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Residents of Yakoyo/Odozi in Ojodu Abiodun, Ifo Local Government of Ogun State, have called on the state government to stop further demolition of their houses until full compensation is paid to those already affected. The Yakoyo/Odozi Road Landlords’ Association, while briefing journalists on their fears and what they termed insensitivity on the part of the state government, said they needed at least three months after the compensation must have been paid to make adequate preparations to relocate their families. According to them, contrary to the claims by the state government that it is currently paying compensation to the affected persons in Abeokuta, no resident of the area has been paid two weeks after the first demolition exercise was carried out. The Chairman of the association, Mr. Olajide Shekoni, said the residents had written a letter to the Governor Ibikunle Amosun, but had not received any reply. He said the residents now lived in fear ...

People seeking to invest in property may have nothing to fear anymore as the Nigerian Institution of Estate Surveyors and Valuers (NIESV) has inaugurated an association/body to oversee/regulates the activities of estate agents in the country. The body, known as the Association of Estate Agents in Nigeria (AEAN) , according to NIESV, will correct the poor perception and image of estate agents, and in effect, the profession of estate surveying and valuation. Over the years, estate agency has been bastardised and turned into an all comers affair where fraudulent activities are perpetuated. The President, NIESV Mr. Emeka Eleh, said the regulation of the practice of estate agency was long overdue, adding that there was a need to train practitioners in the relevant areas of the profession and equip them with the capacity to serve the consuming public. He said estate surveying and valuation was a noble profession and as a part of the practice, estate agency must...

As Lagos property market gears up for rebound, savvy investors are set to leverage on immense opportunities along the buoyant Lekki-Epe axis. Notably one of the five fingers of the state with others including Lagos-Badagry expressway, Ikorodu expressway, Lagos-Ibadan expressway and Lagos-Abeokuta expressway, the axis, analysts say has attracted so much investment in recent time because of its rewarding potential. With other fingers significantly developed for mostly residential and commercial purposes, the fast-developing Lekki-Epe corridor currently presents the most rewarding investment opportunity for real estate investors. Currently, the axis boasts of over 50 estates, gated residential developments, commercial complexes, with numbers expected to double in the next few years as a result of on-going developments on the corridor. Some of the infrastructure expected to further trigger property value on the axis is the on-going construction of the L...

Dolphin High-rise Estate in Ikoyi, Lagos was planned to be a model exclusive residential enclave, but broken down infrastructure, emergence of illegal structures (Kiosk) and a general state of insecurity are putting the residents on the edge. The name, Dolphin High-rise Estate, creates an image of luxury in the mind but as ironic as it sounds, most of the residents sometimes wish they live somewhere else. Although the estate, built by the Lagos State Development and Property Corporation, is located in one of the choicest parts of the state, Ikoyi; most of the residents have had cause to regret investing in the property. Some of the residents, who spoke with our correspondent last week, lamented the absence of government presence in the estate, which they said had almost turned into a ghetto where all manners of illegal structures were springing up. “There are all manners of illegal structures everywhere, people just come from anywhere and put ...

A walk along the 2km of light rail that Lagos authorities have managed to build in three years gives a sense of how hard it is to impose order on one of Africa’s most chaotic cities. From either side of the concrete structure – no track has yet been laid – the crowded slums and highways of Nigeria’s lagoon-side commercial hub teem with activity. Its trademark yellow buses overtake, undertake and force their way down impossibly narrow side streets, where women stir pots next to canals clogged with rubbish. With 21-million people generating a third of gross domestic product (GDP) for Africa’s second-biggest economy, Lagos has become almost as alluring to yield-hungry investors as it is to the 4,000 or so economic migrants who turn up each day. Violent crime, mushrooming slums, police extortion and widespread fraud have often held investment back, but in the past decade, authorities have started trying to tackle some of the obstacles, especially madde...

The Federal Government has said it is considering the reintroduction of tolling on roads and has come up with the ‘Green Paper: Federal Roads and Bridges Tolling Policy for Nigeria’ to actualise this. The Director, Public-Private Partnership, Federal Ministry of Works, Mr. Babatunde Ekunsumi, said road tolling was a globally accepted method of raising funds for road maintenance and management, and would be of substantial economic benefit if properly managed. He said the Federal Government was seeking new funding methods to attract needed investment to the road sector in an effort to create an efficient and effective transport system. Ekunsumi said, “Nigeria had operated some toll roads for several years, but they were abandoned in 2004 due mainly to legal disputes, revenue leakages and unmet maintenance of the tolled roads.  With tolling once again being considered as a policy option, Nigeria has the advantage that it can assess successfully exe...

Nigeria is investing N35 billion on airport infrastructure upgrade being among six nations in Africa currently infusing funds into infrastructure development and improving the lot of African airports to be at par with their counterparts worldwide. This is just as the country may introduce a token developmental charge to have return for investment once the projects are done. The Managing Director, Federal Airports Authority of Nigeria, FAAN, Mr. George Uriesi disclosed this yesterday while presenting a paper on Airport Regulation, from the Africa perspective at the Airport ongoing Council International Conference and Exhibition in Lome, Togo. Uriesi said that many countries are investing in their infrastructure and some do not have the passenger figures to gain return for investment. Uriesi said that apart from Egypt and South Africa that have over 30 million passengers annually only eight African countries have a total passenger figure of above seven million. H...