Investors: It’s risky investing institutional capital in real estate

Weak property laws, poor regulatory frameworks and non-conducive policy on forex control are some of the reasons foreign investors find it highly risky investing institutional capital in real estate, New Telegraph has learnt. Besides, conflicting housing deficit’s figures and lack of adequate data, investment experts said, were among reasons real estate sector is not attracting institutional capital. According to Chairman, Mixta Africa, South Africa, Mr. Deji Alli, who was  one of the guest  speakers at Real Estate Unite forum in Lagos, narrow focus of the private sector and policy problems…

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How to reduce N900bn yearly capital flight in construction, by experts

The Government has been urged to engage more indigenous firms in construction projects The Federal Government has been urged to roll out deliberate policy to support and patronise local firms in the award of contracts in order to reduce capital flight of over N900billion in the construction sector yearly. The experts made this call in a chat with New Telegraph in Lagos. They also want government to extend the implementation of the Local Content Act in the oil and gas sector to the construction industry to reduce dominance of foreign…

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Eight die, 24 injured in Lagos, Ogun

Eight people lost their lives yesterday while about 19 others were injured in auto crashes in Lagos and Ogun states. Five people were burnt to death yesterday while five others were injured at the popular Barracks Bus Stop, Surulere when a Volkswagen commercial bus known as Danfo caught fire while descending from the popular National Stadium Bridge on Funsho Williams Avenue. Pedestrians and other sympathisers could hold back tears watching the gory scene of the mangled and burnt bodies of the victims which littered the road. A child, three women…

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Fuel theft: Senate calls for major shake-up in NNPC

The Senate has advised the Nigerian National Petroleum Corporation (NNPC) to go beyond the sacking and redeployment of a few officials involved in fuel theft and other sharp practices in the industry. The upper legislative chamber gave the advice in a statement issued yesterday in Abuja by its spokesman and chairman, Senate Committee on Media and Public Affairs, Aliyu Sabi. The Senate tasked the NNPC to initiate a comprehensive restructuring of its operations which currently allowed officials and other firms to appropriate national resources for their personal use, thereby contributing…

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Local oil firms walking a tight rope

Indigenous firms are the worst-hit by myriads of challenges bedeviling the oil and gas industry. ADEOLA YUSUF reports on how many of them are running into bankruptcy     Aiteo, an indigenous oil firm, made the headlines penultimate week; basking in the euphoria of its new status as the biggest Nigerian- owned oil firm in terms of production, hitherto known by many as the petroleum product trading firm, it announced the production of the largest share of the 313,602 barrels per day output from indigenous companies. The firm’s management cannot…

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Dickson signs 2017 budget, education bill into law

Bayelsa State Governor, Seriake Dickson, has signed the 2017 Appropriation Budget of N243.2 billion and the Educational Development Trust Fund Amendment bills into law. It will be recalled that the governor proposed an educational trust fund bill to help the less privileged in the state acquire education. Assenting to the bills at the Government House, Yenagoa, the governor said the budget, christened “Budget of Repositioning for Consolidation,” was aimed at completing various ongoing projects in the state. Dickson, who noted that the government appropriated N111 billion for capital projects alone,…

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Sustained development for Etche

As at May 29, 2015 when the good people of Rivers State rightly expelled the All Progressives Congress ( APC) from government, the people of Etche Ethnic Nationality were one of the most neglected communities. They were denied developmental projects, appointments and respect from their own state government. Due to no fault of theirs, they were degraded to second class citizens in a state where they served as food basket and also have some of the critical oil producing communities. Their situation was worsened by the fact that Etche APC…

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Karamajiji: A forgotten beggars’ colony

Some years ago, the then Minister of the Federal Capital Territory Administration (FCTA), Nasir el-Rufai considered beggars a nuisance on the streets of Abuja and decided to forcefully evacuate them to a “special location”. The idea was to give Abuja, the Capital City, a facelift. However, many years after, the vision appears to have been derailed. CALEB ONWE reports     Karamajiji, a sprawling ghetto is home to both Gwari aborigines and other tribes, especially, low income earners. It is hidden right behind the National Military Cemetery, a few metres…

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Furore over WAEC’s new examination diet

DISAGREEMENT Less than one week that the West African Examinations Council (WAEC) unfolded plans to introduce a new diet for external candidates, key stakeholders have faulted the move, kicking that it would not see the light of the day   While Nigerian students and their parents are yet to recover from the confusion generated by this year’s Unified Tertiary Matriculation Examination (UTME) registration, the West African Examinations Council (WAEC), last week, introduced a new diet in its examinations, which has continued to generate debate among stakeholders. With the new diet,…

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