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Afriland Properties PLC Records N1.73B PBT in 2015; Increases operating Income by 44%

Afriland Properties Plc. has announced an operating income of N2.3 billion for the year ended December 31, 2015, representing 44 percent increase compared to the corresponding period of 2014. This was declared at the Company’s recently held 3rd Annual General Meeting.

During the meeting which took place at the Banquet Hall of Lagoon Restaurant, the Board of Directors and the Management also declared a total dividend payment of N499.6M translating to 40 kobo per ordinary share.

The Company’s total assets increased to N15.3 billion from N8.2 billion during the period under review representing 87 percent increase.

Afriland Properties Plc. achieved a profit before tax (PBT) of N1.72 Billion for the financial year ended December 31, 2015. This is 1 percent lower when compared to N1.74 Billion for the year ended December 31, 2014. Profit after tax (PAT) attributable to the Company was N1.15 billion, which is 24 percent below the position of N1.51 billion for the year ended 31 December, 2014.

While addressing the shareholders, the Managing Director/Chief Executive Officer, Afriland properties Plc, Mrs. Uzo Oshogwe stated that “Despite the economic headwinds during the financial year under review, we successfully kept the Company on a strong, stable trajectory and delivered a solid performance. The results in the fiscal year 2015 were possible due to “Effectiveness and Efficiency in the way we work and our ability to deliver excellent and innovative real estate solutions to our client. The reduction in profit over prior year resulted from the diminution in the value of the Company’s share investment and the increase in the level of tax provision.”

In her remarks, the Chairman of Afriland Properties, Erelu Angela Adebayo said “The 44 percent increase in our operating income is attributable to the increased level of activities in project directorate and project management, increased rental income and re-valuation gains on investment properties. We will continue to strike a good balance between our obligations of rewarding shareholders and the need to retain earnings to finance future reinvestments in the Company’s operations.”


Prime office rents fall in Lagos as real estate market sobers up

Recent developments in Nigerian economy are impacting heavily on the real estate sector, weighing down business and causing capital flight, says a new report released last week. But the situation has caused decline in office rents as developers are finding it hard to find premier tenants to occupy buildings.A few years of spirited efforts to rise above the dumps may be petering out for Nigeria’s real estate sector, which appears to have slipped into low ebb, courtesy of recent monetary and fiscal policies that have precipitated a gradual slowing down of business transactions.

A new report released last week confirmed the development and for the first time in recent years, the effect has been evident in the Lagos office market with demand for space dropping off.

Essentially, international firms have been cutting down on staff numbers as country’s currency weakened against the dollar and other major currencies due to the fall in global oil crude oil prices.

This has caused a decline in office rents from an average of $1,000 square metres to $800 sq.m as developers are finding it hard to find premier tenants to occupy buildings with occupancy rates remaining low in several new office buildings.

Over the years, developers along the axis have seen office buildings as lucrative business as rents are traditionally quoted in dollar on a sq.m basis for foreign firms. Rents in this market segment can range from an average of $850 sq.m – $1,100 sq.m which is quite astronomical and very few local firms can afford.

Due to the recent rapid devaluation of the country’s currency, rents can now be paid in the naira equivalent as agreed in the lease agreement between the tenant and the developer.

The report by Lagos-based real estate research company – Residential Auctions Company (RAC) on Lagos Island Office Construction Market Report 2016, noted that despite the success the market enjoyed in 2015 with regards to supply of new office buildings, the new stringent economic policies targeting corruption have affected business activities across all sectors and slowed economic growth.

Despite the current lull in the sector, the Lagos Island office market development pipeline remains strong with several office and mixed-use buildings still under-construction and set for delivery in 2016 and 2017.

It estimates show that about 150,000 sq.m of office and mixed-use development space in the Lagos Island office market are under development.
“We estimate that Victoria Island has the largest market share of purpose-built office buildings at 79per cent, which supplies an estimated 336,615 sq.m of office space, which makes-up for 79per cent of purpose-built office spaces. Victoria Island also has 67per cent of mixed-use development buildings on the market, which supplies an estimated 31,742 sq.m of mixed-use space, which makes up for 64per cent of mixed-used space in the market. Victoria Island in total has an estimated 368,357 sq.m of office and mixed-use space, which gives it a market share of 78per cent.

Similarly, we estimate that Ikoyi has 13per cent market share of purpose-built buildings, which supplies an estimated 79,523 sq.m of office space, which makes up for 18per cent of purpose-built office spaces. Subsequently, Ikoyi has 33per cent of mixed-use developments on the market, which supplies an estimated 18,000 sq.m of mixed-used space in the market, which makes up for 36per cent of mixed-used space in the market.

In total, Ikoyi supplies an estimated 97,523sq.m of office and mixed-use space, which gives it a market share of 14per cent.
The managing Director, RAC, Mr. Omorotimi Akinlose said: “the 2015 was a remarkable year for the Lagos Island office market.”

A total of 109,916 sq.m of purpose-built office and mixed-use space were supplied to the market. The sudden increase in the supply of office space triggered a rents to rise as developers were in competition for top tenants to occupy the new office buildings in the market which had unique features and built to high standards.

Over this period, Victoria Island supplied 53,912 sq.m of purpose-built office space which makes up 64 per cent of office space supplied into the market and it has a market share for new purpose-built office buildings.

70%. Regarding mixed-use space, it supplied an estimated 17,404 sq.m of mixed-use space into the market which makes up 69% of mixed-use space and has a market share of 67% for new mixed-use buildings.

Originally published in The Guardian

7 Hot- Selling construction products that can make you money


Wood is one of the oldest and most commonly used building/construction materials in the world. Despite the growing threat of deforestation, wood has remained in high demand as a building material because of its reasonable cost, availability, attractive appearance and long life (if protected from insects and moisture).


Cement is one of the most widely used building materials in the modern world and nearly six billion tonnes of this very important commodity is produced every year. Cement is so crucial to the building and construction industry that it’s hardly surprising that Africa’s richest man, Nigeria’s Aliko Dangote, is heavily invested in cement production across Africa.

Plumbing Materials

Plumbing usually refers to the system of pipes, drains, fittings, valves, valve assemblies, and devices installed in a building for the distribution of water for drinking, heating and washing, and the removal of human and domestic waste (sewage).

Steel & Metal Products

Steel and metal products are widely used in building and construction. Steel is commonly used to make reinforced concrete that supports structures in buildings, bridges, dams etc.

Steel is made up of iron combined with a small percentage of carbon. High-carbon or ‘hard’ steel is used to make tools with cutting edges. Medium- carbon steel is used for critical structural components of buildings such as I-beams, reinforcing bars and frames. Low- carbon or ‘mild’ steel is used for pipes, nails, screws, door and window hinges, wire, screening, fencing and corrugated roofing sheets

Electrical Materials & Appliances

Electrical materials are the parts and elements used in the electrical system of any building and construction project.

This includes a huge inventory of materials used to supply electric power or telecommunications to different parts of a building and will typically consist of: electrical conduits and fittings, wires and cables, explosion proof enclosures, meters, circuit breakers, connectors, and electrical products such as wiring devices (switches, plugs) and lighting (bulbs).


Glass is fast becoming one of the most preferred materials of modern building architecture. Clear windows have been used since the invention of glass to cover small openings in buildings and provide us with the ability to both let light into rooms while at the same time keeping undesirable weather outside.

Glass controls light, letting in the good rays and keeping out the bad ones; it also saves on energy costs by providing natural day lighting. As a result, more designers are finding that glass fits quite nicely into today’s green building environment.


Paints are the colourful substances applied to interior and exterior walls of buildings to make them beautiful, enhance texture and protect from cracks, wear and tear. There are paints of all colours and types in the market which typically include : emulsions (water-based paints), matte finish, gloss, varnish, enamel and lacquers. (

Plan on to register Abuja houses underway

A system called Basic Registry and Information System in Nigeria (BRIN) will be used to take record of all buildings in Abuja.National coordinator of BRISN Tajudeen Kareem announced this Wednesday in Abuja at a roundtable.

Kareem said, “BRISIN will register all houses in Abuja. Every house has an owner. If your building stands for a year, you pay tax.” Head of BRISIN implementation committee, Dr Anthony Uwa said BRISIN will link up with government offices to generate data from ward level to help government execute its economic policies.

Uwa said the seeming lack of credible data has led to poor economic policies and multiple registration of persons.
BRISIN is a platform that uses electronic process for generating and transmitting data for economic use. It starts in Abuja as a pilot.

COREN Warns Against Quacks

President, Council for the Regulation of Engineering in Nigeria (COREN), Engr. Kashim Ali has urged Nigerians to stop patronizing non professionals in the construction of structures.

Ali who said this last week in Abuja while speaking with Daily Trust said that is the only way to tackle building collapse and sanitize the building and construction industry.

According to him, as long as people keep employing the services of quacks in building construction, there are bound to be building collapse, substandard work and other attendant effects.

Ali said it is only qualified engineers who are members of the council can be held responsible when a structure collapses.

Originally published in Daily Trust

Ministers adopt ‘Abuja declaration’ for African Habitat III agenda

In the Abuja declaration, the delegates are seeking development of smart cities with improved urban systems for improved functionality, efficiency and effective delivery of urban basic services and infrastructure; positioning urbanisation and human settlements as a driver of competitiveness through specialization and connected urban systems at the regional level

FRESH impetus was added last week to the drive to articulate Africa’s vision for sustainable urban and human settlements development in the New Urban Agenda, after three days of deliberations and fine-tuning by the delegates at the United Nations Conference on Housing and Sustainable Urban Development (Habitat III) Africa Regional Meeting in Abuja.

In the meeting attended by the continent’s National Government officials as well as wide range of stakeholders, including local and regional authorities, intergovernmental organizations, United Nations agencies, professionals and academia, private sector, civil society, women, children and youth; the delegates adopted the Abuja Declaration on Habitat III that spelt out Africa’s priorities for the Quito (Ecuador) in October 2016.

Delegates agreed to the text read by Nigeria’s Minister of Power, Works & Housing and Chair of the Preparatory Board for the Preparation of the Abuja Declaration, Mr Babatunde Fashola, which stated that the opportunities and challenges of urbanization and human settlements have increased in scope and complexity, and thus the need to harness the full potential of the existing institutional and policy frameworks as transformative instruments for economic growth and poverty reduction.

The continent’s experts also noted the emerging challenge of forced urbanization due to, among others, conflicts, terrorism and natural disasters, which has forced populations to move en masse from rural areas to urban centers and vice versa, and across borders, stretching existing infrastructure resulting in increased insecurity and poverty which need to be addressed in a comprehensive manner.

They, therefore, recommended as follows: ONE: Harnessing the potential of urbanization to accelerate structural transformation for inclusive and sustainable growth through the allocation of adequate financial resources to promote sustainable urbanization and human settlements development to drive structural transformation for the benefit of all citizens.

Promoting inclusive economic growth that translates to full employment and decent jobs as well as improved living standards for all.

Strengthening and creating systems of well-connected cities and human settlements at the national and regional levels as nodes of growth based on their competitive advantages; integrating urbanization into national development planning as a cross cutting factor driving national growth and transformation.

TWO: Enhancing efforts to advance a global partnership to facilitate the implementation of the new global urban and human settlements agenda by mobilizing financial resources from both state and non-state actors; enhancing multi-stakeholder engagement for the effective implementation of the New Urban Agenda for cities and human settlements agenda in Africa, including the private sector as well as capacity building, skills and technology transfer for sustainable urban and human settlements planning and management.

THREE: Enhancing the contribution of urban and human settlements development to continental integration by taking advantage of urban corridors at the regional level for related infrastructural and other initiatives, cross regional interaction and movement of people; orienting regional and interregional infrastructure, facilities and initiatives to promote cross boundary interaction and leverage urban and human settlements assets.

Developing smart cities with improved urban systems for improved functionality, efficiency and effective delivery of urban basic services and infrastructure; positioning urbanization and human settlements as a driver of competitiveness through specialization and connected urban systems at the regional level, namely infrastructure, economy and institutions.

FOUR: Strengthening institutions and systems for promoting transformative change in human settlements including through enhancing capacities for urban planning, governance and management, promoting effective decentralized urban management by empowering cities and local governments, technically and financially, to deliver adequate shelter and sustainable human settlements.

FIVE: Strengthening UN-Habitat to make it politically visible, as the key player in mobilizing all relevant actors, State and non-State in implementing the New Urban Agenda as the outcome of Habitat III as well as the urban and human settlements component of the 2030 agenda for sustainable development, and reiterate the importance of the Nairobi Headquarters location of UN-Habitat by establishing universal membership at its Governing Council to give it more authority and legitimacy in decision-making.

Originally published in The Guardian

Nigeria Hosts UN Conference On Housing, Sustainable Urban Development

Nigeria will host the Third Regional Meeting for the UN Conference on Housing and Sustainable Urban Development (Habitat III) from Feb. 24 to 26 in Abuja.

The conference was one of the regional consultative meetings scheduled to hold ahead of Habitat III, scheduled to take place in Quito, Ecuador from Oct. 17 to 20.
The UN official said the Africa Regional Meeting would deliberate on the best ways to consolidate Africa’s Common Position on Habitat III and will deliberate on how to achieve common goals and discuss Africa’s priorities within the context of a new global urban agenda and how it fits into the Africa Agenda 2063 Vision.

“The Habitat III conference will discuss the New Urban Agenda that will drive the housing and urban development debate and policies for another 20 years.

“Half of the world’s population today live in cities, compared to less than five per cent a century ago.
“Projections hold that by 2050, 70 per cent of the world’s population, representing 6.4 billion people, will be living in cities.

“With 95 per cent of this expansion taking place in developing countries, mostly in Asia and Africa, there is now more than ever, the need to address rapid urbanisation in a sustainable way.

“In this context, Habitat III offers a unique opportunity for global discussions on human settlements and urbanisation,” he said.

Expected in attendance are UN dignitaries at the occasion included Dr Joan Clos, Secretary- General of Habitat III, Executive Director of the UN-Habitat) and Under Secretary- General of the UN, Dr Babatunde Osotimehin, Executive Director, UN Population Fund,Under-Secretary-General of the UN, and Dr Carlos Lopes, Executive Secretary, Economic Commission for Africa and Ms Aisa Kacyira, Deputy Executive Director, UN-Habitat and Assistant Secretary-General of UN.

Originally published in 3invest

Uzo Oshogwe, MD/CEO, Afriland Properties Plc. chairs RELAN Breakfast Gold

The Managing Director/CEO of Afriland Properties Plc. recently chaired ‘The Real Estate Leaders’ Network “Breakfast Gold”, a quarterly, 2-hour breakfast meeting of like-minded leaders in the Nigerian Real Estate Industry.

While welcoming everyone, she mentioned the importance of creativity in handling business this year and the need for collaborations and joint venture partnerships amongst real estate companies. “It’s about collaborations. Looking at competition and asking how do we collaborate”

The objectives of Breakfast Gold are to connect, network and foster quality business relationships with other leaders in the Nigerian Real Estate Industry, share and gain knowledge and to enhance results in business.

This edition of the Real Estate Leaders’ network was themed “2016 Real Estate Outlook – Interesting times ahead? and answered the following questions;

• The impact of the current economic and political climate on real estate in 2016.
• What are the Challenges?
• Where do you see the real Opportunities?
• What will be the winning Strategies for the current economic climate?
• Which sector will stand out or dominate? If any?
• Which sectors will suffer and why?
• What economic policies need to be watched?

Speakers who shared their perspectives on the outlook for the year include:

•Mr. Hakeem Ogunniran, MD UPDC (Premium Real Estate Developer perspective)
• Mr. Adenrele Oni – MD, FBN Mortgage (Mortgage/Finance perspective)
• Mrs. Patrenia Wert Onuoha – Real Estate Strategy and Portfolio Manager – Shell (Consumer (Oil & Gas)
• Mr. Arinze Adigwe, Homebase Mortgage Bank Ltd.
• Mr. Adenrele Oni, MD/CEO, FBN Mortgages
• Ms. Chinwe Segna, Regional Director, West Africa, JLL

The meeting was well attended by leaders in the Nigerian real estate industry such as Afriland Properties, UPDC, First Bank Mortgages, Fine and Country, Orange Island, Homebase Mortgage, Stanbic IBTC and a host of others.

See pictures below.







Buhari, housing ministers to kick start Africa Habitat III dialogue

NIGERIA’S President Muhammadu Buhari will next week lead deliberations that will chart a sustainable path for Africa’s urban future, as Ministers for Housing and Urban Development on the continent gather in the Federal Capital Abuja, at the Africa Regional Preparatory Conference for the forthcoming United Nations Conference on Housing and Sustainable Urban Development (Habitat III).

The Habitat III conference, scheduled to hold in Quito, Ecuador in October this year, will be next in the 20-year cycle of global summits convened to address the growing challenges arising from unprecedented urbanisation, notably in Africa and other developing regions of the world.

The Abuja Regional Preparatory Conference will be the second in the series of regional summits expected to harvest regional priorities that will ultimately form the new global urban agenda. The first in the series of regional summits, the Habitat III Asia-Pacific Regional Meeting, was held in October last year in Jakarta, Republic of Indonesia.

Today, half of the world’s population is living in cities, compared with less than five per cent a century ago, with projections indicating that by 2050 as many as 6.4 billion people, or 70 per cent of the world’s total population will be living in urban centres. With 95 per cent of this expansion expected to take place in developing countries – mostly in Asia and Africa – there has emerged a leadership imperative to address the challenges of rapid urbanization in a sustainable way.

While Africa is the least urbanized region today with an urban population of just under 40per cent, it is the fastest urbanizing with a 4.5 per cent rate. It is projected that in less than eight years, the urban population of Africa will be larger than the total population of Europe and larger than the urban population of Latin America and the Caribbean combined. UN between 2010 and 2050, the number of Africa’s urban dwellers will increase from 400 million to 1.26 billion – greater than the current total population of the continent and nearly a quarter of the world’s projected urban population.

The Abuja meeting, which will be hosted by the Minister for Power, Works and Housing Babatunde Raji Fashola, commences with no fewer than 15 Pre-events on Monday, February 22, which will followed by an Expert Group Meeting on Wednesday February 23 and culminate in the high-level Ministerial segment from February 24 to 26 at the International Conference Centre in the Federal Capital.

The meeting, besides deliberating on the best ways to consolidate Africa’s Position on Habitat III, will also present an opportunity to articulate the continent’s common position on the 2030 Development Agenda and the Africa Agenda 2063 Vision.

Other dignitaries expected at the summit include the UN Under-Secretary-General and UN-Habitat Executive Director, Dr. Joan Clos; Executive Director, United Nations Population Fund (UNFPA) Dr. Babatunde Osotimehin; Executive Secretary of the United Nations Econommic Commission for Africa, Dr Carlos Lopez; President of the African Development Bank Group, Dr. Akinwumi Adesina; Chairperson of the African Union Commission, Dr. Nkosazana Dlamini Zuma; and, the Commissioner for Political Affairs at the Africa Union Commission, Dr. Aisha Laraba Abdullahi.

Originally published in The Guardian

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