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Business News

UAE firm partners DBillions to address housing shortages in Lagos

Aspire World Investment LLC has invested an undisclosed amount into real estate firm, DBillions PV City Nigeria Limited for property development.

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DBillions, UAE firm seal luxury property deal amidst Lagos’ affordable housing problem 

An investment management outfit based in the United Arab Emirates, Aspire World Investment LLC has invested an undisclosed amount into real estate firm, DBillions PV City Nigeria Limited for property development in Lagos State’s highbrow area.

The property development deal involves Aspire World Investment taking an undisclosed equity share in DBillions. Both companies will be responsible for DBillions PV City housing project situated in Ibeju-Lekki. It would also extend into other property erection in cities across Africa and the UAE.

President of Aspire World Investment, Munir Chaudhary, said the partnership will result into sustainable growth in the Middle East and African real estate sector.

Proposed NHF Law takes a twist, as top Nigerian experts differ on its impact, Richard Olodu, affordable homes 

The real estate market is attracting investors due to the booming population in Nigeria. The country has a population of about 200 million which has raised concern for housing. But the revenue driven state for real estate remains the highbrow area in Lagos, such as Lekki and the Eko Atlantic City, which is being supported by the Lagos State Government.

What the deal offers: According to DBillions PV City, the agreement will birth an ultra-modern property that is equipped with sophisticated amenities, “It includes smart homes apartments, commercial spaces, state-of-the-art shopping mall, clinic, Montessori school, automated sewage system, community recreation hub, fibre-to-the-home infrastructure for high-speed internet connectivity, auto-garage and a masterpiece 16-floor skyscraper with a rooftop pool and helipad.”

[READ MORE: Cooperative Mortgage Bank seals N8 billion housing deal with Shell CITS)

The partnership will also afford DBillions PV City the opportunity to locally organise Aspire World Expo, one of the biggest and largest Middle East investors’ platforms for local and international markets. The real estate event attracts 48 countries, 48 embassies, 48 chambers of commerce, over 4,800 investors and 48,000 attendees annually.

The problem with the project: The project is taking place in one of the most populated states in Nigeria where housing has been an issue in recent years. The population of Lagos, about 23 million, is outgrowing the available properties. While the private market has luxury properties available for accommodation, low-cost housing is fading away gradually.

The state government is currently focused on developing its high-end Eko Atlantic which is above the purchasing power of majority of the population in the state. Real estate investors and the state government are ignoring the need to make affordable property available for the growing population and instead of camping on the Island.

That’s why some property in Lekki axis are empty because investors are building outside the priority or demand of the real estate market base.

The Chief Executive Officer of Sankore Investment, Titi Adeoye, had said in a Nairametrics report that Luxury apartments are generating poor returns, as the demand has shifted to affordable housing.

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Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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Business

Royal Academy of Engineering invests over £3.5 million in Nigeria, others

The academy has awarded over £3.5 million in 37 projects in Nigeria and across 13 African countries.

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The Royal Academy of Engineering has awarded over £3.5 million to 37 projects in Nigeria and across 13 African countries to promote better training and sustainability and diversify economies.

This was disclosed by the Academy via a statement issued and seen by Nairametrics on Thursday to mark the UNESCO World Engineering Day 2021.

It stated that the Academy’s interest in partnering with partner academic institutions’ projects focused on realizing sustainable development goals.

One of such projects, according to the statement, is the renewable energy project recently embarked on by Engineering students in the University of Abuja, Nigeria.

It stated, “A new awardee of the HEPSSA programme, the University of Abuja, in a project titled “Renewable energy utilization: Accelerating diffusion of solar power systems”, seeks to address the problem of access to affordable and clean energy with a view to enable accelerated diffusion solar power systems.”

Commenting on the progress achieved in Africa, Nigerian born Engineer in the UK, Yewande Akinola MBE, who is also a member of the Royal Academy of Engineering GCRF Africa Catalyst Committee, said:

“While we see immediate improvements in skills and innovation through these programmes, the real win is establishing a framework for lasting change. This will equip communities in Africa to anticipate and plan for the challenges posed by climate change, urbanisation and economic development. The continent is transforming rapidly, and those engineering its future need the skills to think on their feet.”

Stressing the need for strategic partnerships and buy-in of stakeholders, she said, “By developing strong alliances between local partners in sub-Saharan Africa and the UK, we can enable learning, collaboration and sharing of best practice, which in turn will build skills to boost innovation. But there is much more to be done, which needs the continued support of investors and partners.”

She added that the Academy aimed to support the development of a diverse and future fit workforce across the continent.

“It is estimated that fewer than 10% of engineering posts in Africa are currently occupied by women. GCRF Africa Catalyst has worked with Women in Engineering (WomEng) to promote gender diversity across a wide spectrum of professional experience.

“WomEng’s work with Eswatini’s Registration Council for Architects, Engineers, Surveyors and Allied Professionals has resulted in seven registered female members where they initially had none. A HEP SSA project with the Institute of Engineers Rwanda also helped to increase the number of female internship applicants from 5% to 2018 to 25% in 2019,” she said.

Highlights of achievements of the Africa grants:

  • Over 2000 professionals trained by Professional Engineering Institutions across sub-Saharan Africa.
  • Over 530 student industry placements since 2013. Number of students obtaining industry internships increased from 40% to 90% over the course of one project in Zambia
  • Diversity & Inclusion initiatives have driven equal gender participation in programmes. A project from the Institute of Engineers Rwanda helped to increase the number of female internship applicants from 5% in 2018 to 25% in 2019.
  • 50 individual course curricula reviewed and improved as a result of industry-academia partnerships.
  • Almost 50 UK organisations and 400 in-country bodies involved as project partners so far.

What you should know

  • Launched in 2016, with support from the UK government’s Global Challenges Research Fund (GCRF), the Africa Catalyst initiative allows Engineers to focus on issues of specific importance to their relevant jurisdictions while facilitating good governance practices.
  • The Royal Academy of Engineering is showcasing its impact on enhancing collaboration, education, and diversity in engineering in sub-Saharan Africa, delivered through its Africa grants programmes ahead of the second UNESCO World Engineering Day for Sustainable Development on the 4th of March 2021.

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Entertainment

Veteran broadcaster, actor, Sadiq Daba is dead

Daba died on Wednesday evening after losing a battle to leukaemia and prostate cancer.

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Veteran broadcaster and actor, Sadiq Daba, died on Wednesday evening after losing a battle to leukaemia and prostate cancer.

His death was confirmed by filmmaker, Kunle Afolayan, with whom he recently worked with on the 2020 motion picture, Citation.

Afolayan, who said that the ace broadcaster died on the evening of Wednesday, March 3rd, said he spoke with his wife and son who confirmed his passing to him.

Many Nigerians, including billionaire Femi Otedola, had donated money for his treatment abroad and showed massive support on social media.

Daba made waves in the 1980s on Nigerian Television Authority (NTA).

He has featured in several TV series and movies, with “Cock Crow at Dawn” and “October 1st” as notable mentions.

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