Mohammed Shosanya

Craneburg Construction Company Limited,says the ongoing rehabilitation and upgrade of the Eti-Osa/Lekki/Epe Expressway (Phase IIB) from Greensprings to Abraham Adesanya in Lagos will continue to make substantial progress while maintaining effective traffic management measures and assuring a smoother commute for all road users.

According to a statement,Craneburg continues to collaborate closely with the Lagos State Government,working alongside the Ministry of Works and Infrastructure, the Lagos State Traffic Management Authority, the Nigeria Police Force, and the Neighborhood Watch.

“Road construction of this magnitude inevitably leads to temporary traffic diversions, reducing the number of lanes available for road users. Moreover, the occasional breakdowns and accidents involving heavy-duty vehicles, which are prevalent on this axis, further exacerbate traffic congestion on the already limited lanes, occasionally causing bottlenecks.

“To mitigate these challenges, a series of measures have been implemented as part of the Project to ensure a smooth flow of traffic, including the deployment of road signs and diversion barriers, ensuring that some lanes remain open and pothole-free during construction, implementation of an accelerated and strategic execution program for both daytime and nighttime works as well as deployment of well-trained and motivated traffic management personnel, among others.

“The visual representations of the previous and current states of the road under the Project are displayed, showcasing the tangible progress made in these traffic management efforts.

“We urge all road users to continue to demonstrate patience, cooperation, and adherence to traffic regulations, as this is essential for a smooth traffic flow. Actions that may adversely affect traffic management include non-compliance with road signs and regulations, disregard for the guidance and directions of traffic management personnel, vehicle breakdowns leading to road obstructions, and impatient driving” the statement said.

The Project, which is scheduled for early completion and delivery, remains a commendable and vital initiative that will benefit the entire community. We kindly request the understanding and cooperation of all road users as the Project continues to move forward.

Mohammed Shosanya

Barr. Nyesom Wike, the Minister of the Federal Capital Territory (FCT) has approved the revocation of 165 plots of Land in serviced Districts of the Federal Capital City (FCC) over non-development.

The notice for the revocation as compiled by the Land Department was approved by the Minister who revoked the plots due to continuous contravention of the terms of agreement as contained in the 1978 Land Use Act.

The revoked plots belong to individuals and corporate organizations, who have continually failed to keep to the terms of agreement as contained in Section 28(5) (a) & (b) of the Land Use Act,according to the notice.

The plots are situated within some districts in the FCC namely: Central Business District, Maitama (A05); Maitama (A06); Wuse II (A08); Gudu (B01) and Wuye (B03).

Others are :Jabi (B04); Utako (B05); Katampe Extension (B19); Idu Industrial Area (C16) and Asokoro (A04) Districts respectively.

The revocation of the affected plots was approved by the Minister following the violation of the terms of Rights of Occupancy.

“The Minister of the Federal Capital Territory has, in the exercise of the powers conferred on him under Section 28(5)(a) & (b) of the Land Use Act 1978 revoked the affected titles for continued contravention of the terms of development of the Right of Occupancy to wit non-development,”the notice added.

The Federal Capital Territory Administration (FCTA) demolished a fmultimillion naira duplex on Monday for being built on an illegal plot of land.

The building is reported to belong to His Royal Highness Oba Oyebade Lipede, but it was unlawfully taken over by Alhaji Ibrahim Mohammed Kamba and Alhaji Ademu Teku, who illegally constructed the duplex despite all warnings.

Tpl Mukhtar Galadima, the Director of Development Control, stated that his team had to do thorough investigation to determine the original owner of the land, considering the many claims made by the parties.

He claims that the administration will not consider the status of any defaulting developer, once development rules and regulations are violated.

He said: “We demolished the duplex because somebody built without valid title and building plan approval on someone else land. Investigation revealed that the developer is not the owner of plot, that is why we had to remove the building.

” We allowed the building to this stage before demolishing it, because we had to follow all the processes. He was served all the notices to stop work, but being a recalcitrant developer, he continued without heeding to the notices we served.

” After our investigation we ascertained the original allottee, so we have to remove it. We are going to consult the legal department to know the next action against the developer”

Musbau Babatunde

Zealand Properties has announced the latest Guinness Book of World Records holder, Hilda Baci, as the latest landlady at one of its estates, Yomade Heritage in Epe.

She visited Zealand’s Headquarters in Ikeja earlier today to sign and receive her land document, an event that made her an official Landlady at Yomade Heritage.

The company had earlier promised to gift Hilda Baci with a plot of land worth N5.7m at Yomade Heritage Estate when she attempted to break the erstwhile Guinness world record in a cooking marathon.

After receiving her land document and discovering the investment potential in Yomade Heritage, Baci said she’d cash in on the current price and buy one more plot of land for herself

“I’m super excited because they were so kind to gift me a plot of land in one of their prime locations in Epe, and trust me, at the price that they are currently selling, I’d probably buy one for myself because it honestly feels like a steal”.

Managing Director of Zealand Properties, Mr. Adedeji Agarawu,said Hilda Baci’s drive and hard work was worthy of emulation by other youths and she deserves to be rewarded.

He added:”I appreciate hard work, and what you pulled out there was incredible hard work. You must have gone the extra mile and conquered a lot of fear to have achieved your feat”.

The Asset Management Corporation of Nigeria (AMCON), Polaris Bank Limited and 11PLC have approached the Supreme Court seeking to quash the recent verdict of the Appeal Court which set aside the sale of Lagos Continental Hotel to 11Plc

The company said that the parties took the matter to the apex court through its Notice of Appeal dated December 5, 2022.

Samuel Ozeh Asst. Company Secretary/Legal Adviser,conveyed this in a statement.

According to him,the parties have also filed a motion for stay of execution of the appellate court’s verdict pending the determination of the suit by the apex court.

The motion for stay of execution, copies of which were made available to journalists, was also dated December 5, 2022.

He added: “This move has effectively arrested the ability of Milan Industries Limited to enforce the Appeal Court’s judgement and would compel the parties to maintain status quo pending the final determination of the appeal by the Supreme Court,” the statement said.

“In view of this situation, the ownership and operation of the Hotel by 11 Hospitality is not in any way impacted. “11 Hospitality remains upbeat in the circumstance as its acquisition of the Hotel followed due process and it believes AMCON assigned a valid title to it pursuant to the extensive powers vested in the Corporation under section 34 of the AMCON Act (as amended)”

AMCON had acquired the Lagos Continental Hotel as an eligible bank asset on account of the failure of Milan Industries Limited to repay its loan to Skye Bank plc (now Polaris Bank Limited) to the tune of N15 billion with the interest element of the loan verging on N30 billion at the time.

The loan may have partly put paid to the bank’s financial distress and thereby necessitated AMCON’s acquisition of its non-performing loans, including that of Milan Industries Limited.

Two years ago, AMCON, in line with its powers under section 34 of the AMCON Act (as amended) assigned its interest in the Hotel to 11 Hospitality Limited, a subsidiary of 11plc (formerly Mobil Oil Nigeria Plc).

But,the sale was challenged by Milan Industries Limited at the Federal High Court, which dismissed the suit and affirmed the sale by AMCON, after it found no merit in Milan’s claim of having repaid the huge loan it took from the Polaris Bank Limited.

Milan Industries Limited then challenged the decision of the Federal High Court, and the Court of Appeal in its judgement set aside the decision of the lower court.

Luxury property development company, The Address Homes has supported the 3rd Real Estate Market Place Conference and Exhibition put together by the Lagos State Real Estate Regulatory Authority, LASRERA.

The event, which would be in the form of a Town Hall meeting with the theme: “The Lagos Real Estate Emerging Markets – Mitigating Potential Risks,” has been scheduled for Tuesday 7th and Wednesday 8th December 2022 in Lagos.

Seasoned speakers are billed for this year’s Conference and Exhibition to deliberate on potential risks in Real Estate Transactions, Laws that protect Real Estate investment Transactions, and Policies and Guidelines about Lagos State Real Estate Sector.

The Lagos State governor, Babajide Sanwo-Olu had on 7th of February, 2022, signed into law the Lagos State Real Estate Regulatory Authority (LASRERA) bill in the bid to regulate, sanitise, protect individuals from illegal real estate transactions and fraudulent persons/organisations, monitor the activities of real estate transactions and ensure real estate transactions in the state conform to global best practices.

In a statement by The Address Homes, in view of its strategic role in the overall real estate business as a leading real estate company engaged in the acquisition, development and management of luxurious contemporary homes across Nigeria, it is supporting the Lagos State Real Estate Regulatory Authority, the agency in charge of the conference and exhibition to curb unscrupulous practices and promote global best practices and investment opportunities in the sector.

Speaking on the Real Estate Market Place Conference and Exhibition, Mr Segun Ogunbiyi, Marketing Manager, The Address Homes, noted, “The partnership between Address Homes and Lagos State Government on this conference and exhibition would further propel the already existing collaboration to promote integrity, professionalism, customer satisfaction and safety in real estate industry in Nigeria.”

The Address Homes will also be a major exhibitor, showcasing real estate development with a combination of high-class contemporary architectural design and high-level finishes with respect to designs and styles that meet consumer passion, taste and comfort.

Since its maiden edition in 2020, the real estate firm has consistently been a major supporter of LASRERA’s Real Estate Market Place Conference and Exhibition.

The Address Homes Limited is a leading real estate company engaged in acquiring, developing and managing luxurious contemporary homes across Nigeria.

With its pragmatic approach to solving problems and prioritizing customers’ specific needs in real estate in Nigeria, The Address Homes has continued to change the face of real estate development in Nigeria by delivering homes that combine high-class contemporary architectural design with high-level finishes as they are highly diversified with respect to design and styles.

Since its inception, The Address Homes has made the policy of building the best homes at the most economical prices throughout Nigeria, thus delivering optimum value for money.

UPDC Plc, Nigeria’s property development, management and investment company, has explored pathways to solving the various challenges and maximizing opportunities being created in Nigeria’s booming but volatile real estate sector at a summit to mark its 25th Anniversary.

The summit,which was tagged, ‘Housing Development Imperatives for Nigeria; Prospects and Challenges’, provided an outlook of the real estate industry as the country steers towards the general elections in 2023.

Speakers include Frank Okosun, Senior Partner, Knight Frank Nigeria; Ann Ribu, Head of Property (Nigeria & West Africa), Standard Chartered Bank; Alan Davies, Managing Director, Cubitt Architects; Olutomi Sangowawa, Surveyor-General, Lagos State; Wole Oshin, Chairman, UPDC Plc and Founder, Custodian Investment Plc; and Odunayo Ojo, Chief Executive Officer, UPDC Plc.

The chairman, Wole Oshin, explored the recent history of the company,saying UPDC raised N16 billion in a rights issue in June 2020, and has continued to restructure after the recapitalization.

Besides,in 2020, the facility division of the company became a separate business; UPDC facilities Management ltd. In 2021, Custodian investment ltd became the major shareholder in UPDC. The company has experienced a turnaround since then, increasing efficiency and expanding its business.

“As UPDC shifts from recapitalization to maximizing growth and opportunities, we continue to look forward, focusing on achieving profitability in the short to medium term, embarking on projects that increase profit and expand the company’s impact,”he said.

Speaking,the CEO, Odunayo Ojo disclosed that UPDC is the first real estate company to have been listed on the Nigerian Stock Exchange, and offers the most diversified portfolio of residential, commercial, retail and hospitality assets.

He also noted that UPDC’s Real Estate Investment Trust (REIT), a vehicle that offers opportunities for members of the public to contribute into an investment pool, is the largest real estate investment trust in Africa.

At the panel session, real estate expert, Frank Okosun, spoke on the serious housing deficit in Nigeria, identifying some of the major challenges in the sector. These include the high cost of building materials, poor mortgage penetration and problems with land administration.

“There is a significant gap between the stock we have and the quality of houses that meet international standards as well as affordable ones.Property ownership in Nigeria is still an elitist engagement. There should be a strategy for the big real estate firms to make home ownership affordable for lower income earners,” he added

Renowned architect, Alan Davies, spoke about trends in the housing sector. He noted that Nigeria’s rising young population has led to higher demand in the 1 room and 2 room apartments. He also noted the return to environmentally responsible design in building.

“It is unfortunate that everything comes down to cost; not just the cost of building but also of maintenance. Reducing these costs is more critical than ever.” Mr. Alan said.

“Growth and access to finance for real estate projects will increasingly depend on creativity, innovation and adoption of technology amongst other factors. Today, there are global funds available for sustainability-oriented projects that meet Environmental, Social and Governance (ESG) goals,” said banker, Ann Ribu, who spoke on financing. Ribu noted the various opportunities currently available for real estate financing in the country. She called for collaborations across various players in the value chain, with a strong emphasis on sustainability.

Zenith Bank Plc says its new branch in the University of Lagos has the highest level of construction and equipped with the best facilities of all its branches in Nigeria.

This revelation was made by the bank’s Executive Director, Mr. Dennis Olisa, during a courtesy visit by the members of the National Executive Committee, University of Lagos Alumni Association to the bank’s headquarters in Victoria Island, Lagos .

The visit was as a fore runner to the date for commissioning of the building by Vice President, Professor Yemi Osinbajo, SAN, GCON in November.

Mr. Olisa noted that the building was constructed in conformity with modern and globally accepted standards in the construction industry.

He added that It has a large LED screen which would be used to display football matches while providing Free Wi-Fi for the use of students – reiterating its promise at the beginning of the construction that the building would be attract large visits.

In his speech, leader of the delegation and first National President, Chief Fassy Yusuf, thanked the management of the bank for the longstanding relationship with the university and the kind gesture in constructing the Zenith Bank/Alumni Building – named after Prof. Oyewusi Ibidapo-Obe, a distinguished alumnus of the institution.

He reaffirmed that the building will be housing the Alumni association.

Members of the delegation were the National Vice President 1, Chief (Dr.) Fassy Yusuf, FIoD, Chairman, 60th Anniversary Programmes Committee, Aare (Dr). Waheed Olagunju, National Secretary – Chief Adebisi Ogundipe, Executive Secretary – Mrs. Yetunde Abatan, Alumni Relations Manager – Mr. Seun Badejo as well as the Digital Media Officer, Mr. Jeremiah Olatinwo.

In his vote of thanks, the National Secretary, Chief Adebisi Ogundipe, appreciated the bank for its tenacity of purpose, commitment and demonstration of faith in UNILAG.

The Zenith Bank/ Alumni building is billed for commissioning on November 25th, 2022.

The Sèmè City Development Agency (Sèmè City), a flagship project of the Government of Benin’s action plan, says it is scaling up its strategic efforts to improve the training and professional integration of youth with a particular focus on Anglophone partners.

Potential partners are invited to submit partnership and co-creation proposals covering projects in the areas of training, research, and entrepreneurship by October 31, 2022. This call for proposals is in line with Sèmè City’s commitment to fostering innovation made in Africa to create jobs and wealth in West Africa,it said in a statement.

The focus on Anglophone partnerships was sequel to the success of the initial launch in June 2022 of the call for projects targeting mainly Francophone partners. During this first phase, 11 partnership agreements were signed with French academic institutions and companies in the presence of President Macron in Sèmè City. These partnership agreements cover the implementation of several quality training and professional integration programs that will be deployed from 2022 to meet the training and recruitment needs of sectors facing shortages.

Sèmè City provides an attractive and dynamic environment for various partners to develop high-impact projects.

The targeted partners are: operators providing higher education and technical and vocational training programs;incubators and accelerators of entrepreneurial projects;laboratories, research centers and university chairs;companies active in the education and innovation ecosystem and experts in educational engineering and in the creation of high-level training and entrepreneurship programs.

Sèmè City Managing Director, Mme Claude Borna commenting on the call for proposals, said:”By creating Sèmè City, Benin is developing a unique setup to train a new generation of talent, equip them for the future and promote a growth model based on innovation made in Africa. Since starting our operations in 2017, we have laid the solid foundation to make this vision a reality. The new partnerships we are forging as part of the 2022 call for projects represent a strong commitment to co-construct tomorrow’s African successes today. We expect to see very strong impacts in terms of jobs, products and services recognized as innovative and solutions that can be exported far beyond the continent.”

Located in Benin on the west coast of Africa, Sèmè City is the gateway to a thriving sub-regional ecosystem of professional training and innovative entrepreneurship. Since its launch in 2017, Sèmè City has grown exponentially and offers programs deployed in four locations in Benin. Several hundred students and researchers are enrolled in these various undergraduate, research and continuing education programs. More than 1,000 entrepreneurs have also participated in capacity building and support programs.

Phase 1 of the project is now operational with a 4,500 square meter campus in Cotonou that includes modular and equipped classrooms, an auditorium, research spaces and a data center. Adjacent to the campus, the 2,500 square meter Sèmè City Open Park provides access to prototyping and 3D printing tools in buildings built from containers.

Among the partnerships already launched in Phase 1 are with academic institutions such as Epitech, École de Design Nantes Atlantique, Ecole Polytechnique Fédérale de Lausanne and Sorbonne University as well as several technical and financial partners including the World Bank, UNICEF, UNFPA, the Belgian Development Agency (ENABEL), and the Swiss State Secretariat for Economic Affairs (SECO)

For its second phase, Sèmè City will be able to accommodate up to 33,000 students, entrepreneurs and innovators from various African countries in its new 336-hectare smart eco-campus under development in Ouidah, a peri-urban area hosting several major tourism projects. Organized around five innovation clusters, the Ouidah campus will be operational by the start of the 2025 academic year:

• Cluster 1 Science, Technology, Engineering, Mathematics and Sustainable Cities
• Cluster 2 Art, Design and Creative Industries
• Cluster 3 Education, Human and Social Sciences
• Cluster 4 Sports, Nutrition and Wellness
• Cluster 5 Tourism, Hospitality and Catering

Built next to a protected forest, this eco-city is designed to preserve the exceptional environment. It will integrate housing, sports facilities and shops. Facilities will be made available to partners who wish to rent space and plots will also be available for those who want to develop their projects.

The vision for phase 2 of Sèmè City is materialized through the development of a regional center for higher education and technical and vocational training with infrastructures and technical platforms that meet the required standards to facilitate learning and professional insertion. This regional center for professional training and entrepreneurship will provide young people with favorable training conditions inspired by successful models as well as opportunities for insertion into the French and English-speaking African markets.