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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REAL ESTATE ATTRACTION SETS TO MOVE FROM MOWE-OFADA TO MILE 2-BADAGRY, LAGOS-NIGERIA

Land speculators are already contemplating a field day in the Mile2-Badagry corridor of Lagos State. The new wave of expectation that currently suffuse the community of land owning families in this corridor was engendered by the now obvious determination of the Lagos State Government to expand the Mile2-Badagry Express Road to a 10-lane express road, the first of its kind in Nigeria.

The State’s Commissioner of Finance, Mr. Rotimi Oyekan affirmed this much when he explained at a discussion forum that once the road expansion project commences value of landed properties would start heading for the north in the corridor.

The Mile2-Badagry corridor may yet detract attention away from the Mowe-Ofada axis of Ogun. Mowe-Ofada location off the Lagos-Ibadan Express road had provided a natural northward expansion corridor for real estate developers and Lagosians desirous of owning their own houses. But while the Mowe-Ofada axis offers the opportunity of landed assets in a neighbouring state, the Mile2-Badagry corridor offers landed assets within Lagos State. For investment savvy Lagosians, land assets any where in Lagos State are said to be more valuable.

Already, developers that already have their sights set on the Mile2-Badagry corridor have started canvassing the infrastructural strength of the corridor over those of the Mowe-Ofada axis. One said that whereas the areas around Mowe-Ofada are just being developed, the Mile2-Badagry corridor has been progressively developed over the years.

Incidentally, price of a plot of land remains in the same range for both the Mowe-Ofada axis and the Mile2-Badagry corridor. Land speculators argued however, that landed property in the Mile2-Badagry corridor have more potential to appreciate because of the peculiarity of the corridor’s terrain. Bordering the landed space to the left hand side inward Badagry are beach land, which usually are choice property attraction for the rich. And dotting the water ways from Mile2 to Badagry town are island communities that may give way to highbrow real estate. The 10-lane expansion of the road into Badagry will naturally avail a thorough fare for a large population of Lagosians which would make an instant hit for real estate developers and consequent upward impact on the value of properties in the corridor.