Real Estate

Unexplained Wealth Order: Britain to expose Nigerian property owners

Photo/NAN: A UK property known as The White House on Bishops Avenue N2. Owned via nominee company –Belside Properties Ltd by Nigerian Aliyu Audu, the son of late Abubakar Audu.

The British Government will release information about Nigerians who own property in that country next year.

Prof. Bolaji Owosanoye, Executive Secretary, Presidential Advisory Committee against Corruption, told News Agency of Nigeria in New York that negotiations on this had reached advanced stage.

Dubai remains Middle East’s top real estate market

Dubai has topped 2016’s real estate transactions list, and with plenty of infrastructure projects in the pipeline, growth is expected to outstrip the United Arab Emirates average.

Dubai has again been named the leading destination for real estate by global property consulting firm CBRE in its recently report, In and Out Middle East, which covers commercial real estate investment flows in and out of the region.

Nigerian Property Crash Attracts Funds Looking Beyond Recession

A property market crash in Nigeria offers opportunities for brave investors betting that Africa's most populous nation will deliver high returns when it climbs out of recession, Reuters reports.

Rents for residential and office property in the commercial capital Lagos have dropped by around 20 percent, year on year, due to a supply glut as projects planned prior to 2014, when oil prices started to fall, are now coming online.

Nigeria Plans to Raise $3.3b Mortgage Fund

Nigeria plans to raise, with the help private investors, a fund worth 1 trillion naira ($3.3 billion) to finance mortgages for low-income earners, its vice president said on Tuesday, Reuters reports.

Africa's most populous country, home to more than 180 million people, suffers from a housing shortage. Few banks offer long-term mortgages as high interest rates make them unattractive for buyers and risky for lenders worried about defaults.

Alleged Fund Diversion: CPC Beams Searchlight on Resort Savings & Loans Limited

The Consumer Protection Council (CPC) has been inundated with consumer complaints bordering on alleged diversion of mortgage loans and consumers’ deposits by Resort Savings and Loans Limited (RSL), prompting the Council to beam its searchlight on the primary mortgage bank’s operations.

RSL is a primary mortgage institution licensed by the Central Bank of Nigeria (CBN) to undertake mortgage business in Nigeria and it is also registered with the Federal Mortgage Bank of Nigeria (FMBN).

Institute Calls for Review of Town Planning Law

The Nigeria Institute of Town Planning (NITP) has called for the review of the 1992 Town Planning Law to enhance efficiency in urban planning.

The Acting National President of the institute, Mr Luka Achi, made the call recently in an interview with the News Agency of Nigeria in Abuja.

Achi said the review of the town planning law should ensure effective resource management and stipulation of the functions of the three tiers government.

MDAs to Benefit from Properties Seized from Looters

The Minister of Finance, Kemi Adeosun, said the Federal Government plans to relocate some of its Ministries, Agencies and Departments (MDA) into some recovered looted properties.

Adeosun said this on Friday in Abuja while briefing newsmen after the Steering Committee of the Efficiency Unit meeting.

The News Agency of Nigeria recalls that the country's anti-graft agencies had over the last year, seized billions of naira in cash and properties from alleged corrupt public officials.

Expert Calls for Coordination among Stakeholders to Avert Building Collapse

A construction and safety expert, Kamil Abiodun, on Thursday called for coordination among stakeholders in the construction industry to reduce incidence of building collapse.

Abiodun, a former President of American Society of Safety Engineers, Nigeria Chapter (ASSE-NC), made the call in an interview in Lagos.

"There is need for proper coordination among contractors, clients and workforce in terms of communication and engagement on the various work flows towards the success of a project.

"However, this is lacking in Nigeria's construction industry.

New York's $500k a Month Rental

It's no secret that Manhattan rents are expensive. But the most expensive rental in the city will set you back a whopping $500,000 a month, CNN reports.

The six-bedroom apartment spans 4,786 square feet and takes up the entire 39th floor of The Pierre Building on the Upper East Side.

The unit also comes fully furnished and offers 360-degree views of the city.

"The views are the very best you will ever have in an apartment on Fifth Avenue," said listing agent Andres Perea-Garzon at Compass.

Fuller Foundation Constructs Residential Houses for Low Income Earners at ₦1.6m

The Millard Fuller Foundation (MFF), a Non-Governmental Organisation, said it had constructed residential houses for low income earners resident in the FCT and its environs.

Sam Odia, Chief Executive Officer of the foundation, made the disclosure on Friday in Abuja while briefing newsmen on the campaign of the NGO called ``My Fuller My House.”

According to him, the campaign is aimed at servicing low income earners and bridging housing deficit in the FCT.