LATEST NEWS

Architects’ forum begins Wednesday

THE annual forum that brings together stakeholders in the construction industry to rob minds on key sector themes, organised by the Nigerian Institute of Architects (NIA) Lagos Chapter, will hold at the Lantana and Zinnia Halls, Eko Hotel & Suites, Victoria Island, Lagos from Wednesday this week.

Amcon Invites debtors to settle

NOTICE TO ALL DEBTORS

The Asset Management Corporation of Nigeria (AMCON) hereby invites all companies and individuals, who are not already in discussions with AMCON and who have outstanding loan obligations to AMCON, to approach the Corporation for settlement discussions.

Individuals or companies with loans in AMCON can come directly to the Corporation to resolve their loans. A consultant is not necessarily needed to broker a resolution with AMCON, however where one is used, the customer will be expected to attend at least the first meeting together with their consultant.

The Corporation, amongst its other powers, can exercise receivership, liquidate, take possession of, declare a debtor insolvent and thereafter sell off his assets to recover its debts. The Corporations’ preference however, is the voluntary/amicable resolution of debts, where possible.

LASG goes after abandoned projects in Oniru Estate

The Lagos State Government has notified owners of ‘abandoned’ building projects in Oniru Estate, Victoria Island to “ensure that such properties are properly fenced and gated so as to forestall security challenges caused by them”

Relying on section 73(a) of its Physical Planning Law, the Lagos State Government has in several advertorials last week, notified owners of ‘abandoned’ building projects in Oniru Estate, Victoria Island to “ensure that such properties are properly fenced and gated so as to forestall security challenges caused by them” The Ministry of Physical Planning and Urban Development which issued the Notice, took the unprecedented step of putting up the photographs of 27 properties so affected. Section 73 (a) sates that “The relevant agency shall have the power over any abandoned building in the state to seal up the property to prevent its conversion by unauthorised persons”

Could Lagos State be the best real estate investment hub?

The prayers of investors in landed property in Lagos, who have been complaining of the high cost of perfecting transaction, may soon be answered as the state government is considering a drastic reduction in the cost of Governor’s Consent to subsequent transactions.

If the proposal of the Lands Bureau is endorsed by the state Executive Council led by Governor Babatunde Fashola, anybody who buys a landed property in the state will only need to pay to the government between two per cent and five per cent of the assessed value of the property instead of the current 13 per cent to register it in his/her name.

Due to agitations by property merchants and most residents in the state, the government has been seeking ways of reducing transaction costs for landed properties, with the first attempt made by the immediate past governor, Bola Tinubu, who cut the consent fee from 30 per cent of the transactional value to 15 per cent.

His successor, Fashola, further reduced the fee payable by two per cent and is set to further cut it by over 10 per cent.

The Permanent Secretary, Lands Bureau, Mr. Hakeem Muri-Okunola, dropped the hint on the sidelines of a press briefing on the department’s activities for the last one year at the state secretariat, Alausa, Ikeja on Wednesday.

According to him, the governor had earlier met stakeholders on the matter and the recommendation of the parley has been forwarded to the Executive Council for ratification.