kaydeee:
After reading this news, http://guardian.ng/news/lagos-reopens-lekki-gardens/ ,

I went to Horizon court in lekki phase 1 ( Nike art gallery) where i have a duplex with lekki gardens. To my relief, i found out work has re-commenced and almost done. I dont know about other estates.
Thank God my hard earned money is not lost afterall

Congrats! LG have now recommenced construction on most sites, which means our investments were not in vain.

All the haters and "I told you so's" can crawl back into their "Face me I Face you" hole.

DahtzFestjayz:
8 and 9

Olodo

Typical Nigerian. Big mouth, but what is he going to do about all the corruption.?!?!?! Bloody id*ot won't even protest if given the chance, just go and pray to his non-existent god.

We have been complaining about these politicians since Fela in the 70's, but Nigerians do not deserve anything better. We and our generations will suffer under the yoke of corruption. Iceland pushed out their PM with one small protest, our people will go and pray in church and enrich their pastor.

Our country is damned and our people have no substance. Those who can get out should GET THE F*K OUT while they still can.

rikimarucrowdk:
I have been following this thread for a while and recently also secured an apartment just before the collapse.

I see alot of 'dem say' in the comments here and it's worrisome for me sha.

A question I just want to ask:

If the tests results come out (they said it's ready), and certifies the buildings as stable, what will be the comments here?

I have looked at the buildings and yes the 'finishing' is shoddy but that doesn't always mean unsafe. Please read my words carefully before you react.

I have built a house before with my dad and not everything was perfectly in line but the house is very sound and still standing for 22 years.

ANyway just my thought.

Many people have genuine concerns and provide good advice.

However, a lot of the other people who could not afford to buy into the estates in the first place are "relieved" for reasons beyond me.

Best of luck with your apartment - I hope the integrity tests conclude that the other building are safe.

Tvegas:


Thanks for the clarifications, one can hope all this bad publicity wont affect the valuation of the lekki garden houses in the future. Investors have sunk millions into those projects.

Ambode should't throw the baby out with the bathwater... He should punish the developer whilst ensuring that the investors are not consequently penalised. In the long term, 9ja needs to lure in foreign investors which will not be helped if decisions are made punishing errant developers and innocent investors...

In other words, punish Richard but make sure that he upholds his obligations to his investors and ensures the safety of the residents.

eziokwu2015:
I have one question for this thread:
If LASG demolishes the high rise apartments (which they were selling "Buy 2, get 1 free", what happens next?
Will house/ apartment owners get back their money from Richard Nyong and his team? If there is a run to pull out investments from the company, I hope they can handle it.

Good luck getting any money back, this is not the sort of investment you can pull-out of. The answer in short is that if the high rise buildings are demolished, we will not get a penny back. They will simply reallocate us to one of their new investments which will take another two years to complete.

For those of us who own units there, it is in our interest that the punishment from LASG is proportionate otherwise, investors who have already waited years for completed units will be the ones that suffer. Richard will just escape to UK/USA is the terrain is too hot for him leaving us uncompleted buildings behind

mazzi:
Our wailing wailers ministry is booming more than expected!


Please everybody should contribute their widow's mit for the construction of our wailing wailers permanent site.thank you.

Lmfao

You people panicking... Baba's body language will correct

Guys, no vex. I realize I am being rude and we should just be exchanging ideas here.

@iboboyswag and @Truth234, I apologise. This is just a frustrating issue to be honest, but always good to hear different opinions on how best to resolve the situation.

iboboyswag:


My friend like you said, everybody you know and not all investors in Nigeria.

As to if the economic challenge is global, you are actually contradicting yourself here because in your previous posts you have referred to the devaluation embarked upon by Russia, the closing of trade by China not to talk of the South African challenge etc.

I will still reinstate that the Nigerian Challenge is Unique because of our mono economy(which is the actually reason we are faced with this dilemma) and thus must be tackled as such... We must not conform to popular dictates as we seek out means to sorting the challenge.

And Angola do not also have a "Mono" economy? Oil makes up 80% of their budget so they are facing the same situation but chose to devalue. what is the contradiction?!

There are global economic challenges but we faring much worse than other countries due to inept policies from Emefiele, that is all I am saying. What is the contradiction?!

Here is another article showing that "not just the people I know" are also pulling out billions from the economy:

http://www.bloomberg.com/news/articles/2015-11-30/nigeria-s-stocks-fall-to-three-year-low-as-foreigners-exit

I do not mean to be rude, but everything I am saying is backed up by articles... you are just making baseless suppositions. Do you have a single article or precedent to prove that the current course CBN is taking will work?

iboboyswag:


I have been looking forward to a sane comment and I have found it..... In yours. The hoard of people screaming for devaluation do not know that inspite of our present economic situation, we are far better off than a whole lot of this great economies..... America increased interest rate the Rand caught severe cold as well as currencies of countries in the BRICK. The present economic challenge is global but we must handle it locally, appreciating the uniqueness of our own challenge and proffering tailor made solutions to it..... And to the best of my understanding, that is what the CBN and the Ministry of Finance is trying to do.

We will only appreciate the effort if we look at all the policies from its inception as a whole and not piece them individually.

Everybody I know right now is pulling their naira away from Nigerian banks, converting it to GBP or USD. This includes some companies who have removed up to N75 million in the past two weeks...

Investors lost confidence last year and everyone is losing confidence now. We are not doing better than anybody at all. I live and work in other economies and cannot qualify your statement at all. The present economic challenge IS NOT GLOBAL and our situation is not UNIQUE, we are just reacting to it with greater ineptitude.

Truth234:


And is their economy better than ours at the moment, see Nigeria have one of the best economy currently. All the countries you mentioned are struggling without options, that was why they devalued. South Africa currency, Rand declined 9% today even though its not fixed like Naira, the economy is the most affected among emerging economies. IMF should go and do something about those first, at least their currency is not fixed, how come they are suffering the most?.

Russia didn't devalue, after Angola devalued, Kwanza has slide 40%. Since China yield to pressure August last year and devalued Yuan, it has devalue 5 times after, causing global equity to lose around $4 trillion. The same people that pressured China are the one complaining China policy is responsible for global economic rout. You know what they are doing now? Withdrawing and leaving China to her fate.

Chinese government have stopped trading twice this new year to stop people from withdrawing because of the damage it is causing to the entire economy. It is simply wrong to measure the strength of an economy against the most appreciated currency in the world for the past 12 months. Naira is not the best but trust me we are far from the worst.

"Russia didn't devalue"... Read this article please. My fiance is Russian, I was in Moscow three times last year so I know what I am saying. Not just trying to score cheap points. Russia DID devalue! They devalued three times in fact.

http://www.telegraph.co.uk/finance/currency/11820755/Russian-rouble-hits-new-low-as-oil-prices-plunge-further.html

The best economy currently?!??! @Truth234... are you OBanikoro by any chance? We have one of the worst performing economies on the planet. Here is ANOTHER article to prove it:

http://www.bloomberg.com/news/articles/2015-11-26/buhari-bounce-becomes-bust-as-nigeria-policies-annoy-investors

I didn't mean to insult people in my original post, but 75% of what you are saying here is incorrect, and a simple google search will show that. How your post has got 5 likes is beyond me...

Can't believe how ignorant people are... how is this a good policy?!?!?

How many of you imbeciles have ever received dollars at the official rate? Virtually all of us purchase forex first/second hand via these BDCs. Restricting sales to the BDCs WILL INCREASE PRESSURE ON THE NAIRA. Are you all blind to see what Emefieleconomics is doing to this country?

Devaluation is the only option in this instance and the rest of the world is amazed at the silly and ineffective policies CBN seem to conjure. Don't let anyone fool you, WE HAVE TO DEVALUE THE F***KING NAIRA. Russia, Venezuela, Angola, and most other oil producing nations have done the same, we have a reasonable precedent, what are we waiting for?!?!?!?!

This is at least the 20th policy Emefiele is introducing and none of the predecessors have halted the falling value of the naira. I am moving my money out en masse, any one else with two brain cells between his/her ears will do the same!

Ufuah:
Hello there, I bought 2bedroom appt in Lekki by Nike and in the process of doing the interior and I need contractors. Could anyone of you who have gone through that process send me some good contractors. I would like to have an idea on the pricing. Thanks.

I have a contractor that just completed a 3 bed terrace for me. I would recommend him... very good but not so cheap. At least he will be familiar with dealing with LG issues (plumbing, etc). DM me if you want more details.

ladypinky:
Hi,
Lekki Gardens is real.... i will advise,you go to their office yourself.

Is real but is better you go to the comopany directly or you contact them via d contact details advertised in city People or in other popular magazines.

regards


Please, any NL that knows anything genuine, has purchased either a piece of land, or Terrace from this estate, should please educate us here. We are 'online family' believe it or not. We learn a lot here about how to wisely invest our God given money. Let's help one another from falling into the fraudulent hands of dubious companies. Tell us how much you know about 'Lekki Gardens est.'

I'm interested in the Estate but, after reading Lawyer's latest write-up, I became skeptical. Please, family educate me / us.

Thank you!

You need to read through all the posts and decide for yourself. People have already provided personal accounts...

peachie:
Buyers beware!!!!!! This is what you will have to contend with at the lekki garden estates

Aunty, we have seen this already. Read back through the posts.

LaudateII:


I think he needs a 4-bedroom. Are you selling your 3-bedroom terrace? How much is it going for??

Hi Mr @LaudateII, are you interested in purchasing it?

BALLERON:
Hello friends,  
I have a 4 BEDROOM TERRACE DUPLEX AT THE LEKKI PARADISE‎ 3 on Chevron drive, lekki,  ‎
Due to recent changes in my personal plans, I will like to swap with an interested owner, who has a completed unit(3/4 bedrooms)  in Lekki gardens phase 2( opposite Abraham Adesanya estate) . 

If you are interested please call 08038636000 to discuss swap terms and conditions.

I have a 3 bedroom terrace at Phase IV... recently completed and fantastic finish. Interested? It's just 1 kilometre away...

debojyde:
Was at LG phase 4 to inspect my properties . LG structures are not as bad as a lot of people have posted here. If LG can maintain the estates infrastructures that place will be renting like hot cakes.

I know lekki gardens customer relationship is very poor, I'll score them an F on that. It looks like provision of services they provide is also very poor but I wish they should please not allow generators on the premises. That peace and tranquility will be ruined when over 200 generators are turned on at once.

I hope after they connect to the phcn grid, they still have a plan for tenants who want to connect to LG generator when there is power failure. Something like u pay a flat rate per month and a certain amount of kW/h .

Lg backyard is to small for any diesel powered silent cabin gen. If residents buy their gens to power their units, it's gonna be like a madhouse.

When I went there, I went to another section and a worker was pumping some water from a hole with a generator..... Just that one generator ruined the atmosphere..... Imagine 2 to 300 going on at once

Bros, it's great to get your input on the finished unit. I have a unit in Phase 4 as well but have not had a chance to visit it. Your assessment puts my mind at ease. I have a few questions if you don't mind:

Did you happen to take pictures of the estate?
Are there people living there now?
What are the security arrangements like?

your answers will be greatly appreciated.

Cheers bro @Pecos

I will advertise mine for sale and for rent, and will let you guys know if I have any success. I personally think it's good value at N24m but I guess the economy is not as buoyant as it once was.

If anyone else has an idea on actual sale/rent stories for these units, please let us know.

Pecos:


Sangotrader:

I do not know anybody who has successfully sold their unit. online is my best source of information too and I sometime call people who put their unit up for sale or rent to have an idea. It ranges from late 20's to early 30's. I'm very optimistic that the estate can only get better after all said and done. You may want to consider renting it for now. There is no money in the system and people are not buying like before. I wish you all the very best in your decision .

@Pecos

I am looking to put my unit up for sale (internally finished). Luxury finishing internally. 3 bed terrace at Phase IV and I am aiming for N24m insha Allah.

do you know anyone that has successfully sold their units, and how much it sold for? I can see prices online but don't know anyone that has successfully sold...

Pecos:


Nameoh and gabbytabby....Thank you for your summation. You both nailed it on the head.I said it on this thread that getting on National grid will be not be in the best interest of the residents. Effort should have been made for Lekki Garden management to improve the services at a reduced rate not at same as Nepa which I find so ridiculous and someone suggested if I was making money legitimately I wouldn't have supported that LG management services. It cost money to provide this services and we have seen how efficient the power holding has been providing electricity to the estate.

Larryshow4: I feel it's a poor decision on the part of the residents to ask for the remover of the generator. We certainly do not know the adverse effect of this as everybody is on one generator or the other. This is putting the investment at high risk. I put the average individual investment at Lekki garden at 20M(including internal finishing). Is it worth the risk with the generators? I am a resident too and I have been away for 5 weeks . I am for sure not looking forward to coming to darkness in 2 weeks. correct me if i am wrong, I sure hope the Landlord excos are working on alternative energy for the estate. The whole thing is a big threat to security as well.

If na Sagem person de carry...

FTC

Baba God, thank you for providing this opportunity for me to be FTC.

I picked up my keys as well and have just completed internal finishing... no mention of 5% VAT. Sounds like they are trying it on with some people.

carpenter:


Sir,

I wonder why this thread has never made the front page

lalasticlala, this is FP material no be so?

This is BS!!! Vanguard Nigeria are well known propagandists!

There is no good news here, the Stock Market has not recovered from the lost value. just needs to go!

Xtians are st***pid sheep sha. Not one credible response. smh

Make unaa follow ur shepherd

Sammiejo:
Tune to channels now.

To be honest... I think this article from This Day is a tad bit exaggerated. I am not the biggest fan of LG, and I know they have a lot of rough edges however, their houses are habitable albeit, lacking in perfect finishing.

Not letting Richard off, he needs to show better accountability to his customers however, articles like this one can sink a business and the points that were raised were mainly heresay. I picked up my keys 2 months ago from LG IV and DID NOT have to pay N0.5m to N1m for anything.

Ok, here is a scenario.

An investor with $$$ invested in Nigeria when it was N265:£1. Due to significant economic uncertainty, the said investor is so uncomfortable with the situation that he has to convert back at today's rate which is N361:£1 to get his money out, cutting his losses in the process. So someone to chooses to lose ~40% in FX losses, he must have absolutely no hope in a recovery. Therefore, these are not "economic hitmen", these are disillusioned investors who see ABSOLUTELY not hope in a recovery.

Secondly, can you name ONE asset in Nigeria that can be easily monetized AND converted easily back into dollars

InvertedHammer:

/
I stand to be corrected.

Let the wailers name one country outside the G7 countries that has benefited long-term from the Bond market.

Bond is a camouflaged bondage

In finance, a bond is an instrument of indebtedness of the bond issuer to the holders. It is a debt security, under which the issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay them interest (the coupon) and/or to repay the principal at a later date, termed the maturity date.[1] Interest is usually payable at fixed intervals (semiannual, annual, sometimes monthly). Very often the bond is negotiable, i.e. the ownership of the instrument can be transferred in the secondary market. This means that once the transfer agents at the bank medallion stamp the bond, it is highly liquid on the second market.[2]


Some people talked about investors pulling out N311bn from the Nigerian economy. How? Because the investors in Nigeria are mostly in areas they can bump and dump, not in infrastructures or capital development. They are invested in assets that can easily be monetized, call it paper money if you want--economic hitmen, they are. They are not investors but vultures looking for countries to devour.

\

ibedun:


Investors! Investors!!! Investors!!!

Oga please who are these your investors? Can you identify 1 investor who is stalling waiting for government policy?

Are you by any chance referring to the friends and associate of Madam puff puff cheeks who has messed up the lives of unborn Nigerians.

"I" am an investor stalling and waiting for government policy. I have also pulled out a significant amount of money from my bank over the past two months, and moved it back here to the UK (cutting my losses on the FX loss). I know two other "investors" who have done the SAME THING. We are all divesting from Nigeria until the liquidity is restored and legitimate business people are allowed to trade freely in whichever currency they see fit.

@Passingshot

I don't know what to say. I have been reading NL for the past decade but never in all my years have I read anything so abysmally ignorant. I almost feel like crying reading such swill.

"...The loss is not Nigeria’s loss but investors. When investors have gained in the past, was the gain given or shared with the country?..."

Are you soft in the head? By this statement alone, I have concluded that you are a bufffffoon at best and at worst, an economic saboteur. Investors pull out N311bn from the economy and you don't see anything wrong with this?

Y didn't your folks use a condom...