Real Estate News Update

REAL ESTATE NEWS UPDATE | JANUARY 9TH 2017

FIABCI to honour organizations and persons in real estate sector

Fiabci Logo

The Nigerian chapter of the International Real Estate Federation (FIABCI) plans to honour individuals and organizations who have contributed to the growth and advancement of the real estate sector. The award by FIABCI is part of its Annual Award and Business Dinner 2017 aimed at promoting excellence in the built sector, encourage creativity and promote the good business environment.

FIABCI Nigeria president, Mr. Joseph Akhigbe, at a press conference explained that the theme of this year’s Award and Dinner is ‘Real Estate: It is All About the Economy’, and highlighted the five various categories of awards slated for this year as Finance, Architecture and design, Public Private Partnership, Real Estate Journalist, Developer and urban planning.

 Nigeria’s Minister for Power, Works, and Housing, Babatunde Raji Fashola is expected at the Dinner as the special guest of honour. Also expected at the event is FIABCI Africa President, Chudi Ubosi.

Culled from The Guardian

Kebbi signs agreement with contractors on erosion control projects

aAbubakar Atiku Bagudu

The Kebbi State government has finalized talks with contractors to embark on road and erosion control projects worth about N2.1 billion. The projects include the rehabilitation of Malando-Ngaski-Warrah road,Dabai-Zuru road awarded to Habib Engineering Nigeria Limited worth N1.25 billion. The state also approved Great Northern International Company (GNIC) as the contractor for the erosion control and road rehabilitation project in Bunza and Danko/Wasagu Local Council Areas of the state.

The Commissioner for Works and Transport, Atiku Bunu, at the contract signing agreement with Habib Engineering Nigeria Limited, said the projects are expected to be completed within 6 to 12 months.He urged the company to adhere to the contractual agreement and ensure that the project is completed according to the schedule.

 Managing Director of Habib Nigeria Limited Ammar Nour asserted that the projects would be completed by January 2018.

Culled from the Guardian

FG plans to demolish illegal structures in Mowe, Ibafo communities

Fashola

Due to the reconstruction of the Lagos-Ibadan Expressway, the Federal Government has approved plans to demolish illegal structures in Mowe, Ibafo, and other communities along the Lagos-Ibadan expressway.

According to the Federal Ministry of Works, the presence of shanties and other illegal structures had contributed to the slow pace of work on the Sagamu to Ojota section of the road being handled by Julius Berger Plc.

Federal law stipulates that 45.73 metres should be clear of obstructions, however, illegal developments such as markets had taken up the right of way, thereby making construction in the areas difficult.The project contractors are presently working to ensure that every section of the road is  repaired.

Culled from the Punch

 

UACN Property close high on NSE

Pinnock property by UPDC

UACN Property Development Company (UPDC) Property closed higher at the end of last week’s transactions on the Nigerian Stock Exchange (NSE). The company’s performance led other stocks with 14.50 per cent to close at N3.00 per share.

Coming behind UACN Property is United Capital, adding 10.62 per cent to close at N3.02 per share.Other gainers of last week’s transactions were Access Bank, Eterna Oil, and FCMB, which added 6.98, 6.45 and 6.36 per cent to close at N6.28, N3.30 and N1.17 per share respectively.

Culled from Guardian

 

Engineers call for review of national building code

The Nigerian Institution of Structural Engineers (NIStructE) has called for the review of the national building code before its passage into law. This decision is coming in the wake of the constant collapse of buildings around the country.

 President of NIStructE, Oreoluwa Fadayomi, at a press conference, called for a legislation, that would give the charter to NIStructE and stop engineers that have not been admitted into the institution from embarking on structural engineering projects in the country.

According to the President, “All types of building designs from outside the country must be countersigned to meet local conditions and specifications.” consultancy, construction and maintenance on building are to be restricted to professionals in the relevant field of building construction. Only registered members of the institution should be entrusted with structural engineering design and construction supervision.

Culled from the Guardian

Bosnia to expel foreign nationals for violating property investment rules

The Bosnian Government says they have identified 300 foreign individuals who have violated investment and residency laws, and intend to take legal action to expel them from the country. The foreign nationals are suspected to have evaded taxes when buying Bosnian investment properties. Meanwhile, most of the properties are owned by Arab investors.

In the past months, Bosnian officials raided 750 residential complexes, investment firms and tourist resorts owned by citizens from the Gulf, Libya, Russia and Ukraine.  The authorities appear stunned at the extent of violations of the country’s investment and residency rules. Some owners were found to be living illegally in the country.

It was also discovered that some foreigners were not duly registered as having arrived in the country at all, some had violated their visa requirements and others misused their work permits.

Culled from Globalpropertyguide

 

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