Real Estate News

“In the quest to deepen mortgage penetration and promote home ownership in Nigeria, Nigeria Mortgage Refinance Company Plc (NMRC) has signed a memorandum of understanding (MoU) with the Kaduna State government.”- Vanguard reports. The MoU covers various collaborations between NMRC and the state government in the latter’s determined and structured efforts to facilitate affordable home ownership for its citizens. Among ...

According to Vanguard, Minister of State for Power, Works and Housing,  Mustapha Shehuri, has assured that the present administration is determined to bridge the 17 million housing deficit confronting the nation. Giving the assurance at the commissioning of the FMBN/Lape Estate, Karu, developed by Lape Construction Services Ltd. under a public private partnership (PPP) arrangement, with Platinum Mortgage Bank Nig. ...

“The Trade Union Congress, TUC, has commended the Federal Government on waiver of the initial payment of 10 per cent housing equity on mortgages below N5 million from housing off takers. Bobboi Kaigama, TUC, President gave the commendation on Monday in an interview with the News Agency of Nigeria in Abuja. The Federal Government had recently approved that henceforth mortgages ...

Survey plan fee for Lagos state is going to be three times its current fee and this will take effect from April 1, 2017. For Ikorodu, Epe, Badagry Ojo and Ajeromi Ifelodun local governments, survey fee is currently 120,000 naira;  350,000 naira will be the newly increased cost. Lagos Island, Etiosa, Ikeja and Apapa which are presently set at 300,000 ...

“A land owner was on Monday charged to an Ilorin Magistrates’ Court for allegedly collecting N250,000 under false pretence of selling a plot of land to a prospective buyer. The Prosecutor, Insp. James Odaodu, told the court that the accused, Alade Usman, on Oct. 7, 2015, collected the money for the plot of land from one Ayamolowo David. The prosecutor ...

Vanguard reports that a legal practitioner, Mr. Destiny Takon has petitioned Governor Akinwunmi Ambode over the travails of Coker estate residents in Oworonshoki, Lagos. By a deed of conveyance dated June 6, 1970, the late Chief Coker was said to have taken possession of over 80 acres of land at Oworonshoki and Ifako-Gbagada, Lagos, which was registered in his name. ...

The Federal Government is committed to providing affordable housing to cover up for housing deficit in the nation.  According to Channels Television, the Minister of State for Power, Works and Housing Mustapha Baba Shehuri stated this while commissioning 205 housing units at Karu in Nasarawa state which was financed by the Federal Mortgage Bank (FMB) through the National Housing Fund. ...

According to The Guardian, on-going public and private sector synergy leading to the development of Dangote Refinery Project and Lagos Free Trade Zone (FTZ) have been received by the real estate community last week with mixed feelings, with the leadership of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) decrying the non-involvement of members in the investment opportunities along ...

“Amid the challenge of housing the poorest citizens at a reasonable cost, the findings of a representative household survey in FCT demand affordable housing and related housing finance. The report argues that the potential opportunities in the Abuja market are significant and deserve increasing attention” – The Guardian The lull in activities in the housing industry following the economic recession is ...

The Guardian reports that Ogun State Government has stressed the need for industries and corporate bodies within the state to participate in infrastructure development to aid maximum productivity and yield more profits for companies. The State also disclosed that it is investing over N20 billion in infrastructure, by redesigning existing roads while constructing new ones to stimulate a conducive business ...