The Lagos State Government has denied the allegation that it is tacitly condoning the violation of its physical planning laws by some developers in Osborne Foreshore Phase 2 and Peace Valley Estate, Magodo.
This follows an accusation in a post that has gone viral on social media by one Yacoob Abiodun, who claimed to be an Urban Planner/Planning Advocate, accusing the state government of allowing physical planning infractions in these areas.
The disclosure was contained in a statement issued by the Lagos State Commissioner for Physical Planning and Urban Development, Dr Idris Salako, on Monday, March 1, 2021, refuting the insinuation.
Salako stressed that the claim by Yacoob Abiodun that residents of Osborne Foreshore Phase II and Peace Valley Zone, Magodo, were crying foul over the illegal activities of some developers is totally untrue and fabricated.
While expressing his displeasure at the twist of facts by the writer, the Physical Planning Commissioner said that it became necessary to correct the misinformation peddled in the social media report in order to disabuse the minds of Lagosians by setting the records straight.
Salako retorted that contrary to insinuations, the residents of Osborne Foreshore Phase II had influenced the increase in height of structures in the area from the original 4 or 5 to 10 floors, while Phase I still remained a maximum of five floors.
He explained that a review of the Approval Order for Osborne Foreshore was precipitated by the continuous agitation of the residents, as original allottees had brought about an increase in the height of buildings and density of the Estate while the government came in to ensure a proper review for the benefit of all concerned.
Dismissing the allegation of non-involvement in the review, he stated that the ongoing review process, which was borne out of several consultations and engagements with the residents’ association, was in line with the extant regulations guiding development planning in the State.
The Commissioner maintained that the review could not have been more inclusive, having met and discussed with residents of the Estate over 10 times before the Ministry encouraged the residents association to engage a consultant, explaining further that Messrs. MOA Planners prepared a revised plan along with the review sent by the Federal Ministry of Works and Housing.
Salako said, “It is, therefore, disheartening that despite repeated dialogue, the latest of which was held with the Governor of Lagos State, Mr Babajide Olusola Sanwo-Olu, three weeks ago, the best that the Osborne-Foreshore Residents Association Phase II (OSFRA) could do was to resort to social media to intimidate and embarrass the Lagos State Government.’’
He averred that the writer’s portrayal of the incident at the Peace Valley Zone, Magodo, was not less misleading than the entire writeup as it attempted to denigrate gallant officers of the Nigeria Police who were in the estate on lawful assignment, noting that the Police officers were not only professional and diligent but they acted with the utmost respect for the rule of law and engagement.
Dr. Salako, who was present at the scene, intervened alongside the former Prelate of the Methodist Church, Pa Sunday Ola Makinde to restore order and get the understanding of the Police on the arrest warrant, expressed his dismay at the erroneous social media report which exaggerated the incident and glorified some people who claimed to have thwarted the arrest of the Estate Chairman.
Noting that it had become apparent from the unwarranted social media outburst that some people were out to take advantage of the online platforms and information technology for personal ends, the Commissioner emphasised that no amount of pressure would compel the government to outsource its responsibility for Physical Planning to groups or individuals.
What you should know
- It can be recalled that the Lagos State Government through its Physical Planning and Urban Development Ministry, has been on strict enforcement drive of its physical planning laws by moving against developers of illegal and unapproved buildings.
- The state government at different times, have sealed off both commercial and residential properties in Lekki, Surulere, Ikoyi, Amuwo Odofin, Ogudu GRA, Ikeja and others and even gone as far as demolishing some of those illegal and unapproved structures.
LASG REFUTES ALLEGATIONS OF CONDONING PLANNING INFRACTIONS IN OSBORNE FORESHORE, PEACE VALLEY ESTATE@jidesanwoolu @drobafemihamzat @idreezsalako @ud_mpp @gbenga_omo @gboyegaakosile#LASG #ForAGreaterLagos
— The Lagos State Govt (@followlasg) March 1, 2021
NSE fines Mortgage bank, Conoil, others over N1 billion for account filing default
No less than 40 companies have been fine by the NSE for failure to comply with minimum listing standards of the bourse.
The Nigerian Stock Exchange (NSE) has fined Conoil Plc; Deap Capital Management & Trust, a Mortgage banker; R.T. Briscoe Plc; FTN Cocoa Processors Plc; eTransact International; Royal Exchange Plc and 35 others over N1 billion for their failure to file their financial statements with the bourse.
This was found in the NSE’s X-Compliance report that was released on April 1 2021. In the report, the NSE fined Deap Capital the sum of N5.5 million for default in the filing of its 2019 audited account, R.T.Briscoe was also fined about N53.4 million over its failure to turn in its audited report since 2018 to the Exchange.
Conoil Plc was fined N800,000, FTN Cocoa Processors was fined N50.3 million, Juli Plc, Omatek Ventures, Royal Insurance, Union Dicon, and Niger Insurance were slapped with N151.2 million, N537.2 million, N22.3 million, N27.5 million, and N84.2 million fines respectively among others for similar defaults.
What it means
The companies have failed to comply with minimum listing standards of the bourse as some of them have consistently failed to file their audited financial statements since 2017.
For instance, NGC, DN Tyre, Union Homes Savings & Loans, and Aso Savings & Loans have not sent their 2014 – 2019 audited results to the exchange. While Omatek, Evans, Unic Diversified, Juli, Anino, Multi-Trex failed to file their results since 2015. Roads, Staco Insurance, Goldlink, FTN Cocoa, Capital Oil, Guinea Insurance, Resort Savings, Standard Alliance Insurance, International Energy Insurance fall in the category of firms that have not submitted their 2017 and 2018 reports, respectively.
A regulatory report obtained at the weekend flagged the deficient companies with warning codes that indicated various degrees of corporate governance weaknesses, susceptibility to illiquidity, and price manipulation due to inadequate price discovery.
Some of the companies’ stocks were also on the delisting watchlist of the NSE.
What you should know
- The X-Compliance Report is a transparency initiative of the Nigerian Stock Exchange (The Exchange), which is designed to maintain market integrity and protect investors by providing compliance-related information on all listed companies.
- Companies that are listed on The Exchange are required to adhere to high disclosure standards which are prescribed in the Rulebook of The Exchange, 2015 (Issuers’ Rules), and other Rules of The Exchange, from time to time.
- Financial information which is periodic disclosure, as well as ongoing material information disclosure should be released to The Exchange in a timely manner to enable it efficiently perform its function of maintaining an orderly market.
- The X-Compliance Report is updated every Friday at the close of the market.
How to avoid losing money in real estate as a Nigerian
Below are seven tips to always keep in mind when buying real estate.
There are seven options for an individual to get on the real estate investment ladder. These options are:
- Buy options: outright buy with cash, buying through mortgage loans, joint ownership, co-ownership, joint tenancy, and exchange through barter.
- Transfer through marriage
- Takeover (acquiescence, Government acquisition, adverse possession, squatting, and laches)
- Accretion (reliction, improving another land and alluvium)
This article will focus on the most popular option for real estate entry which is the buy option. It is the option that is available to most people and the one with the least resistance. It is also one that exposes many people to loss – loss of money, time, energy and sometimes, lives.
Only a few people get to inherit profitable real estate, get real estate as a gift, or receive a piece of real estate through marriage. A piece of real estate given as a gift, inheritance, or in marriage most likely was first obtained by purchase.
As a first-time, repeat, or serial investor in real estate, the chances of exposure to a loss per investment is high but experiencing loss while entering real estate by buy option can be prevented. You do not have to be held in the jaw of a lion to know or believe that it devours. Below, are seven tips to always keep in mind when buying real estate.
Check your real estate investing knowledge
Ask yourself this question: What do I know about investing in real estate in the location that I wish to invest in? This is a very important question to ask if you want to prevent losing money in real estate.
That you were born in a place or a family involved in the real estate business does not mean that real estate investing skills come to you by default. Preventing loss and succeeding at real estate investing requires intentional learning.
The sales pitch should at best get your attention and not your cash immediately
The real estate market throws hundreds of sales pitches per time. A sales pitch is not bad in itself but it can be a potential trap. What is bad is for you to get overexcited about an offer and throw caution to the wind. For instance, you must check how exactly and when these benefits apply to you.
Having a clear picture of your investment goals backed up by a plan and sitting down to count the cost of investing before starting helps a great deal. Even when you want to bite more than you can chew, let it be with understanding and a solid plan. Hope is not a strategy.
Watch out for too good to be true deals
Real estate can offer low to very high returns – sometimes over a 100% ROI per annum. The ROI is different from the appreciation value. Some factors must be in place for return on investment to be possible at a certain level and frequency. A few of those factors are strategic location, the type of investment, and the structure of the investment.
When an offer looks too good yet, it interests you, take some time to think about the offer. Ask questions about the offer and get answers. The quality of your questions depends on what you know about real estate investing. This is why investment literacy is as important. Don’t be in a rush and don’t also delay.
A payment plan can sometimes be a trap
Due to the high entry capital required for real estate in Nigeria for instance, structured payment creates some ease for the buyer. Think through a structured payment real estate offer before accepting one. Even when it appears cheap, it may not be the right plan for you at the time.
How much are you prepared to lose?
Think about what you stand to lose when you cannot meet up with a structured payment plan, putting in perspective the other terms associated with investing in a piece of real estate. Can you stomach the risk? Are you prepared to invest what you can afford to lose? What will be the effect of the loss on your wealth goal or wellbeing? What recovery options are available?
It is okay to set up recovery plans before investing. Recovering part of your investment is much better than losing it all.
Understand the terms
Most real estate products come with an attached guide or document. Read the terms and conditions and understand it. Ask for interpretation where necessary. If you find anything that is not clear, highlight and email the company or the representative giving you an offer. Send emails so that you can have records to visit in the future. Investing in real estate with minimal loss relies on understanding the rules and law.
Check on the status of the company giving you an offer from time to time. This is to ensure that your investment is existent and protected as you fulfil all financial obligations. Companies may exist today and fold up the next minute. The earlier you can make your purchase stand-alone to the extent to which it can be, the better. This may mean getting your allocation done or taking possession as soon as possible. Get appropriate documents and register them.
Most people buying real estate in Nigeria will do so through a development company. There are hundreds of companies with a thousand offers. Choosing the best-fit offer can be a tall order. Yet, it is wise to know how to sift through these offerings if you are a smart investor. This way, you eliminate confusion and reduce the chance of losses.
Conducting thorough due diligence before buying any real estate offering is a way to sift offers. However, in a situation where there are many mouth-watering offers, a cost-efficient and effective system will be ideal. A system that gives you confidence in the offer you chose to buy. A system that allows you some level of control and one that you can use, rinse and repeat.
We have created an easy to use real estate offer analysis system. A detailed video guide series on how to analyze real estate offers before you part with money. It is smarter to know what real estate product to buy than trying to recover money after paying for an offer. Send REPAS (Real Estate Purchase Analysis System) via chat to +2347062028677 to indicate your interest in the free guide series.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Union Homes REIT proposes final dividend worth N465.03 million for shareholders.
- GT Bank Plc holds FY 2020 investors presentation.
- Cornerstone Insurance Plc notifies stakeholders of late submission of financial statements.
- NSE approves delisting of 11 Plc shares.
- Berger Paints Nigeria Plc reports a 67% decline in Profits in FY 2020.