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Cement Price Increase Worries Dealers

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Some cement dealers in Port Harcourt have lamented over what they described as unprecedented increase in the price of the most demanded materials for construction cement.

Expressing their dissatisfaction over the present price increase in cement by producers in a period when the  public is expecting a decrease in price, some of the dealers posited  that the price increase  was artificial, and  did not follow the usual market trend.

In his explanation, one of the cement dealers  in Port Harcourt who is a distributor with Eastern Bulkcem Ltd, makers of Eagle Cement Mr. Emmanuel Okwor told The Tide that he went to the Eagle Cement company to negotiate for supply, only to discover that it was difficult to get supply, unlike before where he  gets it easily.

According to Okwor, “we were expecting that the price of cement will come down, even with the Federal Government’s decision to set up a cement committee to regulate the business in Nigeria, coupled with the pronouncement of some local producers that they have a glut in the market due to the activities of importers”.

He also hinted that the short break in production that Eagle Cement wanted to embark on, had created some artificial increase in demand, and that such could be responsible for the increase  in price, adding that a trailer load of cement now has recorded a 15 per cent price increase.

Okwor however, posited that he would transfer the increase  to the final consumer from the former price of N1,500 to  N1,700 per bag, adding that Eagle Cement is one of the leaders in cement market in Nigeria, and that whatever affects it, will reflect in the cement market.

As for Mr. Livingstone Eze, one of the dealers along the East/West Road, Cement is relatively difficult to get this time, for us as dealers.

According to him, “I have placed order for over four days now, but there is no supply yet. This is quite unsual. I don’t know what is the cause, and what will likely happen now is that some other producers will take advantage of Eagle cement’s scarcity to increase their own prices”.

He said that he now sells other cement brands at the rate of the Eagle Cement and that other cement now obtained at between N1,500 and N1,700.

On his part, Mr. Enoch Wagbara, also a dealer said the cement market this time is not predictable, explain that while people were expecting a decrease  in price, suddenly the price is going up.

He said he will watch the trend for a while in Port Harcourt, and that he will not make bulk purchase until he is certain about the market price stability.

However, efforts made to see the Public Relations Officer of Eagle Cement was not successful, as he was said to be unstable due to the acclaimed holiday in production of the company, where workers are warming up for such break.

Corlins Walter

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Housing/Property

N69.4bn Debt: AMCON Seizes Properties, Freezes Accounts Of Jimoh Ibrahim

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The Asset Management Corporation of Nigeria (AMCON) has taken over 12 assets belonging to Chairman of Global Fleet Group, Jimoh Ibrahim, and frozen all his accounts over his debt which amounts to N69.4billion.
The seizure of the assets is pursuant to an order by Justice R.M. Aikawa of a Federal High Court, in Lagos.
AMCON on Wednesday took effective possession of all 12 properties through its Debt Recovery Agent – Pinheiro Legal Partners, which include the following: the building of NICON Investment Limited at Plot 242, Muhammadu Buhari Way, Central Business District, Abuja; NICON Hotels Limited building at Plot 557, Port Harcourt Crescent, off Gimbiya Street, Abuja and the building of NICON Lekki Limited also at No. 5, Customs Street, Lagos.
Other properties include: The building of Abuja International Hotels Limited located at No. 3, Hospital Road, Lagos; another Property at Plot 242, Muhammadu Buhari Way, Abuja; the former Allied Bank Building on Mile 2, Oshodi Express Way, Apapa Road, Lagos; Energy House located on No. 94, Awolowo Road, Ikoyi, Lagos; NICON Building at No. 40, Madeira Street, Maitama, Abuja; a Residential Apartment at Road 2, House A14, Victoria Garden City, Lagos; NICON Hotels Building at Plot 3, Road 3, Victoria Garden City, Lagos as well as the NICON Luxury Hotel’s Building, Garki I, FCT, Abuja.
In addition to the takeover of the listed properties, the court also ordered the freezing of all accounts belonging to Ibrahim and his companies, including Global Fleet Oil & Gas Limited and NICON Investment Limited all of who are defendants in the suit No. FHL/L/CL/776/2016 presided over by Justice Aikawa on Wednesday, November 4, 2020.
The court also granted AMCON possession over all shares belonging to the embattled Ibrahim and his two companies that are domiciled in Nigerian Re-Insurance Company Plc (NICON) Insurance Company Plc, Nigeria Stockbrokers Limited and NICON Trustees Limited.
AMCON’s Spokesman, Jude Nwauzor, said all the assets that are listed by the court and scattered around Abuja and Lagos had been successfully taken over by AMCON with the help of court bailiffs and officers and men of the Nigerian police as mandated by the court.

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Land Use Charge: Stakeholders Call For More Property Valuation

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Stakeholders in the real estate industry have said the Lagos State Government should increase the number of properties that have been valued under the amended Land Use Charge (LUC) Law, 2018.
They noted that this would take away the burden of paying high levies on properties by a few in the state.
The Deputy President, Real Estate Developers Association of Nigeria, Mr Akintoye Adeoye, who applauded the recent amendment of the LUC law by the Lagos State House of Assembly, said the number of properties that were captured before the suspension of the process in 2018 was too small compared to the population of the state.
He said, “The percentage of properties that have been assessed is still less than 30 per cent. Rather than tax this number of people, it is better for the government to widen the net and bring more property owners onboard.
“It doesn’t make sense to tax just a few people, especially in a challenged economy like ours. We should bring in more people rather than increase the rate for a few.”
Adeoye said the state government’s decision to amend the LUC law would encourage more people to invest in property in Lagos State.
A six-man ad hoc committee, chaired by Rotimi Olowo, recently presented the report of its findings from a public hearing to the House of Assembly revealing that the review of the LUC lawwas generally perceived to be arbitrary and unrealistic.
During the presentation, Olowo was quoted to have said the Section 1(2), “Pensioner” should be redefined to include all retirees resident in the state from federal and state institutions and from both private and corporate organisations domiciled in the state.
He said it was agreed by participants and stakeholders during the public hearing that vacant plots of land and unoccupied properties should be exempted from the LUC liabilities and a proper classification of commercial and residential property in the state should be done for the purpose of levying.
Among other amendment is the Section 17(c) (i) stating that there is no need for 50 per cent payment by aggrieved owners over disputed charges before their eligibility to appeal, while aggrieved residents and property owners should pay the preceding year’s charges when the disputed charges are being resolved.
Akintoye noted that the resolve to amend parts of the law especially the aspect covering pensioners was a welcome development.
He said, “Before now, it used to be only Lagos State retirees but it has been extended to others across the federation.
“Lagos market is Nigeria’s market and people from all over the world invest in the state where many of them also retire. It doesn’t make sense to have that dichotomy in the treatment of pensioners.”
The President, Nigerian Institute of Building, Mr Kunle Awobodu, stated that to make the newly amended law achieve its objectives, there should be modalities for implementation to prevent fraud and false claims.
“I am in agreement with the amendment. The only thing I am sceptical about is how those from the private sector will be identified. It is difficult but it can be done. It is difficult to have an accurate record of pensioners from the private sector. But there should be modalities for implementation,” he added.
A former President, Nigerian Institution of Estate Surveyors and Valuers, Mr Bode Adediji, said even though the details of the amendment had not been made public, its assent by the governor and implementation should be looked into for the benefit of Lagos residents and investors.

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Housing Deficit: LASG Completes 360 Homes In Ikorodu

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Lagos State Government said it has completed construction of 360 additional housing units for commissioning soon as part of its efforts to tackle the challenge of housing deficit in the state.
The state Commissioner for Housing, Mr. Moruf Akinderu–Fatai, disclosed this recently, while conducting a validation and inspection visit to Lagos Homes, Lagshom Igbogbo Scheme 2B, in Ikorodu Local Government area of the state.
“Lagos is adding 360 more homes to the existing stock of homes in the state in the next few weeks,” Fatai said.
According to him, the state government has resolved to complete all housing schemes that were set aside by the previous administration in order to speedily bring succour to residents by increasing the availability of decent accommodation for the increasing population of the state.
“Reducing the housing deficit and bringing more people on the home ownership ladder through provision of affordable and quality homes are tasks that are germane to building a 21st century economy.
“Hence, the administration of Mr Babajide Sanwo-Olu is frontally pursuing the goals of completing all the on-going housing schemes to ensure that befitting and decent accommodation is available to the ever increasing population of the state,” he said.
The Permanent Secretary of the Ministry, Mr. Wasiu Akewusola, who also affirmed that over 360 families would soon move to their homes, expressed satisfaction with the on–going works at the site and encouraged the contractors to keep up with the good job in order to deliver at the targeted date.
He disclosed that in year 2020, not less than 3,500 homes in Sangotedo, Idale in Badagry, Odo Onasa/Ayandelu, Ibeshe, Egan-Igando and Ajara would be completed from both government owned schemes and joint ventures.
The LagsHom Igbogbo Housing Estate is made up of 30 blocks of buildings with 120 units each of three-bedrooms, two-bedrooms and one- bedroom, making a total of 360 units of family homes.
In addition, the scheme which commenced in 2012 has a central sewage treatment plant, water treatment plant, high quality road network, and  Street lights.

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