http://metro.co.uk/2014/01/02/licence-to-mint-money-the-countries-that-could-become-economic-superpowers-4240947/

Bankers love a good acronym.

Thirteen years ago, Jim O’Neill, former chief economist and head of asset management at Goldman Sachs, coined the term BRIC for four countries (Brazil, Russia, India and China) poised to join the G6 in the economic big time. South Africa, added later, made it BRICS. Then, 11 emerging countries, including Iran, South Korea and Pakistan, were singled out as the N11 (Next-11).

Now O’Neill is back, marking out four countries (Mexico, Indonesia, Nigeria and Turkey) from the N11 as ones to watch for huge economic growth.

‘If they get their act together, they’ve got the ability to get so much bigger,’ said O’Neill of the MINT countries, the subject of his upcoming BBC radio series, MINT: The Next Economic Giants (Radio 4, January 6 to 9 at 9am). ‘If not as big as the BRICs, then not that far off.’

Mexico, O’Neill argues, previously lost out to China on cheap exports and labour. But with wages increasing in China, Mexico can capitalise, especially with its proximity to the US.

‘It’s probably the most competitive OECD country at the moment,’ said O’Neill. ‘And these guys have a bunch of young reformers who make Maggie Thatcher look like a pussycat.’

Indonesia has a chance to boom, like Mexico, because of a large, willing workforce and a rapidly urbanising population, said O’Neill. ‘There are 240m of them in Indonesia, the third largest populated country in the world.’

Turkey, meanwhile, benefits from its geographical position between East and West and ‘because they know how to deal with us in the West, with the Middle East, with the Russians’.

But the most exciting MINT country, O’Neill suggests, is Nigeria. ‘The place is complete madness, of course, and one can’t be 100 per cent sure, given its challenges, that it will be one country in four years. But after India, it’s the best in the world in terms of useful population. By 2050, Nigeria will have more people than the United States. If you get those young people in productive jobs, that place will arguably be the most exciting country in the world in the next 30 years. Linked to that, there are so many creative entrepreneurs there and, interestingly, so many educated Nigerians returning from the US because they smell this opportunity to be the next big thing.’ Nigeria is also rich in resources, including oil.

But is the MINT prediction solid or just a random selection of countries which make up a clever acronym?

‘You could say the MINT countries are a bit predictable because the group weeds out the countries which are basket cases at the moment,’ said Felix Martin, author of Money: The Unauthorised Biography. ‘The problem is many of the countries that made the most convincing advances in economic development over the last century were anything but predictable. Real progress often started from crisis and in the most unexpected places. A good example is Korea. It was poorer than Ghana in 1960 and, no doubt, in 1960, Goldman Sachs would’ve said Ghana, rather than Korea, was the next big thing. But the devastation caused by the Korean War meant Korea modernised exceptionally quickly, whilst peaceful, promising Ghana went nowhere.

‘I’d diversify my bets across several countries currently in the midst of profound social change. For example, Egypt, Iran, Thailand and, with any luck, Ukraine. Not all these will prosper but the ones that do are likely to be on a genuinely fresh path.’

0201-mint-part-1

0201-mint-part-2

Regardless of whoever is next to get minted, a major question in any country’s economic growth is this: ‘Who benefits?’. Pope Francis recently condemned faith in the ‘trickle down’ theory, which too often leaves wealth in the hands of the few, rather than benefitting a country’s entire population, including the poor. Despite massive growth, Brazil still has one of the most unequal societies in the world, with millions living in poverty while record numbers of millionaires are produced. The other BRIC countries – Russia, India and China – have all seen a widening gap between rich and poor.

Good, determined and corruption-free governments are key to steering economic development to benefit the many, said O’Neill. But he dismisses the notion that banks and investors could also help by behaving more ethically. Many argue, for example, that Mexico’s drug-fuelled instability is exacerbated by major banks, such as HSBC, laundering drug cartels’ money. In Nigeria, bankers, investors and companies, such as Shell, are accused of being part of a corrupt system that profits from the country’s resources but fuels poverty. However, O’Neill says a bank is merely ‘an intermediary who’s just transmitting money from one place to another’.

Nick Dearden, director of the World Development Movement, disagrees. ‘Banks are massively powerful players whose operations can exacerbate poverty and inequality and erode democracy,’ he said. ‘Look at the Third World debt crisis in the 1980s and 90s, in which dozens of countries became much poorer and millions suffered and died in South America and Africa. Banks created that crisis through unjust lending. Or the Southeast Asian crisis in 1997, in which Thailand and Indonesia were sent into depression by financial speculation. It’s the same with the Euro crisis today.’
Some of the MINT countries are ‘exciting’ because of their competitiveness, which is based, in part, on large numbers of people prepared to work for low wages.

‘O’Neill’s choice of countries is really interesting because in both Nigeria and Indonesia, poverty is rising at the same time as wealth is rising,’ said Dearden. ‘We’re seeing a form of “development”, driven by finance and high commodity prices, which hugely benefits the rich but makes the lives of the poor even harder. It’s locking countries into a form of growth which is all about making the rich even more rich and the poor even more poor.’

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The gnawing hunger to build a house in Nigeria is still an important goal for many Nigerians in the diaspora just as it was decades ago for older generations. One thing baffles me though - so many people are building houses back in Nigeria while they and their families live for decades in poky little cubicles.

A significant symbol of where a person calls home is where theybuy or build their house. But, is home really where the house is? Nowadays, numerous people who leave thewarm shores of Nigeria for the ‘staid brick cubicles’ of other nations eventually decide to settle there. While pursuing academic or professional development, they acquire a taste for what that foreign nation can offer but which they feel is lacking in Nigeria.

Many spend what seems like a lifetime in a foreign nation. Meanwhile, they embark on a building project which lasts for just as long - often this is a hard struggle and a drain on finances, an investment in something they may never get to truly enjoy.

In times past, Nigerians left their homeland in search of education and work experience to help them build a future - life, career and family. They left with the clear intention of returning home. One indication of that was the relentless effort they put into building a house in Nigeria. In many cases they sent money home to a relative or friend to oversee their building project, and did this for years while they struggled to make ends meet. Some were lucky; the relative took on the project as they would take on national service and delivered it to specification.

Unfortunately, it didn’t work out for all. Some hard-working people lost their money to unscrupulous deviant relatives or friends. Since every dime had gone towards the building project, they struggled for many years to restart what should've been completed. Some plodded along relentlessly and eventually built the house while others weren't able to muster the financial strength to build simultaneously with providing their children with a decent life.

Interestingly, passage of time and the current state of the economy has made it difficult for countless people to return home permanently. This means that the opportunity to live in that house they built is considerably marginal. And, I feel this may continue in this current generation because sometimes people succumb to peer or family pressure to tick off homeowner status, even though owning a property in Nigeria is not really an immediate need in their individual case.

Owning a property in Nigeria doesn’t make you any more Nigerian than you were at birth. So, shouldn’t priority be given to having suitable accommodation in the place where you will live for the foreseeable future rather than building houses you and your kids may not really enjoy? Let’s face it, only a tiny fraction of children born and bred abroad would think of returning to Nigeria to live in those houses due to the current state of the nation. Besides with the option of buying a new build from Plotsandhouses you could save with interest over a period of time and buy with little or no stress when you decide you’re definitely going home. What are your thoughts?

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http://www.plotsandhouses.com/IsItWorthFightingFamilyOverInheritance.aspx

Is it worth fighting over land and property left behind by the deceased when things turn nasty?

A close knit extended family which had for many years shared celebrations and pain suddenly split into feuding factions. The object of contention: land and property.

The most senior family member, Ayodele, died leaving two houses and two parcels of land. He built the first house as he rose through the ranks of a glowing career. It didn't come easy, but with determination his efforts as a young married man who wanted to provide more comfort for his treasured wife and kids, yielded fruits. He eventually turned this into a modest block of four flats. In later years, having more wealth and a higher status, he built the second house, a stately mansion with two boys' quarters in which he and his wife died peacefully seven years apart.

There are two main matters of contention. Firstly, did he say the mansion would automatically become the property of his extended family because he was the olori ebi (head of the family) and there is no other family house? Secondly, did he or did he not promise the other house to his youngest brother?

Ayodele's father left a dilapidated house which eventually evaporated off the surface of the earth. The rumour is that one of the brothers ‘swallowed’ the money contributed towards rebuilding it. No one has attempted to rebuild it since. Some say that the land is cursed and anything built on it wouldn’t stand anyway. In the absence of anything to call the family house, Ayodele’s brothers say that he had always said that his house would become the extended family’s home.

As the story goes, Ayodele often sent his youngest brother, Ayodipupo to collect rent from the second property while he was studying in university. Sometimes, he allowed him to keep all or some of the rent as pocket money. If that’s the case, then that doesn't make Ayodipupo the owner, abi?!

The feud has not been a mere battle of assertive or scathing words; there have been threats, cursing and strange occurrences that seem more than just coincidence. Ayodele’s seven brothers are showing a rather nasty side of their character never seen before; they have let the matter breed discord among them and their brother’s children.

Ayodele’s three children have differing views over whether to fight for the properties and land or not. Tele, the eldest, has completely washed his hands free of everything. Teni is too principled to let go; he said the properties are his right, his inheritance shared with his siblings. He is not happy that Tele is not showing the leadership he would expect. Tolu, the youngest isn’t bothered either way; she says she is a girl now married into another family. They all own several modern properties and are well to do in their own right.

Five years ago, Ayodele remarried and had another son. His second wife escaped from the cross-fire with her two year old preferring to preserve her life and dignity. A high profile lawyer, she is still contemplating what to do. She had a very good relationship with Ayodele’s entire family till his death. If she decides to challenge the family for the sake of her son, she might fall out with his other children - she doesn’t want that.

‘Wasn’t there a will?’ someone may ask. Good question but wrong question. The question is, ‘Which one is THE will?’ The battle is really about the authenticity of Ayodele’s will. Several wills have surfaced but it has been difficult to establish which one is the final and true version. Whichever will you chose someone is going to be very unhappy.

Some say it is cowardice not to fight while others just wonder whether it is really worth the palaver fighting over bricks and mortar. What do you think?

Karis ‘Tunmb Kayode is a personal performance coach and corporate communications professional. She writes and speaks on a range of topics notably confidence, communication, leadership and personal development. She also presents Hear My Story on Kent Christian Radio. Follow her on Twitter @workplaceglory and find her at http://uk.linkedin.com/in/kariskayode.

Read her other blogs: http://www.plotsandhouses.com/Blog.aspx

http://www.plotsandhouses.com/Blog.aspx

Many years ago a 'wife-seeker' visited me in my house. I followed his enquiring eyes as he evaluated my living room from corner to corner. Eventually, he muttered, 'What is going to happen to the house?' I was taken aback. He meant what would happen to the house when I get married.

In Nigerian culture, the default expectation is that the woman would leave her house and move into the man's rented or owned property when they get married. Any suggestion otherwise might incur disapproval from family and friends. But, what is wrong with an honest, loving man moving into the lady's property if there are logical reasons to do so?

My view is that there are many practical and logical reasons that should make it acceptable. Think about it, moving into the lady's pad might be a better option in terms of space or the cost of rent. Sometimes, the guys may need to park their ego or this assumed norm and allow sound judgement to prevail.

In most cases a bachelor's pad is ill-equipped to cater for the needs of a married couple and the possible imminent arrival of a child. If the man is sharing with family or friends, he may not be able to eject them in order to turn the accommodation into a love nest. He would then have to search for a property he can afford (using www.plotsandhouses.com of course!). If for any reason, he is unable to secure accommodation, he might put plans for a family on hold indefinitely, and possibly longer than he desires.

If the man had separate living quarters in the family home, moving in with the in-laws might be a bit ok-ish. But, it's normally not the best in the early years of marriage or even ever. Having to perform life under the critical eyes of in-laws is like subjecting yourself to a nerve wrecking viva voce every single day. If Mr Man is mummy's boy, Mrs Wifey will never be free from regular food and house inspection. Relationships may eventually become eroded by paranoia, distrust and hatred.

There are also financial considerations. The guy may not be able to afford somewhere befitting for his new bride and status. Also, if the lady enjoys the privilege of her house courtesy of her employer, then the man could move in to enjoy that privilege with her, provided the employer allows it. While the couple are in that house they might as well save up enough money to acquire a joint property or piece of land for the future. They needn't borrow.

Saying all that, I'm not ignoring the potential challenges or the reservations people may have. A man would want to feel he is the man, the provider. Very honourable indeed. But, if he doesn’t yet have his own house, for how long would he delay the blessings of companionship? Till he has one?

I also understand that a man might fear the possibility of the woman taunting him about her being the one who provided the roof over her head. Then, there are potentially the nasty in-laws too. Well, he would have to have a rebuttal that clearly sets out a promising future game plan for him to become king of his own castle.

But really, isn’t it more acceptable now in modern times that a man could move in with his new wife when they get married.Should a man be stigmatised if he and his wife find good reason to do so? What do you think?

Karis ‘Tunmbi Kayode is a personal performance coach and corporate communications professional. She writes and speaks on a range of topics notably confidence, communication, leadership and personal development.

Read her blogs at http://www.plotsandhouses.com/Blog.aspx
Follow her on Twitter @workplaceglory and find her at http://uk.linkedin.com/in/kariskayode.

If you have an interesting story you'd like to share then email it to us at info@plotsandhouses.com. For the latest properties for sale or to rent in Nigeria, visit www.plotsandhouses.com. You can keep in touch by following us on twitter @plotsandhouses, facebook.com/plotsandhouses & pinterest.com/plotsandhouses.

Yoshi-Master:
I would say pedestrians aren't catered to well enough in this country.

Yes some people crossing the highway might seem crazy, but maybe we need flyovers at every major bus stop, so that people wouldn't have to walk 8 miles to find one.

For the people crossing these highways the way they are now, I will urge them to do so very carefully, and not to be like some who just expect the drivers to be so focused and caring, to slow down for them.

A very good point made by @Yoshi-master. Pedestrian crossings (flyovers) and perimeter fencing will go a long way to helping change people's behavior in these situations. It's clear pedestrians were not factored in when designing these roads. Of course it won't stop some people trying but it would at least offer them the alternative.

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Nigerian films show us tastefully decorated houses set in enormous expanse of land, embedded among lovely shrubs and manicured carpet grass. It looks the perfect picture but it hides the reality of so many buildings just down the road.

One thing I quickly observed when I moved to Britain was how adept the British are at maintaining important buildings. If a building is derelict, it probably isn’t really important - if it is, they would raise eye-popping sums of money to restore it; the sort of money that would pay for free primary to tertiary education for every Nigerian child.

In time, I discovered that there are also plans in place to preserve residential buildings - at a cost to the residents though. The Local Authority generates funds for repairs and maintenance through what is called service charges. Depending on where a person lives, the idea of paying service charges is an annoying and revolting concept which makes many people lose sight of the intended benefits!

While growing up in Africa, I noted how tight-fisted Shylock landlords were keen to take the rent but not at all keen to maintain the property. It was down to the tenant alone. Even some home owners neglected their own residential property as if it wasn’t theirs; they took no pride whatsoever in maintaining their property. What you would have in both cases is an eye sore and sometimes, a disaster waiting to happen. Some walls leaned dangerously towards passers-by and sometimes entire buildings toppled over just like that. Gbam! No witchcraft involved.

Many properties where I grew up were emblems of selfish and greedy owners; unashamedly, some landlords even had their names emblazoned on the front of the property! As the rent was rising, so also was green alga as it licked the paint off the houses and coated them with infirmities yet to be named.

There is much to rant about rubbish and sewage, a rather irritating blight on African communities. Poor hygiene conditions made science seem like fiction.

Rubbish tends to blow about everywhere!You’d think that landlords would pool resources together to create some method for managing household waste. Let’s not even talk of the decaying rubbish in and around the compound that attracts disgusting flies, vermin and cockroaches. Rubbish worked with smoke to create a caking and blackening effect on floors and walls.

Falling into an open soak-away just attracted a simple ‘pele’ (sorry). The stench and the disgusting spring of death-infested water seeping from it had the same impact on the landlord that a blunt object would have on a dead man. Yet, tenants lived with it because their capacity to complain had been muffled by their inability to afford anywhere better. And, if the landlord lived in that mire too...

Verbal spew over! Where do we go from here?... Follow the link at the top for the rest of the article inclduing my recommendations.

Palace pride

Palace pride is reflected in your attitude towards the care of your property. Each house is capital tied down in bricks and mortar. So, why are so many Nigerian homes in such poor physical and hygienic condition even in well to do areas?

Karis ‘Tunmbi Kayode is a ‘house-proud’ personal performance coach and corporate communications professional. She writes and speaks on a range of topics notably confidence, communication, leadership and personal development. Follow her on Twitter @workplaceglory and find her at http://uk.linkedin.com/in/kariskayode.

If you have an interesting story you'd like to share then email it to us at info@plotsandhouses.com. For the latest properties for sale and rent in Nigeria, visit www.plotsandhouses.com. You can keep in touch by following us on twitter @plotsandhouses, facebook.com/plotsandhouses & pinterest.com/plotsandhouses.

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@kulyie - Thanks for reading our blog http://www.plotsandhouses.com/HouseRulesHowToGetAlongWithHouseGuests.aspx. Your comments made me chuckle because I can think of several stories I've heard that fit your vivid description. Then we see it in films too - they're mostly based on what happens in real life. I empathise with people who have nowhere to go and would put up with anything to have a roof over their head.

But, what do you have to say about the poor householder whose lodger becomes trouble? Sometimes the householder is reacting because of a past experience they've had or seen.

Best wishes

@efemena_xy - Thanks for your comments. I think it's 'abuse' of familiarity that breeds contempt. Some people would avoid anything that might upset their householder/landlord out of deep felt gratitude or out of fear of being kicked out.

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By Karis ‘Tunmbi Kayode for plotsandhouses.com

It isn’t a new thing for people to lodge indefinitely with relatives or friends. It seems like culture. Living together can be a pleasant experience for both householder and lodger; the memories of a ‘made in heaven’ relationship could live on and be told to generations to come. But, there are also the horror stories of strife, broken trust and resentment, at the mildest.

When I was growing up, I think it was pretty much expected that a family would have to take someone in at some point. There was always a relative or stranger in need of help, shelter or food. You ended up with adopted relatives from every continent of the world in your house (well, I exaggerate but do see my point!).

Parents, aunties and uncles didn’t think twice about the obvious lack of space or money to cater for everyone; they just happily clobbered everyone together like sardines in a tin.

However, times have changed. Modern folk might think more logically about space, commitments, bills, personality differences, etc. Some would hyperventilate if they had to take in a lodger without prior notice and till an unknown ‘time T’. They’d nervously ask, ‘So-o, when did you say you are leaving?’

I’ve learnt from both my lodger and householder experiences that a few ground rules go a long way to help maintain harmony and peace. Many householders (including me) would reluctantly introduce ground rules. But, while it may feel painful or anti-cultural maybe it’s just a small price especially if the lodger is going to be there for considerable time.

So, if you choose to set ground rules here are a few things to think about...

Follow our link below for the full story.

http://www.plotsandhouses.com/HouseRulesHowToGetAlongWithHouseGuests.aspx


Karis ‘Tunmbi Kayode is a personal performance coach and corporate communications professional. She writes and speaks on a range of topics notably confidence, communication, leadership and personal development.

Follow her on Twitter @workplaceglory and find her at http://uk.linkedin.com/in/kariskayode

If you have an interesting story you'd like to share then email it to us at info@plotsandhouses.com. For the latest properties for sale/to rent in Nigeria, visit www.plotsandhouses.com. You can keep in touch by following us on twitter @plotsandhouses, facebook.com/plotsandhouses & pinterest.com/plotsandhouses.

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I moved from a shared two bed flat to a single room and most of my belongings had to go into storage. Ten years later, I hurriedly retrieved them and moved into a spacious two bed flat. Having abundant space was exciting. I day-dreamed of how I’d finally unleash my natural creativity and justify my Diploma in Curtain Making and Soft Furnishings. I created an illusion of an exquisitely decorated home.

My dream of creating a show home was thwarted by this big elephant called CLUTTER. I shifted things from left to right, right to left, top to bottom; bottom to top without moving anything out of the house. Junk and gems were building up an eye sore around me and the house was becoming difficult to organise.

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http://www.plotsandhouses.com/FirstAfricanCityMonopoly-LagosStyle.aspx

In case you haven’t heard, the famous board game, Monopoly, now has a Lagos edition. Hooray! Learning about this brought back fond memories of my teenage years and the many hours spent ‘whiling away time’ playing the game with friends.

Growing up in Abeokuta, without any of the ‘fun’ of Lagos, playing football and Monopoly was as good as it got sometimes during the school holidays after returning from boarding school. Now, if you’ve ever played the game, you’ll know how addictive it can be and how it can stretch on for long hours. Back in those days, we didn’t really have a game plan. Our one and only strategy was to buy, buy, buy in any areas we landed on except the stations and utilities (we thought they were small money) and then build quickly once we had a complete set. And if you didn’t manage to buy a complete set, you had to convince that annoying, smug friend with all the luck and the prime properties to sell. That was the easy part. The hard part was negotiating your way through the same friend’s houses or worse still hotels, built anywhere between Fleet Street and Mayfair. Thinking back, I don’t remember us finishing many games, mainly because we never seemed to have enough time. You see, we had to get back home before 7pm or else…

I was keen to see the Lagos edition, to find out which areas made it to the board, what would be Lagos’ ‘Old Kent Road’ and what would be ‘Mayfair.’ I remember that landing on Mayfair when an opponent had built a hotel there almost certainly meant the end for you.

At plotsandhouses.com we gain a great deal of insight into the property market in Nigeria from the estate agents and developers who list their properties with us. This allows us to build a good picture of which areas command the most money, which are on their way up and which remain stagnant. Not surprisingly, Banana Island won the race ahead of Lekki and Ikoyi to land the coveted ‘Mayfair’ spot on the Lagos board. At the moment, the prices (often in $ USD) commanded by properties on Banana Island are eye wateringly high compared to other areas in Lagos. As an example, one of our listing agents currently has a 5 bedroom semi-detached house for sale at N450m. Only billionaires need apply.

On the other hand, Makoko makes its way onto the board as the least desirable, the ’Old Kent Road’. This too is not surprising. As we don’t have any listings from there, we are unsure what prices there are. In July of last year, the Lagos State government destroyed some of the residences after issuing the residents 72 hours quit notice. Whatever the rights and wrongs of this, it is likely that Makoko may not remain Lagos’s ‘Old Kent Road’ for long. Consequently, the makers of the Monopoly Board may find that the game is very quickly out of date. As in any dynamic modern city, the pecking order will change with time.

There are other notable inclusions such as Tin Can Island, Muson Centre and The Nigerian Stock Exchange amongst others. Another notable difference is the inclusion of advertisements from some of the sponsors.

I think it’s great that Lagos is the first African city with its own monopoly board. Now let’s hope for the accompanying infrastructure such as trains, bus routes, proper road network, drainage system – some of the infrastructural facilities we believe will make Lagos a truly great city.

As always, we’d love to hear your views / experiences of the game. So post a comment, get in touch.

Yomi Bello

E: info@plotsandhouses.com
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Here are a couple of our latest additions.

4 Bedroom House at Medina Estate, Gbagada. Click link for full details - http://www.plotsandhouses.com/propertydetails.aspx?pid=731AM7D18W

5 bedroom House at Magboro - Click link for full details - http://www.plotsandhouses.com/propertydetails.aspx?pid=K21XMK6187

NB: This is why at plotsandhouses.com, we only list for reputable estate agents & developers.

Source: PM News.
An estate agent and son of a landlord has been arraigned for allegedly conspiring and renting one bedroom and parlour apartment at 9, Olorunwa Street Shasha, Lagos southwest Nigeria, to 50 prospective tenants at the same time.

The 36-year old Adedoyin Agboola was arrested and charged before Ejigbo Magistrate’s court, for deceiving the tenants to give him N10 million on the pretence of renting out the apartment to them.

The police preferred against him a 70-count charge of felony, obtaining under false pretence and stealing under sections 409, 278 and 312 of the Criminal Code Laws of Lagos State of Nigeria 2011. His plea was not granted and the presiding Magistrate, Mrs M B Folami ordered that the matter to be transferred to Lagos High Court, Ikeja for trial.

Among those he allegedly defrauded are Sunday Aladeniyi, N145,000, Sunday Peter, N115,000, Fatai Ayoola, N175,000, Ariyo Femi, N150,000. Juliana Gabriel, N300,000, Peter Fatoki, N225,000, and Franklin Sunday, N220,000.

Others include Shola Bakare, N100,000, Salami Lateef, N 300,000, Akande Olusegun, N135,000, Anselem Okoli, N230,000.

While he was in court, more victims trooped to the court to testify and stand as witnesses against him.

The incident has resulted in a free-for-all between the victims who struggled to occupy the apartment.

The fight started after the victims discovered that they had been duped but the police at Shasha division later intervened in the matter and launched a manhunt for the suspect.

While the suspect was arrested and arraigned, his accomplices are still at large.

Some of the victims who spoke to P.M.NEWS expressed frustrations and blamed their predicament on Agboola, who denied the allegation.

He told P.M.NEWS that when his father, Reuben Adedoyin, died this year, the family decided to build the apartment in their compound.

He said he contacted his friend, who is a developer, to build the apartment on certain conditions, but was not aware he collected such amount from the victims.

Agboola claimed that it was when the victims came to his house and started fighting over the apartment that he knew about the incident.

He said: " When I tried to contact my friend who developed the place, I discovered he had fled.”

Agboola’s aged mother, Mrs Maria Adedoyin , also alleged that the developer of the house, whom she identified as Tolu Johnson, betrayed the family by defrauding the people.

http://www.plotsandhouses.com/Newsdetail.aspx?nid=120

Here's an old article one of our contributors put together on how to avoid such scams:
http://www.plotsandhouses.com/PropertyScamsOnTheRise-ThingsYouShouldLookOutFor.aspx

E: info@plotsandhouses.com
W: www.plotsandhouses.com (for the latest properties in Nigeria for sale, to rent & short lets)
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(24) 4-bedroom semi-detached houses for sale at absolute tranquility and expensively built up area of Sangotedo Lekki Pennisula. Each unit has a total gross floor of approximately 200sqm on two floors.

Follow link below for more info and pics.

http://www.plotsandhouses.com/propertydetails.aspx?pid=14A4W22C0K

E: info@plotsandhouses.com
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There are 5 units of these tastefully finished 3 bedroom flats available for rent in Anthony Village. Pls click on link for picture and details of the agents.

http://www.plotsandhouses.com/propertydetails.aspx?pid=8041B425E7

For more properties for rent from reputable agents/developers, visit www.plotsandhouses.com and enter your desired location.

Follow our link below for the listing of this beautiful 6 bedroom house on Georgius Cole Street, Agege

http://www.plotsandhouses.com/propertydetails.aspx?pid=IF80MO1V44

For more property/land listings from reputable agents/developers in Nigeria, visit www.plotsandhouses.com.

2 (nos) 3 Bedroom Flats plus 1 Room BQ located off Bode Thomas Street in Surulere.

Remark: Suitable for corporate/one tenant. Follow link for agent details.

http://www.plotsandhouses.com/propertydetails.aspx?pid=0ALIW786Y4


For more properties to rent or buy in Nigeria from reputable agents/developers check out www.plotsandhouses.com

Here are a selection of cheap rental apartments listed on www.plotsandhouses.com

Miniflat at Ogba N200,000 - http://www.plotsandhouses.com/propertydetails.aspx?pid=GX310NAX28

3 Bed flat at Ikotun N230,000 - http://www.plotsandhouses.com/propertydetails.aspx?pid=3O5054F4I0

3 bed flat at Akute, Magodo N300,000 - http://www.plotsandhouses.com/propertydetails.aspx?pid=22P5F750E2

3 bed flats at Agege N380,000 - http://www.plotsandhouses.com/propertydetails.aspx?pid=2E6UYLQMU8

Mini flat at Opebi, Ikeja N400,000 - http://www.plotsandhouses.com/propertydetails.aspx?pid=MK60A8NK5O

3 bed flat, Ishaga N550,000 - http://www.plotsandhouses.com/propertydetails.aspx?pid=O5DH78N13G

Not what you're looking for? Check out more listed properties at www.plotsandhouses.com

Shops and offices available to rent at Citymall.

http://www.plotsandhouses.com/propertydetails.aspx?pid=E4BI8MYEJ8

Not what you're looking for? View more properties to rent/buy at www.plotsandhouses.com.