GENERAL

Ms Ama Pepple, Minister of Lands Housing and Urban Development removed: President
Goodluck Jonathan sacked the former Minister of Lands, Housing and Urban Development, Ms
Ama Pepple. The Minister of Mines and Steel Development, Mr. Musa Sada, has been assigned to
oversee the ministry.

NIESV sets up body to regulate estate agency: The Nigerian Institution of Estate Surveyors and
Valuers (NIESV) has set up a new body known as the Association of Estate Agents in Nigeria
(AEAN), to monitor and regulate the activities of all estate agents in Nigeria. AEANs activities will
be guided by NIESV pending when an Annual General Meeting will be convened to elect
substantive officers. The body was formed to improve the perception of estate agents as a result of
sharp practices associated with them.

Mundostrade introduces alternative building technology: Mundostrade Limited, an innovative
construction solutions company has introduced a pre-stressed T-Beam and Block flooring system.
The system provides an economic alternative to concrete floor construction. It comprises of a pre-
stressed inverted T-beams in-filled with standard concrete blocks. T-beams are produced to give
nominal depths from 150mm to 225mm and are placed at 450-520mm and/ or 295mm centres
depending on span and load. precast and pre-stressed concrete products suitable for use in both
domestic and commercial applications.

Firm unveils new property management software: Norris Greene Homes Nigeria Limited has
introduced a new tool, property software, which allows practitioners to enhance their
productivity.The software automatically manages properties, company website, marketing, social
media and customer relationship functions in a real estate company.

Group to sponsor bill on facility management: The International Facility Management
Association (IFMA), Nigeria chapter is planning to present a bill to the National Assembly for the
enactment of legislation on facility management. The proposed law is targeted at addressing the lack
of regular turnaround maintenance of public facilities in Nigeria. IFMA would pick the Abuja

Real Estate Activities in Nigeria, Q3, 2013 Report 7

National Stadium as a pilot project for it to demonstrate the capacity and ability of its members to
give public facilities proper maintenance.

IHSL rebrands, changes to TrustBond Mortgage Bank: Intercontinental Home Saving and
Loans Plc (IHSL), formerly a subsidiary of Intercontinental Bank Plc, has changed its business name
to TrustBond Mortgage Bank Plc. The change followed the acquisition of Access Banks 51.88%
shares in IHSL by Interrec. IHSL became a subsidiary of Access Bank in 2012 following the
acquisition of Intercontinental Bank and the subsequent merger of the two financial institutions into
a single entity. In line with the regulatory directives, Access Bank divest its interst from IHSL. IHSL
has grown shareholders funds from NGN100million to N4.7billion in six years. The mortgage bank
plans to increase the authorised share capital to NGN10billion in the coming months.

NIOB calls for establishment of Building Development Board: The Nigerian Institute of
Building (NIB) has called on the Federal Government to facilitate the establishment of a building
development board. The board is expected coordinate and promote the development of industry
standards, productivity measures and strengthen the relationship among stakeholders in the
construction industry.

Lagos State Government inaugurates building tribunal: The Lagos State Government has
inagurated a building tribual. The tribunal was set up in May, 2013 in accordance with Section 1 of
the Tribunal Inquiry Law, Cap T6, Laws of Lagos State 2003, to find a lasting solution to the spate
of building collapse and failures in the Lagos.










8 Real Estate Activities in Nigeria, Q3, 2013 Report

LAND MARKET

Nigeria Land Sales Prices and Yields
Nigeria Land Sales Rents

Location Prime Rents
Lagos US$550 per sq m
Abuja US$600 per sq m
SOURCE : Webhaptic Company, 2013

Market Activities
Ogun State Government acquires CORS network: The Ogun State Government through the
Bureau of Lands and Survey has acquired a Continuously Operation Reference System (CORS).
CORS, the high resolution satellite imagery system and had been installed in high development areas
of Ogun state: along the Lagos-Ibadan Expressway, Lagos-Ogun border areas, Abeokuta, Ifo, Ijebu
Ode, Ilaro, Ilaro-Ofada road, Ode-Omi and Sagamu. The system will allow surveyors, government
agencies and the general public to have access to data through radio satellites, Direct Global
Positioning System and the Internet.
Applicants frustrated over Cross River State Governors refusal to approve land: Over 1 600
prospective land allottees in Calabar are frustrated over the alleged reluctance of the Cross River
State Governor, Liyel Imoke, to approve application for land allocations. The state government had
since 2007 placed an embargo on land allocation in Calabar. In the last one year, 100 C-of-Os were
engrossed; eight certified documents recorded; 184 title documents registered; four notices of
revocation of rights of occupancy published/ gazetted; 50 land rents payers forms distributed; while
45 land rent payers were paid. For mortgage, he said the ministry processed 30 deed of mortgage
applications; two assignment; 23 conveyance, including 17 grant/ gift and lease/ sub lease.
RELAN commends Federal Government on Land Use Act amendment: The Real Estate
Lawyers Association of Nigeria has commended the determination of President Goodluck Jonathan
to remove the Land Use Act from the 1999 Constitution. Jonathan had on July 8, 2013 at a summit
organised by the Rockefeller Foundation in Abuja as part of its centenary celebration, spoke on the
need to amend the LUA.