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Real Estate and Construction

Insecurity: Lagos bans occupation of abandoned properties, buildings, issues ultimatum

The action by the state government is part of the measures to address the security challenges which has engulfed most parts of the country.

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Lagos issues ultimatum to Tank Farm Operators over planning permit, Lagos seals 27 residential and commercial buildings in Lekki, LASG Seals 19 more Buildings in Banana Island over planning permit

The Lagos State Government has banned the illegal occupation of abandoned buildings and properties under construction across the state.

The action by the state government is part of the measures to address the security challenges which has engulfed most parts of the country.

This disclosure was made by the Lagos State Commissioner for Physical Planning and Urban Development, Dr Idris Salako, in a statement made available to newsmen on Friday in Lagos.

What the Lagos State Physical Planning Commissioner is saying

Salako said the measure became necessary due to security challenges in the nation which might likely spread to Lagos State.

He said, “Lagos State Government has observed with dismay the security challenges in the nation and clearly understands the danger posed by the likely spread of this ugly situation to our dear state.’

Salako pointed out that hoodlums and social miscreants are in the habit of converting abandoned buildings and project sites to their bases, from where they commit atrocities, posing serious danger to residents.

He said his ministry decided to invoke its powers, under Section 73 of the Lagos State Urban and Regional Planning and Development Law 2019 as amended, to ensure safe, secure, sanitised and sustainable environment.

Salako warned the owners and developers of such uncompleted or existing buildings to always ensure their properties were in proper environmental, safe and sanitation conditions.

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He said, “No abandoned building will be allowed, for security and safety reason.”

He added that no construction worker should stay back beyond 6:00 p.m. within premises of buildings undergoing construction.

Salako warned property owners and developers to comply within 30 days to avert sanctions such as their buildings being sealed off with further actions taken where necessary.

He said, “The Ministry is committed to ensuring livability, the safety of lives and properties as well as security in Lagos State, hence Owners/Developer(s) who fail to comply with the above conditions within 30 days, would have their buildings sealed off and further actions will be taken where necessary.’

Bottom Line

This measure by the Lagos State Government will help to check the activities of criminals, armed robbers and kidnappers which has been on the increase across the country.

It would help protect the state which is the commercial nerve centre of the country and the West African Sub-region as a whole.

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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    Real Estate

    FG to unveil dedicated portal for sale of houses to Nigerians

    The Federal Government has announced plans to launch a dedicated web portal for the sale of buildings to Nigerians in the next few weeks.

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    Nigeria needs N1.5 trillion within the next 3 years to fix roads - Fashola

    The Federal Government has announced plans to launch a dedicated web portal for the sale of buildings to Nigerians in the next few weeks.

    The platform is expected to help contributors to the National Housing Fund (NHF) access mortgage loans on a first-come, first-serve basis.

    This disclosure was made by the Minister of Works and Housing, Babatunde Raji Fashola while speaking at the ninth meeting of the National Council on Lands, Housing and Urban Development in Jos, Plateau State.

    Fashola, who was represented by the Minister of State for Works and Housing, Abubakar Aliyu, pointed out that the ministry is currently at the completion stages of the first phase of the national housing programme in 34 states of the federation, which provided land for it.

    READ: Thinking Of Getting A Mortgage In Nigeria? 10 Important Things You Must Know

    He said, “We urge the state governments to alert their residents to this opportunity for interested persons to apply.”

    Fashola commended the Federal Mortgage Bank of Nigeria (FMBN) for being at the forefront of the cooperative housing initiative at the federal level, adding that it has the advantage of allowing cooperative members to choose what they design and build to fit their budgets.

    They can leverage their members to get group discount for the purchase of building materials as well as the engagement of contractors.

    Hotflex

    Fashola disclosed that FMBN as the driver of the housing initiative has engaged 86 co-operatives in projects; approved N35, 784 billion cumulatively; disbursed N10.95 billion; and processed as at January, 57 co-operative housing development loans.

    Fashola emphasized that what the Federal Government can do directly in housing is limited compared to what states can do, just as state governments are also limited, compared to what the private sector and individuals can do.

    He said, “The majority of houses available for sale or rent belong to individuals and private companies compared to what states or Federal Government has available. Therefore, many of the tenants who owe rent, who face eviction or who seek to rent or buy property are dealing with private citizens or companies and less so with government agencies.’

    My recommendation for improving access and affordability to housing in the Covid-19 era is for private companies and individuals to give back some of what they control to citizens in the way the Federal Government has given back to citizens some of what it controls.’’

    He explained, “for example in cases where the rent of businesses or individuals are due for renewal, the private landlords can give back, by accepting monthly, quarterly or half-yearly rent instead of one year, two or three years rent in advance.”

    Bottom line

    Nigeria has been bedevilled by a housing crisis that has left Africa’s most populous nation ill-equipped to properly provide accommodation for its citizens and inhabitants.

    Jaiz bank

    Some of the housing problems in the country include unresolved rent tenure arrangements, high cost of building materials, access to infrastructure, deficiency of housing finance arrangements, stringent loan conditions from mortgage banks, time to process legal documents and inadequate government housing policies.

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    Business

    Why prices of Iron Ore, others may rise soon

    The underdeveloped mining of iron ore in Nigeria has led the nation to import the mineral which can be produced locally.

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    Why prices of Iron Ore, others may rise soon

    Iron ore is an important commodity currently in high demand, due to population and infrastructure growth in developing countries, especially Nigeria.

    The underdeveloped mining of iron ore in Nigeria has led the nation to import the mineral which can be produced locally. This development is expected to lead to an increase in the price of the commodity, as the nation relies solely on imported iron ore.

    Why is the increase imminent

    A surge in steel consumption is certain, as the world emerges from its pandemic-induced slump. This is set to drive iron ore to an unprecedented high as the biggest miners struggle to keep up with the frenzied pace of demand.

    An Estate Surveyor and Developer, Tunji Lawal, told Nairametrics that expectations are that benchmark prices can get to $200 a ton – topping the record $194 hit more than a decade ago.

    READ: Resuscitation of Ajaokuta Steel Company – an end in sight?

    According to him, this is happening as Chinese steel producers ramp up production in defiance of government attempts to rein in output to control the industry’s carbon emissions.

    He said, “That’s tightening an iron ore market that hadn’t fully recovered from a supply shock more than two years ago.

    Iron ore prices could go higher in the short-term and exceeding $200 a ton is definitely possible and that will also push the price up in Nigeria. The price here, which is about N325,000/ton (8mm), is bound to go northward and may increase by N100,000 within a month.”

    Hotflex

    He added that the increasing demand had been boosting steel prices from Asia to North America.

    The hike is not limited to steel, as other building materials are also expected to rise further.

    READ MORE: Why Ajaokuta Cannot Make Steel

    Meanwhile, Dangote Cement, which increased from N2,600 to N3,800 barely a month ago, stands at N4,000/bag and still counting. The price may rise over N4,000 depending on market forces.

    Lafarge Cement and BUA Cement also increased from N2,400 and N2,250 to N3,600 and N3,250 respectively, within the same period. Their prices may also rise further.

    Tunde Oluwole, a fellow of the Nigerian Institute of Builders, explained that the development was caused by high-interest rates, inflation, increasing exchange rate and scarcity of forex in the country.

    He said, “The increasing prices in Nigeria is a result of the combined effects of high-interest rates, devaluation of the naira, inflation, and non-effective distribution network of the materials.”

    Jaiz bank

    READ MORE: Russian company, MetProm Group, identifies the problem of Ajaokuta Steel

    What you should know

    The mining of minerals in Nigeria accounts for only 0.3% of its gross domestic product, due to the nation’s overdependence on its vast oil resources.

    China accumulated a majority of the global iron ore imports in 2019, with a 69.1% share of total global imports. Japan followed behind distantly with a 7.5% share of iron ore imports.

    Continue Reading

      





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