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DEPUTY President of the Senate, Ike Ekweremadu, over the weekend gave reasons for removing Land Use Act from the on-going review of the 1999 Constitution. Ekweremadu was speaking in Enugu at the official presentation of the book, ABC        of Contemporary Land Law in Nigeria, authored by the Chief Judge of Enugu State, Hon. Justice Innocent Umezulike. Noting that effective land administration was central to national development, he however expressed concern that although the act was due for review, it had been difficult to do so considering the complex processes and hurdles in constitution amendment.   Ekweremadu, who is also the Chairman of the Senate Committee on the Review of the 1999 Constitution, regretted that efforts by the committee to remove the Act from the 1999 Constitution to subject it to ordinary processes of amending acts of parliament could not scale through the third reading in the Senate. He said: “The book reviewer, Prof. I.O. Smith, had alluded to

Chinese cross border investment into global real estate markets has risen rapidly since the global financial crisis of 2008, according to a new analysis from Savills. It says that wealthy Chinese individuals, with limited investment opportunities at home, have increased their overseas investment rapidly as they have sought to diversify portfolios, seek capital security and find a foothold in international markets. Propertywire.com reported that mainland China, when combined with Hong Kong, is the second largest source of cross border real estate investment in the world after the United States, the report pointed out. From 2013 to date, $23.7bn cross border investment has flowed from China and Hong Kong but money invested directly from Hong Kong is now down 42 per cent on 2007 volumes, while Chinese direct investment is up 1,165 per cent. “Private capital is particularly important in the domestic Chinese market. China saw $152bn private capital investment in the year to

In a bid to stem the rising power outages across the country, the Federal Government has declared that it will withdraw the operational licences of poorly performing power firms. The Minister of Power, Prof. Chinedu Nebo According to the government, the new owners of the privatised successor firms to the Power Holding Company of Nigeria should start providing electricity to their consumers as stipulated by their licences. The Minister of Power, Prof. Chinedu Nebo, said that the government had made it clear to the investors that they would lose their licences if they performed poorly. Asked if the investors were financially capable of running the companies, Nebo said, “Well, it is difficult for me as the minister of power to answer that question. However, I think that on paper, they are capable.  “On the ground, it will be left for the Nigerian Electricity Regulatory Commission, which regulates them, to make sure that they are fulfilling wh

Lagos State governor, Mr Babatunde Fashola, on Sunday, formally introduced the president of the Dangote Group of Companies and arrowhead of the proposed Dangote Refineries and Petrochemical Company in the zone, Alhaji Aliko Dangote, to the host communities of Lekki Free Trade Zone. The development signaled the formal take-off of the multi-billion naira investment at the zone. The major highlight of the ceremony was the unanimous agreement by the host communities to accept and cooperate with the company and other investors in the development of the zone. Fielding questions from newsmen after the ceremony, which featured acclamation by members of the communities, including traditional rulers and community leaders, as well as youths, Governor Fashola expressed joy at the development, saying it signaled a breakthrough in the quest to fast track development in the zone. Also fielding questions from newsmen, Alhaji Dangote lauded the governor for

  In line with the physical planning law, which specifies ‘bottom-up approach’ i n  land matters, Lagos State Government last week held talks with the homeowners and residents within Ibeju-Lekki to ensure its development plan for the area becomes a reality. The  sensitization meeting, held at the Igando Oloja’s Headquarters of Ibeju-Lekki Local Government (LGA), attracted government officials, drawn from the Ministry of Physical Planning and Urban Development (MPPUD), and its agencies that included the Lagos State Physical Planning Permit Authority (LASPPA); Lagos State Building Control Board (LABSCA); and Lagos State Urban Renewal Authority (LASURA); the leading traditional rulers from the community and local government officials among others. The meeting, aimed at sensitizing the community members of the government’s plan for the area designated as “Future of Lagos”, unfolded where major infrastructure, amenities and other facilities are to be located. Th

The Federal Government on Tuesday said it would issue road and infrastructure bonds worth N100bn to finance the rehabilitation and reconstruction of the Lagos-Ibadan Expressway. It also said that N25bn was earmarked for the project in this year’s budget, while the same amount would be provided in 2015, while government institutions would generate N17bn for the reconstruction work on the road. The Minister of Works, Mr. Mike Onolememen, said this in Abuja when a delegation of the Peoples Democratic Party led by Senator Ibrahim Mantu paid him a courtesy visit. Onolememen said, “Government can decide how it funds its road projects and government has made commitments up to N50bn on that road. In 2014 alone, government budgeted N25bn for that road and that is after mobilising the contractors last year. “And in 2015, we will repeat another N25bn on the road. We also have government institutions that are also putting money down up to about N17bn for that road.

Already, the construction of 55 residential houses has begun on the land  as well as a primary school, a clinic, a central Mosque and three boreholes for the communities which are expected to be completed within the next three months. Ahead of  its expansion programme ,  Ashaka Cem Plc, producers of Ashaka brand of cement has acquired about 40 hectres of land for the relocation of three villages within its factory in Funakaye Local Council  of Gombe State.   Already, the construction of 55 residential houses has begun on the land  as well as a primary school, a clinic, a central Mosque and three boreholes for the communities which are expected to be completed within the next three months. Speaking at the foundation laying ceremony of the project, Managing Director and Chief Executive Officer of the  company, Mr. Leonard Polka promised to ensure that high quality materials are used in the construction of the houses.  He thanked the people of the community