Melbourne, Australia, is the most livable city in the world, at least based on a complex formula devised by the Economist Magazine.

Melbourne? Why?

Melbourne beat out Vienna and perennial winner Vancouver, primarily based on its infrastructure. The city also attracted top marks for health care and education.

Eight of the top 10 cities are in Australia and Canada. No U.S. city made the top 10.

"Those that score best tend to be mid-sized cities in wealthier countries with a relatively low population density," the report says. "This can foster a range of recreational activities without leading to high crime levels or overburdened infrastructure."

The oft-discussed study scores different "lifestyle challenges" in 140 cities. Every city is assigned a "rating of relative comfort" based on 30 factors grouped in five categories: stability, healthcare, culture and environment, education, and infrastructure.

Overall, the livability quotient doesn't change much year to year, the Economist acknowledges. The biggest factor moving cities up and down the annual chart is civil unrest, which can send a city like Damascus plummeting.

Other cities moved up the chart as violence subsided. Bogota in Colombia recorded the biggest increase, moving to 111 on the list, due to the decreasing threat from terrorism, violence and kidnappings. ("Dubai's livability score rises," the Khaleej Times trumpeted, after Dubai moved up to 77th place on the list, the third biggest increase on the list.)

The worst city in the rankings was Tehran, Iran, followed by Douala, Cameroon; and Tripoli, Libya. Did you notice how Lagos, Nigeria made it in the top ten bottom places?
Watch the video http://www.youtube.com/watch?feature=player_embedded&v=7Uylhn5dHMU

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Tips for Buying Building Materials

If you are not on site for your building project in our environment, it takes a lot to get the best result. Building is serious work in our environment. If you don’t have the time, you should have the money or vice versa. You can be in want of this two things, otherwise you won’t get anywhere. The situation in the industry is quite bad too.

Recently a friend of mine, an architect, embarked on a project. He had made inquiries pertaining to blocks at the initial stage of the project, he found out blocks of 9 inches were sold for N180, but just before the start of the project he sent his staff to also enquire, he was also told it was N180. Note that this his staff was with him on the day he made the initial enquiry. He eventually found out that just close to his site, he could get blocks for N170 each.

Therefore, his staff who confirmed the N180 would have made for instance a million naira from N10 on every block, if an average of 1,000 were purchased. You may say it’s an unwritten rule for contractors to have their own share, even at the point of contracting them. But is it right? You may ask, can’t my friend just let that N10? Is it part of the contingencies that come with the business? Because I understand that even in supermarket and super stores some percentage provision is made for theft and all that.

This is quite alarming, and kills business. Here I would want to examine some of the antics employed, how to address them, as well as secure yourself or reduce your exposure. You may not be able to totally eradicate it, but you can reduce the occurrence in your case to the barest minimum.

Fundamentally, your choice of the contractor matters a lot, this determine how your whole project pans out. Therefore, you must know the things you take into cognizance when employing one.


Antics of some contractors, suppliers, and workmen on construction site:

1. Most contractors want to get the job at almost any cost, so once you have given them something for instance, they know it will probably cost N30,000, they will quote N17,500, knowing that their competition will bring in a quote of N30, 000. This is just so he gets the job.

Once he gets the job, he will say he forgot to add certain items. You are not the expert, you don’t know the things he’ll need for the job. He’ll leave these key things out, only to include them at the latter stage. By the time these latter items are added, the quotation would have come to N30,000 or more.

Now depending on how or who you engaged, you may not be able to back out at this point.

2. They out rightly steal. Between the contractor, supplier, and workmen, they can steal you to ‘stupor’ if you are not careful and unaware. This act takes place in many ways, because they connive, that’s why its important you get a security house, a storage where you can keep things and probably engage a security person. The parties involved act out the whole theft, cooperating with one another.

3. They work less for standard pay if not well supervised. The bricklayer has his daily pay per day, that is there is a standard day’s job and a standard day’s pay. If you don’t monitor or aren’t careful they will be on your site for the eight hour duration of a day’s job, but will not really do a day’s job. Therefore they will take a longer time to finish the project, and collect more money by so doing.

4. The contractors are fond of engaging inexperienced or unskilled people, so that they can pay less. The ones who probably know the job, collect much more. So they take the contract and seek cheap and unskilled labour. I admit that we have problem with workmen in our country, because vocational institutions have not really supplied the appropriate skill for the industry. There again, there are still those of them who can do the job, but contractors bypass them and hire the unskilled workers for less pay.

I know of someone who wanted to fix tiles in her sitting room, she says she sought a professional for the job, but the professional was going to charge her more money, so she then looked out for someone who is good enough, but whom she will pay less.

She admits that she spent more money with the second person than she would have paid the professional. This person in question charges her the first time and she pays, but he comes back later to include all other kinds of items he says he needs and to say that the price has changed. Again she says she wouldn’t have had to supervise the professional on the job, but with the second person she had to.


5. Suppliers deliberately supply your items in short quantities. For example iron bars and all of that, there is supposed to be a standard supply of iron metals and sheets on the construction site, and usually because these things are purchased in bulk, one may not have the patience to count these things. A dozen for example will be stacked as eleven or ten unknown to you.

Another common one is the truck loads of sand, where you would be told this truck load is five, ten, or twenty tons, but they are never ever complete. So you always spend more for less. There has been cases where they spend more money and buy more, this may due to inexperience or the person is trying to play safe, and by so doing ‘over provide’, and have excess at the end of the construction.

I must say that in making quotations for building materials, you should always leave room for contingencies.

When this excess occurs, there is a way of dealing with them such that you can still get back some money. Beware that your contractor doesn’t do this behind your back, because he will pocket the money. Well, it could be appropriate, and it may not be appropriate, depending on the terms of the contract.

6. Contractors also deliberately purchase inferior materials, cheaper items or items not up to specification. For example, you are supposed to use a 10mm steel, they may go for less. When you are supposed to use 12mm they buy 10mm, because 10mm is definitely cheaper than 12mm. They pocket the difference without using the specified item for your project. This calls to question the integrity of the construction, little wonder we have collapsed buildings every now and again.

7. If they get wind of the level of your documentation for the building, especially if its not complete or still in process. For example Building Approval in a place like Lagos, they can actually go and raise fake government officials to harass you on site, and to extort money from you. Before you realise it, you would have been paying money to nobody. It happens a lot, therefore the need to guard against it.

8. They short circuit some stages of the building process or requirement to save money. For example, you want German floor, they will need to put certain things like nylon in place before pouring the concrete to seal off the water from contaminating the wall; even before putting paving stones to stop grass from growing.

They may have quoted for it and collected the money for it, but if you are not there as at the time they are doing that, they can just pocket the money for that, and just go on with doing a bad job on the German floor I gave you as an example. Imagine building just walls, then later coming to put German floors, its not standard process.

This list is not exhaustive, but should enlighten one about the shady thing happening on construction sites. All of these schemes are designed to make money off the person building anyway and anyhow. Don’t be deterred, there are ways of guarding against all these antics, or at least to bring it to a minimal level if you want to construct a building.

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NREH: Please introduce yourself Sir?

Bola Aliu: My name is Bola Aliu, an alumni of School of Estate and I reside in Abuja.

NREH: [/b]How and when did your journey to becoming a landlord begin?

[b]BA: The thought has always been we me as a kid, seeing my parents struggling to pay monthly rents of a single room apartment in a boy’s quarter of a multi tenanted compound we were staying in Surulere, Lagos. (I’m sure you can imagine what the situation would have looked like back then).

Since then, I already knew I was going to own my own house and even house other people. But the conscious effort started after my NYSC, all my effort was to get out of the rat race, to break the cycle of poverty and I realized to do that, one must own his own house and have other income generating assets.

So I resorted to reading every material I could find on investing and real estate, learning, attending courses, listening to Mr Debo Adejana’s CDs and applying those strategies and ideas. Another thing I did which was the most difficult was disciplining myself to stick to my plan that I will never buy a car until I build my own house.

I remember being in the midst of my friends who were trainees like me then in the bank, discussing the type of cars they’ll buy and all I could tell them was that I’ll have a house first before buying a car.

So, as a trainee, I bought my first land in mowe/ofada for a seemingly paltry N280k which I paid instalmentally and before the year ended, it jumped to over 500k. The second that same year in another mowe/ofada estate, the third from omo-onile in Ikorodu which I actually wanted to build and live in until i was transferred to Abuja where I bought the house I’m staying presently through NHF. All thanks to people like Mr Debo Adejana and others, who have packaged their knowledge and experiences in real estate into books, magazines, courses, CDs etc

NREH: Did you experience any setback at any point?

BA: Yes. There will always be a setback. It’s part of life. it’s what makes life interesting. It’s called risk and as an entrepreneur it’s your best friend. The major setback I experienced will be my being transferred to Abuja and it’s now turned to a blessing.

NREH: Is there any particular sacrifice you and your family had to make to get to this point?

BA: Yes. It’s called delayed gratification. Like I said earlier, I had to invest my money in books, magazines, courses, CDs etc on real estate. Spent my time reading, studying and attending real estate classes, as well as mentoring programs. But the ultimate sacrifice is postponing my buying a car which I could afford in my first year as a trainee. It’s crazy, no one could understand then why you are working and nothing to show for it in terms of the adult toys the society expects you to have.

NREH: Is this your first house?

BA: Yes. It’s my first house and definitely won’t be the last; I want to develop estates and luxury apartments like Debo Adejana, Donald Trump etc and also to develop social housing to help solve the housing problem in Nigeria.

NREH: Did you have encounters with Omonile?

BA: No. I didn’t have an encounter with omo-onile on the house because it’s an estate built by a developer. But, I did have an encounter with omo-oniles on one of my lands at Ikorodu.

NREH: Did you have to borrow or take a loan to build your house?

BA: I bought the house through NHF arrangement.

NREH: [/b]Can you share some of the lessons/insights you have learnt from us (School of Estate, Realty Point Ltd, and Nigeria Real Estate Hub) that proved invaluable or guided you in the building process?

[b]BA: It’s a whole body of knowledge and this knowledge gave rise to the confidence developed in investing in this market. I learnt about perfecting of title which is critical in this industry; when and how to buy, financing etc.

Above all, the maxim, “don’t wait to buy land, buy land and wait” is a huge insight and strategy for getting value in real estate that I learnt from associating with Realty Point Ltd. I think I read that in one E-book by Debo Adejana on Land Banking.

NREH: [/b]What can you say to other aspiring landlords who may have purchased land(s) but have not begun to build?
[b]
BA: Leaving in your own house is one sure way of ending the cycle of poverty. If you are still leaving in a rented apartment, all you are doing is enriching the landlord and keeping yourself in the rat race. You may not realize this isn’t smart until the source of income dries up due to economic meltdown, health issues, old age, natural disaster, unfavourable government policy, new technology etc.

We have read the story of a driver in an organisation been able to build a house in a less developed part of town from his meagre salary while the oga who was given accommodation and big salary by the organisation couldn’t build his own house. After some couple of years, they had to leave the organisation and move to other things in life. The driver was still leaving in his own house and the oga who couldn’t build a house from his salary was in need of accommodation and was taken to a landlord who had a 2 bedroom to let and that landlord turned out to be the former driver.

So, what am I saying? There’s no better time to start developing that land of yours than now. Start putting those little money in it and see your house grow. You can organise your friends and do “esusu” a.k.a contribution to build your house at least that’s the most traditional way of raising capital in African societies before the advent of banking.

You can sell your adult toys and put the money in your building. The game is called 'delayed gratification'. You have to be focused, be disciplined enough to follow through just like any other worthwhile endeavour. You just have to start and see how God will help you build it.

NREH: When are you moving in with your family?

BA: I have already moved in with my family.

NREH: Thank you for your time!

BA: You are welcome.

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Nigeria Real Estate Hub

Please a friend of mine is looking for an office space of 16sqm to rent that will serve as a cake making/distribution outlet in the Ikeja environ. She has a budget of 300k.

Please any agent with information as to how we can get one, should please contact me on 08093930651. Thank you.

Four persons, including a 15-year-old hawker identified only as Sukurah, lost their lives on Sunday after a two-storey building under construction, collapsed in Surulere, Lagos State. The building collapsed around 10am during the early morning rain.
three people were rescued and were responding to treatment at different hospitals.

A friend of the 15-year-old victim, Tobi, told PUNCH Metro that she had gone to the building to sell bread to labourers few minutes before the collapse.

She said, “Sukurah and I hawk bread. The labourers called me saying they wanted to buy bread but I did not have change so I left. Sukurah entered into the building a few minutes later. It collapsed almost immediately. Sukurah attempted to run out but she was not fast enough.”

A resident, Alhaja Bukola Saka, said immediately after the collapse, youths in the area rescued three people alive, while two bodies were recovered.

An elderly man at the scene, who identified himself as Abubakar Sule, said the two corpses were those of his relatives.

He said the men were tailors but had only come to the building to help convey building materials to the top floor.

He said, “Two of them were my relatives, Aliyu and Nuhu. Mukaila is the security guard at the building and Nuhu stays here with him sometimes. He invited Aliyu to come help them convey wood to the top floor when the building collapsed. Mukaila and another person, Farouk, however, survived and have been rushed to hospital.

“Aliyu’s wife was just delivered of a baby two weeks ago; it is a very tragic incident.”

Officials of the Lagos State Emergency Management Agency, the National Emergency Management Agency, the state fire service, the police, army and other relevant agencies were at the scene.

As the rescue efforts were on, a man trapped under part of the rubble made telephone call, directing his colleagues that he was at the west end of the building. Unfortunately, as officials attempted to rescue the victim, the remaining part of the building crashed down.

Chairman, Adeniji/Itire/Ishaga Community Development Association, Tajudeen Bello, said he had warned the developer of the building of the imminent collapse.

He said, “When the construction had just started, I told the developer that inferior materials were being used for the construction. Some land speculators warned me to leave the developer alone.”

The General Manager, LASEMA, Dr. Femi Oke-Osayintolu, said, “The injured victims have been rushed to the Lagos State University Teaching Hospital and Critical Rescue Centre, Tollgate.”

A resident, who shares a fence with the collapsed building, urged the state government not to demolish his house.

The resident, Francis Ekpeyong, who claimed to be a retired air force man, said he had also warned the developer of the building of an imminent collapse. He said the pillars supporting the building were too thin.

The spokesperson, NEMA, South-West Zone, Ibrahim Farinloye, told our correspondent at 4pm that rescue efforts were over.

NEMA, LASG clash again

Meanwhile, NEMA and officials of the Lagos State Government clashed again at the scene of the Sunday collapsed building.

The clash comes about a week after the spokesperson, NEMA, South-West zone, Mr. Ibrahim Farinloye, was arrested during a rescue efforts at Ebute Meta by policemen attached to government’s Rapid Response Squad.

The Commissioner for Special Duties, Dr. Wale Ahmed, threatened to arrest Farinloye for granting a press interview at the scene in Ishaga.

After Oke-Osayintolu, had briefed the press, the commissioner warned state officials not to grant any press interview again until after the exercise.

However, as Farinloye was briefing newsmen, the commissioner stopped the interview and threatened to pull him out of the scene.

He said, “Will you shut up? That is how you always do; you gather journalists and you will be briefing them whereas you are not doing anything here. I asked you not to grant interview and you did not listen.

“Last week, Odumosu (RRS commander) arrested you and let you go immediately; this time around, I will make sure that you are dealt with.”

Farinloye later lamented that Lagos government officials were hostile towards NEMA, which is a Federal Government agency

He said, “It is only in Lagos that we encounter this sort of problem. NEMA is under the Federal Government and the commissioner cannot give me orders.”

House marked for demolition – LASBCA

The Public Relations Officer, Lagos State Building Control Agency, Abe Adunola, said the agency had marked the building for demolition in May, adding that the developer defied the warning and continued to work on the building.

She said the collapse was caused by inferior building materials and poor management.

She said, “We did a road show some months ago and that particular building was marked for demolition. However, what the developer probably did was that he removed the seal and continued to do construction on weekends when state officials are not on duty.

“The iron rods used for the building were inferior and the labourers used were road-side labourers. There was no building engineer at the site or any experienced person.”

She said the buildings sharing fences with the collapsed building might be demolished.

How long will buildings continue to collapse and take lives with it?

Source: The Punch

For more real estate stories, visit http://www.nigeriarealestatehub.com/nigeria-real-estate-blog.html

NIGERIA REAL ESTATE HUB

Unemployment is an epidemic in Nigeria right? Or so I have heard. I live in Lagos and I have a job, so I shouldn't complain. Wish that were so. Don't get me wrong, I love my chosen field, at least unlike many of my peers am actually doing what I made up my mind to do, and then am working in the sector.

Guess no further, its real estate and my name is Tony a real estate agent, Estate Surveyor and Valuer who won't just keep quiet. I actually went to school to get this qualification. Don't even think that's proud.

Sharing my experiences helps me keep sane, what with hectic work schedules, meetings, meetings, and more meetings.

Drop your comment below if you share my experience one way or another or would like to reach me. My dairy begins from the last week of June 2013.


MONDAY 24/06/13-

Woke up strong, thanked God for a new day and opportunities. Took my bath and drove off by 5:45AM to beat the usual Monday traffic. In the office I prepared my report for our usual management meeting. Every Surveyor tendered their weekly report, targets and achievement, challenges and strategies for improved results. Of Course we received bashing from the Principal Partner regarding our targets for the past week.

A Surveyor who came to the office was not able to submit his written weekly report, he was walked out. Meeting over, I had plenty issues arising from properties under our management just between Saturday and Sunday. Started writing the letters and making several calls to address those issues. I almost forgot my 2pm appointment to inspect a detached house off Admiralty road, Lekki 1 I want to let.

I drove the usual James Bond driving which most Agency Surveyors are used to. Thank God the prospective tenant came 20 minutes later. Did the usual showing while hoping that this prospect sends in his cheque. Enroute office and faced with the option of paying the unfriendly Fashola Toll gate and saving my time or doing alternative route and burning more petrol plus traffic, I paid the second N120 to save my time. At office, I replied my emails and left @ 6:20pm.

TUESDAY 25/06/13-

I got into the office at 8:05am. Abuja office sent in a Valuation report. The officer from the bank that issued the Valuation instruction has bugged me since Friday last week, hence I had to delegate my colleagues to do my inspections so as to adapt the report to the Banks format. Attending to several phone calls while formatting the valuation report was slowing my pace. Of course I dreaded calls from the Bank officer. I finally concluded the report around 3pm, binded and sealed same and gave the IT staff to submit them at Victoria Island.

WEDNESDAY 26/06/13-

I have several inspections to do around Lekki, Agungi and Igbo Efon. I entered the office, signed in then drove off for my inspection. I am yet to understand why most Agents lie,they would swear that they are coming for the inspection with their Client only to come alone with apologies.

After my inspections I branched to Lekki 1 to visit one of our vacant properties, on getting there I observed that the security man has short-let one of the 2Bedroom BQs. I terminated the short let and reported the man to the MD of the Security Outfit. I came back to the office to face some tenants from a property at Ikeja, listened to their complaints and gave the needed professional advice while promising to get the Landlord to fulfil his obligations. Did E-marketing of our properties for sale and to let, left the office at 7pm. Whew!

THURSDAY 27/06/13-

I woke up this morning not feeling so strong but I had to be in the office on or before 8am. I started my car and my fuel was low, this car is consuming more fuel, I should service it. Got to office 7:45am, said the usual hello’s, sat at my desk and looked at my plans for today.

My boss has been complaining that there is no money to pay salaries this month so, I had to do marketing and visited banks that gave us retainership from Iddo, Yaba, Apapa, Lagos Island and Victoria Island. We met a lot of prospects with a lot of promise for valuation jobs. So tired I entered the office around 5:20pm, then headed for home immediately.

FRIDAY 27/06/13-

I entered the office at 8;02 am, attended to enquiries from prospective buyers and tenants. My friend from a Finance Firm called me asking for the price of doing a valuation job at Port-Harcourt, we started negotiations; hopefully we can make some small funds to fuel our company cars while waiting for the big break from property sales.

I was on my way to collect the brief for revaluation of their propertie, was about to negotiate the bend from the Oshodi Apapa Expressway to Mile 2 when Lastma/ Police blocked me, drove my car to their station, delayed me for more than 3 hours. I had to part with a huge sum of money before I was released. I had to pick the instruction letter, took the Amuwo Odofin /Okota/Cele link route to avoid meeting those Lastma guys at Mile 2 again. Got into office at 4;30pm in a bad mood, went for lunch then drove into the traffic on 3rd Mainland Bridge en route home.

Hope the coming week will be better!

MONDAY- 1/07/13

Into office at 8am. Received cheques for a year and six months rent, Agency and Legal fees at 10% each of a shop at Lekki. Wow, this week would be very good for me. In our usual meeting Surveyors were asked to state the income generated from past weeks activity, when it got to my turn I mentioned N250,000.00 , my boss exclaimed, "you all are just making money for fuel and stationeries".

Men we need to strategize smarter and work harder though the Market is down. Afterwards I left for inspection with a direct buyer for a wing of duplex at Magodo, he seems to like the neighbourhood though complained about the price of N70million. If we put the price at N40million, it would be the same response from Buyers. I gave him our offer and asked him to bring his counter offer in writing so as to progress. Received several calls from prospects and fixed inspections for tomorrow and next.

TUESDAY- 2/07/13

I conducted my inspections at Ikoyi, Lekki, Banana Island and Agungi, driven bu the sole thing(HOPE/FAITH/BELIEF) that drives every Agent who is used to conducting hundreds of inspections and concluding ten deals. Some prospects are so blunt that they tell you that they don’t like the place, on entry the street, You take them to better neighbourhood which attracts higher rent and they insist that they cannot pay more than the rent for the initial neighbourhood.

Someone should please tell these prospects that “better soup na money cook am”. No Police/Army/Oga at the top stops you from being a neighbor one former Governor of Lagos State at Bourdillon Road, Old Ikoyi except your money (from 100,000 US Dollars).

WEDNESDAY- 3/07/13

Received several offer letters for the inspections I conducted earlier. Communicated the offers to the various Landlords and replied all the offer letters 'totalling' fifteen. Wrote letters of intention for tenancy renewal, rent demand notices and reminders for those to quit some of the properties under our management.

THURSDAY- 4/07/13

Held a meeting with my boss and the prospect who wants to buy the wing of duplex at Magodo Estate. We agreed sale price but could not conclude on the agency fee. We wanted 10% but came down to 5%, yet the man wants us to collect something lower. My boss told me that if the man cannot agree to that then we should look for other prospects.

Am waiting for some tenants who promised to bring their cheques by 1pm. They came brought them, what a big relief, now I can use my time to develop new areas instead of running after these tenants. Went for an inspection with a prospect who wants to let a flat in Ogba, he likes the place and issues his cheque on the spot, I told him to hold on until we write the agents formally and establish a contract, he finally agrees.

FRIDAY- 5/07/13

To Land Use Charge Office at Alausa to pursue some complaints on properties we manage. Received cheques from new tenants at Anthony and Lekki. Sent some IT staff to go and remove our TO LET boards and take Cleaners to clean the flats. I attended to several enquiries and left for an evening meeting with a prospect who wants us to help him buy a land at Lekki phase 1. Am running late and traffic is heavy.


[Continued here] http://www.nigeriarealestatehub.com/real-estate-agent-diary-4.html

NIGERIA REAL ESTATE HUB

Land Investment interview with Chief (Dr) Olaniyan...Born to parents who were teachers, he also ended up an educationist after having the best education available back in the 40's.The founder of Victory Schools, Ikeja and other various establishments, he was one time Hon. Commissioner for Establishment and Training, old Oyo State and has held various laudable public offices and social positions. He has also won over fifty Honours Awards from different organizations, both civil and religious between 1978-2010.

In this exclusive interview with Nigeria Real Estate Hub on , Chief (Dr) Christian Francis Ipoola Olaniyan (JP) reveals to us what land acquisition was like in the 70s and the various challenges that came with it.

NREH: How did this vision start? What inspired your action to start a school?

A:In Ibadan, I was the founder principal between 1960 and 1964 so I had to leave to do politics and as a result, immediately I got to Olowo College, I made up my mind to establish a school which would be like Tai Solarin because that was the example I had in mind. That way, I could be the headmaster and at the same time if I wanted to play politics, I could because it was a voluntary agency primary school. You are allowed to take part in politics.

The goal was to have an investment in school so I told a friend of mine who is a land surveyor that he should try to get me a place in Ikeja. I made a survey and knew that schools in Ikeja were very few in those days; secondary schools

NREH: This was about what year?

A: This was about 1967… 1968

NREH: And at that time, Ikeja was not the capital of anything?

A: No...No…No…. The whole of this place was just bush. In fact, the place where you have the primary school now (Bola Memorial Primary School) was bush. The church(Bola Memorial Anglican Church) was a small church and the school then was a small building just near it; not this one. This one and all these other buildings that you see there was built in 1979 when Obasanjo was about to become the President.

When we first came, I got 10acres on Omobolaji Johnson road for investment, which was the airport road. Later on I found out it is in Federal Government Acquisition Area and that is where the Police College is now.

NREH: So you first of all got 10 acres?

A: Yes but when I went to check it up at the Town Planning office, they said Government has acquired the place

NREH: Wow!

A: Because of that, I had to leave and came down to this place. The Iya-ade family of Ikeja sold the land to me for investment originally but later the Onigbongborugu challenged us. The Egba Refugees who had a small village here at that time also laid claim to it. However, when I told them I was going to start an investment in a school, the Egba Refugees understood and liked the idea. They said, “Well, if you’re going to build the school, we’ll cooperate with you but the land is theirs.” They have settled there as far back as 1868…1867 but the Onigbongborugu came from Onigbongbo and said their land extended to this place and that Egba Refugees were just customary tenants. Apparently they’ve been on the case since 1867, fighting for the land.

NREH: Whew! (Laughs)So were you trying to get another land for investment just in case you lost this one?

A: Actually, the case went to court and Justice Adetokunbo Ademola who was the first indigenous justice of Nigeria was about to retire; you must have heard of him. He is an Egba man and his father was Ladapo Ademola, the Alake of Egbaland. He said, “There’s no need for you to be quarrelling about this thing. Why don’t you meet together, settle and equally divide the land among yourselves.” They agreed to that idea and settled out of court and the land that I had acquired for investment fell within the Onigbagbo side; Abule Onigbagbo side, the Egba Refugees. The other side fell to the Onigbongbo where you have Sheraton Hotel & Towers now

NREH: When you settled the issue of the land, what was your next move? Did building commence immediately?

A: No! I had to submit my plan for the school and when I did, Town Planner Fadahunsi, I don’t know whether you know him, he’s an elderly man, must be above 90years old now, he was the Chief Executive of LDB,Lagos Executive Development Authority at one time and then Ikeja Development Authority. He advised that I should get more than 10 acresand I actually agreed with him. He said that immediately I start the school, people will come around and I will not be able to get more land for investment again. I did that but because of financial constraints, I couldn’t make a fence around and people encroached here and there and that is why we are left with about half of the original land

NREH: Wow! From 10 acres investment?

A: No, 23acres! That was what we had originally.

NREH: 23 acres for investment?

A:Yes! He said that will be enough for me for a long time considering I wanted to build schools but unfortunately we ended up with half.

NREH: Since you talked about financial constraints, how were you able to pay for the land?

A: At that time, my agreement with land owners on my investment was to pay in instalments. In fact, that was what I did and eh…land was not a serious thing like that in the 60s; 66, 67, 68 up to 69. In 1969, the school actually started and we moved in in 1970 to this site

NREH: But I saw founded in 1990

A: This is the Grammar School. The Victory High School is actually down there and is about 10 acres of land. It was when they took over Victory High School in 1976 that the idea of starting another Grammar school came. I had about 2 acres of land for investment here so that is what I used for the Grammar School but originally the High School has been there as far back as 1969, 1970 and then government took it over. You heard of takeoverof schools in 1976?

NREH: Yes

A: In 1976, several Grammar Schools, Igbobi College and a lot were taken over; 33 of them at that time, but in year 2001, Governor Bolaji Tinubu returned the schools.

NREH: So Victory High came back to you?

A: Yes! I got the school back exactly 25 years after the takeover. Anyway, I thank God.So then, my hope was that in case of a another takeover,they will not take over my personal building which is built on 2 acres of land.

NREH: Asides from the secondary schools, were there other schools; primary schools?

A:Yes! I had an investment in primary school in 1975 and was running it on the premises but later on, I relocated it to No 5, Toyin Street. Now, that place is a layout; there’s a place for primary school and a place for church where the Celestial people worship. It was a whole boarding school and the Primary School and the kitchen is there

NREH: Was that in 1974?

A: No! I moved there in 1975. The school was established in 1975 but I moved over to that site after the takeover of the secondary school in 1976 and I built that one in 1977, the year after the takeover of the schools

NREH: I’m sure at that time too it would have taken some foresight, though it was a boarding school?

A: Yes it was a boarding school

NREH: Most boarding schools are usually run out of town. So considering the way this place was then, did you have to make a road?

A: Yes! I had to make the road by Etiebet Place because this entire place was just bush. There was no road there before so we were passing through Bola Church to get to this place. Later when the headmistress of Bola at that time said we should not be passing through her own school again to ours, we constructed the road

NREH: Who is this Bola that the Anglican Church and School was named after. Did he donate the land to them or was he the founder of the Church/School?

A: No…No…No! Bola was the one who led them from Abeokuta; the leader of the Egba refugee.

NREH: Was it as a result of war in Abeokuta?

A:It was not a war but a religious problem; Muslims against Christians. They were Christians and I don’t know why they had to force them out of Abeokuta at that time. They had to leave in large numbers and Governor Glover was the Governor of Nigeria then so he settled them at Abule Egba in Ebutte Metta. He settled them there and said they should use this place as their farmland so they were using this place for farming and at the end of the day, go home to Ebutte Metta. This entire place was bush and used as a farmland (laughs)

NREH: That’s interesting! So how did you go about constructing?

A: When I came in 1972, there was a church down there. It was a very small church and it was being used by those who don’t go home on weekends. The head then, Baba Tubule, who started claiming the whole of Abule land was living here in a small house. He’s one of those who came from Abeokuta and he’s a very religious man so they built a small village church at that spot where he could worship on Sundays. After a while, they gave him a school - for investment, a primary school which was just eh…four classrooms or something like that but it was demolished when we were about to put up the hall (now called Onigbagbo House, used as offices and event venues by the church and a commercial basis) where you are now.

I was the Chairman of the building committee at the time so we demolished everything and extended the land because we know that the government could come up with any policy. After we extended it, we put up the Onigbagbo, building which is where you are now. If we had not, it would have been close to the church and school building. Besides, the two buildings were very old and small so we demolished it. However, a lot of prominent Egba people who are magistrates and judges now went to that school

NREH: Wow!Sodo most of them claim their root from here? Do they claim Lagos State?

A: Some! But the Egba Refugees are Egbas.

NREH: (Chuckles) Okay! Tell us sir, how was it like getting land back then?

A: I told you this entire place was bush all the way to Opebi and was used for farming. When I came in 1972, Opebi was plenty of forest and land was not a serious place for investment back then. In fact, if you wanted 50 acres, 40 acres, you would have gotten it then. It was all bush; farmland. Even this place was farmland; cassava plants, things like that (laughs)

NREH: At what point sir, did this express road (now known as Mobolaji Bank-Anthony Way, Ikeja) come in?

A: The road has been there for a long time. It was called Airport Road because it led to the airport but it was just one single lane; a very small narrow road. It used to be desolate and between 1968, 1969 when I used to come, you can walk from Ikeja to Maryland and hardly will you meet people because GRA was fenced round

NREH: So GRA has always been there?

A: Yes! GRA has always been there but they blocked it so people can’t just pass through. It was only recently that they opened it up and made all these roads that pass through GRA.Now people can drive in from everywhere.

NREH: When did Ikeja start becoming the town that we see today?

A:It was after the civil war ended in 1970 that Ikeja started expanding. Ibo people came in large numbers and Ikeja started booming and when Lagos State was created and Ikeja named as the Capital later, it brought so many activities. So land getting land for investment and other things became expensive

NREH: I understand that Cadbury and Nigerite were the first Companies to have their own land in this area?

A:Well…they managed to be because even Ikeja Industrial Estate was just bush at that time. You see, Ikeja town is that OrileIkeja which is a very small village and there are not many people there. You have people in Mushin, Isolo area but not Ikeja here. People were so scanty but eh…in Awolowo’s time, it was part of Western region so they built what he called the Housing Estate(largely around Oba-Akran area towards Adeniyi Jones) and that opened this place up somehow.All those houses were constructed by the Western region

NREH: Which houses sir?

A: The Housing Estate. All those avenues, this ehn…what do you call it? Where you have the banks; First bank….on the road.

NREH: You mean Oba Akran?

A: Uh-huh! Down the road; the whole of this area is Western Region Housing Estate

NREH: As in this GRA?

A: No? GRA is residential made for Government workers but this Housing Estate are all those small buildings that are in down, down, Koleso. It’s Awolowo Government that developed all those places by Ikeja Club, down, down, down, where you have Nigerite and all those small buildings. In fact, if you go inside, you will see the Housing Corporation Estate. It is Western Nigeria; Awolowo’s Government that did all those and that opened up Ikeja. People were passing through the airport road to all those places

NREH: When did the Airport become functional or has it always been?

A: The Airport Hotel?

NREH: No sir. The Airport

A: It’s been there for a long time

NREH: But the local airport came later?

A: They have acquired the place for a long, long time. We all met it there; a long, long time before Independence. They built the Airport but the Airport Hotel was owned by a Syrian

NREH: So it wasn’t the Government’s?

A: No…No…A Syrianuse to own it but he later sold it tothe Government of Western Region when he was about to leave. It was not government owned. It was established by a foreigner and it was all rounded by bush at the time.That’s why he was able to get that large area otherwise he couldn’t get that expanse of land for investment.

NREH: What was security like or were there any challenges in security in those days?

A: There was no security problem at all. Everything was okay. You can drive your car and leave it by the roadside and go anywhere you want to go.

NREH: That’s interesting! So what was life like?

A: Well, it wasn’t like it is now. We used to have one Masco supermarket then. It’s now closed down near where you have eh…this pharmacy now…

NREH: Jully Pharmacy?

A: Yes! That was the only Supermarket in Ikeja then. Later we had another one within GRA and then later on Leventis but it’s been closed down now. Leventis is no longer a supermarket

NREH: What about Infrastructure sir, what was it like? You mentioned roads, how about light?

A: Ehn…you know…it’s an under-developed place. There were not many infrastructures

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Lie #1: This is just how everyone lives now.

Where I live (as is the case, these days, with most of Nigeria), I am surrounded by people who can't quite afford their lives. A couple I know bought a place a few years ago when they were both working full time. They knew they could afford it (just barely...if they were really careful), but they also figured they were due for raises and bonuses at their places of work.

I probably don't even need to report that they found they didn't love living on a shoestring, funneling everything into their mortgage, that neither one got the raise they expected, that as soon as they had a child, their situation became not just tenuous but also scary. This transition from spread-a-bit-thin to edge-of-poverty could happen to any of us: Many companies are forgoing automatic "cost-of-living" raises, while that pesky cost of living keeps rising.

My friends ended up selling their place at a loss and renting, which felt like one giant step backward. But guess what? They are much happier renting a smaller place in a less-flashy neighborhood that they can comfortably afford.

My friends are now living the their dream. As Suze Orman explains in her book The Money Class, the goal should be "not merely to live within your means, but to live below your means." This is not meant to be a punitive strategy; it is a course in self-awareness, a return to values that our grandparents and their parents embraced.

Lie #2: Unexpected (aka not my fault) expenses come out of nowhere.

Hey, fellow 20th-century people, remember checkbooks? Remember balancing your checkbook? Something that involved pencils, math and knowing to the penny how much you had spent and had left to spend? Right, me too. In the world of online banking and paying for everything with plastic, it's easy to think you're on track, and then (surprise!) at the end of the month you realize that a couple of birthday presents and an emergency trip to the doctor/village/mechanic have pushed you right over the edge—and somehow this happens every month.

So look alive and keep track of what your monthly "surprises" are to see if there is a pattern. For example, maybe you need to mentally devote more each month to anticipatable unanticipated healthcare costs.

Lie #3: I'm the boss, so I need these boots. Also, a BMW/HONDA.

"I love your outfit," a catty co-worker at my first real job told me. "It's so quirky-girl chic." I thanked her and headed immediately to the bathroom to blink at myself in the mirror, thinking, "What? But this is my super-duper-grown-up-lady-in-an-office outfit!" So I know that it's easy to feel outside pressure to present yourself in a certain way, to tell yourself, "I'm 40; I should have designer suits and a flawless manicure so my clients think I'm successful." While you may have a point—you can't wear jeans to argue in court—you also have now created an excuse to not only spend but also overspend. As in all matters of life, the trick is to worry less about what others around you seem to be doing and focus more on your life. Don't think in terms of what you ought to be able to afford, but in terms of what you actually can.


Lie #4: Oh, what's a few hundred more in the hole?

So you've got house rents, electricity bills,a mortgage, car payments—what's a little debt on top of all that? Well, there's a big difference between good debt and bad debt. Good debt: money borrowed to purchase an asset that will build your wealth (like a home you can afford) or invests in the future or like getting an advanced degree. Bad debt: money borrowed to buy something that immediately begins to lose value, like a car or, sorry, a pair of shoes. As Suze Orman puts it, bad debt finances "a want rather than a need."

Plus, not to be boring, but you're paying a lot more interest on the debt (up to 10 per cent or more) than on, say, a 10-year mortgage (as Realty Point Ltd will soon introduce). Adding even a little bit of bad debt every month is going to create a snowball, an extremely harrowing snowball. So restrict your debt to the good kind and your snowballs to the snowy kind.



Lie #5: I know I'm supposed to give up that fatty food, but I cannot live without a few tiny treats.

We've all heard the financial advice not to let seemingly small splurges add up. Let me admit that I hate this advice. It's so painful, and I'm sure I'm not the only one who feels like little treats are the only treats I'm likely to get. So let's add an addendum here, which is that this is not a treatise against treats. Rather, we should all consider trading those daily latte-esque indulgences for other treats that are actually free: Instead of the cheapie manicure, promise yourself a bubble bath after the kids are in bed; instead of ordering from fast foods joint again, convince someone else to cook you dinner. (Feel free to forward this to the relevant parties.)

If you're not convinced, why not add up the trivial indulgences you've been telling yourself you need all month. Now think about that number: How much of your debt would it erase? How about if you put a month of "nothings" into a special "nothing" account? Think it might eventually become "something" instead?


Lie #6: If things get really bad, there's always Santa. Or phantom Big Daddy.

We all move up and down along like waves of water through the ocean of life buoyed by subconscious lies we use to convince ourselves we aren't about to be swarmed by sharks and chomped to bits at any moment...wait, where was I? Oh right, subconscious lies.

I recently had a conversation with someone who had made a financial mess of his 20s and who said, not really joking, "I'll probably just declare bankruptcy and start fresh." Um, not really, though, right? That's like saying, "I'll keep eating doughnuts for every meal and then get liposuction." Not a good plan. For one thing, bankruptcy will affect you for years to come.

This seems obvious to most of us, but there are those subtle, not-quite-believed but not-quite-dismissed ideas of financial salvation rumbling around your brain: Maybe yours is that your parents will be able to get you out of a jam, or a great-aunt you never knew about will leave you a voluminous inheritance. Another terrible plan I've heard (only half-joked about, but happening around us) is marrying someone rich.

This is your life, and you are the boss of your life. Which means behaving like the smartest, most supportive, fiscally responsible boss you know.

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Residents of flood-prone areas of Lagos State say rather than the government asking them to relocate, they should be assisted to secure their environment. Lagos residents, who live around wetlands and flood-prone areas, have stated that the advice given to them by the state’s Ministry of the Environment to relocate is not the best option for them.

The Commissioner for the Environment, Mr. Tunji Bello, had during a press briefing on the seasonal rainfall prediction in March, warned residents of such areas to relocate in order to avoid the damage that might be caused by the anticipated heavy rains in the state this year.

According to him, the Nigerian Meteorological Agency, has predicted 275 days of intense rainfall and massive thunderstorms during the rainy season in the state.

“People who live in low-lying areas, there is nothing anybody can do for you. The most important thing will be for you to quit your houses when it rains. People should also plan for relocation,” he had said.

However, residents of some of the affected areas, who spoke with our correspondent, said relocation was out of the question as they had nowhere to go.

Mr. Kolade Olatunji, a former resident of Iwaya in Yaba area, told our correspondent that he was able to move out of the area because he could afford a little amount for alternative accommodation at the time.

Olatunji, who now lives in Agbede, a community in Agric area of Ikorodu, said, “When I was living in Iwaya, I knew the place was a wetland; sometimes you see water seeping from the ground, and before you know it, the entire street will be flooded; but there was nothing I could do.

“I later moved because I found an alternative; others are still there because I believe they have not been able to raise the rent for new places. This place, Agbede, is better; the only problem we have is that when it rains, the link road becomes flooded and may prevent movement for a few days.”

But Olatunji’s ‘better place’ cannot be described as such. According to residents, whenever it rains, the link road from Asolo to Agbede becomes flooded with storm water and water from a nearby canal, making the area inaccessible for days.

“Most people, who live in Asolo and Agbede, park their cars elsewhere whenever it rains,” a resident told our correspondent, adding, “Even people who have shops in the area abandon their shops until the water either dries up or reduces.”

Agbede, Asolo and Iwaya are not the only areas in the state where people have problems with flooding; there are others that experience worse situations yearly.

Some of these areas include Agiliti, Owode Onirin, Ajegunle, Majidun, Irawo and other parts of Ketu, Mile 12, Ikorodu, Isheri Olofin around Ojodu Berger, Aboru, Badiya, Arowojobe in Maryland, Elede and some areas in Eti Osa Local Government Area.

Those who live in Isheri Olofin, Majidun, parts of Ajegunle and Irawo say they experience flooding in between September and November when the Ogun River, which discharges its water into the Lagos lagoon, overflows its banks.

Mr. Oluwaseun Johnson, a resident of Irawo, said most people who live in the area use five coaches of blocks to lay their foundation so as to keep flood water from entering their houses.

“The water only covers about three coaches so you can have water in the compound, but not inside your house; but when you open the window, the water stares at you. Whenever the authorities of the Ogun-Osun River Basin Development Authority open the dam, the water comes; it increases in volume everyday and lasts for two months on the average,” he said.

Johnson added that most people in the area did not wish to leave because they had invested so much money buying the land and building their houses.

“Some of us here believe that leaving here is not the best option, we believe the state government can still do something for us. Secondly, if we leave here, government will take over the land and rehabilitate it; so, why can’t they do it now while we are still here?” he asked.

In Ajegunle, a woman who identified herself simply as Josephine said she had never given relocation a thought in her 35 years of living in the area.

“I was born here, my parents have lived here for long and this is where we earn our living, how can we just wake up one morning and park out? To where?” she asked.

A popular landlord in Ajegunle area, Mr. Christopher Omobo, said the best the state could do for the residents was to spend part of the money it got from the Federal Government’s Ecological Fund in rehabilitating and upgrading the wetlands, instead of asking people to relocate.

He said, “The Lagos State Government should spend part of the money it got from the Federal Government to make our lives better and not constituting nuisance by asking us to leave here when the floods come. The people that were relocated to Agbowa last year are back here because they could not stay there.

Omobo said, “Will I forsake my monarchical heritage because of water? Those of us who live in the wetlands are Ilaje, Awori and Ijaw, and are known for staying at river banks because of our fishing activities and the money that resuscitates the nation’s economy is from the riverside areas.

“What is happening is part of global warming and the whole world is experiencing it; let the government find out what others are doing and do the same; if they give us financial assistance, we know what to do. Instead of asking us to relocate when the water comes, they can help us raise our homes, clear the waterfronts of water hyacinths and see if we don’t survive here.

“Let the state government spend part of the money they are using to sand-fill the ocean in these flood areas and see if everything will not change for good. Besides, why can’t those in Victoria Island and Ikoyi relocate? Are they not having the same problem?”

Omobo added that if the state government could not afford to undertake the daunting project of containing the floods, it should ask the Federal Government and the World Bank for assistance.

In a telephone interview with our correspondent, Bello said floods were expected as Lagos was a coastal state.
According to the commissioner, global warming has also worsened the situation.

Bello said it was wrong for people to buy land or build houses in low-lying areas or waterways, thereby inhibiting the flow of flood water.

He said, “I have said it in the past two years that people who live in such areas should relocate, especially in the months of June, July and August, when the rains seem heavier. There is nothing the government can do other than that.

“These are people who put us in office and it is our duty to let them know when things are going wrong and proffer solutions. We have relief centres in parts of the state where they can stay until they can find their feet again. That is the best we can do, the accommodation may not be the best, but it is only a temporary arrangement.”

Bello added that asking the government to provide houses for such purposes was out of the question.

“Ordinarily, you don’t build houses in low-lying areas; people should not even buy land in such areas that is what we are saying. But asking the government to build houses where they will relocate to is out of it,” he said.

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Because housing is basic and an essential need, whether you are low or no income earner, you still need to be housed. That is the concept behind social housing. How do we provide housing for people who earn too low to be able to provide for themselves, even rent?

Three categories of people come to play here in making this happen: groups, professional and non-professional associations, government, and NGOs, corporate bodies in line with their Corporate Social Responsibility (CSR) can decide to do housing for the less privileged. Government could also carry it out as a social contract they signed during their campaign, they have that responsibility to provide that.

It’s actually the right of a citizen to be housed and sheltered. That is the angle should examine it from. There are NGOs here and there whose main responsibility is to ensure that people are housed.

The figures we have is quite disturbing if we don’t take social housing serious. Take for instance the survey carried out for Lagos state in 2010; it tells us that we have 3.6 million households in Lagos. They went by the assumption that 5 people make a household, and if the population is about 18 million at the time then Lagos has 3.6 million households. The alarming thing is that 91% of this people live below poverty line, quite a situation! In the civil service, the minimum wage is N18, 000 and I believe it’s lower in the formal sector, where you have people who don’t earn up to N10, 000 in a month.

If you earn N18, 000 and statutorily you are expected not to spend more than about 30-33% of your income on your housing needs. 30% of N18, 000 is how much? That’s about N5, 400! Where and how many places can you find apartments at this amount? It’s the dilemma people live with. This is for someone earning the minimum wage in the country, and we figured that 91% are even below this in a way. It’s a huge challenge. It’s as good as no income.

The truth about this situation is that they need to be taken care of, otherwise the whole system is not safe. I am aware of the effort of government at the national level, even some state governments too. I know of a particular NGO that is championing that for Lagos state and is about to round it up right now.

The whole element is that the private sector is being encouraged to come up with their own contribution to this aspect of social housing. The NGOs too are been encouraged to do their own lot, such that someone can at least stay in a place for a period of time without paying at all, or paying something so minimal it can be considered to be ridiculous.

We are using the Lagos indices to work, because Lagos is a good representation of the country. You may wonder, why bother attempting to build or own a house if your income cannot take care of it. Note that here we are not talking owning or building a house, we are talking accommodation. People must be accommodated somehow. It’s a social contract, that’s why it doesn't really matter who gets involved to help out, because we do have a situation on our hands.

You would note also that in most housing schemes, rent is more preferred to ownership, if ownership does come to play, it’s like the stage in the ladder. Its almost like a rehab camp kind of arrangement, because you are not expected to stay in a particular social class especially when it is the bottom forever.

While one finds themselves at that level, their accommodation should be catered for, and as things improve, one can graduate to other more self-reliant form of accommodation. There are so many things that would have to be considered.

There is the eligibility factor, how would a body or government handling this responsibility determine who is eligible? They would have to come up with some criteria for that, even though we don’t forget its basically for the low and no income. Then again, there is the issue of duration. How long is one expected to be housed by the scheme? What is the dynamics at play, is it rent or ownership? Social housing management has to be considered too. You don’t want to put people in a place where you can’t manage and sustain the facility.

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These are pointers and questions you should answer before you part with money for that property, whether you are buying or renting. The first thing that most of us think of is the adage... "location, location, location". While that is certainly very critical, there are many other things to consider when buying real estate. Here are some universal guidelines.


1. How long do you intend to live/stay there?

This is an important question to consider because moving is quite expensive. If you're in a temporary job and may soon be relocating to another city or even state, renting rather than owning might be a better option.

While none of us entirely knows how our future will play out, understanding how long you expect to stay in your new home allows you the chance to decide how large a home you want. If you're a young couple, a home that is able to grow with you might be appealing. If you plan being single for a while, that counts too.

Whether you're buying a home to live in or as a rental, the next series of tips can help in either circumstance. What makes a home more comfortable to its owners can also make it more attractive to renters.

2. Jobs in the area determine price

It's always a good idea to check available statistics or ask a consultant to see how the employment is in an area that you are considering purchasing or renting a home. Areas with lower unemployment, of course, are most attractive in terms of affordability. The greater the demand for jobs in an area, the more likely home or rental prices are to go up.

3. House vacancies in the area

This may not seem that important if you're planning to live in the house, but actually this is a good thing to know even if you don't rent your home. If there are lots of vacancies compared to surrounding areas, there could be a slowing in the market.

If you're planning to rent part of the home, you'll want to make sure that you have enough savings to cover expenses any time when your home sits vacant. If the market is slowing, there could be a period of several months before you get a quality tenant in place. Being prepared will ease the stress.

4. Crime rate

Crime in an area isn't always detectable right away from a few visits to your potential home. Do a little digging. Ask questions. Investigate the neighborhood. Some areas may look okay but may have a high crime rate. It's best to understand the neighbourhood you might soon call home wherever that place is in any part of the world.

Right now, the northern part of Nigeria has high insecurity issues that border on a state of near anarchy. This does not portend good for the zone. This has not exonerated the south from high crime rate issues.

5. Disaster prone or not

Believe it or not, some people like a home so much that they disregard the natural disasters or warnings in the area. This isn't to say that you should say, "Well, I can't buy a home in the east because they have major erosion issues" or "I can't buy a house in Lagos because of flood." Rather, some buyers are willing to gamble big time. If you are one and do go ahead, then get a high insurance on the property. Then be ready to endure the stress that comes with such decision.

Ultimately, what to look for when buying real estate is about considering the things that will matter not just in this moment, today, but in the years to come. Having a good, strong foundation beneath your home and a safe neighborhood are key components to creating a happy home and the assurance of good investment whether you rented or bought the property.

Did you find this article interesting? Do you have any more suggestions as to what to be on the look out for when renting or buying a property? Then let us know, by dropping your comments and suggestions below in the comments box.

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Nigeria Real Estate Hub

The national housing fund is one of the ways by which we can access finance to purchase your choice property. It’s been anchored by the Federal Mortgage Bank of Nigeria. They distribute or loan out the money through the banks we call primary mortgage institutions; that is the regular mortgage banks we see around in conjunction with the Federal Mortgage Bank to get the money across to Nigerians. Make it easier for people to access it that way.

Any Nigerian that is above 18 years, has a source of livelihood, and is contributing to the fund can access that money. They have three categories of loan amount given: five, ten, and fifteen million. It used to just be five million until it became apparent that five million could not purchase any property of real value, or it limited what one could do with the money. After a review, the ten and fifteen million category was added.

However, if you are taking the five million option, you need to make a contribution of ten per cent equity contribution of 500,000 ; that is at the end of the day, the bank will give you 4.5 million. If you are taking the 10 million option, you will need to make 20 per cent equity contribution, which is 2 million, then the bank gives you 8 million. If its 15 million, then you have to make that equity contribution 0f 30 per cent; you bring 4.5 million, the bank gives you 10.5 to make it fifteen million.

But there are ways you can access these loans, people know about NHF, but get frustrated by the process. Especially if they have no knowledge of the workings. You are told normally, that you can actually access the fund for renovating a house, to purchase a new house, or to construct a house.

Sincerely, it works best for purchasing a new house from a developer who is working with the Federal Mortgage Bank already.

There are two aspects to NHF we need to take note of, there is the aspect that deals with the developer, whereby the developer is given money to build, then they can loan to the buyer to buy from the developer. The loan they gave to the developer now goes to the person buying, he will now pay up over a long period.

If you are wondering how long it will take to contribute for instance 10 million or more? It really does depend on how far you are from sixty (which is the retirement age) in terms of age, you can pay for as much as thirty years. Imagine that you borrowed 5 million when you were twenty-five and had just started to work? That means that you have about thirty five years, if you want to take that whole stretch.

At the end of the day it comes to a reasonable amount of money. One factor that determines your qualification may include what you earn, because you are expected to contribute and contribute 2.5% of your basic monthly income for the rest of your work life.

You may also ask, what if I want to make the payment in a shorter time instead of the long duration? Its possible, but you know that generally for example, the UN accepted standard is that you contribute at least or not more than 33% of income towards housing.

So if what you presented as your income allows you pay 33% within a shorter period, why not? It can be accepted, because the aim is really not to put do much pressure on your funding, that’s why the rate is the best you can get. It’s the only single digit mortgage facility available in the country at 6%, no matter the amount of the other charges accrued, for instance from the primary mortgage firm, when summed up, its not up to ten, neither does it cross into double digit.

In the midst of all these, if you fail to meet up with the payment at the expected time, your property being your security for the deal is lost, taken. In the case of an extended pay time, that can be discussed with the primary mortgage institution. They are the people on ground to administer the loan process, they will give you the disbursement and monitor the payment.

Whatever your issues always refer back to them and you will be sorted out, but ordinarily its supposed to run smoothly. Since the start of the NHF scheme in 1992, they have given out on record about a 100 billion so far. However, sharing it between the developers (estate developer loan) and the mortgage (the housing loan itself), the developers have got more share; about sixty billion naira.

Here’s how it works, the estate developer gets his money, builds his property and pays back in two years. Within the period of two years, he is expected to have generated NHF subscribers that will be interested in purchasing that property, then they will sign on to buy the property and take the loan from Federal Mortgage Bank. That’s how the developer gets paid or reduces the loan taken from FMB.

When you have a developer actually building and constructing, the loan will perform; it is when the developer fails to do so that issues arise. Some of these are being dealt with at the moment, and it’s been sorted out with the help of REDAN and the developers involved. Some logistics issues cause the default in payment, but it is being worked out by the bodies involved.

To Get NHF Here’s What To Do:

· Usually some workplaces provide room for the NHF contribution deducted from their staff salaries; if its not in place, you can walk into a mortgage bank and tell them you want to open an NHF account for your NHF contribution. They will assess you and tell you what you can pay once you give them your payroll.

· You need to have contributed for at least six months before you are eligible to apply for a loan.

· You need to have a satisfactory source of income as earlier stated, to guarantee the loan.

· There is the informal sector for the self-employed, this can be carried out under a cooperative umbrella or on their own. It is advisable though that they come as a group. People in this category can join NHF minded co-operatives and apply through them, because they will have projects that will suit the scheme and allow them apply. Here is the rest of what you need to get National Housing Fund Loan Scheme:

= Apply on a prescribed mortgage loan application form
= Submit photocopies of valid title documents (C of O)
= Approved survey/site plans
= Approved building plans
= Letter of consent to mortgage to a chosen mortgage home of your choice
= Priced bill of Quantities where applicable
= Valuation report prepared by a firm of registered surveyors and valuers where applicable
= Offer letter / Acceptance and Allocation letter (In case of Governments projects)
= In case of registered self employed, he/she must submit a copy of Articles and Memorandum of Association, and a copy of Articles and Memorandum of Association, and a copy of Certificate of Incorporation evidencing his/her employment status.
For give away you can download the NHF Act here and read more for yourself.
Nigeria Real Estate Hub
http://www.nigeriarealestatehub.com/building-and-owning-your-own-property-using-nhf.html
To your SUCCESS!!!

The national housing fund is one of the ways by which we can access finance to purchase your choice property. It’s been anchored by the Federal Mortgage Bank of Nigeria. They distribute or loan out the money through the banks we call primary mortgage institutions; that is the regular mortgage banks we see around in conjunction with the Federal Mortgage Bank to get the money across to Nigerians. Make it easier for people to access it that way.

Any Nigerian that is above 18 years, has a source of livelihood, and is contributing to the fund can access that money. They have three categories of loan amount given: five, ten, and fifteen million. It used to just be five million until it became apparent that five million could not purchase any property of real value, or it limited what one could do with the money. After a review, the ten and fifteen million category was added.

However, if you are taking the five million option, you need to make a contribution of ten per cent equity contribution of 500,000 ; that is at the end of the day, the bank will give you 4.5 million. If you are taking the 10 million option, you will need to make 20 per cent equity contribution, which is 2 million, then the bank gives you 8 million. If its 15 million, then you have to make that equity contribution 0f 30 per cent; you bring 4.5 million, the bank gives you 10.5 to make it fifteen million.

But there are ways you can access these loans, people know about NHF, but get frustrated by the process. Especially if they have no knowledge of the workings. You are told normally, that you can actually access the fund for renovating a house, to purchase a new house, or to construct a house.

Sincerely, it works best for purchasing a new house from a developer who is working with the Federal Mortgage Bank already.

There are two aspects to NHF we need to take note of, there is the aspect that deals with the developer, whereby the developer is given money to build, then they can loan to the buyer to buy from the developer. The loan they gave to the developer now goes to the person buying, he will now pay up over a long period.

If you are wondering how long it will take to contribute for instance 10 million or more? It really does depend on how far you are from sixty (which is the retirement age) in terms of age, you can pay for as much as thirty years. Imagine that you borrowed 5 million when you were twenty-five and had just started to work? That means that you have about thirty five years, if you want to take that whole stretch.

At the end of the day it comes to a reasonable amount of money. One factor that determines your qualification may include what you earn, because you are expected to contribute and contribute 2.5% of your basic monthly income for the rest of your work life.

You may also ask, what if I want to make the payment in a shorter time instead of the long duration? Its possible, but you know that generally for example, the UN accepted standard is that you contribute at least or not more than 33% of income towards housing.

So if what you presented as your income allows you pay 33% within a shorter period, why not? It can be accepted, because the aim is really not to put do much pressure on your funding, that’s why the rate is the best you can get. It’s the only single digit mortgage facility available in the country at 6%, no matter the amount of the other charges accrued, for instance from the primary mortgage firm, when summed up, its not up to ten, neither does it cross into double digit.

In the midst of all these, if you fail to meet up with the payment at the expected time, your property being your security for the deal is lost, taken. In the case of an extended pay time, that can be discussed with the primary mortgage institution. They are the people on ground to administer the loan process, they will give you the disbursement and monitor the payment.

Whatever your issues always refer back to them and you will be sorted out, but ordinarily its supposed to run smoothly. Since the start of the NHF scheme in 1992, they have given out on record about a 100 billion so far. However, sharing it between the developers (estate developer loan) and the mortgage (the housing loan itself), the developers have got more share; about sixty billion naira.

Here’s how it works, the estate developer gets his money, builds his property and pays back in two years. Within the period of two years, he is expected to have generated NHF subscribers that will be interested in purchasing that property, then they will sign on to buy the property and take the loan from Federal Mortgage Bank. That’s how the developer gets paid or reduces the loan taken from FMB.

When you have a developer actually building and constructing, the loan will perform; it is when the developer fails to do so that issues arise. Some of these are being dealt with at the moment, and it’s been sorted out with the help of REDAN and the developers involved. Some logistics issues cause the default in payment, but it is being worked out by the bodies involved.

To Get NHF Here’s What To Do:

· Usually some workplaces provide room for the NHF contribution deducted from their staff salaries; if its not in place, you can walk into a mortgage bank and tell them you want to open an NHF account for your NHF contribution. They will assess you and tell you what you can pay once you give them your payroll.

· You need to have contributed for at least six months before you are eligible to apply for a loan.

· You need to have a satisfactory source of income as earlier stated, to guarantee the loan.

· There is the informal sector for the self-employed, this can be carried out under a cooperative umbrella or on their own. It is advisable though that they come as a group. People in this category can join NHF minded co-operatives and apply through them, because they will have projects that will suit the scheme and allow them apply. Here is the rest of what you need to get National Housing Fund Loan Scheme:

= Apply on a prescribed mortgage loan application form
= Submit photocopies of valid title documents (C of O)
= Approved survey/site plans
= Approved building plans
= Letter of consent to mortgage to a chosen mortgage home of your choice
= Priced bill of Quantities where applicable
= Valuation report prepared by a firm of registered surveyors and valuers where applicable
= Offer letter / Acceptance and Allocation letter (In case of Governments projects)
= In case of registered self employed, he/she must submit a copy of Articles and Memorandum of Association, and a copy of Articles and Memorandum of Association, and a copy of Certificate of Incorporation evidencing his/her employment status.
For give away you can download the NHF Act here and read more for yourself.
Nigeria Real Estate Hub
http://www.nigeriarealestatehub.com/building-and-owning-your-own-property-using-nhf.html
To your SUCCESS!!!

1. Graves of a Catholic woman and her Protestant husband, who were not allowed to be buried together. In the Protestant part of this cemetery, J.W.C van Gorcum, colonel of the Dutch Cavalry and militia commissioner in Limburg, is buried. His wife, lady J.C.P.H van Aefferden, is buried in the Catholic part. They were married in 1842, the lady was 22 and the colonel was 33, but he was a protestant and didn't belong to the nobility.

This caused quite a commotion in Roermond. After being married for 38 years, the colonel died in 1880 and was buried in the protestant part of the cemetery against the wall. His wife died in 1888 and had decided not to be buried in the family tomb but on the other side of the wall, which was the closest she could get to her husband. Two clasped hands connect the graves across the wall.

2. The Recoleta Cemetery is most famous for being the burial ground of Eva Duarte de Peron "Evita," but it actually holds many famous military leaders, presidents, scientists, poets and other important or wealthy Argentinians.

David Alleno was an Italian immigrant who dreamed of being buried in the prestigious cemetery where he worked as a caretaker from 1881 to 1910. He saved enough money to buy a space and built his own tomb. He even traveled back to his home country to find an artist who could carve his own figure in marble, complete with keys, broom & watering can. Legend says that after the tomb was finished David took his own life inside his grave, but many reputable sources say he died years after the tomb was constructed.

3. This headstone is also located at the Recoleta Cemetery in Argentina. What's unusual about it? Well, a man sitting on his sofa looking seriously at the horizon while a woman is seated in another one, at his back, but they are looking in opposite directions. They are placed like that because he died first, so the family made his Mausoleum. Some years later, when his wife died, in her testament she asked to be placed that way so as to represent their marriage: they spent their last 30 years without speaking a word.

4. Fernand Arbelot was a musician and actor who died in 1990 and was buried in the Pere Lachaise cemetery. He wished to gaze at the face of his wife for eternity.

For want of how to upload the remaining photos of the weird graves on Nairaland please click here: http://www.nigeriarealestatehub.com/weird-real-estate-10-Unusual-grave-tombstones.html

Exclusive Interview With Real Estate Giant Mr Akin Olawore (NIESV)

With over twenty-five years in the real estate industry in Nigeria, Akin Olawore member of Nigerian Institute of Estate Surveyors and Valuers (NIESV) has become established as an icon in the industry.

NREH: When did you set up your firm? What was your dream and vision at the time you set up the firm? What led to you starting it up?

MR. OLAWORE:

This firm was set up in 1990, that’s about 23 years ago, but I’ve been practicing since 1982 (before graduation). I graduated in 1983, and for us, we used to have attachments, so I used my attachment as a practice period. We actually started in 1981, but I started it seriously in 1982, looking at how the career would be like for me. So we started here in 1990. The vision is also the kind I took into practice when I was going out there, and that is the fact that we wanted to add value and make our own impact. Of course, when you are first starting out in the 80s, the first thought is “What will the terrain be like?”. It is the way the terrain is that would determine the kind of impact we would have.

By the time I was going to start out I had left as a partner in Diya Fatimilehin and Co, so I had seen all that I needed to see at that time. What I just told my self was that well, because I am going out, I am going to be like a general practitioner; some people already know the kind of value I can add, so all I needed to do was to re-enforce that and add value as appropriate. And we thank God, to God be the glory that is what we have been able to do thus far.

I had never pretended that I wanted a very large practice, because my experience in Diya Fatimilehin and Co have taught me to rather prefer to have a smaller firm that I can control with ease, and then have other people grow within it organically, who can then now create the necessary environment for their own growth. As for me, I would give them the necessary encouragement, support and training that they require, and also mentorship to bring them up to the speed that they need to be. And so, that was what we set out to do, and God has helped us far to do that. We’ve been able to carve out our own niche in the market, we’ve actually shown the kind of things we have flair for and the kind of things we like to do, and the market has responded very well to us, and we give God the glory.

NREH: Sir, you have been in this industry for a long time. We would like to know, what make it interesting for you to come to the office and talk Real Estate all the time? What drives you?

MR. OLAWORE:

One thing that I’ve learned in my life, as I continue to develop and grow, is that there is nothing that you have that was not given to you by God. Now, He didn’t give it to you to hide it, He gave it to you for a purpose. So, the question I always ask myself is “What do you God want me to do today?”; He won’t ask me to do what He hasn’t prepared me for. Obviously, if He wants me to go out there and do what I can do in the Real Estate sector, I go. So, for every challenge that we face, I know that there will be a solution, and God always gives us a way to come up with solutions. That is what drives me everyday. When I wake up, I ask, “what do you want me to do?” I don’t look at the amount of money I want to make today. I believe it is God that provides, so, that is what drives me.

NREH: So does that form some kind of guiding principle, a benchmark?

MR. OLAWORE:

Yes, it is! It is, more especially because I believe that this profession is the first profession on earth. Yes. And when you look at every thing surrounding all what we do, there is nothing that you do in Real Estate that does not involve you blessing somebody. If it is an agency, and you find a house for somebody, you bless the person. It didn’t occur to me until 1985 or 1987, when a friend of mine that I just met was looking for accommodation. I was able to get him one, and he sent me a personal invitation to his wedding, and after the wedding he introduced me to his wife as the person who made it possible for their wedding to take place. I asked what that meant, and he said that his in-laws gave him an ultimatum that until he got his own house, he couldn’t go ahead with the wedding. I was just there to make it happen. That’s why I said that for every challenge, we look for solutions. There’s no endeavour that you pursue that doesn’t involve Real Estate.

If someone goes and carves his relevance, it means that God has positioned him there to make people’s dreams come true. So you must keep finding solutions. You must continue to think around issues, to try to get around challenges, and figure out how everybody involved will be happy, then you bless people.

NREH

So, what is the state of the real estate sector in Nigeria, at the moment?

MR. OLAWORE:

Well, what I will say is that it is maturing (not yet fully matured), because the country itself is still growing. What happens in real estate is that when it starts maturing, we are going to have the capital market intervention. We are still very far from the capital market intervention. We still have 16 to 20 million housing deficits, we have very few Grade A offices, then there is distortion in the value trend. In the reading of the market, there is distortion. So, by the time you get towards maturity, there will be a near-saturation situation where it will be easy to predict what will happen next in the market. The market is one-sided now, but which market? Because when we talk about market, we are now talking about market segments.

We have market segment by income, we have market segment by location, we also have market segment by use and other ones. But let’s look at income, location and use, and then we pick residential first. By location, the high end (which is also by income), in residential, they are still tottering? The prices of a number of them are outside the range of the locals. They realize that, but they also felt at that time that investment was coming into the country. Investors needed to come into the country; the Naira had lost some value. Some people where able to afford it then, which they did. But as soon as the global crises came, money dried up out there. So, coming into Nigeria to come and dwell became an issue. Now people had already invested, it was already on the ground. The prices were rising,
but people were still buying because they could afford it. The ‘Bigger Fool Theory’ came into play, until it got stuck in somebody’s hands at an expensive price and there was no way to get rid of it. At the high-end, there are some of the properties that some people will snap-up because it is really at the top for the few top people. There are also some of them that will be relatively newer that people will also buy at the same price as the previous category. But at the lower end and the middle end, those who have been displaced from the upper end now come there to displace the people at the lower and middle ends because they have more money, and then the displaced people move further down.

That is why we find out that prices are rising at the lower ends. So, the markets for the lower ends are active because of the demand and supply situation. When you go into the sale market, a similar situation occurs. That is why you will be amazed when you think of some suburbs. You wonder why their value is so high. Their value is high because the next suburb that is high-value is pushing people towards it. So there is a rise in demand, and therefore, the prices rise until people can’t afford the rent anymore. When this happens, people don’t even think again when they hear the land value.

They just want to get the cheap land and move on. So we keep having these kinds of distortions, because maturity has not set in. With maturity, there will be calmness. There will always be demand the demand for houses. Our demography is pyramidal in structure. There are more people at the bottom, and they will continue to move up the pyramid as their income increase. As a result of this, they will continue to need houses. We can’t satisfy that demand. It will take us some time to satisfy it, but the market will always be there.

Now, why are we far from maturity? We are far from maturity because of infrastructural challenges, financing engineering challenges for the Real Estate sector. In terms of infrastructural challenges, when you establish a Grade A property, it has to be completely mechanical, and that costs a lot of money. The running costs will be high, and as a result, it will affect the rent because there is a budget on how much is to be spent on the office. If about half of the budget goes into the service charge, how much will now be left for the land-lord. Of course the land-lord will be concerned about the full payment of his rent, so the client bears all the costs. The high cost of service charge could be off-set if there was adequate infrastructure. Because of this high cost, we now have quite a number of Grade A offices that are empty. The locals can’t afford them. Those coming in can’t also afford them, and that is why they go into virtual offices in order to cut costs.

For those who already have investments in the ground, we have to find ways to help them cut costs as well. One way to do that is to focus on power. A research showed that about 60% of the cost of running an office block was spent on power. If that area can be sorted out, there will be a large improvement. In the Hospitality sector, that is the hotels (5-star hotels); I don’t know whether they actually make money. Yes, they keep getting customers all the time, but you need to consider their rates, about $500 a night. When you check 5-star hotels outside the, you see that their rates are about $200 in the down-town area, and $100-$120 outside for a night. It is much less. So when people come to our 5-star hotels and see that the rate is $500 a night, they become very surprised because it is very expensive. People patronize them out of necessity, probably when they need to take care of some serious business, or when they can very much afford them. It’s all about power. The hotels have to keep their refrigerators running, they have to keep their air-conditioners running, their restaurants have to stay open for customers, therefore the generators have to stay running. At the end of the day, all these costs are factored into the pricing and it make the price to be less competitive. This is why we also have challenges in the area of Tourism, because Real Estate is important to Tourism.

We are talking of about 16million – 20million housing unit, there are two basic problems involved. Number one is the financing, in terms of mortgage, especially the secondary mortgage type. The primary mortgage is not really the issue; we already have measures in place to create it. The main problem is with the secondary mortgage, because the primary mortgage can only make so much money available. They cannot make it available annually. To make it available annually, we will need the secondary mortgage to come in. the secondary mortgage market will the mortgage from the primary mortgage providers. The secondary mortgage is a financial market instrument that we all buy as stocks, so, it is our money that goes back into the primary mortgage institutions. Say, for example, the primary mortgage institutions provided a mortgage of about N25 billion, the capital market could then come up with an amount of N25 billion to buy the mortgage from the primary mortgage institutions. So, as the primary mortgage institutions collect the repayment back from the people it provided the mortgage for, the repayment would then be channeled to the people that bought the mortgage from them. The interest gained on the mortgage will then be arranged, so that both parties can benefit from the deal. This is purely Capital Market intervention. Put the provision of an enabling environment in place; let someone take the lead and others will flow. So, we need that, because the people who need the housing are not those who already have their own houses that can pay a heavy interest. They need a single-digit interest, so they need long-term funds; funds which are not under pressure. In this regard, we have a number of opportunities: unclaimed dividends, dormant account funds etc that can be used for providing mortgage facilities.

The government has to take the prerogative to direct funds to projects like these and get things to move on. That is a challenge; that’s why we must come up with creative solutions. The private sector needs to come together, and agree there is this problem and find a solution for it. We need to help to direct the government to come up with policies that will be beneficial to us. Policies are also there to help us ameliorate risks, and it is the person who will bear the risk that will know what he is to expect. For instance, the prudential guidelines have helped the banks to reduce risks by determining who to collect collateral from, and from whom not to. Most times when we talk of Stake Holders’ Forum, conferences and the likes, we just talk, we don’t go straight to things we need.

NREH

What about Public Private Partnership?

MR. OLAWORE:

Most of us are still individualistic. That is why we still have micro-businesses, instead of SMEs. Until people start to sit down and talk together and discover their common interests and look at how they can address issues together, we won’t get the solutions. I believe REDAN is doing something now, in terms of making progress. I hear that they want to set up a bank, and they are also doing something on the technology front. We want to be practical. That is the most important thing. In terms of technology, I believe that the building technology of putting block on block cannot solve our problem. We need mechanized building in order to save time. There is a method that is being employed in Latin America that makes mass-housing a lot cheaper.

NREH:

Why have we not done something like this here in Nigeria?

MR. OLAWORE:

That is part of the problems we are talking about. Another problem is the issue of land. When government allocates a land to you, the challenges of getting it is also a big issue. Lagos state is embarking on PPP, but there are challenges when you want to go to the land and use it. The full assistance you are supposed to get from the government is not given to you. When a PPP arrangement is in place, the concerned parties are supposed to handle the areas that are within their control. The government is supposed to handle the planning, approval and the survey because it is in their control. In this situation the government will ask you to do it yourself and waste the time. When you are partners, everything should be straight forward and clear. Despite the frustration, I try to look for solutions because I’m an optimist, I don’t like people stopping me. So, why don’t we go to the communities and partner with them? We will still do the running around that we need to do, but this time, it will be with the communities. With the time it takes the government to get one through, we would have finished building what we wanted to build with the communities. Government, because of the people working in it, frustrates progress.

With over twenty-five years in the real estate industry in Nigeria, Akin Olawore member of Nigerian Institute of Estate Surveyors and Valuers (NIESV) has become established as an icon in the industry.

NREH: When did you set up your firm? What was your dream and vision at the time you set up the firm? What led to you starting it up?

MR. OLAWORE:

This firm was set up in 1990, that’s about 23 years ago, but I’ve been practicing since 1982 (before graduation). I graduated in 1983, and for us, we used to have attachments, so I used my attachment as a practice period. We actually started in 1981, but I started it seriously in 1982, looking at how the career would be like for me. So we started here in 1990. The vision is also the kind I took into practice when I was going out there, and that is the fact that we wanted to add value and make our own impact. Of course, when you are first starting out in the 80s, the first thought is “What will the terrain be like?”. It is the way the terrain is that would determine the kind of impact we would have.

By the time I was going to start out I had left as a partner in Diya Fatimilehin and Co, so I had seen all that I needed to see at that time. What I just told my self was that well, because I am going out, I am going to be like a general practitioner; some people already know the kind of value I can add, so all I needed to do was to re-enforce that and add value as appropriate. And we thank God, to God be the glory that is what we have been able to do thus far.

I had never pretended that I wanted a very large practice, because my experience in Diya Fatimilehin and Co have taught me to rather prefer to have a smaller firm that I can control with ease, and then have other people grow within it organically, who can then now create the necessary environment for their own growth. As for me, I would give them the necessary encouragement, support and training that they require, and also mentorship to bring them up to the speed that they need to be. And so, that was what we set out to do, and God has helped us far to do that. We’ve been able to carve out our own niche in the market, we’ve actually shown the kind of things we have flair for and the kind of things we like to do, and the market has responded very well to us, and we give God the glory.

NREH: Sir, you have been in this industry for a long time. We would like to know, what make it interesting for you to come to the office and talk Real Estate all the time? What drives you?

MR. OLAWORE:

One thing that I’ve learned in my life, as I continue to develop and grow, is that there is nothing that you have that was not given to you by God. Now, He didn’t give it to you to hide it, He gave it to you for a purpose. So, the question I always ask myself is “What do you God want me to do today?”; He won’t ask me to do what He hasn’t prepared me for. Obviously, if He wants me to go out there and do what I can do in the Real Estate sector, I go. So, for every challenge that we face, I know that there will be a solution, and God always gives us a way to come up with solutions. That is what drives me everyday. When I wake up, I ask, “what do you want me to do?” I don’t look at the amount of money I want to make today. I believe it is God that provides, so, that is what drives me.

NREH: So does that form some kind of guiding principle, a benchmark?

MR. OLAWORE:

Yes, it is! It is, more especially because I believe that this profession is the first profession on earth. Yes. And when you look at every thing surrounding all what we do, there is nothing that you do in Real Estate that does not involve you blessing somebody. If it is an agency, and you find a house for somebody, you bless the person. It didn’t occur to me until 1985 or 1987, when a friend of mine that I just met was looking for accommodation. I was able to get him one, and he sent me a personal invitation to his wedding, and after the wedding he introduced me to his wife as the person who made it possible for their wedding to take place. I asked what that meant, and he said that his in-laws gave him an ultimatum that until he got his own house, he couldn’t go ahead with the wedding. I was just there to make it happen. That’s why I said that for every challenge, we look for solutions. There’s no endeavour that you pursue that doesn’t involve Real Estate.

If someone goes and carves his relevance, it means that God has positioned him there to make people’s dreams come true. So you must keep finding solutions. You must continue to think around issues, to try to get around challenges, and figure out how everybody involved will be happy, then you bless people.

NREH

So, what is the state of the real estate sector in Nigeria, at the moment?

MR. OLAWORE:

Well, what I will say is that it is maturing (not yet fully matured), because the country itself is still growing. What happens in real estate is that when it starts maturing, we are going to have the capital market intervention. We are still very far from the capital market intervention. We still have 16 to 20 million housing deficits, we have very few Grade A offices, then there is distortion in the value trend. In the reading of the market, there is distortion. So, by the time you get towards maturity, there will be a near-saturation situation where it will be easy to predict what will happen next in the market. The market is one-sided now, but which market? Because when we talk about market, we are now talking about market segments.

We have market segment by income, we have market segment by location, we also have market segment by use and other ones. But let’s look at income, location and use, and then we pick residential first. By location, the high end (which is also by income), in residential, they are still tottering? The prices of a number of them are outside the range of the locals. They realize that, but they also felt at that time that investment was coming into the country. Investors needed to come into the country; the Naira had lost some value. Some people where able to afford it then, which they did. But as soon as the global crises came, money dried up out there. So, coming into Nigeria to come and dwell became an issue. Now people had already invested, it was already on the ground. The prices were rising,
but people were still buying because they could afford it. The ‘Bigger Fool Theory’ came into play, until it got stuck in somebody’s hands at an expensive price and there was no way to get rid of it. At the high-end, there are some of the properties that some people will snap-up because it is really at the top for the few top people. There are also some of them that will be relatively newer that people will also buy at the same price as the previous category. But at the lower end and the middle end, those who have been displaced from the upper end now come there to displace the people at the lower and middle ends because they have more money, and then the displaced people move further down.

That is why we find out that prices are rising at the lower ends. So, the markets for the lower ends are active because of the demand and supply situation. When you go into the sale market, a similar situation occurs. That is why you will be amazed when you think of some suburbs. You wonder why their value is so high. Their value is high because the next suburb that is high-value is pushing people towards it. So there is a rise in demand, and therefore, the prices rise until people can’t afford the rent anymore. When this happens, people don’t even think again when they hear the land value.

They just want to get the cheap land and move on. So we keep having these kinds of distortions, because maturity has not set in. With maturity, there will be calmness. There will always be demand the demand for houses. Our demography is pyramidal in structure. There are more people at the bottom, and they will continue to move up the pyramid as their income increase. As a result of this, they will continue to need houses. We can’t satisfy that demand. It will take us some time to satisfy it, but the market will always be there.

Now, why are we far from maturity? We are far from maturity because of infrastructural challenges, financing engineering challenges for the Real Estate sector. In terms of infrastructural challenges, when you establish a Grade A property, it has to be completely mechanical, and that costs a lot of money. The running costs will be high, and as a result, it will affect the rent because there is a budget on how much is to be spent on the office. If about half of the budget goes into the service charge, how much will now be left for the land-lord. Of course the land-lord will be concerned about the full payment of his rent, so the client bears all the costs. The high cost of service charge could be off-set if there was adequate infrastructure. Because of this high cost, we now have quite a number of Grade A offices that are empty. The locals can’t afford them. Those coming in can’t also afford them, and that is why they go into virtual offices in order to cut costs.

For those who already have investments in the ground, we have to find ways to help them cut costs as well. One way to do that is to focus on power. A research showed that about 60% of the cost of running an office block was spent on power. If that area can be sorted out, there will be a large improvement. In the Hospitality sector, that is the hotels (5-star hotels); I don’t know whether they actually make money. Yes, they keep getting customers all the time, but you need to consider their rates, about $500 a night. When you check 5-star hotels outside the, you see that their rates are about $200 in the down-town area, and $100-$120 outside for a night. It is much less. So when people come to our 5-star hotels and see that the rate is $500 a night, they become very surprised because it is very expensive. People patronize them out of necessity, probably when they need to take care of some serious business, or when they can very much afford them. It’s all about power. The hotels have to keep their refrigerators running, they have to keep their air-conditioners running, their restaurants have to stay open for customers, therefore the generators have to stay running. At the end of the day, all these costs are factored into the pricing and it make the price to be less competitive. This is why we also have challenges in the area of Tourism, because Real Estate is important to Tourism.

We are talking of about 16million – 20million housing unit, there are two basic problems involved. Number one is the financing, in terms of mortgage, especially the secondary mortgage type. The primary mortgage is not really the issue; we already have measures in place to create it. The main problem is with the secondary mortgage, because the primary mortgage can only make so much money available. They cannot make it available annually. To make it available annually, we will need the secondary mortgage to come in. the secondary mortgage market will the mortgage from the primary mortgage providers. The secondary mortgage is a financial market instrument that we all buy as stocks, so, it is our money that goes back into the primary mortgage institutions. Say, for example, the primary mortgage institutions provided a mortgage of about N25 billion, the capital market could then come up with an amount of N25 billion to buy the mortgage from the primary mortgage institutions. So, as the primary mortgage institutions collect the repayment back from the people it provided the mortgage for, the repayment would then be channeled to the people that bought the mortgage from them. The interest gained on the mortgage will then be arranged, so that both parties can benefit from the deal. This is purely Capital Market intervention. Put the provision of an enabling environment in place; let someone take the lead and others will flow. So, we need that, because the people who need the housing are not those who already have their own houses that can pay a heavy interest. They need a single-digit interest, so they need long-term funds; funds which are not under pressure. In this regard, we have a number of opportunities: unclaimed dividends, dormant account funds etc that can be used for providing mortgage facilities.

The government has to take the prerogative to direct funds to projects like these and get things to move on. That is a challenge; that’s why we must come up with creative solutions. The private sector needs to come together, and agree there is this problem and find a solution for it. We need to help to direct the government to come up with policies that will be beneficial to us. Policies are also there to help us ameliorate risks, and it is the person who will bear the risk that will know what he is to expect. For instance, the prudential guidelines have helped the banks to reduce risks by determining who to collect collateral from, and from whom not to. Most times when we talk of Stake Holders’ Forum, conferences and the likes, we just talk, we don’t go straight to things we need.

NREH

What about Public Private Partnership?

MR. OLAWORE:

Most of us are still individualistic. That is why we still have micro-businesses, instead of SMEs. Until people start to sit down and talk together and discover their common interests and look at how they can address issues together, we won’t get the solutions. I believe REDAN is doing something now, in terms of making progress. I hear that they want to set up a bank, and they are also doing something on the technology front. We want to be practical. That is the most important thing. In terms of technology, I believe that the building technology of putting block on block cannot solve our problem. We need mechanized building in order to save time. There is a method that is being employed in Latin America that makes mass-housing a lot cheaper.

NREH:

Why have we not done something like this here in Nigeria?

MR. OLAWORE:

That is part of the problems we are talking about. Another problem is the issue of land. When government allocates a land to you, the challenges of getting it is also a big issue. Lagos state is embarking on PPP, but there are challenges when you want to go to the land and use it. The full assistance you are supposed to get from the government is not given to you. When a PPP arrangement is in place, the concerned parties are supposed to handle the areas that are within their control. The government is supposed to handle the planning, approval and the survey because it is in their control. In this situation the government will ask you to do it yourself and waste the time. When you are partners, everything should be straight forward and clear. Despite the frustration, I try to look for solutions because I’m an optimist, I don’t like people stopping me. So, why don’t we go to the communities and partner with them? We will still do the running around that we need to do, but this time, it will be with the communities. With the time it takes the government to get one through, we would have finished building what we wanted to build with the communities. Government, because of the people working in it, frustrates progress.

Read the rest of this incisive interview here: http://www.nigeriarealestatehub.com/exclusive-interview-with-estate-giant-mr-akin-olawore-3.html

[1][2][3][4] .... Next

Co-operative society is one of the proven secret that wealthy people are using to achieve success in whatever goal they desire to achieve.

Unfortunately, many Nigerians are missing this lifetime opportunity of using this platform to associate with like minds and gain financial freedom.

One of the factors misleading people about the power is the lack of meaningful results or alters failure of the ones they see around.

But should you drop your search and resign to faith because of these reasons?

Aren’t there co-operative societies at work places and outside that have done well and are still doing well?

Don’t be deceived; cooperative society can be the vehicle to fund your building project without stress and for the growth of your business if it’s well run.

One proven case study of how co-operative society can help a person earning either low or middle class income to build a house is the story of Maniberu Adeomo.

He’s a poor teacher on a meager salary of N25,000 in a private secondary school.

His friend and colleague, Mr. Matthew informed him about a certain co-operative society in the city that was turning its members to vehicle owners and better business men and women.

Maniberu and his friend joined the society and began contributing five thousand naira monthly each.

After six months, they borrowed times three, of their total contribution of N30,000 to arrive at N90,000 each.

They bought a plot of land each and when they were due for another loan, they started work on the land.

With the support of the co-operative society , they were able to build bungalows of three bedrooms each. The lesson here is to join a cooperative now.

For better understanding of the effect of joining a cooperative society, let me remind you the story of the broom stick versus the broom bunch.

If given a portion to sweep, while it may take forever employing the services of a broom stick, you will be through in a moment if the broom bunch is applied.

The principle behind this story is what makes it possible for a cooperative to do whatever it is designed to achieve.

In my desire to understand how co-operative society can be used for the common good of members effectively, I have conducted series of research for four years and spent thousands of personal and company funds.

Here is the outcome and what you now do with it is subject to your decision.

But if you may allow me, I will advise you to read this up and take an immediate action for or against it.

I however hope your action will be in the affirmative because if otherwise, it may come to haunt you.

The Project

Prime Asset Housing Co-Operative Multi-Purpose Society Limited (PAHCMS LTD) project is an initiative of Realty Point Limited.

It is a private venture initiative to assist individuals in owning a home.

It is registered with the appropriate Government supervisory body and runs independent of the promoters.

It has full complement of duly elected executives. Therefore, Realty Point Limited is not the owner of this Co-operative Society.

Overriding Objectives

To help members become Landlords by:
1. Providing property purchase and construction opportunities for self use.
2. Providing a 10 – 25 year mortgage scheme for members.
3. Providing real estate and other investment opportunities for collective gain.
4. Providing investment (real estate inclusive), entrepreneurial and other life enhancing training to members at our monthly meetings.
5. Always providing well-researched and negotiated clusters of landed properties which members can buy; and also assisting in developing into mini-estates while providing other services as may be required, e.g. access to mortgage facilities below the market rate building materials, etc.
6. Providing opportunities for members to borrow for growth in their business operations through our well-structured and professionally managed thrift in association with participating Micro-Finance Banks. 20% of our fund at anytime is made available for our thrift operation.
7. Investing our collective monthly contributions regularly and distributing 30% of surplus (gain or profit) annually as dividend on a prorated basis.
8. And much more.

In summary, we are a house-ownership actualization and investment society using the power of cooperative and thrift.

If you are interested in more information on Prime Asset Housing Co-Operative Multi-Purpose Society Limited (PAHCMS LTD), you can put a call/text to me through 08059899701 or send me a mail nigeriarealestatehub@outlook.com. To apply for membership, download application forms from www.primecooperative.org or www.realtypointltd.com

For more real estate articles please visit http://www.nigeriarealestatehub.com/

In an unprecedented move, Johannesburg-based RMB Westport, South Africa's second-largest financial-services company, announced the property unit of its investment banking arm has raised $250 million to develop real estate in West Africa.

The initial sites will be in Nigeria, Ghana and Angola. Retail and mixed-use development will be the primary objective. Africa currently has strong demand for high-grade retail and commercial properties, according to Independent Online, a division of Independent Newspapers (Pty) Ltd. based in Cape Town, South Africa.

RMB Westport opened its doors in 2008 when Rand Merchant Bank (RMB)‚ through its Real Estate Investment Banking division entered into a joint venture with the Westport Property Group.

In an e-mailed company statement to the media, Michael O'Malley‚ Director of RMB Westport, said his company "believes in the African growth story. Over the past decade‚ African economic output has more than tripled‚ which is one of the many reasons we think that Africa today holds the greatest overall investment potential for all frontier markets globally."

O'Malley says the discovery of oil in Ghana will probably lead to a further increase in investor interest and subsequent demand for office and industrial space in West Africa. O'Malley has spent the past 20 years working on retail and mixed-use projects in 12 African countries.

RMB Westport is no newcomer to Africa. Some of RMB Westport's biggest projects, at various levels of completion, include Icon House and Accra Financial Centre (A-grade buildings in Ghana); Ikeja City Mall (the largest shopping mall in Nigeria); Osapa Retail (Phase I) and Project Wings (Office and retail property in Nigeria) and recently the Junction Shopping Center (retail property in Accra‚ Ghana).

Westport chief financial officer Alan Wilson states, "Africa currently has the world's highest rate of urbanization. This migration‚ along with Africa's growing middle-class further reinforces the need for high grade office space and retail buildings in urban areas."

For example, Wilson says "the city of Luanda was built for a population of 300,000 and currently has over six million inhabitants."

Wilson says the International Monetary Fund (IMF) recently forecast Nigeria's economy to grow by 6.9% - a rate which‚ if sustained‚ will eventually lead to Nigeria overtaking South Africa as the largest economy in Africa.

He adds, "We believe that regulatory reforms in Nigeria‚ along with its sheer population size‚ oil wealth and strong economic growth trend‚ make it a market that is difficult to ignore.".

Although many property developers and financiers play in this highly competitive industry‚ RMB Westport believes RMB's delivery of property development projects on time and on budget‚ will continue to place the company at the forefront in development circles.
For more real estate news visit http://www.nigeriarealestatehub.com/nigeria-real-estate-blog.html

In an unprecedented move, Johannesburg-based RMB Westport, South Africa's second-largest financial-services company, announced the property unit of its investment banking arm has raised $250 million to develop real estate in West Africa.

The initial sites will be in Nigeria, Ghana and Angola. Retail and mixed-use development will be the primary objective. Africa currently has strong demand for high-grade retail and commercial properties, according to Independent Online, a division of Independent Newspapers (Pty) Ltd. based in Cape Town, South Africa.

RMB Westport opened its doors in 2008 when Rand Merchant Bank (RMB)‚ through its Real Estate Investment Banking division entered into a joint venture with the Westport Property Group.

In an e-mailed company statement to the media, Michael O'Malley‚ Director of RMB Westport, said his company "believes in the African growth story. Over the past decade‚ African economic output has more than tripled‚ which is one of the many reasons we think that Africa today holds the greatest overall investment potential for all frontier markets globally."

O'Malley says the discovery of oil in Ghana will probably lead to a further increase in investor interest and subsequent demand for office and industrial space in West Africa. O'Malley has spent the past 20 years working on retail and mixed-use projects in 12 African countries.

RMB Westport is no newcomer to Africa. Some of RMB Westport's biggest projects, at various levels of completion, include Icon House and Accra Financial Centre (A-grade buildings in Ghana); Ikeja City Mall (the largest shopping mall in Nigeria); Osapa Retail (Phase I) and Project Wings (Office and retail property in Nigeria) and recently the Junction Shopping Center (retail property in Accra‚ Ghana).

Westport chief financial officer Alan Wilson states, "Africa currently has the world's highest rate of urbanization. This migration‚ along with Africa's growing middle-class further reinforces the need for high grade office space and retail buildings in urban areas."

For example, Wilson says "the city of Luanda was built for a population of 300,000 and currently has over six million inhabitants."

Wilson says the International Monetary Fund (IMF) recently forecast Nigeria's economy to grow by 6.9% - a rate which‚ if sustained‚ will eventually lead to Nigeria overtaking South Africa as the largest economy in Africa.

He adds, "We believe that regulatory reforms in Nigeria‚ along with its sheer population size‚ oil wealth and strong economic growth trend‚ make it a market that is difficult to ignore.".

Although many property developers and financiers play in this highly competitive industry‚ RMB Westport believes RMB's delivery of property development projects on time and on budget‚ will continue to place the company at the forefront in development circles.
For more real estate news visit http://www.nigeriarealestatehub.com/nigeria-real-estate-blog.html

I am currently undertaking an online course from Harvard University in Boston, USA. I receive my lectures via the internet. The lecturer is well known and he is seen in an auditorium teaching the other students, who asks him questions and answers his. The participants are from all over the world, we have discussion forums, and you get to sometimes ask the lecturer questions via live video.
We were recently given a quiz, and you won't perform well if you don't study for it. I have missed a lot of classes because of work, but i make up by downloading and answering the tests questions later.
I was recently confirmed at my place of work and I informed my employer about the course, I was confirmed and promoted.
Bottom line, since you are asking about employers and their attitude, I think it boils down to the employer and his/her's ability to be technology or internet inclined. My boss wants to take the next one starting in September!

GENERAL OVERVIEW OF LAGOS TENANCY LAWS 2011

DELIVERED BY EXPERT ON TENANT, LANDLORD MATTERS BARRISTER VALENTINO BUORO AT A SEMINAR

Therefore, we have with us today a veteran in that field. In the field of tenant landlord issues. He is a barrister at law. But prior to that he’s been a journalist, he’s been all sort of things really and those experiences count in his practice now. He will discuss with us along that line. The first thing will be to give us a general overview of the new tenants’ law and probably to compare and extract the differences between the new law and the old. The environment too as regards tenant landlord relationship environment will be discussed. Questions will be entertained later as regarding this issue. So please join me in welcoming Barrister Valentino Buoro.

Thank you very much. I’d like to begin this program by affirming his introduction that I’ve been so many things before being a lawyer and will still continue to be many things afterwards. But todays discussion is on landlord and tenant issue and like I always say, it’s a very unique relationship. That most of us don’t take very deep thought about. Now there is usually this misconception that the landlord is a rich man, and so when you occupy a premises and anything goes bad, the tenant complains “the landlord is not doing this”, “the landlord is not doing that”, and you think that each time the landlord is in funds. Am I right or wrong?

RESPONSE: Yes

And then on the other side, the landlord sees you as a bank. It is just a natural thing. Like we seat here now and think, “oh Barrister, he must be very rich”. You feel he must have some 20 or 30 thousand naira on him. Meanwhile am looking for one naira. And I will be looking at you and saying, “ah these guys have come here for landlord and tenant matters, they must be rich, they must be comfortable”. It’s a natural thing. However, when it comes to landlord and tenant its symbiotic. It’s a two way traffic. And like in marriage, the two parties must make it work. A landlord alone cannot make a tenancy relationship work neither can the tenant do so alone. Both of them must work together. Therefore, we are going to start from that premise.

How many of us are landlords here? (two participants indicate by raising their hand). I have an NGO called Landlord and Tenants Rights Initiative. The first challenge I had was somebody asked me why I focused on both landlords and tenants, why not one group. Either you are a tenant relationship person or you are landlord relationship person. Because just as you have devilish landlord so also do you have devilish tenants. There are some landlords who are so good, but their tenants are from hell. You also find tenants who will do anything and spend their money to repair the premises, but all they get is “leave my house, leave my house”, as if theirs is the only house in the area. So when am going to talk to you, I’ll do so from the both sides. From my perspective, the new landlord and tenant law does not favour tenants the way the old one did.

Why do I say this? The old law had rent control and recovery of residential premises law. At that time there was rent control, for instance, the law said if you lived in Iganmu, the amount you pay for one room in Iganmu should not be the same amount you pay for one room in Ikeja. So you had different schemes for different places. The ceiling was N250, 000; therefore, the law covered rents of up to N250, 000. In other words, government saw that if you could pay rent over N250, 000 then you should be able to take care of yourself. That law didn’t cover properties over N250, 000.

For us lawyers at the time, if you want to go to court, you have at the back of your mind whether the rent you were charging was the valid rent or the illegal one. Of course the truth about is that almost all lawyers at that time charged the illegal rent, because nobody was following it. And the law is such that it is only when you complain that it will answer you. The owner of the world, God our creator knows that we all have our challenges but he says “come to me ye who are burdened”. He knows everybody is burdened, but you take the first step and come. Until you do that, you’ll be there and he’ll be looking at you. So also is the law. The law at every time wants you to complain first. If you don’t complain, then the law is good. Am I making any point?

Since nobody complained about illegal or invalid rent at that time, there was never a case on the issue on rent. But when it came to recovering the house or the premises, we who were practitioners were conscious of the fact that, so that we don’t take a case to court that has the issue of illegality. Now the very first thing that this new tenancy law of Lagos state dealt with is the issue of control.

There is no more rent control. There is this economic word applied to our petroleum industry that wanted to liberalize it, deregulation. This way if I Valentino decides my rent is one billion, and you agree then so be it. Therefore, there was no more regulation as per issues bordering on rent. It’s the very first thing you notice in the new law.

The second thing , is the issue that we all celebrated. Three months, six months for sitting tenants and others. Those things have always been there. There has always been a law against taking more than three months from sitting tenants in the old law. Now the new law says you cannot take more than six months for monthly tenants. If it’s a quarterly or half yearly tenant, you cannot take more than one year. Then if it’s a sitting one year tenant, the same one year of advance rent. However, how many of us have observed this new law in paying rent? Has anybody recently taken in a new property? Or recently took up accommodation as new tenants?

RESPONSE: From a landlord- “I charged one year did the tenant opted to pay two”

BUORO: Any other?

RESPONSE: “I got accommodation for someone and the landlord insisted on two years.”

BUORO CONTINUES

Now the law says its maximum of one year. That the landlord or his agent should not ask for rent of more than one year from an incoming tenant. And if he does, he or she will be liable to go to jail for three months or pay the penalty of N100,000. The same law also says that the tenant should not offer to pay for more than one year or else he suffers the same fate. Therefore the people involved in our case study are guilty already. What if one of the parties offers, who reports the other?

RESPONSE: Nobody

Have you seen a trap there?

RESPONSE (MAN): I believe the law is not meant to work because the two involved become accomplices. One offers the other pays. They both become guilty.

RESPONSE (MAN 2): I see it as a trap. I see it as a loophole of the law. For one to report any case to the law, there must be a disagreement between the two parties involved. If the two parties are in agreement, then it’s based on mutual understanding.

RESPONSE (WOMAN): The way I see it, the tenant who offers two years is only trying to protect him or herself from future increase. This is because some landlords increase their rent every year. The tenant wants rent stability for two years.

RESPONSE (MAN3): Since there is a receipt, then its enough evidence to produce in the court of law.

RESPONSE (MAN 4): The tenant may want to drag the matter to court, but he is already trapped by paying in the first place. The landlord can also capitalise on this culpability and create problems in future.

BUORO: That is a good point. That two or three agree to commit illegality does not make it legal. The law is very strict, it says: it shall be unlawful for a landlord or his agent to receive from a new or would-be tenant rent in excess of one year, in respect of any premises and vice versa. Any person who receives or pays rent in excess of what is prescribed in this section, shall be guilty of an offence and shall be liable on conviction to a fine of N100, 000 or three months imprisonment. My own feeling is that this section, which is section 4 of the new law was not intended to work. What then is the solution? The landlord who asks you for 2years is already saving a room in prison for three months or pay the fine.

The only way this section of the law can be effected is that when the landlord demands rent of more than one year, you ask him to be hold and then you go report to the police and maybe they give you marked money for the transaction. It is only at that point that you can be free.

Remember the case of Farouk Lawan and Otedola. It really is a section that may not work, not that it can’t work at all because am a lawyer. Critically, in landlord and tenant relationship, I want to leave this law and help us examine practicality in the matter, what we can use immediately. Why? There are several aspects of the landlord tenant relationship. The very first one is the agent. These are very special people. After the agents you have, tenant screening, followed by tenancy agreement, service of notices, then dispute resolution.

Let us take it gradually. If you want to get a new apartment in Lagos, first thing you do is look for an agent. Not so? Most of us get our properties from agents. In Lagos, every agent has accommodation. For example you want a two bedroom apartment and you go to an agent, you pay his transport and he takes you to another agent’s office, this one also claims to have it, then tells you to follow him. You get to pay transport fare for the three of you that leads you to the fourth agent, this can lead up to like five different agents, by which time you are be fed up. All that stress just to get one property. At this point, you need to ask who your agent is.

RESPONSE (MAN): The very first agent.

Does the very first agent have any right or advice to a property he did not have in the first place? Other than first met him and you saw the property together the first time. How does agent A come in when the person who has the direct brief over the property is agent E?

RESPONSE: Am in the business of buying and selling. Where I do business sometimes, customers come and I don’t have the good they are looking for. What I do, is that I take the customer to another shop in that same line that trades in the same items as me and get a little commission out of it or agree with the customer to take them somewhere they can get the item and they pay me something of their own will. The law may be different for real estate, but this sort of thing works for us as traders. That is why I have come here to learn though.

Next..... Click here for the rest http://www.nigeriarealestatehub.com/lagos-tenancy-law-how-much-do-you-know.html

New twists and turns to the occupancy of the New Balogun market Lagos reveals a story fraught with court drama, and a tale of traders woes.Traders at the New Balogun Ultra Modern Market are left stranded following an eviction order by a new ‘landlord’,

Traders at the New Balogun Ultra Modern Complex in Lagos Island are currently groaning under a forced eviction from a place where they earn their living.

Tenants at the three-storey building with 220 shops were sent packing on April 3, 2013 following the execution of a court injunction that reportedly declared the Balogun Okolo family of Lagos Island as the original owners of the land that was for a long time a subject of litigation.

Some of the traders told our correspondent that they had just renewed their tenancy with sums running into millions of naira for leases of between 20 and 25 years before the eviction.


Credit: www.aboutlagos.com

Investigations by The PUNCH revealed that the land, on which the complex was built, was given to a development company called Vizen by the Lagos State Urban Renewal Agency about seven years ago to build the structure on Build, Own and Transfer basis.

It was gathered that a prototype for the complex was also given to the developers. The original complex was gutted by fire.

The lease was to last for a period of 25 years, while the contract was said to have been signed under the administration of former Lagos Governor, Bola Tinubu, in 2005. The new complex was inaugurated by the incumbent, Mr. Babatunde Fashola in 2007, while tenants moved in later the same year.

It was learnt that Vizen leased some of the shops to the traders with the assurance that they would not leave the complex until their leases expired. The development company was also supposed to manage the complex through a maintenance manager, whom the traders said they had not set eyes on since the problem started.

Trouble was said to have started around 10:30am on the April 3 when three trucks of armed policemen, court bailiffs and members of the Balogun Okolo family stormed the complex and asked the traders, most of who sell clothing materials, to leave the premises within 30 minutes. The complex was locked up afterwards.

One of the tenants, Ngozi Eze, said she had paid N5.6m a few months before the incident occurred with additional N200,000 for the certificate and bank interests adding up to N7m for a two-year rent.

Eze and the other traders said they took loans from banks to pay for the rent and had yet to pay back.

“If you add everything up, you will see that I am losing almost N10m in one year and I am not even sure of the ownership of the property. Nobody told us told us there was a court case, I wouldn’t have invested my money here; it was after we paid our rent that the omo oniles came to meet us. Does this now mean that people can’t confidently invest in government property?” she asked.

Another trader, who preferred not to give his name because of the sensitive nature of the issue, said he rented some of the shops from an original tenant for N6m for a period of 20 years, and was just beginning to gather money to pay back the loan he took for the purpose.

After the forced eviction, the traders said they went to the Lagos State House to lodge their complaint with the governor, but were met by two members of the state House of Assembly, who assured them that everything was under control.

According to Eze, it has been exactly two weeks since they were asked to leave and nothing has been heard from government quarters or the developer.

Rather, she alleged that members of the family came to the complex and asked them to pay N720,000 each before they would be allowed back into the complex.

It was gathered that some of the traders, who were apparently tired of standing outside the complex and losing money daily, had started paying the said amount and exchanging bank tellers for what seemed like a receipt.

However, some of the traders like Eze now use makeshift shops in front of the complex for their business.

Another trader, Mrs. Margret Afolabi, said she had spent all her savings renewing the rent and had no more money to give the new landlord.

She, however, appealed to the state government to work out a plan of relocating them to a new complex.

When contacted, the Managing Director, Vizen, Mr. Kola Esomojumi, who disclosed that his company spent about N1.5bn on developing the structure, said the last time he was at the complex, it was locked up.

He said the concerned parties had lodged complaints with the state government, adding that he was optimistic that the negotiation would favour all the parties involved.

Esomojumi said, “We had a stakeholders’ meeting before the land was given to us to develop for a long lease of 25 years. Some of our tenants are on annual tenancy, while others are on long leases. We have already made complaints to the state government on the development.

“On Friday, we went to the state House of Assembly, but unfortunately, we couldn’t meet with the governor or his deputy; so, we presented our letter to the Speaker proposing that the complex should be opened, while the negotiation is on. Of course, the government, I believe, cannot deny the fact that it gave the land to us and promised to rise to our defence in the event of any problem.”

On a visit to the Balogun Okolo family, our correspondent met the members in a meeting. Although the head of the family simply addressed as Oloye was said to be unavoidably absent, some members, however, offered to speak on the issue without giving their names.

The family alleged that LASURA took over the complex eight years ago and gave it out to a developer, who in turn started leasing the shops without their consent. It also alleged that most of the traders knew about the litigation before investing in the complex as some of them were tenants to the family before the fire incident.

“Urban renewal took the land from us and when we couldn’t do anything, we went to the High Court and won the case. They took the case to the Appeal Court and we also won; and finally, they went to the Supreme Court and we won also. We wanted to take possession of the land earlier but the state government prevented us and later asked us to take over,” one of the family members explained.

The family said it had no case with the traders, alleging that the state government had asked them to comply with what their new landlords wanted.

“The Lagos State Government has asked them to cooperate with us after insisting that we comply with the state’s tenancy rule of taking one year’s rent. We have asked them to obtain forms identifying us as their new landlord. We are not taking agency and commission fees, all we want is one year rent from them, then the gate will be opened for normal business,” the family representative said.

He, however, declined to comment on the rent and any further action on the issue, saying the family was not concerned about whatever amount the traders had paid to Vizen.

Efforts made to speak with the General Manager of LASURA were not successful. The agency’s Public Relations Officer was said to have lost his mobile phone, while a female employee in the public relations units could not get her boss to react despite several attempts.
Visit http://www.nigeriarealestatehub.com/nigeria-real-estate-blog.html

While the recent surge of rainfall in Lagos has been welcome following the heat wave of the past month,particularly March and some days in April, the Lagos Ministry of Environment has urged residents to take note of certain measures to avoid flood and checkmate the ugly side of the rain as it intensifies.


The Commissioner for the Environment, Mr. Tunji Bello, said the government had spent a lot of money to prepare the drainage channels for heavy rainfall but insisted that the residents must fulfil their own part by desisting from acts that could lead to flooding.He said during his ministry’s yearly press briefing in Ikeja on Thursday, “To our people, we sincerely appeal that they should desist from acts that can lead to flooding.

Credits: www.moelagos.org

They should desist from indiscriminate dumping of refuse in unauthorized places; illegal building of structures on drainage alignments, road setbacks, verges etc. The people must ensure that silted drains around homes and premises are evacuated.

“Lagosians are advised to report cases of drainage blockages, dumping of waste into canals and other unauthorised places to our resident engineers, whose phone numbers we shall once again publish in major newspapers soon.”

Here what the commissioner is saying in essence:

desist from acts that can lead to flooding (what are these acts?)
desist from indiscriminate dumping of refuse in unauthorized places
illegal building of structures on drainage alignments, road setbacks, verges not allowed
ensure that silted drains around homes and premises are evacuated
Lagosians are advised to report cases of drainage blockages, dumping of waste into canals and other unauthorised places to our resident engineers, whose phone numbers we shall once again publish in major newspapers soon (until then ...)
and don't forget to plant a tree.
The commissioner adds “In doing so, we must act locally by ensuring that people in our communities cultivate the love for tree planting, bag and dispose their refuse properly, patronise PSP operators in disposing their waste and embrace a clean and hygienic way of life,” he said.

Well, we all want a sustainable Lagos, so lets play our part in making that happen. He who reads, let him understand.
For more incisive up to date articles on Nigeria real estate click here
http://www.nigeriarealestatehub.com/nigeria-real-estate-blog.html

Yes. I totally agree.

We feel obliged to forward to you the following security tips to aid you and your family to have joyful, incident free, and generally happy 2013, so we have put together these 43 safety tips to act as guide.

1. Target hardening: Secure your doors and windows before going out or going to bed at night. Doors should be made with strong wood, iron, and strong iron burglary.

2. Locks and keys should be replaced when suspected to have been tampered with or malfunctioning.

3. Keep all your doors locked even when at home with members of your family.

4. Carefully observe your environment as you step out or when approaching your home.

5. Be conscious of unusual movement, sound, or noise around your home.

6. Domestic servants and drivers should be screened and credible guarantors should be gotten before employment.

7. Your wards and domestic servants should be discouraged from harbouring or bringing in unknown person(s).

8. Avoid domestic servants and mai-guards who are non-Nigerians, as they may not be traced when wanted.

9. Don’t panic when you receive threat messages on your phone, contact the police.

10. Know who your neighbours are and collaborate with them to keep you safe and secure.

11. Be aware of the fact that criminals might were police uniforms.

12. Alert the police on noticing abandon vehicle, or object and persons loitering around your area.

13. Have local knowledge of your neighbourhood or vulnerable point, public building and events centre.

14. Be extra conscious when a visitor opens self-introduction with religious title such Pastor, Prophet, Imam or Alfa.

15. Always keep your documents secret and jealously guarded.

16. If you have burglar or intrusion alarms installed, check and switch them on at all times.

17. Discourage members of your household from keeping late nights.

18. Investigate before accepting invitations to social and sponsored business events, and organisations.

19. To further secure your car, install car tracking devices steering lock or pedal lock and avoid packing your car in isolated areas to avoid vandalization or get stolen. Please note that owners of Toyota Camry, Honda Accord, and Prado Jeep should put extra security in their cars because they are the most stolen.

20. Install CCTV camera(s) in your office and if you can afford it in your home too.

21. Profile all your staff members, and go further to take their fingerprints.

22. Avoid attracting unnecessary attention to yourself by making calls with your expensive phone on the street, or showing off your expensive jewelleries, wristwatches, and other personal effects that may attract unscrupulous elements to go after you.

23. Be vigilant and conscious when driving. Watch your side and rear view mirror to know if you are being trailed.

24. Always observe the psychological instincts of drivers ahead or behind you to ascertain their intention. When you are driving and there is a sudden impact on your car, prompting you to stop, please do not stop, drive on to the nearest police station. They may be car snatchers. The same is applicable to Okada (motorcycle).

25. When using ATM, especially at night, ensure the surroundings are well illuminated. Don’t go to an isolated area to cash money. Avoid ATMs located behind buildings, pillars, or wall.

26. Unplug all electrical appliances: TV, radio, Air Conditioners, etc. when not in use.

27. Always observe in a jiffy the demeanour of the driver and other occupants before entering a public vehicle (one chance).

28. Introduce a tally system at the gate to screen or secure vehicles coming in and going out of your office.

29. Warn your driver not to seat in the vehicle while waiting for you. Hoodlums may come quietly with a gun and take your car with ease.

30. Be very discreet about your withdrawal from banks and avoid moving about with large sum of money. Use ATM and available money transfer opportunities provided by banks to transfer large sums of money.

31. Always keep your movement secret. The more secretive you are about your travel arrangement and itinerary, the less vulnerable you will be to attackers.

32. Identify visitors properly before opening your gate or your door.

33. Be careful when a neighbour knocks on you door at odd hours as criminals can use them to gain access to your home.

34. Teach your household local emergency phone numbers (Lagos _ 112 and 767).

35. Make sure younger children know their name, address, and phone number.

36. Avoid night travels and always keep enough money for emergency situations like boarding of fresh conveyance or movement from one place to another.

37. Ensure you have fire extinguishers in your home, especially the kitchen and show the entire household how to use them.

38. Always make sure you have flashlight (torch light) at points that can be reached easily.

39. Keep away from any luggage not attended to in hotels, airports or other public places.

40. Do not give away any personal information such as your phone numbers and home address, especially on social networking websites or to persons unknown to you.

41. Create a peephole in your door , where you can check out the person at your door before letting him or her in.

42. Opt for clear glass windows to observe a person from a distance.

43. Watch what and where you speak, especially on the phone. A lot of people have no sense of security while speaking, and could end up bragging themselves into being kidnapped and asked to pay ransom.

For more incisive articles click here http://www.nigeriarealestatehub.com/nigeria-real-estate-blog.html

We feel obliged to forward to you the following security tips to aid you and your family to have joyful, incident free, and generally happy 2013, so we have put together these 43 safety tips to act as guide.

1. Target hardening: Secure your doors and windows before going out or going to bed at night. Doors should be made with strong wood, iron, and strong iron burglary.

2. Locks and keys should be replaced when suspected to have been tampered with or malfunctioning.

3. Keep all your doors locked even when at home with members of your family.

4. Carefully observe your environment as you step out or when approaching your home.

5. Be conscious of unusual movement, sound, or noise around your home.

6. Domestic servants and drivers should be screened and credible guarantors should be gotten before employment.

7. Your wards and domestic servants should be discouraged from harbouring or bringing in unknown person(s).

8. Avoid domestic servants and mai-guards who are non-Nigerians, as they may not be traced when wanted.

9. Don’t panic when you receive threat messages on your phone, contact the police.

10. Know who your neighbours are and collaborate with them to keep you safe and secure.

11. Be aware of the fact that criminals might were police uniforms.

12. Alert the police on noticing abandon vehicle, or object and persons loitering around your area.

13. Have local knowledge of your neighbourhood or vulnerable point, public building and events centre.

14. Be extra conscious when a visitor opens self-introduction with religious title such Pastor, Prophet, Imam or Alfa.

15. Always keep your documents secret and jealously guarded.

16. If you have burglar or intrusion alarms installed, check and switch them on at all times.

17. Discourage members of your household from keeping late nights.

18. Investigate before accepting invitations to social and sponsored business events, and organisations.

19. To further secure your car, install car tracking devices steering lock or pedal lock and avoid packing your car in isolated areas to avoid vandalization or get stolen. Please note that owners of Toyota Camry, Honda Accord, and Prado Jeep should put extra security in their cars because they are the most stolen.

20. Install CCTV camera(s) in your office and if you can afford it in your home too.

21. Profile all your staff members, and go further to take their fingerprints.

22. Avoid attracting unnecessary attention to yourself by making calls with your expensive phone on the street, or showing off your expensive jewelleries, wristwatches, and other personal effects that may attract unscrupulous elements to go after you.

23. Be vigilant and conscious when driving. Watch your side and rear view mirror to know if you are being trailed.

24. Always observe the psychological instincts of drivers ahead or behind you to ascertain their intention. When you are driving and there is a sudden impact on your car, prompting you to stop, please do not stop, drive on to the nearest police station. They may be car snatchers. The same is applicable to Okada (motorcycle).

25. When using ATM, especially at night, ensure the surroundings are well illuminated. Don’t go to an isolated area to cash money. Avoid ATMs located behind buildings, pillars, or wall.

26. Unplug all electrical appliances: TV, radio, Air Conditioners, etc. when not in use.

27. Always observe in a jiffy the demeanour of the driver and other occupants before entering a public vehicle (one chance).

28. Introduce a tally system at the gate to screen or secure vehicles coming in and going out of your office.

29. Warn your driver not to seat in the vehicle while waiting for you. Hoodlums may come quietly with a gun and take your car with ease.

30. Be very discreet about your withdrawal from banks and avoid moving about with large sum of money. Use ATM and available money transfer opportunities provided by banks to transfer large sums of money.

31. Always keep your movement secret. The more secretive you are about your travel arrangement and itinerary, the less vulnerable you will be to attackers.

32. Identify visitors properly before opening your gate or your door.

33. Be careful when a neighbour knocks on you door at odd hours as criminals can use them to gain access to your home.

34. Teach your household local emergency phone numbers (Lagos _ 112 and 767).

35. Make sure younger children know their name, address, and phone number.

36. Avoid night travels and always keep enough money for emergency situations like boarding of fresh conveyance or movement from one place to another.

37. Ensure you have fire extinguishers in your home, especially the kitchen and show the entire household how to use them.

38. Always make sure you have flashlight (torch light) at points that can be reached easily.

39. Keep away from any luggage not attended to in hotels, airports or other public places.

40. Do not give away any personal information such as your phone numbers and home address, especially on social networking websites or to persons unknown to you.

41. Create a peephole in your door , where you can check out the person at your door before letting him or her in.

42. Opt for clear glass windows to observe a person from a distance.

43. Watch what and where you speak, especially on the phone. A lot of people have no sense of security while speaking, and could end up bragging themselves into being kidnapped and asked to pay ransom.

For more incisive articles click here http://www.nigeriarealestatehub.com/nigeria-real-estate-blog.html

Fountains have been and continue to remain an important element in the design of gardens and public spaces since ancient times. They are come in handy when you are looking to give your edifice an aesthetic feel. Here are a few in Europe that catch the eye.

Swarovski Fountain, Austria

A gentle green giant with crystals for eyes and a fountain for a mouth faces out from a hillside in the market town of Wattens, Austria. Beneath the curtain of water is Crystal Worlds, a slightly surreal and sparkling series of art installations created by artist André Heller in 1995 to celebrate the 100th anniversary of the founding of Swarovski crystal. (Courtesy of Riccardo Spila/Grand Tour/Corbis)
See the rest http://www.nigeriarealestatehub.com/europes-most-amazing-fountains.html

To encourage people to consider the real estate industry when looking to change career or start afresh. You will agree with me that it is a very profitable industry.

ARE YOU INTERESTED IN REAL ESTATE BUT STUCK WITH WHAT YOU STUDIED IN SCHOOL OR THE JOB YOU ARE AT CURRENTLY?

ICAN DID IT FOR NON ACCOUNTING GRADUATES, LET NIESV DO IT FOR YOU

Are you interested in or just even fascinated by real estate? Do you desire to have your share of the Giga billions exchanging hands in the real estate (built) sector?

Now, you will no longer be able to say you don’t know how to make Estate Management as a Surveyor & Valuer your next choice of career.

No matter what your present vocation is, so far as you are a University or Polytechnic graduate, you can before a Chartered Estate Surveyor and Valuer counting your share of the billions if not trillions in this industry in as short a time as 3years!

We have the system to deliver this!

Who is an Estate Surveyor & Valuer?
Someone who carries out the inspection, market survey and analysis of real estate is an estate surveyor (i.e. estate market surveyor). He then uses his inspection and market survey data to arrive at the value of the asset. Thus, putting the two names together, he is an Estate Surveyor and Valuer. The course leading to this profession is usually called Estate Management in Nigerian Universities and it is offered within the Environmental Sciences Faculty. The Surveyor and Valuer’s functions include among others, services such as property management, Valuation of assets, Feasibility and Viability studies, Estate agency, Public lands administration, Land use planning and Management, Project Management, Property deal counselling, Arranging finance for investment, Arbitration.

Entry Requirements:

Five credits in SSCE/GCE including English, Mathematics and Economics and minimum of 3 years in a registered office. Unaccredited OND Estate Management Programme. OND of allied professions with minimum of one and half year in a registered office. Graduates of non-allied courses.

The Nigerian Institution of Estate Surveyors and Valuers is a non-profit, voluntary, professional organization set up and registered in 1969 as a professional body to cater for the interest of the landed profession in Nigeria. Six years later that is in 1975, it got Government recognition through the promulgation of the Estate Surveyors and Valuers Registration etc. Act (See Laws of Nigeria 1990, Volume 7, Chapter III) which is more popularly known as Decree Number 24, of 1975.
Read more http://www.nigeriarealestatehub.com/have-you-considered-a-career-in-real-estate.html

ARE YOU INTERESTED IN REAL ESTATE BUT STUCK WITH WHAT YOU STUDIED IN SCHOOL OR THE JOB YOU ARE AT CURRENTLY?

ICAN DID IT FOR NON ACCOUNTING GRADUATES, LET NIESV DO IT FOR YOU

Are you interested in or just even fascinated by real estate? Do you desire to have your share of the Giga billions exchanging hands in the real estate (built) sector?

Now, you will no longer be able to say you don’t know how to make Estate Management as a Surveyor & Valuer your next choice of career.

No matter what your present vocation is, so far as you are a University or Polytechnic graduate, you can before a Chartered Estate Surveyor and Valuer counting your share of the billions if not trillions in this industry in as short a time as 3years!

We have the system to deliver this!

Who is an Estate Surveyor & Valuer?
Someone who carries out the inspection, market survey and analysis of real estate is an estate surveyor (i.e. estate market surveyor). He then uses his inspection and market survey data to arrive at the value of the asset. Thus, putting the two names together, he is an Estate Surveyor and Valuer. The course leading to this profession is usually called Estate Management in Nigerian Universities and it is offered within the Environmental Sciences Faculty. The Surveyor and Valuer’s functions include among others, services such as property management, Valuation of assets, Feasibility and Viability studies, Estate agency, Public lands administration, Land use planning and Management, Project Management, Property deal counselling, Arranging finance for investment, Arbitration.

Entry Requirements:

Five credits in SSCE/GCE including English, Mathematics and Economics and minimum of 3 years in a registered office. Unaccredited OND Estate Management Programme. OND of allied professions with minimum of one and half year in a registered office. Graduates of non-allied courses.

The Nigerian Institution of Estate Surveyors and Valuers is a non-profit, voluntary, professional organization set up and registered in 1969 as a professional body to cater for the interest of the landed profession in Nigeria. Six years later that is in 1975, it got Government recognition through the promulgation of the Estate Surveyors and Valuers Registration etc. Act (See Laws of Nigeria 1990, Volume 7, Chapter III) which is more popularly known as Decree Number 24, of 1975.
Read more http://www.nigeriarealestatehub.com/have-you-considered-a-career-in-real-estate.html

A lady just left our Abuja office now and something that came up in our discussion resulted in my blog today. She is planning to buy one of our plots in Prime Estate “Abuja”, upon computing the total price she said that that amount can buy a very nice car. Exactly her words and I could not keep quiet on hearing that. I responded by asking what becomes of the car in 5years and she followed with an even more appalling remark; “5 years will take care of itself”. What?

Although she eventually left with good reason why she will buy and promised to start making her payment after the weekend. Now, that’s it, she was saying she would rather take the instalment option than the outright payment route even if she has all the money. While I agree that if your housing need is not that pressing or you have other more pressing needs to meet with your available cash flow, there’s no problem with going the instalment route, my issues are:

Read more http://www.nigeriarealestatehub.com/a-car-or-a-landed-property-which-will-you-buy.html