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Real Estate

Rents: Furore over FG’s proposed 6% stamp duty

stamp duty

The Federal Government is on the march again, looking for money. Days ago, it charged the Federal Inland Revenue Service (FIRS) to mandate all property owners and agents in the country to begin to charge six per cent stamp duty on all tenancy and lease transactions. Proceeds of such transaction, the agency said, have to be remitted promptly.  As expected, ...

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Why housing development is slow – REDAN

REDAN

Housing development is slow because it is choked by several factors These include access to finance, land, materials and resources. Others are access to tilting, governor’s consent and approvals, which have made it impossible to have potent demands for housing as developers are almost choked by demands from the government and her agencies, the Chairman, Real Estate Developers of Nigeria ...

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Developers to deliberate on land titles, building approvals hitches with southwest states

developers

To stem the myriads of problems hindering private sector-driven housing supply, property developers plan to begin talks with states in the Southwest region to arrest the situation. The move comes on the heels of current national housing policy that emphasizes the use of the private sector in growing the housing stock and providing jobs through construction activities as well as ...

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Toke Makinwa speaks on ‘seized Banana Island mansion’

Toke Makinwa

Toke Makinwa, a media personality, has come out to speak on the rumour that her mansion in Banana Island, Lagos, was taken over by the Asset Management Company of Nigeria (AMCON). On July 2, the AMCON had seized assets belonging to Festus Fadeyi and the Pan Ocean Group. It said that they were holding on to debt of over N240 billion. On ...

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Stamp Duty: Landlords Don’t Need to Increase Rent, Says FIRS

stamp duty

The Federal Inland Revenue Service (FIRS) has explained that there is no basis for landlords to embark on rent increment in relation to the stamp duty payable on tenancy and lease agreement by tenants in the country. FIRS had, about a week ago, mandated landlords and property agents to charge six per cent stamp duty on all tenancy and lease ...

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Ihedioha: Controversy over alleged N50bn stadium, road contracts

Ihedioha

Award of 27 stadia by the former governor Emeka Ihedioha administration is presently generating controversy in Imo State as the contract sum, including that of other road projects allegedly running to over N50 billion was said to have been awarded 80 percent mobilisation fee paid. This is just as the controversial contracts have been abandoned by various contractors. A social critic ...

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Fashola Inspects Federal Road Projects In Lagos, Appeals For Cooperation

The Minister of Works and Housing, Babatunde Fashola, on Tuesday, commenced an inspection tour of the Federal Government’s road projects in Lagos State. The minister kicked off the inspection at the Apapa-Oshodi-Ojota-Oworonshoki Expressway reconstruction project, then moved to the Third Mainland Bridge which has been partially shut for repairs. The bridge was shut on Friday and will remain shut for ...

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Anxiety as FG Moves to Recover 149 Illegally Occupied Properties

properties

There is palpable fear as the federal government has commenced the process of recovering about 149 of its properties that are illegally occupied across the country. Investigation reveals that the government through an agent has initiated a lawsuit at the High Court of Lagos State for the recovery of possession of the properties through Order 57 of the Civil Procedure ...

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JUST IN: Three- storey building collapses in Ebonyi

Ebonyi

A three- storey building under construction in Abakaliki, capital of Ebonyi has collapsed. The building is located at Nkaliki Road opposite the Abakaliki Local Government Council Headquarters in Ebonyi State. Newsmen reported that no life was lost in the incident as workers had not resumed for work at the time the building collapsed. Top government officials, including the Secretary to ...

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Fashola to fix 44 roads across Nigeria with Sukuk funds

sukuk funds

The Federal Government is set to fix 44 roads with the Sukuk funds raised in the bond market. This was disclosed by the Minister for Works and Housing, Mr. Babatunde Fashola when the sovereign Sukuk Symbolic cheque of N162.55 billion was presented to him by the Minister of Finance, Mrs. Zainab Ahmed in Abuja. What it means: It means that with ...

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