident was a
full time member of Christ Embassy vowed to press
charges until she got justice as well as pursue the
civil aspect of the matter before a Court of
competent jurisdiction.
Already, she said she had briefed her lawyers to
commence the process of instituting legal action
against Christ Embassy and Pastor Dave.
Speaking to our reporter on phone, Counsel to U-
cheena, described the actions of the Church as an
act of barbarism, cowardice, inhumane and
dehumanization of his client.
He noted that U-cheena is a devoted Christian, a
married woman and the MD of Eventz.com Limited.
He said he was shocked when he received a call
from his client saying she was physically assaulted
by Christ Embassy Pastors.
He added that already the Commissioner of Police
of Lagos State had been informed and that a
thorough investigation was currently ongoing to
bring the perpetrators to justice.
He adding that his chambers was already preparing
to file a civil suit against the Church for assault and
battery and breach of Contract.
“We have taken the right step. The church is being
sued for N1bn damages,” the counsel said.
Efforts to obtain comment from the church could
not yield any result as their phones could not be
reached as at the time of this report.

http://www..com.ng/index.php/more-news/religion/item/1584-christ-embassy-faces-a-n1bn-lawsuit-after-pastors-beat-church-member-to-coma-photos

SOURCE: E(R)EPORTER.COM.NG( type it in the space after www and remove the bracket from r)

Christianity EtcChrist Embassy Faces A N1bn lawsuit After Pastors Beat Church member To Coma by Dragonking(op):
There is an ongoing ‘war’ between U-cheena,
Producer of Destiny Child Gospel Talent Hunt and
Chris Oyakhilome’s led Christ Embassy Church as
the former is pressing charges against some
Pastors as well as staff and security of the Church
for assaulting her and one of her staff, Mr Daniel.
She had also briefed her team of lawyers who are
currently preparing to sue the Ministry in an epoch
making case in the history of Christianity in Nigeria,
thus demanding a whooping sum of N1bn
compensation from Christ Embassy for assault,
battery and breach of contract.
Recall that the church has been triggering social
media attacks following the recent marital clash
between the founder, Chris Oyakhilome and his wife,
Anita, which led to the ministry pulling off anything
connected with Pastor Anita on both the Ministry’s
website and that of Pastor Chris due to some
marital differences.
It was gathered that problem ensued after U-cheena
rented out her LED screens to the church for the
ongoing IPPC program in Lagos.
Findings revealed that U-cheena’sCompany
“Eventz.comLimited” rented out its LED screens at a
90 percent discount to the church for a barter
arrangement and the Church to bare logistics cost.
Little did U-cheena know that her magnanimity to
forego millions of naira in return for the Love World
Studio which ordinary cost’s N1,000,000 will turn
into a thing of reproach, embarrassment and
agonizing pain for her.
In a clear case of paying good back with evil, U-
cheenagot more than she bargained for as she was
beaten blue back by some top pastors of Christ
Embassy Church ordained by Chris Oyakhilome
during a squabble that ensued for daring to ask for
her full payment before leaving Christ Embassy
with her equipment.
Speaking to journalists on Saturday afternoon at
the Alausa Police Station, a visibly battered U-
Cheena said she was still in shock that people who
claimed to be men of God could be so heartless by
assaulting a married woman.
Explaining how it all started, U-cheena said, “We
gave out LED screen to the church for IPPC
programme at a 90 percent discount. However, just
two days into the programme, I received a call from
one of my staff Daniel, who informed me that one
of my LED screens got blown from a power surge.
“When I heard it, I took the next available flight from
Abuja to Lagos on Thursday 20th November 2014
to arrange another screen to ensure that we kept to
our side of the bargain. Little did I know that my
generosity would turn out to be my biggest
undoing.”
According to her, “Upon arranging for another LED
screen for the Church, I informed those in charge
that I must get a full payment of the agreed sum for
logistics before I can power the screen on for the
programme. They appealed to me to power it as
payment will not be a problem.
“When their insistence that I power the screen did
not yield any results, they called the Zonal Pastor of
my Church, Christ Embassy Abuja, Pastor Chidi to
prevail on me to go ahead and power the screen.
They went to the extent of involving my Mum,
Pastor Duchess, who is also a Pastor with the
Church to prevail on me.
“At this point, I conceded and powered the screen
on and was there to ensure that everything went
well until after the programme which ended at about
5pm.
“I was in shock when Pastor Dave approached me
and my staff and said ‘we are only going to pay you
for one day only. Go and tear down your screen
immediately and give me your invoice.’ I said to him
‘but that is not fair.’
“He got enraged at this point, ordered me out of the
Church premises and walked towards his office. I
told him I was not leaving until I got my full
payment and followed him towards his office as
well. He banged the door of his office right behind
me. When I attempted to open the door to enter his
office, one of the Pastors who was listening to our
conversation, Pastor Ayo, pushed me from the door
and I fell thunderously to the ground.
PoliticsAPC Will Plunge Nigeria Into Civil, Religious War –fayose by Dragonking(op): 8:27am On Jan 10, 2015
Ekiti State Governor, Mr. Ayodele Fayose, has described the
All Progressives Congress as capable of causing chaos in
Nigeria with the statements being made by its leadership.
Fayose, in a statement made available to Saturday PUNCH
on Friday, blamed the APC for what he called a “campaign
of hate.”
He described the APC presidential candidate, Maj. Gen.
Muhammadu Buhari, as an “Islamist who is out to return
power to the northerners and implement Islamic agenda.”
He said this could trigger crisis in the Niger-Delta area of
the country in the South-South, where President Goodluck
Jonathan of the Peoples Democratic Party hails from.
Buhari, on the other hand, is from the North-Western part of
the country.
Jonathan, Buhari and 11 other candidates will vie for the
presidential seat at the polls in February, 2014.
He said, “The APC as a party is saying that it will form
parallel government if Buhari loses, implying that the party
has admitted defeat and is ready to throw the country into
chaos.
“The APC people are already telling Nigerians what will
happen after the election if President Jonathan wins.
“This campaign of hate from the APC has now triggered a
kind of reasoning in the mindset of other stakeholders,
especially the Niger-Delta people, who see the Goodluck
Jonathan presidency as their turn, with the reality that, if
Buhari wins, there will be crisis in the Niger-Delta, the area
that produces the resources with which Nigeria is
sustained.
“If the Niger-Delta region erupts in crisis and the Igbos in
the South-East return to the old antics and decide to secede,
what happens to the North that can only contribute between
three to five per cent to the economy of Nigeria?
“Is it not a fact that Boko Haram is a Northern insurgency
that is linked to the Northern elements, but now being used
to blackmail President Goodluck Jonathan? Will it surprise
anyone if the Niger-Delta people of the South-South and the
Igbos in the South-East call the bluff of the North and
secede?”
He said, “The reality is, if care is not taken, the end of the
election might be secession or religious war, aside from the
global economic crisis, which is a cold war on its own.”
The National Publicity Secretary of the APC, Alhaji Lai
Mohammed, in a telephone conversation with one of our
correspondents, said people should stop comparing Buhari
when he was a military ruler to the Buhari that is vying to
become democratically elected the Nigerian President.
“You cannot compare who Buhari was when he was a
military ruler to a civilian who he is today,” he said.

http://www.punchng.com/news/apc-will-plunge-nigeria-into-civil-religious-war-fayose/
PoliticsRe: Elections: Politicians Sell Property To Raise Funds by Dragonking(op): 8:22am On Jan 10, 2015
“If you go to areas like Banana Island in Ikoyi, Ikeja GRA,
Lekki Phase 1, and so on, you will see a number of property
for sale there. Some of them have been there for a long
time while some are new, but these are highbrow areas
where only the rich and politicians can afford to buy
property and their prices are falling.
An estate surveyor and valuer in Lagos, Mr. Stephen Eze,
also confirmed that there were more property for sale in the
market because of the need by some politicians who own
some of them to raise money to fund campaign.
He, however, said there were few buyers because of the
harsh economic situation in the country.
Eze said, “Don’t also forget that some of these aspirants
would be affected by the fall in the price of oil, maybe
through the contracts they would have secured from
government. Since they need to raise money at all costs,
selling their property would be an option, more so that some
of them have more than one.
“That is also why we have many properties for sale in
places like Ikeja GRA, Banana Island Estate, Parkview
Estate, and so on. My opinion is that the upcoming
elections have further worsened the crisis in the property
market because of the availability of properties with no
ready sellers.”
Many of the real estate firms in Ogun State were reluctant
to talk about their clients who are politicians and who are
opting to sell their property.
But after much pressure, some of them said politicians
indeed sold their landed property during this election period.
A property consultant, who did not want his name
mentioned, told one of our correspondents that a senatorial
aspirant who lost in the primary planned to sell his plum
property in Ibara area of Abeokuta for N50m.
The consultant said no buyer was ready to pay for the
property because the price was high.
He said, “The politician is now ready to sell the same
property for N40m.
He said, “The politician has spent so much money to fund
his political ambition but he did not win the primary.
“Now he is broke and he is ready to sell his property to
raise money.”
The Managing Director, Olushina Toki and Co, Ilorin, Mr.
Shina Toki, said some politicians in Kwara State had been
selling their property even before the political parties’
primaries.
According to him, more politicians are offering their
property for sale in preparation for the next poll.
Though prices of property in Kwara State have been
fluctuating, Toki said that it had gone up since the
electioneering activities peaked.
Toki said, “There are politicians selling their property. It is
not peculiar to Kwara; politicians do it even abroad.”

http://www.punchng.com/news/elections-politicians-sell-property-to-raise-funds/
PoliticsElections: Politicians Sell Property To Raise Funds by Dragonking(op): 8:21am On Jan 10, 2015
In a desperate bid to raise funds ahead of February general
elections, politicians seeking or sponsoring candidates for
elective posts have started selling their property in major
cities of the country such as Lagos, Abuja and Port
Harcourt.
Investigation by Saturday PUNCH revealed that the
development had crashed property market value as the
politicians reduced the cost of their property by between 50
per cent and 100 per cent just to raise money for campaign.
In Rivers State, a Port Harcourt-based estate practitioner,
who simply identified himself as Nonye, confirmed to one
of our correspondents that many property, especially those
in Old GRA, had been put up for sale by some politicians.
According to him, there has been a sharp increase in the
sale of property by politicians, who ostensibly need money
to woo voters for support.
He specifically said a former governor of the state sold
some of his property in order to assist some politicians
seeking elective positions.
According to him, the politicians’ desperation to sell their
property began in August, 2014 and peaked the following
month.
Nonye said, “There are many politicians who are selling
their property. While some of the property have already
been sold, others are still waiting to be sold. The rush to sell
the property started in August and increased in October,
2014. These property are owned by politicians. The
property are mostly in Old GRA and New GRA in Port
Harcourt.
“One of the governorship aspirants sold one of his property
while a former governor has sold about three of his houses
to support a politician that is currently seeking election.
“The politicians selling their property cut across the Peoples
Democratic Party and the All Progressives Congress.
“One of the governorship aspirants also put up his eight
plots of land for sale in the Old GRA and an aspirant from
Andoni Local Government Area has offered to sell a duplex
in the New GRA.”
On the value of the property on sale, Nonye explained that
while a two-story building could go as high as between
N250m and N300m in a high-brow area like New and Old
GRA, the same property could go for between N20m and
N50m in other areas.
Another estate agent, Bright Osakwe, told Saturday PUNCH
that more property were currently put on sale than in 2013.
Bright said estate agents observed that most of the
property that were currently on sale belonged to top
politicians.
According to him, some of the property go for as high as
between N50m and N60m depending on the size and
quality of the building.
He said most of the politicians have their buildings in places
like GRA, Ada George and Shell Industrial Area.
Bright noted that the politicians would not show up to
negotiate with would-be buyers until they were sure that
serious customers had indicated interest in acquiring the
property.
He said, “The politicians are selling their property now
compared to what it used to be two years ago. We noticed
an increase in the level of property that are put up for sales,
though the politicians don’t show up until a buyer shows
serious interest in buying such property. The property are
mostly houses and you are aware that when you buy the
building, the land follows it.
“Some of the buildings owned by politicians that have been
put up for sale are around Ada George, Old GRA and Shell
Industrial Area. Some buildings owned by these politicians
are also located on D-Line. While some are put up for sale
at N50m and N55m for one story building, others place the
price of their property at N60m depending on the location,
size and quality of the property. In fact, you can see
property of N25m. It depends on the size and location.”
Real estate agents in the Federal Capital Territory told
Saturday PUNCH during separate interviews that a lot of
buildings had being offered for sale but there were “no
buyers.”
The Chairperson, Real Estate Developers Association of
Nigeria, FCT Chapter, Mrs. Binta Ibrahim, said the coming
elections were a major reason for the fall in prices of
buildings in the nation’s capital.
She said, “The issue has to do with the economy, but
politicians equally are selling their property. So, I will say it
is both ways; the economy and the next general elections.
“If you go round Abuja, you will see that a lot of property
are put up for sale, even those that are being put up for
rent, people are not patronising the developers and owners.
“With the approaching elections, and the less circulation of
funds as before, the politicians are desperate to come back
and they have to sell off their property. So, if you look at it
from the investors’ angle, you will see that the investors
now have a good deal because of the way politicians are
selling their estates at give-away prices.”
Ibrahim noted that the development was not favourable to
fresh investors as would-be real estate dealers lacked
liquidity to cash in on the sale of buildings at lower prices
by politicians.
She said, “Because there is no money, the development is
affecting both the politicians and fresh investors. For
instance, you will see a property that you are supposed to
buy for N100m going for N60m and people don’t have that
N60m to take the opportunity.
However, a few persons are cashing in on this, but to
majority of us, it is not a good time.”
Speaking also on the development, the Managing Director/
Chief Executive Officer, Woods and Bricks Limited, Mr.
Andy Elerewe, cited an instance where a politician from one
of the northern states placed one of his houses up for sale
and dropped the price by over 100 per cent but still could
not find a buyer.
He said, “Somebody has a property to sell in Maitama,
Abuja. As at about a year ago, he was saying he would sell
the property at N1.4bn, but last November, the man said he
was ready to sell the same property for N600m. And we
have not even seen people who will buy the property.
“The man is interested in contesting in the next general
elections. I can confirm to you that the elections are really
making politicians to drop prices of their property.”
Another real estate consultant in Abuja, Mr. Ade Adenigbo,
while speaking on how politicians have been offering their
property for sale to raise money for election, agreed that
events in the property market had shown that apart from
the economic crisis caused by slumping oil prices, more
properties are increasingly becoming available in the
market due to the coming elections.
Adenigbo said, “Usually, about six months to elections,
more property are up for sale by politicians so as to raise
funds for campaigns.
“I can confirm to you that there is a surge in the availability
of property that are offered for sale in the market now and
the location of such property suggests that some of them
belong to the politicians.
“If you go to some major streets in Abuja now, you would
see about 10 property for sale before you would see three
for letting. So, in Abuja currently, it is more of sale than for
letting because of the politicians’ desperate need for cash.
“In places such as Asokoro, Wuse II and Maitama where
politicians and wealthy businessmen reside, it may not be
wrong to say that some of the property put up for sale in
those areas belong to politicians.
“Out of 100 property for sale in the highbrow areas, more
than half may belong to politicians, and maybe the rest for
private individuals, developers, businessmen, expatriates,
and so on, and most of them are finding it difficult to get
buyers because of the cash crunch.
“In fact, somebody gave me a duplex to sell in Abuja few
months ago, and ordinarily, that property would have cost
about N180m, but the person told me to accept N100m if
any buyer offers such.
“Two weeks ago, he called to say I should accept N90m if
there is any willing buyer because he ‘needs money for
election.’”
Adenigbo explained that some private individuals capitalise
on the situation to own property they would not have been
able to afford.
He said, “Some people specifically keep their money for a
time like this to get good houses at a cheaper price,
especially from politicians who spend lavishly on houses
and are ready to dispose them quickly.
“There is a house in Gwarinpa that was to be sold for
N170m sometime ago, for about three months now, the
owner is ready to dispose of it for N100m because he
desperately needs money.”
Another estate consultant in Victoria Island, Lagos, Mr.
Bunmi Ajayi, disclosed that even though he would not be
able to disclose the owners of some of the property that
have been newly introduced to the market for sale, a
number of them are on distress sale because the owners
“need the money for elections.”
He said some people who had previously offered their
property for letting had now put them up for sale to make
quick money or raise some for the election.
CrimeRe: Man 25 Arrested For Raping 85-Year-Old Great-Grandmother In Ekiti (Pictured) by Dragonking: 10:24pm On Jan 08, 2015
Why do these set of people love raping women!!! both young and old they are known to rape..I wonder the fun he had while doing so.
InvestmentRe: Nigerian Stock Exchange Market Pick Alerts by Dragonking: 11:27am On Jan 08, 2015
kotlass:
FCMB at N2.01, cheapest banking stock according to my spreadsheet. Loaded grin Fingers crossed.
I bought access and already sitting on N0.44k gain grin

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