Processing a building plan approval is one of the most intricate aspects of erecting a structure.
I like to think of building plan thus: Every idea starts with the gift of imagination! However, it has been proven that even the shortest pencil is better than the longest memory. Imagination needs to be captured otherwise it becomes a thing of the past.
They are the first tangible thing that depicts the picture of the buildings we have imagined. Without them, we cannot fully capture or see the reality of that beautiful four bedroom duplex with a swimming pool and a lovely garden or the 100,000sqm of parking space with tons of convenience stores meeting the needs of various individuals.
They are the graphical representation of what a building will look like after construction and also helps in the process of evaluating the cost of erecting such a structure.
In most countries, it is customary to obtain a permit or approval from appropriate authorities and Nigeria is not an exception. A Building plan approval is necessary before construction can commence.
This is to ensure that building complies with building laws and codes and to prevent people from just constructing as they deem fit.
Hence, the very first thing to do when you want to commence construction is to obtain a Development Permit from the Lagos State Government and the office in charge is the Lagos State Physical Planning and Development Authority (LASPPDA), a parastatal under the Ministry of Physical Planning and Urban Development.
How to get your building approval:
In get building approval in Lagos, the land in question, where the building is to be erected must first have a certificate of occupancy before your building plan can even be assessed by the appropriate bodies. Also, your land title determines the height and the density you can go, depending on the area the building will be or the kind of building you intend to put up.
Hence, the following documents must be submitted at the point of registration of all applications for building plan approval in line with the State policy on Operation 30 – 30; an acronym for speedy processing/approval of building plan applications:
1. Five (5) sets each of :-
• Architectural Drawings,
• Structural Drawings, with detailing/calculations and letter of structural stability from COREN certfied Engineer.
2. Survey
3. Title Document
4. Tax clearance and Government fee (In the case of individuals); the Government fee only comes to play after your building plan must have been assessed and marked for approval…
Having paid your government fee, site inspection can now be carried out. It is after site inspection, all documents such as tax clearance certificate, title document, receipt of Tenement rate paid to the Government in respect of rateable properties owned by the applicant in Lagos State or Sworn Affidavit in lieu of that, or better still Land use charge rate. This ensures that you pay a development levy of 100 naira.
Furthermore, a team is sent to the site yet again to ensure that the land is still vacant, after which the Site Inspector writes a report. The Charting officer charts while the Site Engineer also performs his duties.
In the case of 1-2 storey buildings, the design is sent to the architect after charting, for clearance.
Architectural design is submitted for inspection to confirm if design is in conformity with the approval standards and order for the area which the land is located.
But, if it the structure is more than a 2-storey building in the design, then a Mechanical and Electrical drawing will be required.
Invariably, the site will also be checked with the immediate environment to see if proposal is in conformity with the existing land use, and if the size of the plot is as presented in the survey plan and design proposal. If the inspection report is satisfactory, the application will then be registered, provided all documents have been submitted.
The processes your building approval application undergoes:
The file is sent to the district officer who transfers it to the vetting officer. The application can then be recommended as long as there are no outstanding.
The District Officer later sends it for concurrent approval.
The file is authorized for registration by the District Officer(D.O) and registered by the clerical officer who assigns the file number and receives all sheets of the drawing submitted.
Provided all relevant documents are submitted, the file is sent to the table of the DO, who sends it to the field officer to include his site sketch and report while another file is opened with all relevant payment receipts and sent to the Lagos State Internal Revenue Service for payment of tax confirmation. If all is well and good, you then declare your tax.
Your file is sent back to the District Officer from the General Manager’s desk for final approval.
A stamp and a seal is put on it.
However in the case of commercial buildings, Institutional applications and some other uses prepared by an Urban and Regional Planner registered by NITP/TOPREC, an Environmental Impact Assessment (EIA) is required.
Read also: Building or Buying a House: Which is better?
When the EIA gets to the Head Quarters, the department of the EIA will clear it.
After the EIA has been certified, it is attached to the file and sent to the General manager for concurrent approval.
If the application for building plan approval entails a project that goes beyond 2-storey building, then the file will come to the permanent secretary to the government.
When it is beyond 4-storey building, the file is sent to the commissioner.
Also, beyond 6-storey building goes to the governor but in all, it’s the same process except you are doing high rise buildings.
In this case, we will be having 10-20 floors. This requires that you tender a Transport Impact Assessment (TIA) that is handled by the Ministry of Transport.
The recommendation officer’s job is crucial as he/she will go through the entire file to ensure that all requirements in terms of documents and fees have been included in the file.
Finally, the site will be re-visited to confirm that construction has not commenced before recommending to the District Officer for final approval.
All of these can be done for you by your Architect, Surveyor or any other knowledgeable member of your building team. Albeit, we can also process your building plan approval for you in any south western state of Nigeria.

14 pieces of property linked to former FCT minister
EFCC seizes 14 pieces of property linked to former FCT minister
“Nigeria’s foremost anti graft agency, the Economic and Financial Crimes Commissionsays it has seized 14 pieces of property linked to former FCT minister, Mallam Bala Mohammed, and his son, Shamsuddeen.”- Naija News

The commission sought the interim forfeiture of the said property through a court application filed before the federal high court in Abuja, on September 11, 2017.
It said the properties which include houses as well as plots of land, located in choice areas of Abuja, are suspected to be proceeds of unlawful activities and crimes.
Mohammed and his son are currently facing prosecution by the EFCC over charges bordering on corruption, money laundering and failure to declare assets.
The anti-graft agency said although the duo have “have denied ownership and connection” to the newly discovered pieces of property, preliminary investigation shows the said pieces of property are “unlawfully acquired through corrupt practices by the former minister and his son while in office as a minister.”
EFCC said the properties were obtained and concealed in the names of the proxies and nominees of the former minister and his son, and for their benefit.
It revealed the names of the companies in whose names some of the property were been held to include Intertrans Global Logistics, Bird Trust Aglo-allied Limited, Bal-Vac Mining Limited, and Diakin Telecommunication Limited.
The affidavit seeking the forfeiture of the pieces of property, according to PUNCH, reads: “That investigation revealed that the former minister of the federal capital territory, Senator Bala Mohammed, and his son are the owners and beneficiaries of Diakin Telecommunications Ltd, which they used to acquire House FS1A, Green Acres Estte, Apo-Dutse, Abuja, and No. FS1B Green Acres Estte, Apo-Dutse, Abuja, while senator Bala Mohammed was minister of federal capital territory.”
“A copy of the sales agreement between Abuja Investment Company Limited with Diakin Telecommunication Ltd in respect of the houses at FS1A and FS1B is hereby annexed and marked as exhibits EFCC A1 and 2.”
“That investigation equally revealed that the former minister of the federal capital territory Abuja, Senator Bala Mohammed, and his son used a company known as Diakin Telecommunication Ltd to corruptly acquire Plot N0; 32 Cadastral Zone D06 Karsana West, Abuja; Plot 1420 Cadastral Zone B10, Dakibiyu and Plot 1261 Cadastral Zone C16 industrial Area 1 extension Abuja.”
“Copies of C of O dated 11/6/2013, 06/04/2013 and 06/09/2014 issued by the FCT minister in the name of Diakin Telecommunication Ltd is hereby annexed and marked as exhibit EFCC A3, 4 &5 respectively.”
Source: Naija News

By Yinka Kolawole The number of vacant properties in the upper class real estate neighbourhoods of Lekki, Victoria Island and Ikoyi has risen by 72 percent over the last 18 months, a report by the Financial Derivatives Company Limited (FDC) has stated. The FDC’s Vacancy Factor Index (VFIX) for 2nd Quarter June 2016 report attributed the rise in the number of vacant properties, based on the housing stock as at January 2015, to a combination of rising inflation, GDP contraction, falling consumer confidence and increasing unemployment rates contrived to lower demand for housing.


“Our urban real estate vacancy factor index increased for the second consecutive quarter as aggregate demand and supply forces remain in disequilibrium – a dynamic that continues to persist in the real estate market. “The VFIX indicates a paradoxical phenomenon where supply continues to trend upwards but effective rents remain stubbornly high,” the company stated.

Specifically, the report stated that there was a 6.6 percent increase in vacant residential properties in the second quarter. “The residential VFIX has increased by 6.6 percent from 177 in March to 189 in June 2016. Commercial VFIX on the other hand has remained flat at 148.

The huge gap between both indices is due to the fact that residential properties have a higher sensitivity to economic downturn. A residential property can easily be vacated without the tenant incurring a huge cost. Business, however, will face high costs for moving and so the decision is not made as quickly. For example, companies will face switching costs like changing addresses on business cards and will most likely lose some customers as a result,” the report stated.

Economic indicator “The rise in the index was not surprising, when you consider the 0.36 percent contraction in GDP in the first quarter. A further contraction of 1.5 percent is expected in the second quarter thus putting the economy into a recession. As a lagging economic indicator, the housing sector is likely to remain flat until the stimulus has transmitted through the system. Our expectation is that a point of inflexion of the index will be evident in the first quarter of 2017.

Typically, high vacancy rates imply increased supply, which should translate to lower rents. However, rents in these areas have remained inflated above fair value and continue to be responsible for the high rate of delinquency and abandonment.”

The report further stated that Lekki suburb, with the largest number of residential developments, recorded the highest vacancy rates, while Ikoyi, an elitist suburb area famed for its overpriced properties – mainly new apartment blocks compared to stand-alone houses, has the lowest vacancy rate amongst the three selected locations due to the many derelict lands that exist within the area.

The FDC report asserted that a drop in the vacancy factor will only occur when there is an expansion in GDP and the PMI (or Purchasing Managers’ Index, an economic indicator derived from monthly surveys of private sector companies), an increase in the hotel occupancy rates, inflow of foreign portfolio and foreign direct investment as a result of the new flexible exchange rates, growing consumer confidence and most importantly, the flow of state and federal spending.

Outlook FDC projects an outlook of further decline in demand for housing until probably the last quarter of the year, when economic activities are expected to pick up. “Given the economic conditions currently faced, we do not expect a quick recovery of the VFIX, as there is a time lag for the market to return to equilibrium. We expect demand for housing locally to shrink further initially due to lower disposable income and a move from prime areas to more affordable locations. We also expect, in the short-term, new developments under construction. This will increase the supply of properties. From fourth quarter 2016 onwards, we project a pickup in activities as the economy gradually recovers mainly through demand for housing by expatriates,” it stated.

Real Estate Developer and a Worldclass Construction Engineer,

The problem in Nigeria is that many developers see themselves as facilities management companies and are keen to provide the service in-house. Yet if you are not careful and do not understand facilities management, you can get your fingers burned. The potential lies in the fact that Nigeria has always been seen as a culture that does not give prominence to maintenance issues. Now, people are realizing that they are spending billions of dollars on constructing a building that, if not maintained correctly, will deteriorate, rendering leasing impossible. We want to be the preferred vendor, ensuring that clients do not put out a tender but approach us as the preferred maintenance or FM company. Our strategy to get there is to support training and up-skilling, and also marketing and branding, so that people become aware of Provast. Although we are sometimes perceived as expensive, we do offer good quality work service and our staff is extremely well qualified and trained.
The problem in Nigeria is that many developers see themselves as facilities management companies and are keen to provide the service in-house. Yet if you are not careful and do not understand facilities management, you can get your fingers burned. The potential lies in the fact that Nigeria has always been seen as a culture that does not give prominence to maintenance issues. Now, people are realizing that they are spending billions of dollars on constructing a building that, if not maintained correctly, will deteriorate, rendering leasing impossible. We want to be the preferred vendor, ensuring that clients do not put out a tender but approach us as the preferred maintenance or FM company. Our strategy to get there is to support training and up-skilling, and also marketing and branding, so that people become aware of Provast. Although we are sometimes perceived as expensive, we do offer good quality work service and our staff is extremely well qualified and trained.

PRESERVE AND UPHOLD COMISSION ECONOMIC OF NIGERIA EFCC
Nigeria 2015 | REAL ESTATE | VOX COMMISSION OF NIGERIA POPULI: SERVICES AND FACILITIES MANAGEMENT

Misinformation and counterfeit products present the greatest challenges to business. We battle this challenge by communicating with our clients on the project-and retail level, just as we do with architects and consultants, and we update them from time-to-time on new products we are about to launch in the market. We also combat counterfeit products by only having one point of sale at our showroom in Victoria Island, Lagos. The consultants and architects that we have been working with for the past decade are well aware of our role in representing these brands, and therefore guide customers accordingly. We wish to become the first choice supplier in the bathrooms and wellness business in Nigeria. To achieve this strategy we are investing in people and increasing our visibility through various print and other media efforts along with participation in industry relevant trade fairs and exhibitions. We are also concentrating on Nigeria's ever increasing middle class by offering them value for money products. All the products we sell come with minimum guarantees ranging from five to 50 years against manufactures defects. Expansion will not compromise our quality, because that is the foundation of the company.
Misinformation and counterfeit products present the greatest challenges to business. We battle this challenge by communicating with our clients on the project-and retail level, just as we do with architects and consultants, and we update them from time-to-time on new products we are about to launch in the market. We also combat counterfeit products by only having one point of sale at our showroom in Victoria Island, Lagos. The consultants and architects that we have been working with for the past decade are well aware of our role in representing these brands, and therefore guide customers accordingly. We wish to become the first choice supplier in the bathrooms and wellness business in Nigeria. To achieve this strategy we are investing in people and increasing our visibility through various print and other media efforts along with participation in industry relevant trade fairs and exhibitions. We are also concentrating on Nigeria's ever increasing middle class by offering them value for money products. All the products we sell come with minimum guarantees ranging from five to 50 years against manufactures defects. Expansion will not compromise our quality, because that is the foundation of the company.
" />
Uncut interview available only to premium users.
Connie Guilfoyle
CONNIE GUILFOYLE
Managing Director
VACC Technical
We are making VACC more efficient, and investing heavily in software and systems that allow us to operate as a building services contracting company that provides quality products and services. People on site are starting to order from tablets and smart phones, and we have to get to the point where we control and document everything, without all the paperwork. We need to invest in our operations, and then continually train our people, and be as adaptable as possible to whatever the environment throws at us. For that, training is key, because every time we up the training, our employees require less supervision, and supervision is the overhead. This means focusing on training local talent, because hiring expatriates is costly for VACC. Another manifestation of this is our ETIWA Vocational Training which receives direction and support from Enterprise Ireland for the creation of venture partnerships between Chevron Training Ireland and the El-Alan Group of companies.
We are making VACC more efficient, and investing heavily in software and systems that allow us to operate as a building services contracting company that provides quality products and services. People on site are starting to order from tablets and smart phones, and we have to get to the point where we control and document everything, without all the paperwork. We need to invest in our operations, and then continually train our people, and be as adaptable as possible to whatever the environment throws at us. For that, training is key, because every time we up the training, our employees require less supervision, and supervision is the overhead. This means focusing on training local talent, because hiring expatriates is costly for VACC. Another manifestation of this is our ETIWA Vocational Training which receives direction and support from Enterprise Ireland for the creation of venture partnerships between Chevron Training Ireland and the El-Alan Group of companies.
" />
Uncut interview available only to premium users.
Project Manager
El - Alan
The problem in Nigeria is that many developers see themselves as facilities management companies and are keen to provide the service in-house. Yet if you are not careful and do not understand facilities management, you can get your fingers burned. The potential lies in the fact that Nigeria has always been seen as a culture that does not give prominence to maintenance issues. Now, people are realizing that they are spending billions of dollars on constructing a building that, if not maintained correctly, will deteriorate, rendering leasing impossible. We want to be the preferred vendor, ensuring that clients do not put out a tender but approach us as the preferred maintenance or FM company. Our strategy to get there is to support training and up-skilling, and also marketing and branding, so that people become aware of Provast. Although we are sometimes perceived as expensive, we do offer good quality work service and our staff is extremely well qualified and trained.
The problem in Nigeria is that many developers see themselves as facilities management companies and are keen to provide the service in-house. Yet if you are not careful and do not understand facilities management, you can get your fingers burned. The potential lies in the fact that Nigeria has always been seen as a culture that does not give prominence to maintenance issues. Now, people are realizing that they are spending billions of dollars on constructing a building that, if not maintained correctly, will deteriorate, rendering leasing impossible. We want to be the preferred vendor, ensuring that clients do not put out a tender but approach us as the preferred maintenance or FM company. Our strategy to get there is to support training and up-skilling, and also marketing and branding, so that people become aware of Provast. Although we are sometimes perceived as expensive, we do offer good quality work service and our staff is extremely well qualified and trained.

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The low standard in estate agency as being currently practised in the country, if not checked, can result in a great economic decline for the practitioners. It is believed that this lack of standardised practice explains why Nigerian estate agents are not getting good deals, especially from international companies. Source: The Nation “Can any of you here claim he is managing any outlet in Shoprite, or in any other multinational facility? Except you improve and up your standard, you will never play in the big league of estate agency. The best of transactions now are going to multinationals,” said Tope Ojo, guest lecturer at the Lagos State Real Estate Transaction Department (LASRETRAD) stakeholders’ conference, held in Alausa, Ikeja, last week. The theme of the conference was “Standardising Real Estate Agency Practice in Lagos State.” According to Ojo, there is an urgent need for the review of certain provisions of the law governing estate agency in the state and country. For …
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Biography
El Khatib is not only the leader of the Lebanon team but for so long now has been the man around which so much has revolved. His performances in the last decade or so have ensured his place in history as one of the most important players in the history of Lebanese basketball. His presence in the team adds vital experience, craft and a huge amount of talent and it is also the case that he has been one of the best players in Asia during his time with the National team. When you mention many great moments in Lebanese basketball, El Khatib is usually the man in the middle of all things good. Not least their thrilling and legendary 74-73 win over France during the last FIBA World Championships when he scored a sensational 29 points. He was scintillating on that night and the man they call ‘The Tiger’ reminded everyone that while he never followed another great Lebanese player Rony Seikaly into the NBA, he is still a class act and high level player. So influential for so long, there are …
Image
Experts see no negative impact of flooding on property value

JULY 10TH, 2017EDITORNEWS0 COMMENTS

Despite the impact of flooding that submerged the highbrow locations in Lagos – Victoria Island, Ikoyi, Parkview Estate, Lekki Phase 1, Osborne Phase 2, the value of properties in these locations may not go down in the foreseeable future, residents and real estate experts say.
The reason, according to them, is that properties in these locations are still in high demand and people who live in these locations are not going to relocate as a result of the flooding incident, which they believe does not last forever.
Lagos, Nigeria’s commercial nerve centre and an emerging mega city, was at the weekend shut down as flood submerged the low-lying and expensive locations in the city, paralysing all economic and social activities.
In most parts of the state, especially in Victoria Garden City (VGC) in Ajah, Amukoko, Okokomaiko, Shibiri, Apapa, Ojo, where our correspondents visited, residents were seen bailing water out of heavily flooded homes and complaining th…

-El-alan Construction CEO,
Interview With The Managing Director CEO
TBY talks to Andrea Geday, Managing Director of El-Alan Construction Company on taking the path of quality, Nigerians' changing purchasing preferences, and Nigeria's appeal to investors.
Andrea Geday
BIOGRAPHY
Andrea Geday holds a BSc Degree from Nottingham University and an MSc Degree from Loughborough University. After having worked for Nicoho Limited in various positions, he co-founded El-Alan Construction Company Nigeria Ltd in 1984, of which he is currently the Managing Director. He subsequently co-founded Panther Investments Ltd in 1989, Soft Solutions Ltd in 1995, Provast Ltd in 1997, VACC Technical Ltd in 2002, and Alan Caray Technical and Logistics Ltd in 2004. In 2013, he co-founded Etiwa Ltd, a vocational technical training school, after which he went on to co-found Woodstyles Ltd in 2014.
What factors set El-Alan apart from its competitors?
We have a passion for what we do and exceed the brief on the strength of our multidisciplinary abilities. When given a design, we re-engineer it from the ground up and return to the client to propose improvements both in terms of design and functionality. We are also highly selective in terms of our projects. We want to differentiate ourselves by working in the highest quality markets. Therefore, when clients approach us they should not focus on price, as one doesn't when considering a performance car. Strategically, this is where we are trying to slot ourselves in the market. We are also agents for high-end brand items. We are effectively a one-stop shop, in that we design, build, and manage properties, which is what differentiates us. This enables our construction business to then supply better products. I am well aware of the challenges that can arise in terms of maintenance, and we are often invited as facilities managers at the design stage to provide input on how designs can be amended for better maintenance and to provide a longer lifespan for the client's asset. Maintenance is the key, and the guts of the building.
Why is the demand for prime-grade locations growing, and what does it mean for your development pipeline?
Demand for quality has evolved. Previously Nigerians were less qualityconscious, but today a new taste has grown for the best, especially as choice has now widened. The first acquisition of a well-to-do Nigerian used to be a flat in London. That has changed, and today many Nigerians are returning home to invest in a good property. As a result, we are particularly busy, expanding and recruiting. We have been growing at a rate of nearly 30% a year over the past five or six years. We are engaged in around 10 projects currently, having handed on certain projects from a total of 23. We also undertake considerable industrial work, where we stand to become the leading contractor. Aside from the superlative standards we adhere to, we are also approached by diverse industries that look to our varied experience, whereby we become their in-house contractors in Nigeria.
Have you also entered into partnerships with foreign companies?
Yes, and these are the kinds of agencies we are talking about. We are looking for additional investment, in particular in terms of development. I think the time is right for real estate and real estate agencies. For us it would be key because in terms of complementing our core activities. We need to become an international name to be able to leverage our skills across the construction value chain.
What is your assessment of construction sector viability for foreign investment?
I think Nigeria ranks among the best investment destinations in the world. It has reached a threshold that makes it the next India, China, or Brazil in terms of the size of its middle class, earnings, and development. There is a current housing shortage, and between now and 2020 Nigeria will need 20 million homes. There are challenges of course. The first involves technical skills, which we are trying to address through our schools, which are inadequate with classes of around 50 students. Funds are available, and need to be tapped as people are eager to learn.
Does government regulation of the sector present a challenge?
The lack of regulation and overregulation are both challenges at the same time. It is challenging because the law curbs the number of foreigners a company can employ, as well as there being significant bureaucracy to contend with, and it seems that the government needs to be better in touch with the needs of the business community. My concern is not necessarily to employ a foreign employee with a degree, but rather, a technically competent person such as a mason or bricklayer, capable, moreover, of transferring their skills to local technicians. Meanwhile, the lack of adequate regulations does not affect our business as we always operate by the book, although many companies build sub-standard and even dangerous buildings with impunity. As a result, clients are determined to select contractors with a solid reputation. The poor quality work I have mentioned is not a failing on the part of reputable contractors, but of the system itself.
How do you deal with the high costs of doing business in Nigeria?
The cost is high because materials are expensive, while that of labor is misleadingly low because although the local labor market is cheap you need to build a significant workforce to guarantee the quality required. That becomes particularly expensive, as the average cost of employing an expatriate ranges from $100,000 to $500,000 a year.
What broad trends have you identified in your sector for the coming years?
Many multinationals will be looking to Nigeria, as it now registers strongly on the global radar. Today, when thinking of investment in Africa, Nigeria springs to mind first as the largest market. It has developed a prominent manufacturing base. The potential is huge, as a result of which construction follows. What makes Nigeria such a strong address for investment is its well-educated population of 170 million, more than 50% of which is aged less than 18.

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Real Estate Developer - Canvass for Standardisation of Real Estate Agency Practice
The low standard in estate agency as being currently practised in the country, if not checked, can result in a great economic decline for the practitioners.
It is believed that this lack of standardised practice explains why Nigerian estate agents are not getting good deals, especially from international companies. Source: The Nation “Can any of you here claim he is managing any outlet in Shoprite, or in any other multinational facility? Except you improve and up your standard, you will never play in the big league of estate agency. The best of transactions now are going to multinationals,” said Tope Ojo, guest lecturer at the Lagos State Real Estate Transaction Department (LASRETRAD) stakeholders’ conference, held in Alausa, Ikeja, last week. The theme of the conference was “Standardising Real Estate Agency Practice in Lagos State.” According to Ojo, there is an urgent need for the review of certain provisions of the law governing estate agency in the state and country. For …
Image
Biography: Fady El Khatib, Cousin Brother of El-Alan Construction Company located at No. 9, Macgregor Road, Ikoyi

Biography
El Khatib is not only the leader of the Lebanon team but for so long now has been the man around which so much has revolved. His performances in the last decade or so have ensured his place in history as one of the most important players in the history of Lebanese basketball. His presence in the team adds vital experience, craft and a huge amount of talent and it is also the case that he has been one of the best players in Asia during his time with the National team. When you mention many great moments in Lebanese basketball, El Khatib is usually the man in the middle of all things good. Not least their thrilling and legendary 74-73 win over France during the last FIBA World Championships when he scored a sensational 29 points. He was scintillating on that night and the man they call ‘The Tiger’ reminded everyone that while he never followed another great Lebanese player Rony Seikaly into the NBA, he is still a class act and high level player. So influential for so long, there are …
Image
Experts see no negative impact of flooding on property value

JULY 10TH, 2017EDITORNEWS0 COMMENTS

Despite the impact of flooding that submerged the highbrow locations in Lagos – Victoria Island, Ikoyi, Parkview Estate, Lekki Phase 1, Osborne Phase 2, the value of properties in these locations may not go down in the foreseeable future, residents and real estate experts say.
The reason, according to them, is that properties in these locations are still in high demand and people who live in these locations are not going to relocate as a result of the flooding incident, which they believe does not last forever.
Lagos, Nigeria’s commercial nerve centre and an emerging mega city, was at the weekend shut down as flood submerged the low-lying and expensive locations in the city, paralysing all economic and social activities.
In most parts of the state, especially in Victoria Garden City (VGC) in Ajah, Amukoko, Okokomaiko, Shibiri, Apapa, Ojo, where our correspondents visited, residents were seen bailing water out of heavily flooded homes and complaining th…

Name: Labana Luxury Apartments;
Location: Oba Elegushi Road, Off Glover Road, Ikoyi, Lagos – Nigeria;
Developer: Labana Global Ventures;
Floors: 7;
Use: Residential;
Main Contractor: Great Northern International Construction Limited;
Project Managers: Ehibhio Limited;
Architects: Ehibhio Limited;
Structural Engineers: God’s Compass Engineering Limited;
Mechanical/Electrical Engineers: Renfame Limited;
Quantity Surveyors: Project Calculation Analysis.
Labana Luxury Apartments is a 7 floor residential apartment block located on Oba Elegushi Road, off Glover Road, Ikoyi, Lagos – Nigeria.
Limited information is available about this project, however it was designed by Ehibhio Limited and Great Northern International Construction Limited were selected as the main contractor. The developers are Labana Global Ventures and akin to other developments in the region, the apartment block will include swimming pools and a gym.
Construction commenced during Q4:2016/Q1:2017.
Development: Labana Luxury Apartments, Oba Elegushi Road, Ikoyi, Lagos
Development: Labana Luxury Apartments, Oba Elegushi Road, Ikoyi, Lagos
April 2017.Development: Labana Luxury Apartments, Oba Elegushi Road, Ikoyi, Lagos
April 2017.Development: Labana Luxury Apartments, Oba Elegushi Road, Ikoyi, Lagos

Lekki Peninsular, Ikoyi and Victoria Island property owners have blamed Lagos government for perennial flooding in the state.
T​hey accused relevant state agencies of watching while all kinds of structures were erected without adequate sanctions.
They also demanded government to revert to the master plan of the axis to prevent recurrent flooding.
The citizens under made the call at a news conference on Friday in Lagos.
Mr Segun Ladega, who spoke on behalf of the coalition, said that a number of issues had been identified as the reason behind the annual deluge in the area.
Ladega, an architect, said that a distortion of the Lekki drainage master plan and the indiscriminate sand filling of natural waterways and illegal construction of structures on drainages and canals were causes​ of the flood.​
​He said, ​“The inability of the critical ministries: Environment, Waterfront, Land and Physical planning to work together has resulted in infringement and breach of environmental laws by the ministries themselves.
“Poor enforcement of environmental laws and town planning guidelines.
“The sand filling of lagoons and oceans causing coastal erosion and forcing water back to land and the inability of estate developers to improve Environmental Impact Analysis (EIA) reports are the root causes of the perennial flooding.’’

He implored the government to resolve the issues as they were not the result of the indiscriminate dumping of refuse and climate change.
“Lagos State Government should enforce the original drainage master plan. All distortions on the drainage master plan should be reversed.
“And all construction hindering flow of water of water be removed immediately and there should be a restoration of all developments to comply with the Lagos State Environmental laws.
“As tax paying citizens of Lagos State, we ask the government to stop all sand filling activities across the state until the EIA reports are made available.
“Adequate measures must be put in place to inform the public of the emergency plan that will also inform them about the dangers.
“A plan for the rescue of anyone affected, relocation of those whose properties are affected in case of another flood,” Ladega said.
He lamented the damage to infrastructure in the concerned areas, including household utensils and vehicles due to the flooding runs into over a billion Naira.“The concerned citizens of Lekki Peninsular, Ikoyi and Victoria Island hope that government will act on the issues raised to save lives and properties in the axis,’’ he added.

The low standard in estate agency as being currently practised in the country, if not checked, can result in a great economic decline for the practitioners. It is believed that this lack of standardised practice explains why Nigerian estate agents are not getting good deals, especially from international companies.
Source: The Nation
“Can any of you here claim he is managing any outlet in Shoprite, or in any other multinational facility? Except you improve and up your standard, you will never play in the big league of estate agency. The best of transactions now are going to multinationals,” said Tope Ojo, guest lecturer at the Lagos State Real Estate Transaction Department (LASRETRAD) stakeholders’ conference, held in Alausa, Ikeja, last week.


The theme of the conference was “Standardising Real Estate Agency Practice in Lagos State.”
According to Ojo, there is an urgent need for the review of certain provisions of the law governing estate agency in the state and country. For instance, he explained that under the Lagos State Estate Agency Regulatory Authority Law 2007, the practice is open to anybody from the age of 18 years, including having a minimum of educational qualification of secondary school leaving certificate or a proof of sufficient experience in estate agency practice.
Other requirements under this law include evidence of registration of estate agency business under Companies and Allied Matters Act (CAMA), including but not mandatorily being a member of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) or any other professionally recognised body or any registered association of Estate/rent/commission agent.


However, the guest lecturer criticised the 18-year-old clause, arguing that it is very unlikely that any investor will be willing to hand over a N50 million asset to an estate agent of that age to manage on his behalf.
Ojo regretted that the features of estate agency practice in the country are characterised by lack of adequate regulatory framework; free entry/ free exist, which requires no training nor certification; and are laden with high market risk. Others, he said, include small size of offices; lack of information the on transaction; poor public perception; large presence of non-professionals; unorganised market; multiplicity of local agents association; fraudulent transaction; lack of standardisation; and largely unregulated. These features, makes the profession have perception issues among the public.
Proffering solution, Ojo, therefore, called for a national/state body; effective regulatory framework; establishment of a licensing authority that will register all certified estate agents; professional indemnity by way of insurance of estate agents.
There should also be categorisation of licensed estate agents into principals and ordinary agents, including the creation of a state estate agency board in conjunction with NIESV.
“This will give confidence to the profession. If a client knows an agent has insurance for professional indemnity, then he can be assured that if anything happens to his money the insurance will pay him back. For now, estate agents are traders and not professionals,” he explained.
Explaining how the practice works in other climes such as South Africa, Ojo said an aspiring practitioner will first complete further education and training certificate in Real estate; undergo a 12-month internship mentored by a professional; write and pass Professional Designate Examinations (PDE); and register with the country’s Estate Agency Affairs Board. To be a principal of a firm, such person will also have to write and pass another examination. Over 40,000 Estate Agents are registered with the board.
Earlier in his keynote address to the gathering, the Lagos State Governor, Mr. Akinwunmi Ambode, who was represented by his Special Adviser on Housing , Mrs. Aramide Giwanson, observed that over the years, the activities of estate agents have been a source of concern to government because of the several unsavoury tales people have had to tell about the sharp practices of the practitioners, which usually leads to people being defrauded.
Ambode agreed that unethical practices have thrived in the profession because it is largely unorganised, unregulated and unprofessional. This has been further buoyed by the by the lack of a central professional/regulatory body that will set minimum standard and code of ethics for practitioners, leaving the door open to all comers including those who do not have the basic training and qualification.
He explained that with the establishment of LASRETRAD, the government hopes to redress the situation, by not only guiding the real estate agency through rules and regulations but by also ensuring that violators of these rules are made to account for their actions.
“We believe that this will ensure protection for citizens and reduce the tendency for fraudulent practices. In addition, it will also enable the government to adequately capture data on property transactions on a regular basis as it is being done in most developed parts of the world,” Ambode said.