₦airaland Forum

in One of Nigeria's Most Devastating Real Estate Tragedies



https://www.youtube.com/watch?v=88WRIYh1ZAA

.

Oga carry your wahala and go abeg...

Boys dey find food chop, you, you say you lose 30 million dollars.

Make we cry for you?

Or carry placard?

Rich man.

There is more millions of dollars in your account, so go and rest, please.

As if you would have shared the money with us if you hadn't lost it.

Money miss road man.

In fact you people should not annoy me with any useless news this morning.

Bliss4Lyfe:
in One of Nigeria's Most Devastating Real Estate Tragedies



https://www.youtube.com/watch?v=88WRIYh1ZAA

30m dollars where exactly?..is it on the beach he doesn't own? As it is a fact that his building was not destroyed.

30 m dollars on that beach? Is he trying to con his investors?

Toh

The number one rule to mitigate loss of business capital is "Diversify your investments and revenue streams."

Relying on a single product, service, or market increases the risk of capital loss if that area fails. Diversification spreads risk across multiple areas, ensuring that if one segment underperforms, others can compensate.


Dear Odogwus diversify , repatriate and go off shore. If you are in doubt ask questions .

If businesses like innosson investment were in an environment, we know what would have become of it.

How was the $30 million spent?

Apparently, the most expensive asset demolished there is the swimming pool.

From the internet, the cost of a swimming pool is as follows:

Acrylic Pool ₦12,000,000 – ₦60,000,000
Concrete Pool ₦3,000,000 – ₦12,000,000
Fiberglass Pool ₦1,500,000 – ₦5,000,000
Vinyl-lined Pool ₦1,500,000 – ₦3,500,000
https://viscorner.com/costs/cost-of-swimming-pool-construction-in-nigeria/

Let's say each gazebo costs ₦500,000. There are about twenty of them there. That works out to about ₦10,000,000. I see three buildings. Let's put them at the cost of ₦20,000,000 each as at 2006. Assuming the swimming pool costs ₦80,000,000 to build + ₦10,000,000 for gazebos and ₦60,000,000 for building, that works out to ₦150,000,000. Using an exchange rate of USD$1 = ₦1,600; that works out to USD$94,000. Okay, let's use the exchange rate of the naira to the dollar as at eighteen years ago, since the CEO of Landmark claimed it was an investment made in 2006. Obviously, prices were way cheaper then. Using an exchange rate of 184 naira to the dollar, that works out to USD$816,000. Experts can argue for inflation and price fluctuations.

Clearly, the costing shows that the investment demolished is between 0.03% to 3.125% of the $30m investment claimed by the Landmark CEO. Of course, many bought it and ran with it. Didn't this same Landmark CEO claim that his $200million investment was in jeopardy?

At this time, the Landmark CEO owes evidence on how what was demolished amounted to $30million.

I raised some salient issues some 8 months ago as follows:

emkz:
What are the issues?

(1) Landmark admitted they violated the right of way of FG.

(2) They have not proved that they own the coastal land.

(3) The demolition only affected some shanties, and hardly the main buildings.

(4) Landmark wanted to fight the project to protect their selfish interest.

(5) How come he didn't seek redress in court if he felt his land was forcefully taken away from him?

(6) Why are other businesses not making so much noise like Landmark?

If anyone wants to take his businesses out of Nigeria, he can consider the market and the operating conditions. Landmark goofed here. They never asked the right questions. They felt if they build on that land and stayed for long, it would automatically belong to them. The least I expected him was to find another location in Lagos to continue. Just inform your patrons of the new location.

How hard is that?

In saner climes, the Landmark CEO would be in jail for allocating government and public property to himself.

You don’t know how much a beachfront property costs! Shameful

This man should be arrested for constituting nuisance

How do you build a beach front property when you don't even own the beach? This is actually a mad case of trespass

Lies

😂

SOme people just open mouth to throw money anyhow. They dont know what is millions in dollars?

Napata77:
Oga carry your wahala and go abeg...

Boys dey find food chop, you, you say you lose 30 million dollars.

Make we cry for you?

Rich man.

There is more millions of dollars in your account, so go and rest, please.

As if you would have shared the money with us if you hadn't lost it.

Money miss road man.

see wetin ur evil mind d reason

...

Ifa talk wetin dey my mind, some political animals may not be alive by the end of this year.

God forbid this country.

emkz:
How was the $30 million spent?

Apparently, the most expensive asset demolished there is the swimming pool.

From the internet, the cost of a swimming pool is as follows:

Acrylic Pool ₦12,000,000 – ₦60,000,000
Concrete Pool ₦3,000,000 – ₦12,000,000
Fiberglass Pool ₦1,500,000 – ₦5,000,000
Vinyl-lined Pool ₦1,500,000 – ₦3,500,000
https://viscorner.com/costs/cost-of-swimming-pool-construction-in-nigeria/

Let's say each gazebo costs ₦500,000. There are about twenty of them there. That works out to about ₦10,000,000. I see three buildings. Let's put them at the cost of ₦20,000,000 each as at 2006. Assuming the swimming pool costs ₦80,000,000 to build + ₦10,000,000 for gazebos and ₦60,000,000 for building, that works out to ₦150,000,000. Using an exchange rate of USD$1 = ₦1,600; that works out to USD$94,000. Okay, let's use the exchange rate of the naira to the dollar as at eighteen years ago, since the CEO of Landmark claimed it was an investment made in 2006. Obviously, prices were way cheaper then. Using an exchange rate of 184 naira to the dollar, that works out to USD$816,000. Experts can argue for inflation and price fluctuations.

Clearly, the costing shows that the investment demolished is between 0.03% to 3.125% of the $30m investment claimed by the Landmark CEO. Of course, many bought it and ran with it. Didn't this same Landmark CEO claim that his $200million investment was in jeopardy?

At this time, the Landmark CEO owes evidence on how what was demolished amounted to $30million.

I raised some salient issues some 8 months ago as follows:


In saner climes, the Landmark CEO would be in jail for allocating government and public property to himself.

😆

Oga once they get money for Nigeria, na to begin claim any land or property be the next bcuz Dem get small contact for government house

emkz:
How was the $30 million spent?

Apparently, the most expensive asset demolished there is the swimming pool.

From the internet, the cost of a swimming pool is as follows:

Acrylic Pool ₦12,000,000 – ₦60,000,000
Concrete Pool ₦3,000,000 – ₦12,000,000
Fiberglass Pool ₦1,500,000 – ₦5,000,000
Vinyl-lined Pool ₦1,500,000 – ₦3,500,000
https://viscorner.com/costs/cost-of-swimming-pool-construction-in-nigeria/

Let's say each gazebo costs ₦500,000. There are about twenty of them there. That works out to about ₦10,000,000. I see three buildings. Let's put them at the cost of ₦20,000,000 each as at 2006. Assuming the swimming pool costs ₦80,000,000 to build + ₦10,000,000 for gazebos and ₦60,000,000 for building, that works out to ₦150,000,000. Using an exchange rate of USD$1 = ₦1,600; that works out to USD$94,000. Okay, let's use the exchange rate of the naira to the dollar as at eighteen years ago, since the CEO of Landmark claimed it was an investment made in 2006. Obviously, prices were way cheaper then. Using an exchange rate of 184 naira to the dollar, that works out to USD$816,000. Experts can argue for inflation and price fluctuations.

Clearly, the costing shows that the investment demolished is between 0.03% to 3.125% of the $30m investment claimed by the Landmark CEO. Of course, many bought it and ran with it. Didn't this same Landmark CEO claim that his $200million investment was in jeopardy?

At this time, the Landmark CEO owes evidence on how what was demolished amounted to $30million.

I raised some salient issues some 8 months ago as follows:


In saner climes, the Landmark CEO would be in jail for allocating government and public property to himself.

Apt

Damn , tough luck.

Why does this man like lying.

Lies,, $30mil I bet he doesn't know what $30mil

G

Mynd44:
How do you build a beach front property when you don't even own the beach? This is actually a mad case of trespass

emkz:
How was the $30 million spent?

Apparently, the most expensive asset demolished there is the swimming pool.



In saner climes, the Landmark CEO would be in jail for allocating government and public property to himself.

ayotade09:
1. his building Hotel was not demolished
2. the beach front isn't his na Government get am it is on lease
3. they've given him notice to evacuate that Government want to make use of the beach he choose to ignore
4. 30million dollars is not 30million naira what exactly did he construct on the beach that cost 30mmillion dollars

loffyloffy:
30m dollars where exactly?..is it on the beach he doesn't own? As it is a fact that his building was not destroyed.

30 m dollars on that beach? Is he trying to con his investors?

I believe we have evil people all around... Evil guys

You guys are evil.

Now did the road pass through the demolished structure? The answer is no the government cited that it will destroy marine cables so they reverted to the initial plan


https://www.premiumtimesng.com/news/more-news/697705-why-lagos-calabar-highway-reverted-to-gazetted-route-works-minister.html?utm_source=chatgpt.com

Bobby4090:
Why does this man like lying.

Foaol

Werey. Shey land no dey for your village? Abi you Dey fear make IPOB, ESN, and UGM no use you for surya like they did to Dora Akunyili’s husband. Na Ogun go kee your Mama. Go to Court nah. Our adopted daughter Mrs Wike is waiting for you at the Court of Appeal and our daughter Kudirat Small Tiger (Kekere-Ekun) is waiting for you at the Supreme Court, you will be fined heavily for trying to buy another man’s land when there is land in your father’s village.

See how they are castigating the man, these are people some of their relatives lost their jobs in that demolition. The question will be did FG compensate the man and others that was affected.

loffyloffy:
30m dollars where exactly?..is it on the beach he doesn't own? As it is a fact that his building was not destroyed.

30 m dollars on that beach? Is he trying to con his investors?

Did you watch the interview? If you did, watch it again.

Na bad belle dem use deal with this guy

loffyloffy:
30m dollars where exactly?..is it on the beach he doesn't own? As it is a fact that his building was not destroyed.

30 m dollars on that beach? Is he trying to con his investors?

Generational fraudsters. Maybe na the beach water him buy

ArewaNightmare:
Oga once they get money for Nigeria, na to begin claim any land or property be the next bcuz Dem get small contact for government house

One woman did it in Abuja. Occupying public land for years. They asked her to pay up; she deployed blackmail.

Dear Nairalanders, public land belongs to ALL of us. They are held in trust by state governments. Land can be utilized for public good.

Landmark CEO arrogated public land to himself. Our land which staturolily belongs to ALL of us. Instead of keeping quiet, he is still claiming rights. I think the government in Nigeria is too lenient. Let him try this in the US, UK, China, Indonesia or Saudi Arabia.

Let's ask AI the punishment for stealing public land in saner climes:

USA

The punishment for stealing public land in the United States depends on the value of the property and the crime committed:
Theft of public money, property, or records: Under 18 U.S.C. § 641, the punishment for stealing public property is:
Up to 1 year in prison and a fine: If the stolen property is worth $1,000 or less, this is a federal misdemeanor
Up to 10 years in prison and a fine: If the stolen property is worth more than $1,000, this is a felony

UK

In the UK, the punishment for "stealing public land" is considered theft under the Theft Act 1968, and the maximum penalty for theft is a prison sentence of up to seven years depending on the severity of the case; this can be applied to stealing public land as well

China

In China, stealing public land is considered a serious crime. The punishment depends on the severity of the offense, and can involve both criminal and administrative penalties. If the theft of public land is deemed to involve illegal land appropriation, fraud, or the abuse of power, the following punishments can apply:

1. **Criminal Penalties**: If the offense involves significant damage or is classified as a criminal act (such as illegal land use, fraudulent transactions, or abuse of authority), offenders may face imprisonment, fines, or both. The severity of the punishment depends on factors like the scale of the theft and the impact on public interests.

2. **Fines**: In some cases, offenders may be fined, especially if the stolen land has been sold or used for commercial gain. The fines can be substantial, and the amount will typically be calculated based on the value of the stolen land or any profits made from its use.

3. **Confiscation of Property**: Authorities may also confiscate the proceeds from the illegal sale or use of public land.

4. **Civil Penalties**: In addition to criminal consequences, individuals or entities involved in illegal land appropriation may be required to return the stolen land, compensate affected parties, and restore the land to its original state.

The Chinese government has a strict stance on illegal land appropriation, especially in urban development and real estate, with a strong focus on maintaining public and state-owned land rights. Penalties for these offenses are intended to prevent corruption and abuses in land management and to protect the country's resources.

Saudi Arabia

In Saudi Arabia, stealing or illegally appropriating public land is considered a serious offense, and the punishment can be severe. The country has strict laws in place to protect public property and ensure that land is used properly for the benefit of society.

If someone is found guilty of illegally occupying or stealing public land, the following consequences may apply:

Imprisonment: The offender may face imprisonment, with the length of the sentence depending on the severity of the crime and the extent of the theft or misuse of public land.

Fines: The individual may also be required to pay substantial fines. The amount can vary depending on the value of the land or property involved and the specific circumstances of the crime.

Confiscation of Property: Any illegally obtained land or property may be confiscated by the government. If the stolen land was developed or used for personal profit, the government may also seize the resulting profits.

Restoration of the Land: In some cases, the court may require the offender to return the stolen land to its rightful owners or to restore it to its original condition.

Additional Penalties: If the crime is linked to corruption, abuse of power, or other criminal activities, additional penalties such as further imprisonment or additional fines can apply. In cases involving government officials or employees, there may be more severe punishments, including dismissal from public office.

The legal framework in Saudi Arabia is designed to protect public land from theft, corruption, or misuse, and the punishments reflect the importance of safeguarding national resources and public trust.

I asked ChatGPT if any country invokes death penalty if someone steals land:

While the death penalty for stealing land is not commonly invoked in most countries, China has had instances where the theft of land, especially when it involves significant corruption or abuse of power, could result in severe penalties, including the death penalty.

In China, the punishment for land theft or illegal appropriation can range from imprisonment to, in extreme cases, the death penalty. This typically applies to cases involving serious criminal activity such as large-scale land seizures, illegal land sales, or if the crime is connected to corruption within government bodies. The death penalty would be more likely in cases where the crime has led to significant economic loss, harm to the public, or abuse of state power.

However, it’s important to note that such cases are rare, and the death penalty is typically reserved for the most severe crimes, such as corruption or embezzlement by officials, rather than mere theft of land by individuals.

1. his building Hotel was not demolished
2. the beach front isn't his na Government get am it is on lease
3. they've given him notice to evacuate that Government want to make use of the beach he choose to ignore
4. 30million dollars is not 30million naira what exactly did he construct on the beach that cost 30mmillion dollars