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Home Ownership would be Elusive to Majority Without Single Digit Financing, Says REDAN
Home Ownership would be Elusive to Majority Without Single Digit Financing, Says REDAN
By: Michael Mike
The Real Estate Developers Association of Nigeria (REDAN) has said that home ownership would continue to be elusive to majority of Nigerians without a single digit financing opportunity.
Speaking at the Capacity Development Conference for Developers in Abuja, the President of the Real Estate Developers Association of Nigeria (REDAN), Alhaji Aliyu Wamakko said in order to achieve government housing plan for Nigeria, interest on loan for building purpose should be drastically lower to a single digit.
He said: “Finance is one of the essentials of our business, hence our focus on how to get facility to build homes at cost that the average Nigerian will be able to afford. We are keen on how our Members can secure long tenured and single digit debt financing without which home ownership will remain elusive, as it is a fact that real estate development is capital intensive and requires a lot of outlay.
He noted that the conference is aimed at capacity development for our REDAN members and has as theme: “Enhancing Investment and Finance Opportunities for Sustainable Real Estate Projects.”
Wamakko said: “The essence of this auspicious event is to further build the knowledge base of our members to be able to manage the multidimensional and multidisciplinary challenges involved in real estate business. It is also to increase our capacity to reduce waste and ensure timely delivery of projects. The knowledge from this conference will greatly help in reducing the incidence of building collapse as there is a specific session for the subtheme.”
He said: “We are concerned that our members comply with all extant laws and be ambassadors of improving and contributing to the growth of the national economy, hence we have invited relevant regulatory organisations to update members on Real Estate Developers Role in the emerging economy.”
Presenting a paper: “Who We Are! Building Collapse Prevention Guild,” the President of Building Collapse Prevention Guild, Yusuf Sulaimon, said the action of Lagos State Ministry of Physical Planning and Urban Development of introducing the Certified Accreditors Programme to increase manpower and increase professionalism in ensuring compliance to building regulations by developers and to help identify buildings that needs to be decommissioned before they end up collapsing, should be copied by other states to end instances of building collapse.
He also advised that REDAN should also create a monitoring team to monitor construction activities and ensure compliance with government regulations, the Standard Organisation of Nigeria (SON) needs to be proactive in ensuring that only quality building materials are in the market, each LCDA should have Building Artisans training Centers to equip the Artisans with requisite knowledge required.
Sulaimon also said the Building Code and Regulations should be amended to include civil punishment to those that flout the building code flagrantly, regular review and update of the building code and regulations to ensure that it is up to standard and best practices, corruption in the building plan approval processing should be frown upon such that developers build according to the plans approved by government.
He said the whistle blowers should be protected and ensure their reports are worked upon and rewarded, if possible, proper planning, supervision and monitoring of construction activities should be institutionalized by policy makers to ensure that all buildings are constructed according to design, specifications, and planning regulations, professionals in the building industry should maintain their integrity and professional ethics and work in accordance with standard practice procedures laid down by the standard form of building contracts especially when they play in the hands of ignorant clients.
Sulaimon equally said urban or town development agencies at various levels of government (Commission, Board, Authority) should enforce control of building works in their localities as laid down in urban and regional planning decree 88, of 1992 and as in section 13 of National Building Code 2006, there is need to organize periodic public awareness campaign through electronic and print media to sensitize the public on advantages of using professionals as the way of realizing safe buildings, and that all building professionals play key roles to actualize their respective obligations during building production, using the wrong professionals at any stage of the building process put the building in danger. It is the duty of the architect as the prime consultant to direct the client to use the right professionals. This he achieves by ensuring that the structural and services drawings brought to his office are stamped and signed by professionals registered by their respective professional bodies before proceeding to planning authority for “building permit”.
He added that soil investigation, material tests and environmental impact assessment (E.I.A) should be made compulsories for all institutional, industrial and commercial buildings.
Home Ownership would be Elusive to Majority Without Single Digit Financing, Says REDAN
NHRC Calls for Reforms in Correctional Centres, Cites Systemic Bias
By: Michael Mike
The Executive Secretary of the National Human Rights Commission (NHRC), Dr. Tony Ojukwu has called on stakeholders to reflect on the values that Nelson Mandela embodied, including justice, dignity, equality, and compassion, as the world commemorates World Mandela Day.
Dr. Ojukwu made this call in a statement on the eve of the commemoration, noting that Mandela’s legacy serves as a powerful reminder of the need to promote and protect human rights, particularly in Nigeria’s correctional centers.
According to him, the current state of Nigeria’s correctional centres, which are overcrowded, under-resourced, and lack basic sanitation and healthcare, reflects a failure of infrastructure, justice, and humanity.
He lamented that thousands of citizens are held in pre-trial detention for years due to poverty and lack of access to justice, while the rich have greater access to quality legal defense and bail, perpetuating systemic bias.
The NHRC Executive Secretary urged the Nigerian government, judicial authorities, private sector, and civil society to prioritize comprehensive reforms in detention facilities and correctional centers, including improving conditions, investing in alternatives to pre-trial detention, ensuring speedy trials, and upholding the rights of inmates.
Ojukwu emphasized the need to tackle the root causes of incarceration, such as poverty, unemployment, and lack of access to justice, in order to build a society that values the dignity and human rights of all individuals, regardless of their socio-economic status.
Nelson Mandela Day is celebrated annually on the 18th of July.
NHRC Calls for Reforms in Correctional Centres, Cites Systemic Bias
Ondo State Government Signs MOU with Backbone Infrastructure for 500,000 BPD Oil Refinery
By: Michael Mike
The Ondo State Government has signed a Memorandum of Understanding (MOU) with Backbone Infrastructure Limited for the establishment of a 500,000 barrels per day oil refinery and development of free trade zone in Igbotiri, Ilaje Local Government Area of the state.
The signing ceremony took place at the Governor’s office in Akure.
The Secretary to the State Government, Dr. Taiwo Fasoranti represented the Governor, Dr. Lucky Aiyedatiwa at the ceremony.
He described the proposed investment as timely and strategic, assuring the investors of a peaceful and business-friendly environment.
He emphasized that the project would boost the state’s economy, create meaningful job opportunities, and reduce crime.
In his remarks on behalf of Backbone Infrastructure, the Vice President, Legal & Corporate services, Barrister Wale Adekola expressed appreciation to the Ondo State Government for the opportunity to partner in the infrastructure development of the State and assured of his company’s commitment to ensure successful delivery of the two projects.
Similarly, the Managing Director / Chief Executive of Backbone Infrastructure Nigeria Limited, Engr. Henry Owonka, revealed that the two projects would be accompanied by basic infrastructure such as roads, terminal storage tanks, and other facilities that will change the landscape of the State.
According to the MOU breakdown on the Refinery, Backbone Infrastructure Limited will hold 65% equity, while the Ondo State Government will hold 20% and the Nigerian National Petroleum Corporation Limited (NNPCL) will hold 15% stake.
Meanwhile, the investors have expressed confidence in the leadership and vision of the Aiyedatiwa-led administration, citing the clarity of purpose and support they have received as the reason for choosing Ondo State as their investment destination.
The state government equally pledged its support for the project, which is expected to transform the state’s economy and create jobs.
Present at the signing of the MOU were the Secretary to the State Government, Dr. Taiwo Fasoranti. Attorney General and commissioner for Justice, Kayode Ajulo, SAN , the ONDIPA Team while the Backbone team was led by Dr. Steve Dike, a member of the Board of Directors representing the Chairman, Senator Ken Nnamani, Managing Director/CEO Engr. Henry Owonka, the Vice President, Legal & Corporate Services, other members of the management team from the Backbone infrastructure limited among other top government functionaries.
Ondo State Government Signs MOU with Backbone Infrastructure for 500,000 BPD Oil Refinery
News
Police arrest notorious gunrunners in Benue, recover rocket launcher, AK-47 rifles, thousands of ammunition
Police arrest notorious gunrunners in Benue, recover rocket launcher, AK-47 rifles, thousands of ammunition
By: Zagazola Makama
Operatives of the Force Intelligence Department–Intelligence Response Team (FID–IRT) have arrested two notorious arms traffickers and recovered a cache of deadly weapons in Abinsi town, Guma Local Government Area of Benue State.
Sources from the Benue State Police Command confirmed the development Thursday, describing the arrest as a major breakthrough in ongoing efforts to curb the proliferation of illegal arms fueling insecurity in the North-Central region.
According to the sources, the suspects led by one Adikwu Ikwulono, a known illegal arms dealer were apprehended on Wednesday following credible intelligence.
Recovered from the suspects were one rocket launcher, five AK-47 rifles, and thousands of rounds of 7.62mm live ammunition.
Police say preliminary investigations revealed that the arms were being assembled for delivery to a gang of armed herders and bandits operating around the Benue–Nasarawa border, with plans to launch coordinated attacks on several communities in Benue State.
“The suspects are currently undergoing intensive interrogation with the FID, while efforts are ongoing to apprehend other members of the arms-smuggling syndicate,” the police sources said.
Police arrest notorious gunrunners in Benue, recover rocket launcher, AK-47 rifles, thousands of ammunition
NHRC Calls for Reforms in Correctional Centres, Cites Systemic Bias
Ondo State Government Signs MOU with Backbone Infrastructure for 500,000 BPD Oil Refinery
Troops intensify operations against terrorists in North East, arrest logistics suppliers, recover weapons
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