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This is why business firms are moving out of Abuja

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According to Jide Babalola of  The Nation , business firms are moving out of Abuja, but if the authorities can reduce the taxes, and boost power supply and security, among other measures, investors will reconsider their stance. Unnecessary friction between government agencies, corruption and  multiple taxation  by Federal Capital Territory (FCT) agencies are major reasons why Nigerian and international investors and business firms are moving out of Abuja, Mr Benson Ezem, an architect, has said. According to Ezem, a Fellow of the Nigerian Institute of Architects, whose Cosmobase Nigeria Limited owns investments in hospitality, real estate and other sectors of the economy, it is quite possible for Abuja to adopt a pragmatic plan for change towards attracting more Nigerian and international investors. Asserting that an agreeable investment environment can improve Abuja’s chances in competing with Lagos and other states, he stressed that the high rate of youth unemployme
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How increment of electricity tariff may backfire

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A Lagos based lawyer, ToluwaniAdebiyi has urged the government to stop the proposed 61.5 percent increment of electricity tariff. According to him, the increment of the tariff will infuriate and pitch the people against the government. Speaking at the Nigerian Labour Congress (NLC) House in Yaba, recently, Adebiyi said the economic recession has done enough damage to the image of government and increasing the electricity tariff would escalate the hardship of the masses. He urged the people to resist the plan to increase the electricity tariff, because: “Discos cannot increase tariff when electricity supply across the nation clearly remains epileptic with daily manifestation of inability to stabilize. “Discos cannot increase tariff with the present minimum wage which has suffered further devaluation as a result of inflation.” Similarly, the Democratic Socialist Movement (DSM) and Ajegunle People Movement (APM) have demanded that there should be a cancellation of a
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Ex-AMCON boss seeks reforms in Real Estate Investment Trust

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Former Chief Executive Officer and Managing Director of Asset Management Corporation of Nigeria (AMCON), Mustafa Chike-Obi has called for adjustment in the tax benefit of  Real Estate Investment Trust (REIT)  to encourage investments in the real estate sector. Chike-Obi, who spoke at the maiden edition of Fusion of Real Estate, Interior Design and Art (FREIA) conference held in Lagos, stressed that there is too much emphasis on the tax benefit of REIT coming from company and personal income taxes, which he said is not encouraging more investors. While extolling the resilience of operators in the real estate for working in what is acclaimed all over the world as the most difficult circumstances, he called for more government roles in the sector by guaranteeing certain type of mortgages. According to him, at present, government is only guaranteeing the lender, which is not doing much and as such should guarantee the mortgage itself. “Enforcement of mortgage is key t
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Family in court with Bianca over Ojukwu’s father’s property

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An Awka High Court, presided over by Justice Dennis Mmaduechesi on Monday adjourned till March 12, 2018 for a pre-trial conference on a matter involving   Bianca , the widow of the late Igbo leader, Dim Chukwuemeka Odumegwu Ojukwu and others over the family property. The case involved the sharing of the late Sir Louis Ojukwu’s property. Sir Louis Ojukwu, who died in 1966, was the father of late Dim Chukwuemeka Odimegwu Ojukwu, the defunct Biafra secessionists’ leader Mr. Aloysius Ojukwu and his brother, Mr. Jude Ojukwu, had instituted the suit in 2014 against Dr. Joseph Ojukwu, Dr. Ike Ojukwu, Ambassador Bianca Ojukwu and Mr. Lotenna Ojukwu. When the matter was called up on Monday, counsel for the plaintiff, Mr. Ikenna Egbuna, (SAN), represented by Mr. Chuka Anatogu, informed the court that he was  just served with a motion which would  require sometime to reply. Mr. Ebuka Ogwu and Mr. Christopher Ezeoka had put up an appearance for the defendants but parti
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Dogara advocates private sector participation to tackle housing deficit in Nigeria

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Speaker of the House of Representatives, Hon. Yakubu Dogara has called for increased private sector participation in order to address the national housing deficit and pledged the commitment of the House towards enacting the required legislation. Speaking at a public hearing by the House Committee on Housing on a motion and four bills related to the National Housing Fund and the Federal Mortgage Bank of Nigeria, Dogara stated that citizens’ welfare should be of utmost importance to any government and shelter should, therefore, be considered a foremost priority. “The government of the Federal Republic of Nigeria has a duty and responsibility to carter for the welfare of its people. Housing or shelter is one of the most important and fundamental needs of man. The very concept of human dignity requires that a man should have a roof over his head. This is why the Fundamental Objectives and Directive Principles of State Policy of the 1999 Constitution of Nigeria provides, in
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Estate surveyors boss dies delivering speech at ICPC

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Mr. Olayinka Sonaike, the Chairman, Estate Surveyors and Valuers Registration Board of Nigeria, on Tuesday, slumped and died as he readied himself to deliver a lecture at a public event in Abuja. The 74-year-old surveyor, one of the resource persons invited by the ICPC to speak at a one-day colloquium died while delivering his speech at the headquarters of the  Independent Corrupt Practices and Other Related Offences Commission . The deceased was scheduled to speak at the afternoon session after the acting Chairman of the ICPC, Mr. Bako Abdullahi; the Secretary, Dr. Musa Usman, the Head of Department, Education (ICPC), Mohammed Baba; and the President and Chairman of Council, Nigerian Institute of Management, Prof Munazali Jibril, delivered their speeches at the morning session. However, at about 1 pm, when Sonaike was to make his presentation, he picked up the microphone and was still flipping through the pages of his paper when he slumped. One of the participants
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Nigerian Govt Urged To Penalise National Housing Fund Act Violators

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Some stakeholders in the housing sector on Tuesday in Abuja called for stiffer penalties against violators of the National Housing Fund (NHF) Act. They made the call at a two-day public hearing on a motion on the need to ensure full compliance with the National Housing Fund Act for effective housing delivery in Nigeria. Mr Oluseyi Lufadeju, a trustee at Real Estate Development Association of Nigeria (REDAN), accused the Central Bank of Nigeria (CBN) and some commercial banks of not contributing to the fund in violation of the law. According to him, Section 5 of the NHF Act stipulates that commercial or merchant banks shall invest in the fund 10 per cent of its loans and advances. “The loan or advance will be at an interest rate of one per cent above the interest rate payable on current account by banks. “Also, every registered insurance company shall invest minimum of 20 per cent of its non-life funds and 40 per cent of its life funds in real property development
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FMC Abeokuta Acquires Land Worth N2.6bn For Proposed University Of Medicine

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The Federal Medical Centre (FMC), Abeokuta, says it has acquired 170 hectares of land for the construction of proposed University of Medicine and School of Preliminary Studies. Its Medical Director, Prof. Adewale Musa-Olomu, made this known at a news conference on Wednesday in Abeokuta to mark his 100 days in office. He said that the land worth N2.6 billion was donated by the state government, and located in  Obafemi Owode  Local Government Area of the state. “We all know that Federal Medical Centres are established where there are no teaching hospitals. “There is no way you can get a teaching hospital without having a university where theoretical aspects of medical training will be taught. “So, in our efforts to ensure FMC, Abeokuta, is upgraded to a teaching hospital, we have acquired 170 hectares of land, courtesy of Ogun State Government, where we will build our medical university and school of preliminary studies. “Past medical directors of the centre have
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Lagos partners estate developer on 20,000 housing units

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The Lagos State Government on Wednesday, signed a  Memorandum of Understanding  with a real estate developer, Echostone Limited, to build 20,000 housing units in the state within four years. Speaking while signing the partnership agreement, Mr Gbolahan Lawal, the state Commissioner for Housing, said Lagos State would provide the land as its equity contribution, while Echostone would finance the project. “This partnership is in line with the state governments Lagos Affordable Public Housing (LAPH) initiative, and it is aimed at constructing 20,000 housing units over a period of four years, towards reducing the housing deficit. “To this end, the state has identified land in various locations across the state; the land is the state government’s equity while the private investor will contribute funding and technical expertise,” he said. He said that Echostone will commence with the provision of 2000 housing units in three locations. “The company is expected to start with
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Chinese rooftop climber dies in 62-storey fall

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A well-known Chinese climber has died while performing one of his trademark daredevil skyscraper stunts. Wu Yongning had amassed thousands of followers on the social network Weibo for his dramatic short videos showing him perched atop tall buildings without the use of safety equipment. Concern grew among his fans when he stopped posting updates in November. It has now emerged that he died after falling from a 62-storey building in the city of Changsha. Chinese media report that he was participating in a challenge to win a substantial amount of prize money. The 26-year-old died on 8 November, but his death was only confirmed by his girlfriend in a post on Chinese social media a month later. So-called “ rooftopping ” – climbing extremely tall city buildings without safety equipment – has become increasingly popular across the world in recent years. Mr Wu’s posts on Weibo warned his viewers not to imitate his dangerous performances. He had martial arts trainin
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Introducing Property Taxes In Nigeria

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Property tax (real estate tax) is charged on immovable property—land and structures that are permanently attached to the ground such as a house, building, or land. This article introduces you to the various types of Property taxes in Nigeria. Real estate tax is the same as property tax, though the latter is commonly used. Albeit the purpose of this article is not to distinguish between real estate tax and property tax but to describe the various types of property taxes. Some of us do not realize that there are various taxes that are directly and indirectly applicable to real estate transactions in Nigeria. Just in case it has never been brought to your notice, there are quite a couple of taxes that apply to real estate and real estate transactions in Nigeria. The various types of property taxes in Nigeria will be discussed below: 1. Personal Income Tax Companies Income Tax (CIT) is tax on the profits of incorporated entities in Nigeria. It also includes the tax o
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