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‘Real estate contribution to GDP can grow to $13.65b’

Accounting giant Pricewater Coopers (PwC) has projected an increase in real estate’s contribution to the gross domestic product (GDP) from $9.16 billion to $13.65 billion next year if the right environment is created.

It urged operators to brace themselves for the challenges ahead and key into the opportunities in the sector to grow the economy.

Managing Director, Alpha Mead Facilities and Management Services Ltd, Femi Akintunde urged facility managers to position themselves as key drivers of the real estate sector and be part of its success story.

Speaking at an event by facility managers in Lagos, Akintunde urged them to brace themselves to sustain the anticipated growth.

“Going by PWC revelation and the quest to meet the vision 2020 target, a lot needs to be done towards improved public infrastructure to drive the required positive change in the real estate and facilities management industry, in addition to improving the living condition of the average Nigerian.

“For the facilities management and real estate sectors to contribute meaningfully to the economy, practitioners must embrace global standards and best practices in the execution of projects,” Akintunde said.

He said the firm had been in the forefront of exploring ways to raise awareness, set agenda, and promote global standards in the industry.

Former Attorney-General and Commissioner for Justice in Lagos State, Supo Shasore (SAN) said the facilities management industry was positioned for growth.

He described as regrettable, the country’s 134th ranking of 144 economies by the World Economic Forum Global Competitiveness Report 2014-15.

Shasore lamented the deficit in Nigeria’s infrastructure, saying: “The country’s core infrastructure stock is estimated at only 35-40 per cent of GDP, in contrast to international benchmarks of 70 per cent of GDP.  This low value has been driven by historically low public and private spending on infrastructure”.

The highpoint of the event was the introduction of the British Institute of Facilities Management (BIFM), Nigeria chapter, which according to Akintunde, is a welcome development to strengthen the advocacy for best practices in the industry and encourage knowledge-sharing among members and professionals.

The event drew participants from five major sectors of oil and gas, telecommunications, real estate, government, public services and financial services.

Participants from the oil and gas sector said facilities management was still at its infancy stage and could not attract the right investments thereby making it difficult for the sector to engage the services of local players.

Speaking on behalf of the financial sector, Head, Administration, Nigeria Stock Exchange (NSE), Gabriel Igbeke said facilities managers lacked the financial capabilities to execute projects. He stressed the need to set up a regulatory body to oversee the operation of professionals in the sector.

He also advocated the need to train and retrain managers for efficiency.

Originally published in The Nation

Nigerian real estate sector to grow by 10% annually

Contrary to pre- vailing economic head- winds across sectors of the economy, experts project that the Nigerian real estate sector will experience a gradual growth.

Adekunle Oyinloye, managing direc- tor, The Infrastructure Bank (TIB), says the real estate sector is projected to grow by 10 percent annually in the next 10 years.

Oyinloye said this while delivering a paper on “The Infrastructure Banker’s Perspective – International Funding for Real Estate,” at a business forum in Lagos, and therefore called on stakeholders to tap the huge opportunities that would abound with the progres- sive growth.

He identified the resi- dential real estate segment of the real estate market as the sub-sector with massive inherent untapped potential by quoting the National Bureau of Statistics (NBS) as saying that “Nigeria real estate market was valued at approximately N1.4 tril- lion in 2011 and has risen to N6.5 trillion in 2015.’’

The sub-sector’s contri- bution to Gross Domestic Product (GDP) was 7.7 per- cent in 2012 and later rose to 11 percent in 2014, he said.

According to him, growth in population, burgeoning middle-class economic ex- pansion, building hospitality industry, among others, are catalysts for further growth in the real sector.

He said 80 percent of the adult population was living in rented apartments in Ni- geria compared with Ghana and South Africa, which had between 20 percent and 25 percent, respectively.

Oyinloye said 50 percent of Nigerians were either homeless or were living in inadequate shelter, say- ing his bank was already working on modalities that would provide solutions to the challenges in the resi- dential real estate market in Nigeria.

TIB was collaborating with local and international financing and funding com- munities on the bankability process in getting funds of the right makeup best suit- ed for real estate projects, he disclosed.

The Nigeria Mortgage Re- finance Company (NMRC), a Public Private Partnership (PPP), would help make it easier for the working low- to middle-income earn- ers to purchase homes, he said, maintaining that the package was structured to revamp mortgage financ- ing and home ownership among the low- to medium- income class in Nigeria.

The new PENCOM Act 2014 allowed pension funds administrators to invest in certain real estate vehicles such as mortgage backed securities and Real Estate Investment Funds (REITs), the bank boss said, and commended the board and management of Lekki Gardens for its innovative delivery and marketing strategy, aimed at providing affordable houses to the middle-income segment of the Nigerian society.

Originally published in Business Day


Lagos approves three new model city plans

THE urban renewal programme embarked upon by the Lagos State government received a boost last week as three new model city plans were signed, following their publicly presentation.

The event that took place at DE Renaissance hotel, Alausa, Ikeja, was attended by professionals from different bodies that include the surveyors, town planners, builders and other relevant associations in the built environment.

The three model cities include Apapa, Agege/Ifako-Ijaye and review of Ikoyi/Victoria Island. At the presentation, former Commissioner for Physical Planning and Urban Development, Mr. Olutoyin Ayinde, highlighted the features of each model city plan.

For instance, In Apapa, the study area consists of traditional settlements like Sari-Iganmu, Gaskiya, Cardoso, Ijora Oloye and Ijora Badia and home to the two most important ports in the country, the Apapa Sea Port and Tin Can Island Port.

To create a balanced and integrated Model City with adequate, qualitative and efficient infrastructure and services that will be a pride of the state the key goals in the review plan of Ikoyi/Victoria Island include the proposed intra-city cable car, mono rail, and shuttle bus routes; Ferry service Jetty site along Ozumba Mbadiwe among other infrastructures.

It also revealed that availability of land at the littoral area is good for tourist development but untapped.

Though, engulfed with traffic congestion and vices due to port, commercial and industrial activities in the axis require the necessary infrastructure.

There is also inadequate qualitative housing and infrastructure within the informal settlements and due to the informal nature of some of the settlements; the crime rate requires more attention by all level of government.

“Due to the high economic activities and population of the area, existing facilities are inadequate and there is need to preserve the serenity of the Southern littoral areas”, said Ayinde.

He also stated that the goals, objectives and vision for these model city plan is derived from the Millennium Development Goals, Lagos State Ten Point Agenda for Development, Survey conducted, literature reviews and various consultations.

Accordingly, the vision of the plan is to create a modern port city that promotes integrated, well-connected and sustainable community that is conducive for habitation and business as well as attractive to recreation, tourism and commerce.

Planning concept revealed that Apapa is divided into five sectors, Central Apapa Port/TinCan Industrial Sector; Central Apapa Residential Sector; Apapa CBD Action Area; Northern Slums including Sari, Ijora Oloye, Badia and Gaskiya (informal sectors) and Southern Tarkwa Littoral Communities.

The multi-dimensional concept was adopted to allow for different concepts/approaches applicable to each sector.

Therefore, the Integrated Coastal Zone Management and Sustainable Coastal Tourism Strategies were adopted for the littoral sector.

Green City theory was adopted for the commercial/industrial sector while Eco-City strategy was applied to the informal sector.

The core-periphery theory was adopted to allow for a balanced socio-economic development among the commercial/industrial area, the informal and littoral sectors. An action plan was prepared for Sari-Iganmu (a settlement within the informal sector).

On the Ikoyi – Victoria Island Model City Plan, the commissioner stated that it covers the period between 2013-2033 and for the sake of clarity, there is need to give the background of the area.

“The Model City is bounded in the South by the proposed Eko Atlantic City and the Atlantic Ocean, in the north by the Lagos Lagoon while the Macgregor canal bounds it in the western part.

The private estates of Oniru/Dideolu and Lekki Peninsula scheme 1 bordered the Model City in the eastern part.

The area’s land size is approximately 2,447 hectares with population over 392,31, going by the 2013 figure, with the Ikoyi-Obalende, Iru-Victoria Island Local Council Development Area (LCDA) has a Projected Population663, 226, in the year 2020 and projected population of 1,405,955 in 2030”.

To create a balanced and integrated model city with adequate, qualitative and efficient infrastructure and services that will be a pride of the state the key goals in the review plan include: Proposed intra-city cable car, mono rail, and shuttle bus routes; Ferry service Jetty site along Ozumba Mbadiwe; Telecommunication District at Saka Tinubu and environs; Creation of Hospitality Corridor between Modupe Oshikoya and Bishop Oluwole and Alfred Rewane road street scaping.

Others include the provision of both indoor and outdoor spaces that entourage and facilitate Model City recreation and celebration; Provision of high quality spaces for both active and passive recreations that meet the Model City’s unique tastes and needs.

He listed the investment investment opportunities to include Multinational Transport System, Real estate development; Hotels and Tourism, include a multi-level parking telecommunications and commercial offices

Originally published in The Guardian 

Real estate sector anticipates $13.6bn investment value rise by 2016

Barring fundamental changes in macro-economic indices and unforeseen political risk, the value of investment in real estate sector of Nigerian economy is expected to rise 4 percent to USD13.65 billion by the turn of 2016, up from its current value of $9.19 billion.

The sectors growth of 8.7 percent per annum which makes it the fastest growing and sixth largest sector in the economy is driven by a number of factors prominent among which are democratic boom, strong spending power of a rising consumer class, and fast-paced urbanization.

A  reputable research, accounting and auditing firm,  PricewaterhouseCoopers (PwC), which gave these hints in its latest report titled Real Estate: Building the Future of Africa, says the reasons for the expected growth are not far-fetched, explaining that  notwithstanding the volatility in crude oil price since July last year,  high networth individuals (HNWIs) invest over 20 per cent of their assets in real estate.

The report which also reveals that infrastructure spend across Africa will grow from US$ 70 billion in 2014 to US$180 billion per annum by 2025 for same real estate growth fundamentals, adds that this HNWIs in real estate investment is seven per cent more than the 18 per cent or less investors in this category that invest in equities and other instruments.

“While the continents infrastructure currently lags well behind that of the rest of the world with some 30 percent in a dilapidated condition”, there is widespread recognition of the vast business opportunities on the continent as a growing consumer market as well as the vast opportunities for infrastructure investment and development”, the report notes.

It notes further that in commercial real estate, the influx of institutional, foreign and private businesses into the country and the growth of indigenous businesses and multinational oil companies in Lagos, Abuja and Port Harcourt have kept the segment vibrant, adding that rents in Lagos are among  the highest in the world with annual achievable rents of more than $1,020 per square metre, about N200, 000 per square metre.

In an earlier study titled ‘Into Africa’ which was a comparative research study of 20 African cities of opportunity, PwC ranked Lagos as seventh while the  overall ranking of cities by the real estate report placed the top five cities as Cairo, Tunis, Johannesburg, Casablanca and Algiers in Egypt, Tunisha, South Africa, Morocco, and Algeria respectively.

The study, based on the methodology, research, and analytical framework of PwC’s global Cities of Opportunity report – the seventh edition of which will be released next year, ranked the 20 cities on 29 variables grouped into infrastructure, human capital, economics, society and demographics.

Jonathan Cawood, Capital Projects and Infrastructure leader for PwC Africa, observed that from the study, a strong correlation among infrastructure, human capital and economics is noticeable, saying that  cities that score well in infrastructure also score well in human capital and, expectedly, in economics.

He explained that with city infrastructure under pressure, many of Africa’s cities cannot maintain their current levels of population and economic growth without enhancing their infrastructure.

”The demands for infrastructure vary from city to city based on stage of development, priorities and affordability. The basic needs for power, water and sanitation, transport and logistics, housing and ICT top the list for most”, he noted.

Continuing, he said, “the wisdom in the choices Africa’s cities make in balancing political, social and economic agendas will become even more critical in managing finite financial and environmental resources,” adding that smart, creative, ambitious human beings will congregate and invest their labour and capital where it is most advantageous and livable for them to do so.

Originally published in Businessday

Minister Urges Developers to Complete On-Going Housing Projects

Minister urges developers to complete on-going housing projects

ON the heels of the May 29 handover date, the Minister of Lands, Housing and Urban Development, Dr (Mrs) Akon Eyakenyi has called on the newly elected executive of the Real Estate Developers Association of Nigeria (REDAN) to complete on-going projects on schedule.

Speaking in her office during a courtesy visit by the association led by its President, Reverend Ugochukwu Chime, the Minister assured that the developers that the Federal Mortgage Bank of Nigeria (FMBN) as a government institution would continue to render relevant financial assistance to developers.

Eyakenyi advised REDAN members to ensure that stakeholders in the sector maintain quality in pursuit of affordable housing for Nigerians, adding that it would further curtail incidences of collapsed buildings in the nation.

She commended the transparent process that brought up the new executive and urged them to continue to maintain an open and all-inclusive administrative policy that will benefit stakeholders in the sector.

“If you have an open administration, you will succeed, the Minister advised”. While commending the effort of the out-going administration and in particular President Jonathan’s genuine concern and support to the sector, she noted that government is a continuum, expressing hope that the in-coming administration will continue with the laudable programmes and projects in the sector.

However, she admonished that such financial assistance should be well utilized for the benefit of providing affordable and quality housing for Nigerians. REDAN President, Rev. Chime commended the Minister for the various strides recorded during her tenure, noting that she has commissioned more housing estates  than any Minister who had ever served in the Ministry, attributing it to her inspirational and outstanding leadership qualities. 272wds

Originally published in The Guardian

NIQS harps on partnership to grow construction industry

TOWARDS lifting the built environment sector, members of the Nigerian Institute of Quantity Surveyors (NIQS) have advocated for collaboration among the industry professionals.

Chairman, NIQS Lagos chapter, Mrs. Adenike Ayanda who made this known when IO Furniture hosted the Nigerian Institute of Quantity Surveyors (NIQS) and Real Estate Developers Association Of Nigeria (REDAN), last week in Lagos, stated that quantity surveyors need partnership with other groups within the construction industry such as the furniture producers, as they were all inter-connected.

She explained that their visit to the furniture company was part of the educational activities they embarked on yearly and they were not disappointed by what they saw.

The members and students were very excited as they were shown round the facility and witnessed firsthand the production of the furniture by the company.

The Executive Director of IO Furniture Limited, Mrs. Funmi Shobo, said the Nigerian furniture industry is presently facing a lot of challenges presently and trying to survive in the face of all odds should be applauded and encouraged.

She cited the sourcing of good, dedicated personnel and power generation as the major threats to their company, which forces their overhead costs to rise.

Click The Guardian to read more


Afriland Properties PLC Records N1.74B PBT in 2014; Increases PAT by 439%

Afriland Properties Plc. has announced a profit before tax of N1.74 billion for the year ended December 31, 2014, representing a 311% increase compared to the corresponding period of 2013. This was declared at the recently held 2nd 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 N8.1billion from N4.2 billion during the period under review.

While addressing the shareholders, the Managing Director/Chief Executive Officer, Afriland properties Plc, Mrs. Uzo Oshogwe stated that “the Company’s financial performance is an evidence of its operational excellence, a customer centric culture and high corporate governance standards. Our deliberate focus on excellent delivery has prompted us to increase our full-year performance”.

In her remarks, the Chairman of Afriland Properties, Erelu Angela Adebayo said “The upturn in our net earnings is attributable to improved operational efficiency and focus on value creation. She stated further”We are prepared to further strengthen our balance sheets and business model this year by tapping into the opportunities that will be created in the building and construction sector. We are equally poised to take advantage of other structural reforms of the federal government, which hopefully will impact the housing sector”.

 Afriland Properties Plc is a property development and management Company, offering end-to-end services along the real estate value chain, from management to joint-venture investments.

With a portfolio size of over N8 billion and one of the largest land banks in Nigeria, Afriland Properties is pioneering the opportunities presented by an institutional approach to real estate, serving niche markets throughout Africa.



Africa to Attract Significant Foreign Real Estate investment

According to a new report by Knight Frank, an increased number of international investors are investigating opportunities in African real estate markets, attracted by the continent’s startling economic and demographic growth prospects.

Based on Knight Frank’s Africa Report 2015, the population of Africa will quadruple to over four billion by 2100, with nearly one billion of these people in Nigeria alone. This is arguably the single most important demographic trend that will shape the world over the course of this century.

Report Highlights:

  • By 2100 nearly 40% of the world’s population will live in Africa, with the large majority of these being in the continent’s fast-growing cities
  • Nigeria is now the largest economy in Africa with GDP estimated at $594.3bn, followed by South Africa ($341.2bn)
  • Sub-Saharan Africa is one of the world’s most rapidly developing economic regions, and it is projected that 13 of 20 fastest-growing global economies over the next five years will be in Africa
  • Luanda in Angola has one of the highest prime office rents in the world at US$150 per sq m per month, driven by demand from the oil and gas sector, and an extreme lack of availability

Originally published by World property journal.

Read more here.

Celebrating Women Who Make it Happen in Real Estate Business

As humanity celebrates all women in this year’s International Women’s Day (IWD), it is important to acknowledge those of them who ‘Make it Happen’ in the real estate industry.

The world commemorates IWD on March 8 every year to mark the economic, political and social achievements of women. This year’s theme is ‘Make it Happen’ for greater equality.

The real estate sector in Nigeria has some amazons that are Making it Happen and these include:

Yinka Ogunsulire – MD, Orange Island Yinka Ogunsulire, who is regarded as one of the leading property development professionals in Nigeria, was the past Chief Executive Officer of Heirs Real Estate. Prior to that, she was the Managing Director of ARM Properties Plc, the real estate subsidiary of Asset and Resource Management Limited. She holds an M. Phil in Land Management from the University of Reading, England. She has been a member of the Royal Institution of Chartered Surveyors since 1992

Uzo Oshogwe – MD, Afriland Properties Uzo Oshogwe is the Managing Director of Afriland Properties Plc, and joined the company when it was still known as UBA Properties. She holds a BSc in Chemistry (1989) from Ambrose Alli University, Edo State and an MSc Information Systems Design (1996) from the University of Westminster, London. She has over 20 years’ working experience, mainly in Information Technology and Banking.

Prior to joining UBA, she worked for over a decade as an IT Specialist at Accenture UK based at several clients’ sites, including Jones LaSalle Europe, a financial and professional services firm specialising in real estate services and investment management.

Shade Hughes – MD, Briscoe Properties Limited Mrs. Folasade Hughes is the Managing Director of the Company. She attended the University of Lagos from where she graduated in 1988 with a B.Arch (Hons) Merit degree in Architecture. She is a member of the Nigerian Institute of Architects and is a registered member of the Architects Registration Council of Nigeria. She also has a Certificate in Interior Design from the KLC School of Design in London and is an Associate Member of the International Facility Management Association. Prior to her appointment by Briscoe Properties Limited, she worked with Design Group Nigeria, a private Architectural and Urban Planning Consultancy firm, where she was a Director.

Originally published here


Notice of Second Annual General Meeting

NOTICE IS HEREBY GIVEN that the Second Annual General Meeting of Afriland Properties Plc (the “Company”) will hold on Wednesday, April 8, 2015 at the Banquet Hall, Lagoon Restaurant, Ozumba Mbadiwe Street, Victoria Island, Lagos at 2.00pm to transact the following business:


1. To receive and adopt the Audited Financial Statements for the year ended December 31, 2014 together with the Reports of the Directors, Auditors and Statutory Audit Committee thereon;

2. To declare Dividend;

3. To elect/re-elect Directors;

4. To authorize the Directors to fix the remuneration of the Auditors;

5. To elect members of the Statutory Audit Committee


6. To Consider and if thought fit, pass the following as special resolutions:

a) That the Board of Directors be and are hereby authorized to invest in or acquire or divest from any business entity and to carry out as it deems appropriate and in accordance with any relevant laws thereto, any actions, including but not limited to restructuring, reconstruction and business arrangement exercise and actions for the Company;

b) That subject to regulatory approval, the Directors be and are hereby authorized to take all steps and do all acts that they deem necessary in furtherance to the above including but not limited to appointing professional advisers and parties that they deem necessary, upon such terms and conditions that the Directors may deem appropriate.

Dated this 13th day of March, 2015

By Order of the Board

Company Secretary
Afriland Properties Plc
223 Etim Inyang Crescent
Victoria Island, Lagos


A member entitled to attend and vote at the AGM is entitled to appoint a proxy to attend and vote in his/her stead. A proxy need not be a member of the Company.
For the appointment to be valid, a completed and duly stamped proxy form must be deposited at the office of the Company’s Registrars, Africa Prudential Registrars Plc, No. 220B Ikorodu Road, Palmgrove, Lagos not later than 48 hours before the time fixed for the meeting.

If the dividend recommended by Directors is approved, dividend warrants will be posted on Thursday, 9th April, 2015 to all shareholders whose names appear in the Company’s Register of Members at the close of business on Friday, March 20, 2015.

The Register of Members and Transfer Books will be closed from Monday, March 23, 2015 to Friday, March 27, 2015 both days inclusive.

In Accordance With Section 359(5) of The Companies And Allied Matters Act, CAP C20, LFN, 2004, any member may nominate a shareholder for election as a member of the Audit Committee by giving notice in writing of such nomination to the Company Secretary at least 21 days before the Annual General Meeting.

Notice is hereby given to all Shareholders to open bank accounts, stockbroking accounts and CSCS accounts for the purpose of dividend. A detachable application form for e-dividend is attached to the Annual Report to enable all shareholders furnish particulars of their accounts to the Registrar as soon as possible.


In order to improve delivery of our Annual Report, we have inserted a detachable Form to the Annual Report and hereby request Shareholders who wish to receive the Annual Report of Afriland Properties Plc in an electronic format to complete and return the Form to the Registrars for further processing.

In addition, the electronic version of the Annual Report, 2014 are available online for viewing and download from our website at

Download Official Notice: AFRILAND PLC NOTICE OF 2ND AGM

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