Ogun State Land Scare! Government Blackmails Estate Developers, Land Owners

Volume II, Issue 20

Volume II, Issue 20

Last Monday, 8 June, 2009, the Ogun State Bureau of Lands and Survey, under the insignia of the State Government, had caused the publication of what it described as a “Final Warning” ostensibly directing the attention of individuals and corporate bodies to activities of estate developers and promoters in about 14 locations in the state where real estate development seems to be intense. The Bureau of Lands and Survey described the activities of the estate developers as illegal.

The second of such publication in two weeks, the last of the same half page public notice, did get the attention of the target population it was intended for; a hail of panic seized the community of estate developers and subscribers to the former virgin lands belonging to Ogun State but which have found new attraction in value because of their proximity to Lagos State. As affected estate developers became restless, so were subscribers, they became distressed. (Read More)

BGL still upset with underwriting AIT, Honeywell public offers

It is just as well that the Securities and Exchange Commission has decided to adopt the recommendation of the Oladotun Sulaiman’s Nigeria Capital Market Reform Committee on the reversal of compulsory underwriting of public offerings.

BGL Securities Limited, one of Nigeria’s lead issuing houses and brokerage firms, is said to still be smarting from the downside effect of underwriting two public offerings last year. BGL Securities was part of the underwriters of the public offering of Daar Communications and Honeywell.

Others –

Losses, Debts Force Sale of Zain

Transcorp To Lose Hilton Hotel, Abuja

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MIXED FEELINGS OVER JIMOH IBRAHIM’s NATIONAL HONOUR

The intention of the Federal Government to honour controversial lawyer cum businessman, has come under heavy criticism by Nigerians.

It is being echoed that Ibrahim’s lifestyle and his debt ridden business status alongside other controversial and unresolved issues, do not present him as the best worthy to be honoured.

The belief is rife that Ibrahim is nominated for this award because he was a ready catalyst to discredit the Obasanjo administration as well as be positioned as ‘government friendly business ally.’

A few, however, consider him most suitable for this honour, as one from humble background who shook off the mud to be considered relevant for courting by banks, who have strongly backed virtually all his initiatives financially.

Another vital factor is the age advantage. In his early 40’s, he has embarked on gargantuan projects in the nine figure range.

His investments span hospitality, insurance, oil and gas, human capital development, real estate, etc.

…ACQUIRES 500POUNDS HOTEL IN LONDON

Words filtering in as at press time reveal that Barrister Jimoh Ibrahim is on a spending spree once again. He is said to be on the verge of acquiring Cumberland Hotel, Central London, in the United Kingdom. Details are still sketchy, but his business history shows his flair for hospitality business.

Prior to this Cumberland Hotel purchase, he has in his kitty Nicon Hotel, Ajuba, Hilton Hotel, Lagos, among others.

It is yet to be clarified which financial institutions provided the back up for the acquisition of the said hotel.