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Home Ownership would be Elusive to Majority Without Single Digit Financing, Says REDAN

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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

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Hardship: Zulum addresses IDPs threatening to go to bush, says I can’t do more

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Hardship: Zulum addresses IDPs threatening to go to bush, says I can’t do more

By: Our Reporter

Borno State Governor, Babagana Umara Zulum, on Sunday, said his administration cannot do more regarding distributing food items to internally displaced persons and vulnerable residents.

Zulum stated this in Mafa while addressing a group of internally displaced persons who have protested, threatening to go to the bush where Boko Haram terrorists camped.

The governor expressed displeasure over the action, and he said, “Yesterday, I received a report that some IDPs in Dikwa have protested that they will return to the bush because we could not provide food for them. This afternoon, others in Mafa have also done the same.”

Zulum said, “In the last couple of years, we have consistently provided food to internally displaced and vulnerable people. Believe me, what we are doing is even beyond our capacity.

“In the last four years, the Government of Borno State spent nothing less than N40b to provide food and non-food items to the people of the state.”

The governor said, “No government, be it state or federal, has the capacity to provide food to everyone and let me categorically state that I cannot do more than this,”

“The hardship we are facing is not only in Borno State but all over Nigeria. There are economic crises in all parts of the world. No state in Nigeria is doing better in the distribution of palliative than Borno,” Zulum stated.

He added, “We distributed food to IDPs and vulnerable communities every quarter. However, with the improvement in the security situation, we decided to reduce the number of our distribution because people have started earning their livelihood.”

“Most of you here (more than 80%) now have access to agricultural land, and I believe you have cultivated your farmlands and harvested your farm produce.”

“Both state and federal governments spend huge amounts of money on security. We have realised substantial progress in terms of development and security. Let me be frank with you that we will not condone mischievous acts by anyone.

The governor expressed gratitude to the federal government for providing the needed support to attain substantial peace in Borno State.

Hardship: Zulum addresses IDPs threatening to go to bush, says I can’t do more

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Disputed Business and Investment Forum Now to Hold During President Tinubu’s Official Visit to Qatar- Embassy

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Disputed Business and Investment Forum Now to Hold During President Tinubu’s Official Visit to Qatar- Embassy

By: Michael Mike

The disputed Business and Investment Forum (BIF) planned during the proposed official visit of President Bola Tinubu to Qatar is now going to hold, the Embassy of Qatar in Nigeria has revealed in an official correspondence with Nigeria’s ministry of foreign affairs.

It would be recalled that a leak official correspondence between The Qatari government and Nigeria’s ministry of foreign affairs last week had said the forum would not be holding during Nigeria’s President planned visit on March 2 and 3 due to the lack of a legally binding agreement between Qatar and Nigeria for the promotion of investment.

The leaked correspondence had also said Qatar’s ministry of commerce had other commitments on the days Nigeria’s president desired to visit.

Qatar further stressed that its commerce and industry minister, Sheikh Mohammed bin Hamad bin Qassim al-Thani “will be carrying out official missions outside the country during the upcoming visit period” which makes him unavailable to meet with the Nigerian side for business and investment purpose.

The country also added that its officials would be too busy because Qatar was hosting its own “web summit” the same time Nigeria’s president planned to visit.

“The State of Qatar will be hosting a web summit during the suggested period and the state’s authorities will be preoccupied with this event,” the letter stated.

But in the latest correspondence between the Embassy of Qatar in Nigeria and the Nigeria’s Ministry of Foreign Affairs, stated that the Qatar Chamber of Commerce will host the event on 3rd March 2024, as proposed by the Federal Republic of Nigeria.

In the correspondence, the Embassy said it was glad to convey the readiness of Qatar Chamber of Commerce to host the forum to the Nigerian government.

Reacting to the latest correspondence in a statement on Sunday, the Special Adviser to Amb. Yusuf Tuggar, the Minister of Foreign Affairs, Alkasim Abdulkadir said the clarification has become necessary to clear deliberate misinformation and misrepresentations in the media on the purported cancellation of the event.

Disputed Business and Investment Forum Now to Hold During President Tinubu’s Official Visit to Qatar- Embassy

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Council of European Union’s Africa Working Group Begins 4-day Visit to Nigeria

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Council of European Union’s Africa Working Group Begins 4-day Visit to Nigeria

By: Michael Mike

Members of the Council of European Union’s Africa Working Party (COAFR) have arrived in Abuja to begin a four-day working visit to the country.

During the visit taking place from 26-29 February 2024, the COAFR members will engage with Nigerian authorities, government agencies, civil society groups, regional and international organisations and private sector actors in Abuja and in Lagos.

According to a statement on Sunday by the European Union in Nigeria, the Africa Working Party (COAFR) is mandated with the supervision and management of EU external policy towards the 46 countries of the sub-Saharan Africa, the African Union and other sub-regional organisations, including ECOWAS.

The Africa Working Party (COAFR) is composed of representatives of all 27 EU Member States, chaired by a permanent member of the European External Action Service (EEAS), and assisted by representatives of the Commission and the General Secretariat of the Council. It works under the auspices of the European Union’s Foreign Affairs Council (FAC), itself composed of the Ministers of Foreign Affairs, Defense and/or development of the 27 Member States of the European Union.

The statement said in Abuja, the visiting COAFR members will meet with key Federal Government ministries and agencies starting from the Ministry of Foreign Affairs, the Office of the National Security Adviser, the Ministry of Budget and Economic Planning, among others.

They will also have an interactive session with the ECOWAS Commission on regional developments and integration processes.
In Lagos, the COAFR is expected to meet with the Governor Babajide Sanwo-Olu, the Consuls General of EU Member States, and the leadership of the European Business Chamber (EuroCham) Nigeria.

They will also visit several EU-funded projects in the state featuring digital and innovation, critical infrastructure and connectivity and migration. Deliberations during the meetings will centre on further boosting EU-Nigeria partnership.

The Africa Working Party’s (COAFR) visits to African countries aim at promoting direct contact, mutual information exchange and feedback between the political and foreign policy organs of the European Union and their African counterparts. They play an important role on taking stock of state and non-state actors views, perspectives, aspirations and expectations regarding their partnership with the European Union, its closest neighbour and its sister continent.

The team will commence a similar visit to the neighbouring Republic of Benin at the end of its current mission in Nigeria.

According to the statement, this is the group’s first-ever working visit to Nigeria, noting that in addition to the representatives of 17 EU Member States also officials from EU institutions, are expected to be in the team.

The statement further revealed that this year’s working visit will be the eleventh visit of the COAFR to the African continent, and the third visit to West Africa – following earlier visits to Senegal and Burkina Faso (2015) and Ivory Coast and Ghana (2019).

It said more than ever before, several top EU officials have visited Nigeria in recent years and months, underlining the importance the EU accords its partnership with the country.

Last October, the EU’s Commissioner for International Partnership, Ms. Jutta Urpilainen, her counterpart for Energy, Ms. Kadri Simson, led other top officials to participate in the EU-Nigeria Strategic Dialogue Meeting held Abuja. The Deputy Secretary General of the European External Action Service (EEAS), Ms Helena Konig, and the Managing Director, Africa at the EEAS, Ms. Rita Laranjinha, were also in the country shortly before then, following the visits in 2022 of European Commission’s Executive Vice President Margrethe Vestager in February 2022, EU and Member States Maritime Security Coordinators in April 2022 and senior officials of the European Commission in charge of Energy and Home Affairs.
is mandated with the supervision and management of EU external policy towards the 46 countries of the sub-Saharan Africa, the African Union and other sub-regional organisations, including ECOWAS.

The Africa Working Party (COAFR) is composed of representatives of all 27 EU Member States, chaired by a permanent member of the European External Action Service (EEAS), and assisted by representatives of the Commission and the General Secretariat of the Council. It works under the auspices of the European Union’s Foreign Affairs Council (FAC), itself composed of the Ministers of Foreign Affairs, Defense and/or development of the 27 Member States of the European Union.

In Abuja, the visiting COAFR members will meet with key Federal Government ministries and agencies starting from the Ministry of Foreign Affairs, the Office of the National Security Adviser, the Ministry of Budget and Economic Planning, among others. They will also have an interactive session with the ECOWAS Commission on regional developments and integration processes.

In Lagos, the COAFR is expected to meet with the Governor Babajide Sanwo-Olu, the Consuls General of EU Member States, and the leadership of the European Business Chamber (EuroCham) Nigeria.

They will also visit several EU-funded projects in the state featuring digital and innovation, critical infrastructure and connectivity and migration. Deliberations during the meetings will centre on further boosting EU-Nigeria partnership.

The Africa Working Party’s (COAFR) visits to African countries aim at promoting direct contact, mutual information exchange and feedback between the political and foreign policy organs of the European Union and their African counterparts. They play an important role on taking stock of state and non-state actors views, perspectives, aspirations and expectations regarding their partnership with the European Union, its closest neighbour and its sister continent. The team will commence a similar visit to the neighbouring Republic of Benin at the end of its current mission in Nigeria.

This is the group’s first-ever working visit to Nigeria. In addition to the representatives of 17 EU Member States also officials from EU institutions, are expected to be in the team. This year’s working visit will be the eleventh visit of the COAFR to the African continent, and the third visit to West Africa – following earlier visits to Senegal and Burkina Faso (2015) and Ivory Coast and Ghana (2019).
More than ever before, several top EU officials have visited Nigeria in recent years and months, underlining the importance the EU accords its partnership with the country. Last October, the EU’s Commissioner for International Partnership, Ms. Jutta Urpilainen, her counterpart for Energy, Ms. Kadri Simson, led other top officials to participate in the EU-Nigeria Strategic Dialogue Meeting held Abuja. The Deputy Secretary General of the European External Action Service (EEAS), Ms Helena Konig, and the Managing Director, Africa at the EEAS, Ms. Rita Laranjinha, were also in the country shortly before then, following the visits in 2022 of European Commission’s Executive Vice President Margrethe Vestager in February 2022, EU and Member States Maritime Security Coordinators in April 2022 and senior officials of the European Commission in charge of Energy and Home Affairs.

Council of European Union’s Africa Working Group Begins 4-day Visit to Nigeria

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