₦airaland Forum

Umarzy:
The Materials used in the building will likely gulp most of the cost.. They are costlier than each other...Furniture also. But, i don't think it should be up to that amount. Too much of an hyperbole.

Considering your budget for a five bedroom, you can't actually calculate for the foundation. Because, it depends on the Soil bearing capacity. A soil test may be needed to be carried out so as to really determine what is required. Some lekki lands requires Raft Foundation, but if swampy, requires Pile Foundation.

The architectural design of the structure also matters. It is what defines the cost. You can achieve all those spaces in the building, with Comfortability and Functionality. Check My Signature.

Bottom line : Your estimate (based on rough analysis) should be okay. The cost cannot reach the Former, am pretty sure . But still, some certain things needs to be considered.

Hello and thanks for responding.

Yes, I plan on getting a soil test done. I'm budgeting about 3m max for the Foundation and German floor. But my cost estimates already made allowance for these costs. I worked off the figures I got from a pretty good property construction site and multiplied everything by about 3.

But I am now convinced, especially as I am going for a simple design (the interior finishing is where I'll go top-notch), that construction from start to finish, can't gulp more than 12m. Max will be 15m which I highly doubt.

But thanks for your input once again. It was highly appreciated.

coretechng1:
You have missed the sandfilling part in Lekki Ajah side. Sandfilling along can take 5m depending on how deep the water is.
You have also missed the raft foundation part which can cost close to 4m.
You have also missed the german floor that is also reinforced

My brother building in mainland is totally different from building in Island.

Hello and thanks for responding.

With re: your comment about not factoring in the cost of "Filling" and "Foundation". I did. That's why the bags of cement and number of blocks and sand, are that much.

I was told "Raft foundation" for a bungalow in Ibeju lekki should be about 3m max. This has already been worked into the figures. Notice I stated that the costs include "Foundation, German Floor" Etc.

Plus I went way over with the amount of Cement, number of blocks and Sand, that I believe I'd need and the money for this be added to cost of the Foundation, and German floor if it turns out this will cost more than anticipated.

Lastly, I be woman o. Lol

Hello nairalanders

A leading developer in Lekki is selling 3 bedroom bungalows (all rooms ensuite) for 42m. I'm wondering what have I missed as their finishing is very mediocre. You have the option to buy and build yourself and I opted for that as I believe their costs are TOTALLY outrageous.

Plot of land = 12m
Fees = 600k
So 42m - (12m + 600k) = 29.4m

How can a 3 bed cost 29.4m?

This is what I have budgeted for mine which is a 5 bedroom ensuite at that. And I have over estimated all my figures to be on the safe side as you will also notice.

Construction: From start to finish.

Assuming:

1.] A whooping 200 bags of CEMENT is used @ 2600 per bag = 200 x N2600 = N520,000

2.] A whooping 6000 (9 inch) BLOCKS is used @ 170 per block = N1,020,000

3.] A whooping N1m is spent on GRANITE and SHARP SAND = N1,000,000

4.] A whooping .5m is spent on sand for FILLING = N500,000

5.] A whooping .5m (miscellaneous like pegs, planks, ropes, iron rods etc) = N500,000

Please note: These materials are used for Foundation, German floor, Septic tank, purchasing of water (no borehole allowed) and all other necessary stuffs.

6.] Roofing = N3,000,000
7.] Finishing = N3,000,000
8.] Labour: N1,000,000

So N520,000 + N1,020,000 + N1,000,000 + N500,000 + N500,000 + N3,000,000 + N3,000,000 + N1,000,000 = N10,540,000.

My already OVER ESTIMATED costs = N10,540,000 but again, to be on the safe side, I have budgeted 12m.

So. N29,400,000 - N12,000,000 = N17,400,000

Noe I don't know what their construction fees are. But their construction fees, architectural fees etc can't amount to N17.4m surely.

So please expert builders/COREN engineers/Quantity Surveyors in the house what have I missed?

Also will I achieve a 5 bed (all rooms ensuite, living room, guest toilet, kitchen, pantry) with what I have budgeted.

Thanks

Thanks to all who responded.

Tbills are Treasury Bills

Hello nairalanders,

Does anyone know of any banks that accept TB as Collateral? I use GTB and they said they don't.

Anyone know where I can buy materials to make mine and my Hubby's Yoruba traditional attire for our Yoruba traditional wedding? I need really beautiful and unique materials

Hello nairalanders

Can someone kindly explain what OMO is all about? I know it stands for "Open Market Options" but I do not know how this works.

Is OMO the same as treasury bills on the Secondary market?

Sholapey:
You can only take the available rates and tenor you can't bid on the secondary market.

Thanks a million

Dear nairalanders,

I have 2 questions with re: the above. They are

1.] Is "OMO" the terminology used to denote buying TBills on the Secondary market?

2.] If yes, do you bid for them the way you bid for TBills on the Primary Market.

The discussions on TBills on nairaland have focused mainly on the Primary Market and how it works but nothing really on the Secondary Market.

Can anyone who is knowledgeable about this kindly respond.

Thank you.

cc Seun

Hi NL's,

Do higher inflation rates push TB interest rates up or down.

Would make sense if it pushes it up. But I just want to make sure. CBN stated inflation has gone up and I want to position myself to take advantage of the possibly higher TB rates?

This belle will highly appreciate input from financial analysts or individuals in the house who are knowledgeable in this area.

Dear nairalanders/nairaland farmers

A Chinese company destroyed hectares of farms in Ogun state and I was surprised to see that there wasn't any topic on this?

We all should be worried about this. A farmer lost about 10m worth of crops. How dare the Chinese do this on our soil. I'm enraged. This could have happened to any of us farmers.

And both the State and Federal government are mute?

What is the association of Nigerian farmers doing?

So is this what the Chinese will start doing in our OWN country?

I'm really saddened about this. So much for encouraging the youths to go into farming.

Hi drake2,

Thanks for the response.

Ok so how do we liaise/meet? Apparently we are not even allowed to exchange contact details on here. But I'm good to go with this and I need an individual with the expertise.

Dear Nairalanders,

I am in search of someone with PRACTICAL experience in rice farming for a partnership in this lucrative industry.

My funds/your experience.

Again only those with EXPERT knowledge/ PRACTICAL experience should respond.

Dear Nairalanders,

I am in search of someone with PRACTICAL experience in rice farming for a partnership in this lucrative industry.

My funds/your experience.

Again only those with EXPERT knowledge/ PRACTICAL experience should respond.

cc: Seun
cc: Lalasticlala

11 years later. Ibeji lekki has a refinery. What else? I can't see no Seaport, Airport, the 4 major roads etc

Dear lawyers in the house,

Do you get issued a receipt when you run a search at the Probate's office(s) in Lagos? My lawyer collected 40k for searches and said the Probate's office do not issue a receipt.

Sounds really weird.

Sorry I meant Monsanto. GMO produce that may be flooding Nigerian markets soon could include Corn. Monsanto, as you may already be aware, produce GMO seeds that give rise to genetically modified foods which are the leading cause of poor immunity, allergies and cancer. Many countries have banned the use of GMO seeds and foods from GMO seeds must be clearly labelled as such. Monsanto is now collaborating with key partners to distribute GMO corn seedlings in Africa. It is being distributed in Kenya, Uganda, South Africa and is only a matter of time before it hits Nigeria. Say "No" to poison and eradicate corn from your diet or grow yours to be on the safe side. On a side note, Nigeria is no longer importing rice. I'd be curious to know what type of rice seeds are being planted? I have a feeling those commercially grown will be GMO-based. An excerpt from the Monsanto's official website is below and link to the full article is below. "Water Efficient Maize for Africa (WEMA)
In Africa, maize (also referred to as corn) is the main source of food for more than 300 million people. However, the production of maize in this area can be challenging due to the lack of rainfall and poor access to seed varieties. The WEMA project, a collaborative effort, strives to improve food security and livelihoods among smallholder farmers in sub-Saharan Africa by developing hybrid maize seed that uses water more efficiently and resists insect pests. The WEMA partnership works to develop seed (both conventionally produced and improved through biotechnology) for African farmers under the TELA™ and DroughtTEGO™ brands, respectively.
The collaboration makes the seed products available to African seed companies of all sizes, royalty free, so they can offer these hybrid seeds to smallholder farmers. Since the inception of the project in 2013, more than 90 conventional DroughtTEGO hybrids have been approved for commercial release in Kenya, Mozambique, South Africa, Tanzania, and Uganda. Many seed companies now license these new hybrids and make them commercially available to African farmers – without paying a royalty to Monsanto." https://monsanto.com/company/outreach/water-efficient-maize-africa/

Fantastic piece whoever wrote this. I happen to know the current VP's immediate past PA and emailed him with all this info and more stating it ought to be brought to the attention of the VP, who he sometimes has the opportunity of seeing, asap. He promised to do so. Several attempts to contact him afterwards proved futile and I really doubt if he made any attempts to do as promised. With re: former minister of agriculture ie Dr. Akinwunmi Adeshina, he was a pawn that sold us out for the position of African Development Bank President. It is sad but we are living in evil times. Monsatan sorry I meant Monsanto aka Bill Gates, has told the world, very clearly and plainly that he/NWO have a World Depopulation Agenda and they are using a multi-pronged strategy to achieve their Machiavellian agenda. In some places, they'd use wars, famines, diseases eg from consuming GMO products etc. And with Nigeria alone accounting for at least 180 mil at last census, you know we were bound to be a prime target. Also please be aware that many farmers were displaced by BH operations in the North. A lot of their lands will be or have been taken over and will be used for the commercial farming of GMO produce that will be sold nation-wide. Prepare for a drastic rise in cancer rates. That said, I believe those in power are well aware that this, to put it directly, is mass murder. But like they say, the Piper dictates the tune. All the foreign aid they have been giving us? No people. These folk are not that altruistic. They used it to get you exactly where they want you. And yes Thomas Sankara was way ahead of his time and understood the dangers of being particularly food and drugs dependent on others. So he had to go. But to be honest, there is not much we can do about all this (didn't the Bible tell us this would happen) but to warn people to watch what they eat or grow their own food. It is a reminder that we are in the last days and folks, if you haven't already done so, now is the time to repent and call on the name of Jesus for your salvation. Don't leave it till the next minute. You don't know when you may be called to give account of your life.

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