The menace of land grabbing is common in many cities of the country, but with higher propensity in Lagos. However, a new law criminalising such activities is underway as any fraud involving land transaction has been classified as a criminal offence in the state. With an estimated population of over 18 million, and the attendant quest for the available land on which to build houses, many residents fall victim of land grabbers popularly known as Omo Onile , and other miscreants, who take advantage of the desperation of residents to defraud them. Although stakeholders in the built environment as well as other concerned residents of the state have condemned the act in various forms, the perpetrators have not been deterred as they still sell plots of land to multiple buyers and ask for more money when dispute arises, and will most often grab the land through intimidation and assault. Commenting on the new law, the Federal Controller, Federal Ministry of Lands, Housing ...
The Federal Ministry of Works has been dragged before an Abuja Federal High Court over the propriety of the N209.7m contract for advanced integrity test on the Third Mainland Bridge in Lagos. The ministry contracted an engineering consulting company, Icecon Nigeria Limited, to execute the project but two under-water engineering firms – the Nigerian Submarine Divers Limited and TGP Projects Limited – have jointly asked the court to set aside the contract on the grounds that it did not comply with the provisions of the Public Procurement Act, 2007. The Nigerian Submarine Divers Limited and TPG Projects Limited sued the Federal Ministry of Works alongside the contractor, Icecon Nigeria Limited, and the Office of the Attorney-General of the Federation. The plaintiffs urged the court to declare that the award of the contract without compliance with the provisions of the PPA was unlawful, invalid, void and unconstitutional. They also asked the court for a perpetual injunctio...
Households are bracing themselves for the first rise in borrowing costs since the Bank of England cut interest rates to a record low more than five years ago. Thursday's warning from Mark Carney, the Bank's governor, that rates would rise earlier than expected will take time to feed through to prices of loans and savings. But industry commentators said it could mark a change in expectations with borrowing costs already drifting higher. The Bank slashed interest rates to an all-time low of 0.5% in March 2009 with Britain in the worst economic downturn since the Great Depression. Rates have remained unchanged as the Bank has tried to support households and businesses while the economy claws its way back to growth. But in a hardening of his position, Carney told the City that rates could now rise sooner than expected. Economists are pencilling in the first increase before the end of this year. David Hollingworth at mortgage broker London & Country said: "Fixed-ra...
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