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Disturbing Details Of R. Kelly's Relationship With Aaliyah Resurface In New Documentary
Disturbing Details Of R. Kelly's Relationship With Aaliyah Resurface In New Documentary

Ahead of the January 3rd premiere of Lifetime’s new documentary, Surviving R. Kelly, reports of  the defamed R&B star's marriage to late singer Aaliyah have resurfaced.R&B singer and producer R. Kelly secretly wed a then 15-year-old Aaliyah in 1994, the same year her solo album debuted. Kelly met Aaliyah at the age of 12 and produced music for her, three years later they tied the knot. Though Kelly denies reports, the press uncovered a marriage certificate.The marriage was reportedly annulled, but Kelly continues to deny their nuptials - claiming they were close friends. Aaliyah was tragically killed in a plane crash at the age of 22.Along with allegations of sexual misconduct by various women, the Lifetimedocumentary includes the testimony of a former backup singer that claims Kelly had sex with Aaliyah on a tour bus occupied by his entourage when she was only 15 and he was 27.For decades, Kelly has been accused of sexually abusing girls and women - often under the guise of helping them with a music career. In 2008, Kelly was acquitted of child pornography charges after a jury trial. Most recently, he was accused of imprisoning women in a sex cult.Kelly continues to release music and perform concerts across the country, though mounting sexual assault allegations have diminished his popularity. In September, a concert at Madison Square Garden’s Hulu Theater was canceled. Though reps claimed it was due to inclement weather, low ticket sales may have also played a factor.I cover the entertainment industry from a much-needed feminist perspective. I am here to disrupt the narrative. I wrote, produced and directed a short film about domestic violence and sexual assault based on my life. 

US Embassy Closes Indefinitely, Visa Seekers To Miss Appointments​
US Embassy Closes Indefinitely, Visa Seekers To Miss Appointments​

Many Nigerians who applied for US visa will miss their appointments as the United States embassy in Abuja and its consulate in Lagos have shutdown indefinitely.With this development, applicants for tourist, study, business visas, immigrant visas or any other travel document ,will not be attended to.The US embassy in Nigeria said in a Facebook post that the development was caused by the government shutdown in the US.According to the statement, “Due to the current US government shutdown, the American centres located in the embassy, Abuja and Consulate-General, Lagos are unfortunately closed. They will re-open once the US government shutdown is resolved. Sorry for any inconvenience to our valued patrons.”President Donald Trump-led executive and the US legislative had clashed over Trump’s attempt to build a wall along the Mexican border.Building a wall was one of Trump’s major campaign promises as part of efforts to curb illegal migration and crime.During his campaign, Trump had threatened that the Mexican government would pay for the wall.But after the Mexican government refused to fund the wall, Trump approached the US legislature, requesting for $5 billion to fund the wall.The Congress, however, rejected Trump’s proposal.On December 11, Trump held a televised meeting with Speaker-designee, Nancy Pelosi, and Senate Minority Leader, Chuck Schumer, in which he asked them to support $5billion in funding for the border wall but they rejected his request.“I am proud to shut down the government for border security … I will be the one to shut the government down. I’m not going to blame you for it … I will take the mantle. I will be the one to shut it down,” Trump reportedly said.However, Politico later reported that Trump was willing to sign a bill that delayed a government shutdown into 2019 and the new Congress.

2019 Presidential Election
2019 Presidential Election

Nigeria is at a cross-road! with its younger generation increasingly becoming agitated over the direction of the country pioneered by the old and corrupt! Many fractions like Oduduwa, Biafra, Niger-Delta are calling for return to regional government or disintegration....where is the country headed???

I'll make Nigeria Africa's most innovative economy – Ezekwesili
I'll make Nigeria Africa's most innovative economy – Ezekwesili

The presidential candidate of the Allied Congress of Nigeria (ACPN), Dr. Obiageli Ezekwesili, has notified Nigerians of her plans in the new year, one of which is to make Nigeria's economy the most innovative in the entire Africa as soon as she emerges President.

Sultan of Sokoto angry at Warri's deplorable condition
Sultan of Sokoto angry at Warri's deplorable condition

WARRI- SULTAN of Sokoto, His Eminence, Muhammadu Sa'ad Abubakar III, has frowned at the unacceptable condition of the oil city of Warri in Delta State, saying with the resource generated from the area, it should be one of the most developed cities in the world. Abubakar III, who was special guest of honour, spoke at the 3rd coronation anniversary of the Olu of Warri, His Majesty, Ogiame Ikenwoli, at Warri, penultimate Wednesday, where Minister of State for Petroleum, Dr Ibe Kachikwu, who represented the Federal Government, spoke.Governor of the state, Senator Ifeanyi Okowa, commented on the development strides of his administration in Warri and future plans to develop the oil city.The rich culture of Itsekiri nation with the colourful traditional attires and dances of the people was also on display during the anniversary. While Sultan and other dignitaries hailed the ethnic group, Kachikwu specially called for it to be packaged occasionally to promote tourism in the country.Sultan hails Olu for promoting peaceThe Sultan lauded the Itsekiri monarch for his drive for peace among his neighbours, adding that since he (Olu) mounted the throne, he has been building bridges of national unity.He assured that as traditional rulers, they would continue to promote peace in their various kingdoms, pleading that the electorate should use their votes wisely to elect leaders that will serve them.The Sokoto monarch blamed anger in the land on poverty and bad leadership by successive governments, pleading that Nigerians should be guided by the promises of politicians ahead of the general polls in choosing their leaders.Okowa promises N3.5bn for Trans Warri RoadGovernor of Delta State, Senator Ifeanyi Okowa, who also eulogized the Itsekiri monarch for promoting peaceful values since mounting the throne, said his government was working to ensure the release of N3.5 billion for the Trans Warri Road, adding that it was committed to the construction of several other roads in Itsekiri communities and other parts of the state.He disclosed that the government had conducted a thorough drainage study to redress the drainage problem, adding that N3 billion will be expended to tackle the drainage challenge in the oil-rich city.Buhari assures of development of WarriPresident Muhammadu Buhari who was represented by the Minister of State for Petroleum, Dr Ibe Kachikwu lauded the Itsekiri monarch for promoting peace, adding that the Federal Government was determined to develop Warri and its environs.He spoke on efforts by the government to end gas flaring by 2020, assuring also that President Buhari’s government would deliver a free and fair election next year, adding: "Holding on to power is not his calling. He will ensure a free and fair election."Groups in Warri also laud the peaceful mien of Olu Chairman, Abigborodo community, Monday Msgbeyi, University of Benin Alumni Association, Warri branch representative, Mr Olulade Festus, Ologbotsere descendants, Ebiren Lori Society, Faithful Sisters, Uwangue delegation, Otonloye( a frontline Itsekiri body), Alhaji Zubairu Muhammed of the Hausa community in Warri and several others, described the Olu as a man of peace, stressing that since he assumed the throne, his cardinal focus has been promoting peaceful co-existence between the Itsekiri and her neighbours.Mr Olulade of Uniben Alumni Association, who disclosed that the monarch is the grand patron of the group, advised that his value for peace should be emulated.Olu bemoans neglectOlu of Warri, in his address lamented the neglect of Itsekiri communities by the Federal Government despite being an oil-rich city."While the country derives a great deal from the bowel of our homeland, including but not limited to crude oil and gas exploitation, not much in terms of commensurate returns ever gets to our people and our environment is left to suffer degradation that remains after the exploitation."He thanked the Federal Government for ongoing work on the Koko-Ogheye road project, appealing to the government to resume work on the Ogidigben Gas Revolution City project in Escravos.Continuing, he called on all parties around the crisis impeding smooth take off of the new board of the Itsekiri Regional Development Council, IRDC to sheath their sword for the common good of the Itsekiri nation, stressing that it was regrettable that money meant for development of Itsekiri nation to be managed by the IRDC could not be applied for the purpose at the moment because of the crisis.

Default on loans rises as glut hits property market
Default on loans rises as glut hits property market

Financing real estate development is seen as one of the most difficult things to do in Nigeria. Over the last few years, it has been made worse due to the downturn in the economy.According to stakeholders, the real estate industry has not really recovered from the impacts of the recession.Findings show that developers have had to take the heat as empty houses dot the landscape of major cities in the country, tying down funds while many Nigerians are homeless.It is estimated that Nigeria has about 17 million housing deficit, a figure that has been in dispute because some stakeholders think it may be up to about 20 million considering the growing population.But while many look up to developers to help in the provision of houses, with the support of the government, they (developers) have been constrained by low purchasing power from those who should take up the houses built, and lack of funds from banks.Data obtained from the National Bureau of Statistics show that as of the third quarter of 2018, the real estate industry's debt to banks was over N710bn.The figure accounts for 4.46 per cent of the total credit of N15.59tn to the private sector, making the industry the fifth highest debtor to the banks.Although it was lower than the N798bn recorded in the same period in 2017, the situation has made it difficult for developers to access commercial banks' loans.The Deputy President, Real Estate Developers Association of Nigeria, Mr Akintoye Adeoye, says banks are no longer interested in extending loans to developers.He adds, "There is a high rate of default on bank loans, if you go to any bank today and tell them you want to finance real estate development, they will not talk to you because they have had their fingers burnt. The interest rate is also not helping; it currently hovers around 25 to 35 per cent and housing is long-term, so it is a mismatch to use a short-term fund to finance a long-term project."Now, banks are not places to go to except on some special projects where the off-takers are members of a cooperative society where they know how they will wrap up the transaction but it will also be expensive for the buyers because the cost of funds will be transferred to them."The Chairman and Managing Director, Megamound Investment Limited, Otunba Olumide Osunsina, also says commercial banks are no longer interested in financing real estate projects."They have not been putting their money in the industry for a while," he adds. The Chairman, Sparklight Property Development Company Limited, Chief Toyin Adeyinka, tells our correspondent that the low purchasing power of many Nigerians has reduced real estate transactions, limiting access to funds for developers.He says the only viable window of funding, and which also offers single digit interest rate to developers is the Federal Mortgage Bank of Nigeria.But even the FMBN has been weighed down by debts which it gives majorly through its Estate Development Loan window.The mortgage bank in 2012 suspended the EDL due to default on loans, a few years after publishing names of bad debtors in 2009.In 2016, the FMBN had solicited the help of the Economic and Financial Crimes Commission to assist in recovering about N100bn debt from developers as well as primary mortgage banks.According to a former Managing Director and Chief Executive Officer of the FMBN, Richard Esin, who made the appeal at the time, developers have a huge debt overhang with the bank.Also, the now defunct Skye Bank Plc, in its earnings guidance on March 23, 2016, notified shareholders and investors of "anticipated material decline in its profits for the full-year ended December 31, 2015 compared with that of 2014."According to the bank, the expected decline in performance was attributable to management's decision to recognise "increased impairment on loans to sectors severely affected by the prevailing economic headwinds, which are yet to abate, especially the lull in oil and gas and real estate sectors".In its Gross Domestic Product report for the third quarter of 2018, the NBS says the real estate sector contracted by -2.68 per cent from -3.88 per cent in the second quarter and -9.4 per cent in the first quarter of the year.At the same period in 2017, the sector contracted by -4.12 per cent in the third quarter from – 3.53 per cent in the second quarter of 2017 and -7.37 per cent in the third quarter of 2016.The sector's contribution to nominal GDP in the third quarter of 2018 was 6.88 per cent, lower than the 7.54 per cent reported in the corresponding quarter of 2017 and 7.09 per cent recorded in the preceding quarter.Glut versus deficit Ironically, even with the slow growth in the sector and the glut in the property market, the Federal Government estimates that almost half of the population of the country needs houses.According to a recent statement by the Minister of State for Power, Works and Housing, Mustapha Shehuri, more than 70 million Nigerians fall into the category of those in urgent need of housing.The President and Chairman of Council, Association of Housing Corporations of Nigeria, Mohammed Adamu, says housing all over the world remains the most basic human needs that impact directly on the physical, social and mental well-being of man irrespective of socio-economic status, colour or creed.He, however, adds that many people are becoming homeless as a result of a non-functional housing sector.He explains that despite the high demand for housing, there are houses in some of the major cities such as Abuja, Lagos and Port Harcourt, built over two years that are not sold and not occupied.A recent report by the Centre for African Housing Finance, says Nigeria requires over $360bn to address its housing needs.The Principal Partner, Bode Adediji Partnership, Mr Bode Adediji, says the luxury property market has been on lockdown for the past two to three years.The Senior Partner and Chief Executive Officer, Nelson Thorpe Alonge, a firm of chartered surveyors and estate surveyors and valuers, Mr Victor Alonge, says the situation in the property market has been the same since 2015."The truth is that there is clearly an oversupply of property for sale, it has been like that for some time especially since the current dispensation. There are few effective demands, which is why prices have not risen. We have not seen any difference and people are not buying properties like before," he says.At the beginning of the year, real estate firm, Northcourt, in its ' 2018 Nigeria Real Estate Market Outlook', had stated that consumer purchasing power had remained low."Small is the new big as developers across retail, residential, industrial and hospitality sectors now favour small to moderately-sized projects. Also, there is a rising demand for much more affordable housing projects," the report says.According to findings , the demand for smaller but functional developments is gradually taking over; from residential to retail, and many developers are beginning to explore the new trend.The Chief Executive Officer, Global Property and Facilities International Limited, Dr MKO Balogun, says potential subscribers now look out for smaller apartments.He says, "There are more demands for one, two-bedroom apartments. Sixty per cent of people who need houses don't need three-bedroom apartments; they need one and two-bedroom where they can graduate to bigger houses. But we are just building townhouses everywhere and creating problems."I know developers who are buying whole houses, knocking them down and building one, two-bedroom apartments. We can't keep doing the same thing and expect the same result."The residential sub-sector is, however, not alone in the problem; the retail and office markets are also not faring better.Analysts say that out of the close to 20 malls in Lagos, only about two or three are viable.In its overview of Nigeria's real estate industry in the third quarter of 2018, an investment firm, Broll Nigeria, says the ripple effect of improved macroeconomic conditions from recessionary levels has yet to have a significant impact on the recovery of the retail market.It adds that while the rise in oil prices has helped to boost forex inflows and exchange rate stability, it has also contributed to inflationary pressures in the market."Renewed signs of weakness in the wider economy have made investors increasingly cautious in their investment decisions. Over the last 12 months, underlining trends have persisted. These include contracted purchasing power, high tenant turnover rates, high rental and operational costs and an oversupply of mall space. Landlords continue to offer financial incentives in order to drive up occupancies within their malls," the report says.Although it found a relative improvement in office market dynamics in the first three quarters of 2018, the report says the market remains a tenants' market with landlords having to offer favourable leasing terms to drive occupancy levels.It explains that it is anticipated that activity in the office market will continue to improve, albeit at a very gradual pace, with the lingering uncertainty about the economy's growth and employment prospects."Vacancy levels are expected to rise, especially with the delivery of over 40,000m² of prime space over the next six to 12 months," it adds.Balogun says the retail market started aggressively but it is currently being challenged by increasing vacancy rates.He explains that the situation is so because some developers have not been very innovative in developing the malls, especially putting the neighbourhood into consideration."What we are doing is copy and paste; unfortunately most of the people we copy from do community malls. You can't build big malls in the middle of nowhere and expect to have full occupancy," he says.Mortgage to the rescue According to stakeholders in the industry, only the development of the mortgage industry can help reduce Nigeria's housing deficit.But investigations show that awareness is still very low, especially in the informal sector where many do not know how to get mortgage loans.The Founder of Dunn Loren Merrifield, an investment firm, and Chairman of Mortgage Warehouse Funding Limited, Sonnie Ayere, tells our correspondent that with the housing deficit in the country, even if a million houses are built yearly, it will take more than 20 years to reduce it."So, it gives an idea of how enormous the issue is and how it is important that we get people onto the mortgage ladder," he adds.The Chief Executive Officer, Trustbond Mortgage Bank Plc and President, Mortgage Banking Association of Nigeria, Mr Niyi Akinlusi, says Nigerians have become accustomed to buying houses with cash, hence the lull in the property market."I think it is cultural; a lot of our people think if they cannot feel it, it does not exist. They feel the cash. But I think all we need is more education and enlightenment. That is why we encourage people to take a mortgage, which doesn't give cash but it will encourage them to understand and appreciate the fact that transactions cannot be cash-based," he says.According to him, stakeholders in the mortgage industry are putting a lot of initiatives in place to ensure that more Nigerians consider using mortgage when acquiring houses.Ayere, however, says that the high-interest rate on the mortgage is also a problem that needs to be addressed.He says, "Interest rate on a mortgage is very high and makes the process very expensive. So that even with a tenor of about 20 to 25 years, people are reluctant and those who take mortgages pay it up as quickly as they can."In other words, any little money they get, they put it into paying up their mortgage loan, because it is just so expensive at about 22 to 25 per cent interest rate. Secondly, when you calculate the payment with the income ratio, it is also very high; a lot of people cannot afford it."When you look at the percentage you have to pay to the banks and the percentage of the income you have, it becomes difficult. Let's say you earn N1,000, under normal circumstance, your mortgage should not be more than N300; but when you calculate the interest rate of these mortgages, they take up about 60 to 65 per cent of your income, and you can't use that much to repay mortgage loans. So, that is one of the reasons why people still use cash; the real issue is the interest rate."He explains that efforts are ongoing to address the problem of both interest rate and funding tenor.Akinlusi says the government and other stakeholders are currently de-risking the mortgage market so as to improve real estate funding."It has been slow but steady. One of the things that need to be done is to de-risk the market; for any market to be opened up, you need to de-risk it. That is when funds can come in," he adds.Analysts, however, say that except stakeholders intensify efforts to educate Nigerians about mortgages, the various initiatives may not yield results.Developers explore incentives To cope with the lull in the property market, developers are devising survival methods such as giving incentives to subscribers.Adeoye explains that several innovative options have been made available to buyers."As developers, we felt the need to come up with offers some of which allow subscribers to pay between 20 and 30 per cent deposit, move into the houses and spread the balance over a four to six-year period," he says.He, however, adds that despite this very generous offer, many subscribers are not forthcoming because they are unable to come up with the deposits even on houses that are considered very cheap.Some developers have gone further by offering bags of rice, foreign trips, cows and rams, among others, especially during festive periods to woo subscribers, especially those buying land and other affordable real estate products.Adeoye, however, notes that the offers are merely for enticing potential subscribers as their prices have been factored into the cost of the property or land."Buyers need to know that whatever they are getting has been factored into what they are buying, it is not free," he says.According to him, the process can also be counterproductive as the likelihood of default by developers doing these things is high.He adds, "What many of them are selling are plots of land. So if someone is doing a promo and selling 1, 000 plots of land, how will he deliver? How will he process titles for these people? How will he manage the challenges of encroachment? There is a promo every time, but for me, it is not sustainable. Many of such developers have disappeared and many of them will also disappear."I wouldn't call it a scam because of the intention; it is possible for you to be doing something wrong innocently. But some of them may not have enough land to give or the logistics to deliver. Some developers have 10, 000 and 20, 000 subscribers, how many years will it take them to deliver the properties?"He says subscribers to such projects need to be wise and not be carried away by such offers.Rising cases of property scam Housing is a basic human need and its non-availability to the average man in the country coupled with a fast-rising population, especially in the urban centres, has made the search for shelter either for lease or outright purchase a thing of near desperation.This, according to findings, has led to a high number of fraudulent developers. Unfortunately, the industry is not regulated and has become an all-comers affair in the last few years.Over the years, the business of property development has thrived and continues to attract new investors due to the fact that it is subjected to little or no formal regulation except for the efforts of some groups mostly made up of the developers themselves.Adeoye says, "There are problems in the industry; whatever you are doing without experience is likely to have money as the motivation. So, it may lack depth and you may not understand the business you are doing."Now, there are inexperienced developers around and the industry is not regulated. People wake up and collect people's money without accounting for it and there is no one to ask them to deliver what they promised. People are being scammed every day. Developers today move about with all kinds of security operatives. We have hooligans masquerading as developers all over the country."The Managing Director of PropertyMart Real Estate Investment Limited, Mr Deji Fasunwo, says everyone sees the real estate business as what they can do whether they have the expertise or not."But it takes a lot of passion and desire to make things happen for you or to remain in business. If it is about money, you will not last long and because the industry is not regulated, there have been a lot of charlatans but over time we have been able to differentiate between those in business to make a difference and those in it to make money," he says.Experts proffer solutions The Managing Director, Propertygate Development and Investment Plc, Mr Adetokunbo Ajayi, says the weak market demand for properties, principally due to the current difficult macroeconomic environment, is taking a serious toll on many developers and realtors.He, however, adds that the poor conception and product deficiency of some development projects are the main obstacles to their market success."While it is obvious that the real estate sector is currently in a lull, it is, however, not an unusual occurrence from historical records. Patience, doggedness and innovative thinking are required on the part of players in the sector to keep sailing. The boom cycle will surely come again," he says.Balogun says except developers begin to take into consideration the needs of those they are building houses for, the glut in the market may not be resolved soon."We are not building what people require, which is under our control, we don't need any government policy or intervention or activity. Industry players need to sit back and realise they are throwing money away and the banks are also suffering, depositors' money is suffering. If you don't build with sense, you waste your money," he says.He explains that developers need to understand that houses built based on demand will not remain in the market for long.He says, "What we need to do is to have a rethink. We should build to fulfil demand not just build because the money is available. The economy will not reflect the investment in the real estate industry if we don't change these things and like I said there are data to help us make those changes but we are not taking advantage of them."Adeyinka posits that for developers, particularly those building for residential purposes, to reduce building houses that will remain vacant for a long time, they should explore designing for those who really need them."My company's development is designed for contributors under the National Housing Fund, so it is a bit better, it helps us to stay afloat," he adds.According to the Director-General of the Nigerian Building and Road Research Institute, Prof. Danladi Matawal, at a period like this when the country is faced with high figure of housing deficit, stakeholders must begin to explore ways of reducing costs. He explains that the ability to provide shelter for the people at a cheaper rate will solve over 60 per cent of the need for housing."At this point when imported building materials are becoming very expensive and considering the fact that the availability of fund continues to dwindle, the solution is the alternative, locally-sourced building materials which are in abundance in Nigeria," he adds.Internal medicine doctorBad credit loanAddressAloneAlthoughAnalystAttributableAuto parts internationalBank LoanBank rate calculatorInternal m

Default on loans rises as glut hits property market
Default on loans rises as glut hits property market

Financing real estate development is seen as one of the most difficult things to do in Nigeria. Over the last few years, it has been made worse due to the downturn in the economy.According to stakeholders, the real estate industry has not really recovered from the impacts of the recession.Findings show that developers have had to take the heat as empty houses dot the landscape of major cities in the country, tying down funds while many Nigerians are homeless.It is estimated that Nigeria has about 17 million housing deficit, a figure that has been in dispute because some stakeholders think it may be up to about 20 million considering the growing population.But while many look up to developers to help in the provision of houses, with the support of the government, they (developers) have been constrained by low purchasing power from those who should take up the houses built, and lack of funds from banks.Data obtained from the National Bureau of Statistics show that as of the third quarter of 2018, the real estate industry's debt to banks was over N710bn.The figure accounts for 4.46 per cent of the total credit of N15.59tn to the private sector, making the industry the fifth highest debtor to the banks.Although it was lower than the N798bn recorded in the same period in 2017, the situation has made it difficult for developers to access commercial banks' loans.The Deputy President, Real Estate Developers Association of Nigeria, Mr Akintoye Adeoye, says banks are no longer interested in extending loans to developers.He adds, "There is a high rate of default on bank loans, if you go to any bank today and tell them you want to finance real estate development, they will not talk to you because they have had their fingers burnt. The interest rate is also not helping; it currently hovers around 25 to 35 per cent and housing is long-term, so it is a mismatch to use a short-term fund to finance a long-term project."Now, banks are not places to go to except on some special projects where the off-takers are members of a cooperative society where they know how they will wrap up the transaction but it will also be expensive for the buyers because the cost of funds will be transferred to them."The Chairman and Managing Director, Megamound Investment Limited, Otunba Olumide Osunsina, also says commercial banks are no longer interested in financing real estate projects."They have not been putting their money in the industry for a while," he adds. The Chairman, Sparklight Property Development Company Limited, Chief Toyin Adeyinka, tells our correspondent that the low purchasing power of many Nigerians has reduced real estate transactions, limiting access to funds for developers.He says the only viable window of funding, and which also offers single digit interest rate to developers is the Federal Mortgage Bank of Nigeria.But even the FMBN has been weighed down by debts which it gives majorly through its Estate Development Loan window.The mortgage bank in 2012 suspended the EDL due to default on loans, a few years after publishing names of bad debtors in 2009.In 2016, the FMBN had solicited the help of the Economic and Financial Crimes Commission to assist in recovering about N100bn debt from developers as well as primary mortgage banks.According to a former Managing Director and Chief Executive Officer of the FMBN, Richard Esin, who made the appeal at the time, developers have a huge debt overhang with the bank.Also, the now defunct Skye Bank Plc, in its earnings guidance on March 23, 2016, notified shareholders and investors of "anticipated material decline in its profits for the full-year ended December 31, 2015 compared with that of 2014."According to the bank, the expected decline in performance was attributable to management's decision to recognise "increased impairment on loans to sectors severely affected by the prevailing economic headwinds, which are yet to abate, especially the lull in oil and gas and real estate sectors".In its Gross Domestic Product report for the third quarter of 2018, the NBS says the real estate sector contracted by -2.68 per cent from -3.88 per cent in the second quarter and -9.4 per cent in the first quarter of the year.At the same period in 2017, the sector contracted by -4.12 per cent in the third quarter from – 3.53 per cent in the second quarter of 2017 and -7.37 per cent in the third quarter of 2016.The sector's contribution to nominal GDP in the third quarter of 2018 was 6.88 per cent, lower than the 7.54 per cent reported in the corresponding quarter of 2017 and 7.09 per cent recorded in the preceding quarter.Glut versus deficit Ironically, even with the slow growth in the sector and the glut in the property market, the Federal Government estimates that almost half of the population of the country needs houses.According to a recent statement by the Minister of State for Power, Works and Housing, Mustapha Shehuri, more than 70 million Nigerians fall into the category of those in urgent need of housing.The President and Chairman of Council, Association of Housing Corporations of Nigeria, Mohammed Adamu, says housing all over the world remains the most basic human needs that impact directly on the physical, social and mental well-being of man irrespective of socio-economic status, colour or creed.He, however, adds that many people are becoming homeless as a result of a non-functional housing sector.He explains that despite the high demand for housing, there are houses in some of the major cities such as Abuja, Lagos and Port Harcourt, built over two years that are not sold and not occupied.A recent report by the Centre for African Housing Finance, says Nigeria requires over $360bn to address its housing needs.The Principal Partner, Bode Adediji Partnership, Mr Bode Adediji, says the luxury property market has been on lockdown for the past two to three years.The Senior Partner and Chief Executive Officer, Nelson Thorpe Alonge, a firm of chartered surveyors and estate surveyors and valuers, Mr Victor Alonge, says the situation in the property market has been the same since 2015."The truth is that there is clearly an oversupply of property for sale, it has been like that for some time especially since the current dispensation. There are few effective demands, which is why prices have not risen. We have not seen any difference and people are not buying properties like before," he says.At the beginning of the year, real estate firm, Northcourt, in its ' 2018 Nigeria Real Estate Market Outlook', had stated that consumer purchasing power had remained low."Small is the new big as developers across retail, residential, industrial and hospitality sectors now favour small to moderately-sized projects. Also, there is a rising demand for much more affordable housing projects," the report says.According to findings , the demand for smaller but functional developments is gradually taking over; from residential to retail, and many developers are beginning to explore the new trend.The Chief Executive Officer, Global Property and Facilities International Limited, Dr MKO Balogun, says potential subscribers now look out for smaller apartments.He says, "There are more demands for one, two-bedroom apartments. Sixty per cent of people who need houses don't need three-bedroom apartments; they need one and two-bedroom where they can graduate to bigger houses. But we are just building townhouses everywhere and creating problems."I know developers who are buying whole houses, knocking them down and building one, two-bedroom apartments. We can't keep doing the same thing and expect the same result."The residential sub-sector is, however, not alone in the problem; the retail and office markets are also not faring better.Analysts say that out of the close to 20 malls in Lagos, only about two or three are viable.In its overview of Nigeria's real estate industry in the third quarter of 2018, an investment firm, Broll Nigeria, says the ripple effect of improved macroeconomic conditions from recessionary levels has yet to have a significant impact on the recovery of the retail market.It adds that while the rise in oil prices has helped to boost forex inflows and exchange rate stability, it has also contributed to inflationary pressures in the market."Renewed signs of weakness in the wider economy have made investors increasingly cautious in their investment decisions. Over the last 12 months, underlining trends have persisted. These include contracted purchasing power, high tenant turnover rates, high rental and operational costs and an oversupply of mall space. Landlords continue to offer financial incentives in order to drive up occupancies within their malls," the report says.Although it found a relative improvement in office market dynamics in the first three quarters of 2018, the report says the market remains a tenants' market with landlords having to offer favourable leasing terms to drive occupancy levels.It explains that it is anticipated that activity in the office market will continue to improve, albeit at a very gradual pace, with the lingering uncertainty about the economy's growth and employment prospects."Vacancy levels are expected to rise, especially with the delivery of over 40,000m² of prime space over the next six to 12 months," it adds.Balogun says the retail market started aggressively but it is currently being challenged by increasing vacancy rates.He explains that the situation is so because some developers have not been very innovative in developing the malls, especially putting the neighbourhood into consideration."What we are doing is copy and paste; unfortunately most of the people we copy from do community malls. You can't build big malls in the middle of nowhere and expect to have full occupancy," he says.Mortgage to the rescue According to stakeholders in the industry, only the development of the mortgage industry can help reduce Nigeria's housing deficit.But investigations show that awareness is still very low, especially in the informal sector where many do not know how to get mortgage loans.The Founder of Dunn Loren Merrifield, an investment firm, and Chairman of Mortgage Warehouse Funding Limited, Sonnie Ayere, tells our correspondent that with the housing deficit in the country, even if a million houses are built yearly, it will take more than 20 years to reduce it."So, it gives an idea of how enormous the issue is and how it is important that we get people onto the mortgage ladder," he adds.The Chief Executive Officer, Trustbond Mortgage Bank Plc and President, Mortgage Banking Association of Nigeria, Mr Niyi Akinlusi, says Nigerians have become accustomed to buying houses with cash, hence the lull in the property market."I think it is cultural; a lot of our people think if they cannot feel it, it does not exist. They feel the cash. But I think all we need is more education and enlightenment. That is why we encourage people to take a mortgage, which doesn't give cash but it will encourage them to understand and appreciate the fact that transactions cannot be cash-based," he says.According to him, stakeholders in the mortgage industry are putting a lot of initiatives in place to ensure that more Nigerians consider using mortgage when acquiring houses.Ayere, however, says that the high-interest rate on the mortgage is also a problem that needs to be addressed.He says, "Interest rate on a mortgage is very high and makes the process very expensive. So that even with a tenor of about 20 to 25 years, people are reluctant and those who take mortgages pay it up as quickly as they can."In other words, any little money they get, they put it into paying up their mortgage loan, because it is just so expensive at about 22 to 25 per cent interest rate. Secondly, when you calculate the payment with the income ratio, it is also very high; a lot of people cannot afford it."When you look at the percentage you have to pay to the banks and the percentage of the income you have, it becomes difficult. Let's say you earn N1,000, under normal circumstance, your mortgage should not be more than N300; but when you calculate the interest rate of these mortgages, they take up about 60 to 65 per cent of your income, and you can't use that much to repay mortgage loans. So, that is one of the reasons why people still use cash; the real issue is the interest rate."He explains that efforts are ongoing to address the problem of both interest rate and funding tenor.Akinlusi says the government and other stakeholders are currently de-risking the mortgage market so as to improve real estate funding."It has been slow but steady. One of the things that need to be done is to de-risk the market; for any market to be opened up, you need to de-risk it. That is when funds can come in," he adds.Analysts, however, say that except stakeholders intensify efforts to educate Nigerians about mortgages, the various initiatives may not yield results.Developers explore incentives To cope with the lull in the property market, developers are devising survival methods such as giving incentives to subscribers.Adeoye explains that several innovative options have been made available to buyers."As developers, we felt the need to come up with offers some of which allow subscribers to pay between 20 and 30 per cent deposit, move into the houses and spread the balance over a four to six-year period," he says.He, however, adds that despite this very generous offer, many subscribers are not forthcoming because they are unable to come up with the deposits even on houses that are considered very cheap.Some developers have gone further by offering bags of rice, foreign trips, cows and rams, among others, especially during festive periods to woo subscribers, especially those buying land and other affordable real estate products.Adeoye, however, notes that the offers are merely for enticing potential subscribers as their prices have been factored into the cost of the property or land."Buyers need to know that whatever they are getting has been factored into what they are buying, it is not free," he says.According to him, the process can also be counterproductive as the likelihood of default by developers doing these things is high.He adds, "What many of them are selling are plots of land. So if someone is doing a promo and selling 1, 000 plots of land, how will he deliver? How will he process titles for these people? How will he manage the challenges of encroachment? There is a promo every time, but for me, it is not sustainable. Many of such developers have disappeared and many of them will also disappear."I wouldn't call it a scam because of the intention; it is possible for you to be doing something wrong innocently. But some of them may not have enough land to give or the logistics to deliver. Some developers have 10, 000 and 20, 000 subscribers, how many years will it take them to deliver the properties?"He says subscribers to such projects need to be wise and not be carried away by such offers.Rising cases of property scam Housing is a basic human need and its non-availability to the average man in the country coupled with a fast-rising population, especially in the urban centres, has made the search for shelter either for lease or outright purchase a thing of near desperation.This, according to findings, has led to a high number of fraudulent developers. Unfortunately, the industry is not regulated and has become an all-comers affair in the last few years.Over the years, the business of property development has thrived and continues to attract new investors due to the fact that it is subjected to little or no formal regulation except for the efforts of some groups mostly made up of the developers themselves.Adeoye says, "There are problems in the industry; whatever you are doing without experience is likely to have money as the motivation. So, it may lack depth and you may not understand the business you are doing."Now, there are inexperienced developers around and the industry is not regulated. People wake up and collect people's money without accounting for it and there is no one to ask them to deliver what they promised. People are being scammed every day. Developers today move about with all kinds of security operatives. We have hooligans masquerading as developers all over the country."The Managing Director of PropertyMart Real Estate Investment Limited, Mr Deji Fasunwo, says everyone sees the real estate business as what they can do whether they have the expertise or not."But it takes a lot of passion and desire to make things happen for you or to remain in business. If it is about money, you will not last long and because the industry is not regulated, there have been a lot of charlatans but over time we have been able to differentiate between those in business to make a difference and those in it to make money," he says.Experts proffer solutions The Managing Director, Propertygate Development and Investment Plc, Mr Adetokunbo Ajayi, says the weak market demand for properties, principally due to the current difficult macroeconomic environment, is taking a serious toll on many developers and realtors.He, however, adds that the poor conception and product deficiency of some development projects are the main obstacles to their market success."While it is obvious that the real estate sector is currently in a lull, it is, however, not an unusual occurrence from historical records. Patience, doggedness and innovative thinking are required on the part of players in the sector to keep sailing. The boom cycle will surely come again," he says.Balogun says except developers begin to take into consideration the needs of those they are building houses for, the glut in the market may not be resolved soon."We are not building what people require, which is under our control, we don't need any government policy or intervention or activity. Industry players need to sit back and realise they are throwing money away and the banks are also suffering, depositors' money is suffering. If you don't build with sense, you waste your money," he says.He explains that developers need to understand that houses built based on demand will not remain in the market for long.He says, "What we need to do is to have a rethink. We should build to fulfil demand not just build because the money is available. The economy will not reflect the investment in the real estate industry if we don't change these things and like I said there are data to help us make those changes but we are not taking advantage of them."Adeyinka posits that for developers, particularly those building for residential purposes, to reduce building houses that will remain vacant for a long time, they should explore designing for those who really need them."My company's development is designed for contributors under the National Housing Fund, so it is a bit better, it helps us to stay afloat," he adds.According to the Director-General of the Nigerian Building and Road Research Institute, Prof. Danladi Matawal, at a period like this when the country is faced with high figure of housing deficit, stakeholders must begin to explore ways of reducing costs. He explains that the ability to provide shelter for the people at a cheaper rate will solve over 60 per cent of the need for housing."At this point when imported building materials are becoming very expensive and considering the fact that the availability of fund continues to dwindle, the solution is the alternative, locally-sourced building materials which are in abundance in Nigeria," he adds.Internal medicine doctorBad credit loanAddressAloneAlthoughAnalystAttributableAuto parts internationalBank LoanBank rate calculatorInternal m

Buhari: Evans may join ruling party – PDP mocks composition of APC campaign council
Buhari: Evans may join ruling party – PDP mocks composition of APC campaign council

The Peoples Democratic Party (PDP) Presidential Campaign Council in Ekiti State has challenged the All Progressives Congress (APC) to tell Nigerians the political history of those President Muhammadu Buhari will inaugurate as members of his campaign council on Monday.“The way the APC is going with its desperate political recruitments, we only hope Nigerians won’t one day see Evans, the alleged kidnapper mounting the rostrum to campaign for the reelection of the President”, Director of Media and Publicity, Lere Olayinka, said in a statement on Sunday.The PDP urged Ekiti people in particular and Nigerians in general to take note of those President Buhari will be presenting tomorrow as Vice Chairmen (North and South), Director General as well as Zonal Coordinators of his campaign.The statement read; “PDP, like every organisations had its fair share of bad elements and we are happy that those corrupt elements left the party and are now comfortably calling the shots in the APC, playing leading roles in the reelection campaign of a President they toldNigerians had integrity.“At the top echelon of the campaign council of their Mr. Integrity is Rotimi Amaechi, a man who has lived close to 20 years of his existence on public fund, having spent eight years as Speaker of Rivers State House of Assembly and seven and half years as the State governor on the ticket of PDP. Out of 20 years of his political life, he has only spent four in APC.“Senator George Akume, who is the Vice Chairman (North) of the Buhari’s Campaign Council was Governor of Benue State from 29 May 1999 to 29 May 2007 on the platform of PDP while Senator Ken Nnamani, who is the Vice Chairman (South) was Senate President between 2005 and 2007 on PDP platform.“Senator Aliyu Wamakko, who is to lead Buhari’s campaign in the Northwest was elected governor of Sokoto State in 2007 and 2011 on the platform of PDP while his Northeast counterpart, Senator Ali Ndume was elected to the Senate for Borno South, in 2011 as PDP candidate.“In the North Central, Senator Abdullahi Adamu, a two term PDP governor of Nasarawa State is President Buhari’s campaign director.“Most importantly, Senator Godswill Akpabio, who is the campaign director for South South was until a few months ago the PDP Leader in the Senate and he was two term governor of Akwa Ibom State as well as Commissioner.“They have now rechristened these corrupt people that could not fit into the reformed and rejuvenated PDP as progressives, with President Buhari giving them protection. Even properties seized from them when EFCC was still fighting corruption and not being used as attack-dogagainst opposition elements as being done under the APC government have all been returned.“Furthermore, they have been assigned with task of selling Buhari, an expired product to Nigerians so that they can keep enjoying hisprotection at the expense of suffering Nigerians.“Therefore, beyond the APC’s sing song of Nigeria not going back to the PDP 16 years of alleged corruption, the reality is that theleading lights of APC today are those the PDP found unworthy, who sought protection from APC, a party noted for protecting corrupt people.”

Tanko Yakassai To Ndigbo: You Won’t Get Presidency In Next 20 Years If APC Wins In 2019
Tanko Yakassai To Ndigbo: You Won’t Get Presidency In Next 20 Years If APC Wins In 2019

“If Buhari wins the coming election, it would take Igbo and the Southeast a minimum of 20 years or more before… producing the President of Nigeria.”Second republic politician, Alhaji Tanko Yakasai, has raised the alarm over the fate of the Igbo in the present political arrangement, expressing fears that the Southeast might be shut out of the presidency for the next 20 to 28 years should Muhammadu Buhari win the forthcoming general elections.The octogenarian, who wants the people of the region to support the PDP presidential candidate, Alhaji Atiku Abubakar, warned that the region may have none to blame, but themselves if they vote otherwise.The elder statesman also cast a view on the forthcoming general elections, saying that the contest between Atiku and Buhari would be close in the North even as he argued that the President Buhari we have in the Aso Rock is the real Buhari and not a double as have been alleged in some quarters.My general assessment of the 2019 general elections is that it would be something like the 1964 elections, where you had two major groupings, namely UPGA comprising the NCNC, Action Group, NEPU and others and NNA made up of Northern Peoples Congress (NPC), Midwest Democratic Front (MDF) led by James Otobo, Niger Delta Peoples Congress (NDPC) led by the late Chief Dappa Biriye, Chief SLA Akintola’s Nigeria National Democratic Party (NNDP) and some others. This kind of divide is what is going to play out in the general elections. APC and their allies in the Southwest already have their candidate in the person of President Muhammadu Buhari. And the other block is the PDP, which has Atiku Abubakar and Peter Obi as their candidates. This is a divide with far reaching implications. Now, if Buhari who is now looking for a second term wins the election, he would complete his second term of four years. Since his running mate is from the Southwest, the natural thing is for APC to nominate his running mate from the Southwest. The candidate of the party would then come from the Southwest, who will naturally nominate his running mate among APC supporters from the North. If they succeed in winning the elections after Buhari, whoever wins the election on APC’s platform would likely run for two terms of eight years. If you put the eight years plus Buhari’s four years, it would amount to 12 years. And that is not all. After the man from the Southwest, it is impossible for somebody on the platform of the APC to aspire to be nominated to contest election from the entire South and, therefore, the candidature would now come back to the North after the Southwest. The North, naturally, with the trend started by Obasanjo, would also like to have two terms of eight years. If you put together that eight years, plus the eight years of the Southwest and the remainder of four years for Buhari’s second tenure, that would be a total of 20 years. That would be the time that it would take for anybody from the Southeast to have an opportunity to become the President of Nigeria, if elected. That is not all. The scenario is that by the time APC candidate from the North has competed his two terms, the slot will not automatically go to the Southeast or Igbo land, it will be available for both the Southeast and South-South geopolitical zones. But if, on the other hand, PDP with Atiku and a running mate from the Southeast in the person of Peter Obi, wins the election next year, they would run the government for a maximum of eight years, that is two successful terms. And after that government of eight years, automatically the shift would go to the Southeast and the possibility is that his running mate, who is from Igbo land and from the Southeast would become the candidate for the position of the President on the ticket of the party. In other words, if Buhari wins the coming election, it would take Igbo and the Southeast a minimum of 20 years or more before they can have the possibility of producing the President of Nigeria. Therefore, PDP’s victory in next year’s elections is the surest way of giving the Igbo man the opportunity to have one of their own becoming the President of Nigeria.

The Amina Zakari storm
The Amina Zakari storm

In 2010, when Dr. Goodluck Jonathan assumed office following the death of President Umaru Musa Yar’Adua, he promised us electoral reform. He launched a campaign on “one man, one vote; one woman, one vote; one youth, one vote”. He started to speak about “credible elections”, steering our vocabulary away from “free and fair elections”. This was partly in response to the ridiculous 2007 elections that brought him and Yar’Adua to power. It could well be that 2007 was not the worst in Nigeria’s history, but INEC, under the leadership of the inimitable Prof. Maurice Iwu, had conducted itself in such a way that people had to classify the body as a unit of the PDP, the ruling party then.Yar’Adua himself was embarrassed by the conduct of the 2007 elections. He admitted that much in his inauguration speech. Iwu’s INEC allocated 24,638,063 votes to him and 6,605,299 to Gen. Muhammadu Buhari, the candidate of the All Nigeria Peoples Party (ANPP, a legacy party of the All Progressives Congress, APC). Up till today, there is no state-by-state breakdown of the election results because they were still being collated and announced at the state level when Iwu pronounced Yar’Adua the overall winner in Abuja. Yar’Adau later set up the Justice Mohammed Uwais committee on electoral reforms with a promise to deal with the anomalies.On succeeding Yar’Adua in 2010, Jonathan removed Iwu as INEC chairman, a major signal that he was serious about electoral reforms. He appointed Prof. Attahiru Jega, a respected university teacher and former president of the Academic Staff Union of Universities (ASUU), as Iwu’s replacement. Jonathan also nominated two commissioners into INEC — Dr. Abdulkadir Sulaiman Oniyangi and the woman known as Mrs Amina Zakari (nee Husaini Adamu). Both were sworn in on July 21, 2010 at the Council Chambers. Eight and a half years later, Mrs Zakari would become the hottest topic of discussion on the credibility of elections in Nigeria. That’s the way life goes.According to the rumour mill, Zakari is a niece of President Muhammadu Buhari. That means she will rig the presidential election in favour of her uncle to keep Aso Rock within the family, in the opinion of those opposed to her playing a major role in the elections. The rumour that she is Buhari’s niece was attributed to Alhaji Tanko Yakassai in 2015. He would later deny saying so. But Dr. Junaid Muhammad, a political associate of Senator Rabiu Musa Kwankwaso, has also been quoted as saying Mrs Zakari is Buhari’s niece and elder sister to Senator Hadi Sirika, minister of aviation. Since she is also sister to Alhaji Sulaiman Adamu, minister of water resources, it is a Buhari family affair then.

Okowa Promises To Sustain Peace, Development In Delta If Re-elected
Okowa Promises To Sustain Peace, Development In Delta If Re-elected

Delta State Governor, Ifeanyi Okowa, says if he is re-elected in the coming general elections he will ensure sustenance of peace, development and equity in the state.The governor said this on Saturday during the flag off of the Peoples Democratic Party (PDP’s) campaign in Koko (Warri north) and Sapele (Sapele), Local Government Areas of the state.Okowa said he is confident that his administration has delivered on the promises made during the 2015 campaign.He, therefore, stated that better days lie ahead for the people, if he is given the opportunity to run for another four years.“I thank the people for the large turnout for the rally; the people of Warri north are always reliable, great followers, members of the PDP, I am here to tell you that I am going for second term.“We have done a lot of projects; during the administration of our leader, Chief James Ibori, we worked for him for two terms, in the last administration, I was the Director-General of the campaign, as a government, we have executed a lot of projects, we enjoy peace in our state and if we take the line of equity, we will complete two terms.“We promised to dualise the road, it has been done and will be commissioned soon. We promised to complete the market, it has been commissioned, the Sapele Technical College has been revamped and in the next four years, we will do more,” he said.The governor also called on opposition politicians to engage in campaigns to sell their manifestos rather than making plans on how to disrupt the electoral process in February.“Our opponents will not campaign, they will be at home planning bad things, but they will not succeed, we will get unprecedented number of votes in Sapele and all over the state; the opposition should come out and campaign, they should not be planning on how to disrupt the elections,” he said.

Saudi Arabia to notify women of divorce by text message
Saudi Arabia to notify women of divorce by text message

Saudi Arabia courts will notify women by text message when they get a divorce, in a new regulation that took effect Sunday....official said.Women in the kingdom will be able to view documents related to the termination of their marriage contracts through the ministry's website.The move comes as Crown Prince Mohammed bin Salman, the de facto ruler spearheads a liberalisation drive in the conservative kingdom, which has some of the world's toughest restrictions on women.

Suspected arsonists set ablaze 30 shops, houses in Ibadan
Suspected arsonists set ablaze 30 shops, houses in Ibadan

Some hoodlums suspected to be arsonists in the early hours of Sunday burnt down no fewer than thirty shops and houses located along the popular Beere-Molete road in Ibadan, the Oyo state capital.The affected shops and houses according to sources who spoke with DAILY POST included those located at Idi-Arere, Bode up to the ones at Allelluyah petrol station, all in the heart of the ancient city.One of the residents confirmed that parts of the affected structures included shops belonging to fashion designers, soft drinks sellers, electronics shops, frozen foods’ shop and cooking materials sellers’ shops among others.Another resident of the area who spoke with DAILY POST in confidence confirmed that the incident occurred midnight when many of the residents of the affected areas were still sleeping.He said that the hoodlums stormed the areas and burnt all the shops and houses located along the road.He said, “It is not up to Popoyemoja, it was only at Idi-Arere, Bode up to Allekuyah petrol station. It is a case of arsonists. They burnt houses and shops too. So, it was very late, though it happened in the midnight.“It was when we woke up this morning that we saw everything. It is not up to Popoyemoja, it stopped at Idi-Arere. From that junction to Bode road.“Though, I can’t count the number of shops, but, it was a stretch from that junction up to Alleluyah petrol station. But, we are talking of about ten to fifteen shops on this side and ten to fifteen shops on the other side.“About 30 shops, if I have the opportunity, I will send your the pictures but, presently I am at home.He, however, queried the claim by the Oyo state government that there is peace in the state.He said, “The state government said that there is security, but you can see this. The CCTV is not in Idi-Arere, the one at Beere cannot capture up to Oja-Oba, the one at Molete cannot capture up to Idi-Arere”.Public Relations Officers of the state police command, Adekunle Ajisebutu who confirmed the incident to journalists, however, insisted that normalcy has returned to the affected areas.Ajisebutu in a statement added that eleven suspects including their leader have been arrested.He said, “Normalcy has been restored in the affected area. The state Commissioner of Police, Abiodun Odude, has directed the policemen drafted to the area to carry out intensive patrol as well as 24 hours surveillance to avoid further breakdown of law and order.“While directing that the 11 suspects including their ring leaders arrested be charged to court immediately after conclusion of investigation, he warned hoodlums and other criminal elements against wanton destruction of lives and property”.

Regional Integration Key to Africa's Economic Growth
Regional Integration Key to Africa's Economic Growth

INTEGRATION is an important engine for economic growth, sustainable development and improving the living standards of the African people.It is also recognised as one of the key factors underlying the success of the fastest growing economies in Africa.It is against this background that the University of Dar es Salaam (UDSM), College of Social Sciences through its fifth Voice of Social Sciences Annual International Conference came up with the topic on how economic cooperation and regional integration can be fostered in Africa.The conference with the theme, "Regional Integration in Contemporary Africa" brought together scholars and researchers from different countries to discuss and deliberated on the matter for a better future for the African continent.Opening the meeting, the Deputy Vice Chancellor- Research and Knowledge Exchange at the UDSM, Professor Samuel Maghimbi (Department of Sociology and Anthropology) said that the meeting was vital since Africa needs to integrate in order to create larger, more viable internal economic spaces to permit efficient functioning of markets.Prof Maghimbi told the gathering that economically, bigger markets permit better exploitation of economies of scale, while factor mobility across borders and the harmonisation of monetary and fiscal policies facilitate faster economic growth and greater welfare for participating countries."Economically, it clearly demonstrates that regional integration is a requisite for political stability and sustainable economic development," he said.He added that there is enough evidence on the ground to support Africa's sustained efforts in implementing its regional integration agenda."It is in this context that African Union Heads of State and Government continue to pursue regional integration as an overarching continental development strategy."The scholars said that despite being featured in many African development initiatives over the years, the pace of implementation of the regional integration agenda has not always matched the high ambitions and ideological commitment.Many African countries are still faced with several difficulties in implementing the regional integration agenda.More specifically, the weak productive capabilities, lack of technological sophistication, lack of industrial capacity for diversified manufactured goods, inadequate infrastructure, as well as weak institutional capacities.Other constraints include issues related to inadequate financial and human resources along with difficulties concerning harmonisation of regional programmes into national policy frameworks.Regionalism has also been driven by public sector organisations and thus lacked the support and involvement of the private sector and the general public.Basing on the challenges, Prof Maghimbi urged the meeting to discuss how Africa reconciles the sometimes-conflicting interests of countries with diverse sizes, natural resources and economic performance; how to involve civil associations, business groups, professionals and other sectors of society more actively in all integration endeavours."You should also base on how Africa can achieve an appropriate balance between public and private economic initiatives as well as how we can pursue the pace of integration that is simultaneously ambitious and realistic," he urged.Earlier, the Principal of the College of Social Sciences, Prof Alexander Makulilo- Department of Political Science and Public Administration said that African countries remained largely internally unintegrated in the post-colonial period."African countries have very small markets; in 2012 more than 60 percent of the African countries had less than 15 million people," he said, adding that apart from the often-cited problems related to corruption, instability, undemocratic rule and civil unrest, there is also a lack of private sector activity in regional integration schemes.He said that the conference was aimed at shedding light on such issues and bring about the expected deliberations through sharing knowledge and experiences regarding regional integration in Africa."The deliberations of this conference will contribute to promote trade, science and technological exchange, peace and political stability, environment and natural resource governance and Socio-cultural transformation in Africa," he noted.

Four Top African Airlines to Take On Ethiopian Airlines
Four Top African Airlines to Take On Ethiopian Airlines

Air Mauritius, South African Airways, RwandAir and Kenya Airways hope to use the alliance to achieve the "much-needed economies of scale" which would accord them improved efficiency and collaborations, Four African airlines plan to launch the first African Civil Aviation Alliance before March 2019, to break the stranglehold of Ethiopian Airlines on the continent and boost

Gabon: Soldiers Seize Radio Station in Attempted Coup - Reports
Gabon: Soldiers Seize Radio Station in Attempted Coup - Reports

Soldiers in the Gabon army are being reported to be attempting a coup after taking over a radio station in the capital of Libreville.Al Jazeera reportsthat shots were fired after the troops announced it is setting up a "restoration council", in response to President Ali Bongo's New Year statement from Morocco.Bongo spoke from Morocco for the first time since having a stroke in October.Reuters reports the president slurred some of his words in his speech and didn't move his right arm.Earlier it was reported that the U.S. deployed soldiers to Gabon in response to possible violence in the Democratic Republic of Congo following a disputed election

Nigeria: Eight Elections to Watch in 2019
Nigeria: Eight Elections to Watch in 2019

Last year saw important and momentous elections. Some came as a surprise, while in others, old figures secured another term. In 2019, several countries will also witness crucial elections in which millions of voters will be faced with clear choices regarding fundamental issues ranging from the economy, security, immigration and corruption.Nigerian General Elections - FebruaryIncumbent President Muhammadu Buhari faces a tough re-election bid with competition from a crowded field, including former vice president Atiku Abubakar.Millions of voters will choose a president, governors and federal and state lawmakers countrywide. The elections will test the political course set by the peaceful transition of power in 2015.Risk of electoral violence, given Nigeria's ethnic cleavages and social inequalities, remains a real concern. The International Crisis Group, in its December report, warned that already there have been incidents of violence, with some states displaying particularly troubling signs ahead of the vote.The Brussel-based organization, however, advised the Nigerian authorities to enhance security plans; encourage rivals to pledge jointly to campaign and resolve disputes peacefully.

Amaechi’s ex-aide admits voice belongs to minister, explains what happened
Amaechi’s ex-aide admits voice belongs to minister, explains what happened

Ibim Semenitari, a former aide to the Minister of Transportation, Rotimi Amaechi, has reacted to the audio recording in which the minister was heard expressing shocking pessimistic views about Nigeria and the administration of President Muhammadu Buhari.In a press statement yesterday, she accepted the voice in the tape is Amaechi’s but insisted that the minister’s comment had been twisted out of context.Amaechi, a key political ally of Buhari and is the Director-General of the Buhari/Osinbajo Campaign Organisation, was allegedly caught on tape portraying President Buhari as a dismal failure who has been unable to meet the expectations of various segments of the society.However, the statement by Mrs Semenitari, a former Rivers State commissioner for Information under Amaechi, reads: “Let me first make it clear that I am not speaking for the Honourable Minister nor for his media team. He has quite competent hands who can do so.“However, I feel compelled as someone who had sat in at myriads of interviews granted by the Honourable minister both when he was governor and a little while after that to correct what I believe is deliberate twisting of what he had said. First a bit of background to put things in context.“Anyone who has sat with Amaechi in private discussions or at a media interview will agree that he has been consistent in expressing the belief that most Nigerians do not hate corruption but simply hate the fact that they are not the ones perpetuating the corruption. This has been his view expressed at different times in press interviews. It is for this reason that he has maintained that only a bloody revolution somewhat like the Rawlings revolution in Ghana will change Nigeria.“During the Jonathan era, he had made these comments at various media discussions during which time he had also lamented about the former President’s refusal to listen and take counsel. Media colleagues at these events I am sure will remember. It is for this reason that I am certain the first recording was from one of those parleys.“It is possible that the Honourable Minister has also on some occasions spoken about the frugality of the Buhari regime but he did so not in the context of negativity but as a positive indication of a new Nigeria where pain will ultimately translate to gain. Again I say this with the privilege of knowing his governance worldview in this regards.“The reason I have bothered to speak about this is because this is a clear case of cut and paste. Different conversations taken out of context and brought together to create a narrative that is far from the truth.“I am saddened by the fact that a purported conversation meant in the first place to be not for reportage and in strict confidence is being peddled. Though I wasn’t present at this so-called meeting but I gleaned this from the supposed comments of the minister in the peddled tape itself.“Like I said, I do not hold brief for the minister not can speak for his media team but I do owe my country, my profession and posterity the truth that I know. Happy new year again and may Nigeria prosper.”

Buhari Hands Over Campaign To Tinubu, Says He Doesn’t Want Governance To Suffer
Buhari Hands Over Campaign To Tinubu, Says He Doesn’t Want Governance To Suffer

The National Leader of the All Progressives Congress, Asiwaju Bola Tinubu, will now lead the party’s campaigns for the February general elections as against President Muhammadu Buhari, who is the Chairman of the APC Campaign Council.Buhari stated this on Monday while inaugurating the campaign council.The President said the reason was that he didn’t want governance to suffer because of elections.Tinubu and Vice-President Yemi Osinbajo are Co-Chairmen of the Council and by original plan, were to deputise the President, who ordinarily should lead the campaigns.But on Monday, Buhari handed over that responsibility to Tinubu and said he didn’t want governance to suffer.Buhari inaugurated the council at the International Conference Centre Abuja, an event that had the National Chairman of the party, Mr Adams Oshiomhole, ministers and governors in attendance.The campaign train will move to Bauchi State on Thursday. 

Shettima weeps before Buhari, says ‘we expected you to end Boko Haram’
Shettima weeps before Buhari, says ‘we expected you to end Boko Haram’

Kashim Shettima, governor of Borno state, broke down in tears before President Muhammadu Buhari over the setbacks being recorded in the Boko Haram war in his state.This happened in Abuja on Monday, as the governor met the president at the Council Chambers of the Presidential Villa, in the company of the country’s key defence officers.Shettima, who led leaders of the state to Buhari to seek an audience with the president, said in his introductory remarks that they expected Buhari’s coming as commander in chief to end the onslaught of the terrorists.“Between 2013 and 2014, we witnessed the most daring and most viscious evil of the Boko Haram, losing 20 Local Government Areas,” Shettima said.“However, we rushed here because of the recent upsurge in the activities of the demented monster called Boko Haram especially in northern Borno senatorial district. We are here because since 2015, Mr. President, you were able to restore our hope.“Sir, you have demonstrated empathy for Borno and the overriding commitment to ending the Boko Haram. This is why we rushed here on witnessing some setback.“We are here because we thought that Allah will use you to fully reclaim Borno traditional glory of being the home of peace. We are here as a people who worked, prayed and waited for your Presidency in the firm belief that with you as the Commander In Chief, Boko Haram will become history in Borno.”The meeting had in attendance Babagana Monguno,  National Security Adviser; Gabriel Olonisakin, chief of defence staff; Ahmed Abubakar, acting director-general of the National Intelligence Agency (NIA);  and Yussuf Bitchi, the director general of Department for State Services (DSS).Shettima told the President that the leaders came to present a set of observations and specific requests from an extraordinary security meeting held a week ago in Borno State, which will require urgent presidential intervention.Shettima amidst tears over the current setback in the fight against insurgency, told Buhari that the leaders have not lost hope in his ability to win the war and restore peace to the state.He said the people have not lost all hope in the president’s ability to put an end to the insurgency in the northeast.“Mr. President, we have not, and Insha Allah, we will not lose hope in you because we have witnessed and survived worse moments before you came. We do not feel hopeless. Our hopes are very much alive and they are very high.“We came with some observation and 10 requests for urgent presidential intervention. These observations and requests are products of discussion in the aftermath of our extra-ordinary security meeting held one week ago.“We didn’t rush to come after the meeting. We felt the need to travel to northern Borno, interact with displaced persons and the military so as to strengthen public confidence.“I will seek the understanding of the journalists by not making public any of our observation and 10 requests. They are matters of security which we hope to discuss with Mr. President in a close door.”His unexpected outburst promptly led to members of the press being excused from the meeting.

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