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Abuja and Lagos are very busy cities —Enugu is serene and safe

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Hello, and welcome to my Real-Estate Investment Blog. As land and estate development expert, it has always been my pleasure to address your real-estate or land or other investment-related issues. I work with Pwan Max property and Business Solutions, a real estate marketing, investment, management, and development company well-known in Nigeria for providing a choice of classic serene, luxury homes within a flexible budget. In this column, I will address this question I received from a fan in the Diaspora.

My name is Sir Tim, a resident of Dallas, Texas. Originally from Enugu State. We are planning to finally relocate to Nigeria after living here for almost 40 years. We are considering buying a property in either Enugu, Abuja, or Lagos. Enugu is my preferred choice because it’s closer to my village. Could you give me professional advice about a better location, including the cost and value of properties? How do I proceed with this? 

Hello Sir Tim,

Thank you very much for your inquiry. Abuja, Lagos, and Enugu are among the top cities where we have properties in Nigeria. Abuja and Lagos are very busy cities and may better suit middle-aged buyers or investors who have businesses to run. I am excited that you chose Enugu because it is a very serene and safe city.

Young parents love to settle in Enugu because it’s a perfect place for raising kids. Retirees also love the state because it’s devoid of traffic and mayhem. The weather is not extreme. You would enjoy a relocation to Enugu. It is also close to most villages, therefore, you would have a steady supply of fresh fruits and vegetables, all homegrown.

Enugu is a better location for you. There are currently 7 Estates available in Enugu State.

Below is the listing, with their prices and location, so you can decide on the one that might suit your interest.

Flourish City

This is located in Amaorji Emene. A plot goes for N3.7M if you pay outright (Outright can stretch for 3 months). If you pay in installments, it goes for N4.1M. You can pay for over 12 months. This area, Emene is popular and just 3 minutes away from Caritas University. Plots in this area appreciate very fast.

Regent City / Regent Courts

These are in Agbogazi Nike which is the outskirts of Enugu City. They go for N1.2M/1.4M per plot. This is close to Peace University.

Max Vista

This is located next to the most sought-after Centenary Enugu. It’s a beautiful estate surrounded by other nicely built estates. A plot is currently selling at N7.5M. Lands in that location appreciate fast.

Pearl City

This is along Nike Lake road, just 5 minutes from Elim Estate, and quite close to the major road. It is also fast selling and plots there appreciate fast. A plot sells for 4.1M outright.

Max Assets

This is located in Amaorji, Emene. A plot currently goes for N3.8M. It was initially sold for 3M but has since appreciated.

Palace Courts

This is located in Ugwuogo, Nike, opposite Enugu State Housing Corporation. It’s fast-selling and a plot goes for 6M.

Pearl View

This comprises ready-built terrace houses and semidetached duplexes which you can deposit and move in upon completion. The initial deposit is N9M /16M respectively.

For more information, feel free to email me directly by clicking on my signature below or call, 08100880087. That’s my cell.

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Dangote Refinery: A Grounded Disaster and Nigeria’s Disgrace

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It was hailed as the best thing to happen in the oil and gas sector especially in Nigeria – a serial importer of crude products. The year was 2013 and in September of that year, Aliko Dangote, Africa’s richest man, announced yet another of his gargantuan projects – the construction of the biggest single train refinery in the world with production expected to begin in 2016. Many delays and postponements later, the project has been bogged down by barely serviceable debts, poor planning, lack of centralized project management, mismanagement and has now become a huge albatross on Nigeria’s neck costing the country lots of FX and creating huge problems in return.

VALUATION

A project that started as a 9billion dollars project is now being valued at over 16 billion dollars, albeit incorrectly. Sampling expert opinion from leading players in the oil & Gas industry, it is estimated that a refinery of that size should ideally cost within the range of 11 to 12 billion dollars to build in Nigeria. Notwithstanding the conflicting figures, it was recently announced that the Nigerian National Petroleum Corporation, NNPC, will be taking a 20% stake in the uncompleted, non-functional Dangote Refinery at the cost of 3.8billion dollars. Whilst this baffled many, NNPC’s actions effectively over-valued the yet to be completed refinery to 19billion dollars.

PROJECT DELAYS OR PROJECT DELAY-ED

As at last count, the completion of the refinery had been moved eight times. Whilst some might say this is in character for Dangote Industries and their numerous projects across different sectors, the problem is deeper rooted. A contractor at the delayed refinery project, speaking under the condition of anonymity said that poor planning, underpayment of contractors, and a lack of proper project management with over 40 contractors on site has led to most of the delays. He also added that of the 40, none is willing to commission as there is no clear delegation of duty and over-decentralization leading to absolute chaos.

With these incessant delays, Banks are already calling in their loans. At the announcement of the project in 2013, Mr. Dangote said he had secured financing of 3.3billion dollars. This debt burden has now risen to 7billion dollars with debt servicing of almost 700million dollars per annum. Whilst Mr. Dangote has been able to restructure the facilities from various local and international banks twice so far, most banks have totally refused to restructure for the third time with principal repayment also falling due – as well as the annual interest payments.

Things have gotten so bad for the billionaire that even income from his other businesses are barely enough to cover the interest rates talk less of the principal. This has led Mr. Dangote to seek innovative ways, including state capture, to prop up his business now that the refinery project has been consistently delayed and he has run out of money to repay. Enter the NNPC Connection, Nigeria’s controversial PIB Amendment and the Crude Swap Saga.

THE NNPC CONNECTION – BAILING OUT THE UNBAILABLE

After taking FX at concessionary rates from the CBN, Nigeria is inexplicably tied at the apron strings to Mr. Dangote’s now-threatened refinery. Estimates by professional industry analysts and those close to the project put its completion date in 2024 or 2025.

Recently, the NNPC announced, under some obscure arrangement, that it was taking a 20% equity in the Dangote refinery at 3.8billion dollars. The NNPC was later to explain that it was giving only 1 billion in cash and the balance in crude.

Whilst this is a welcome development, Mr. Dangote will have a hard time doing anything tangible with the 1billion dollars cash which is barely enough to cover one years’ interest. With some principal payments falling due and the banks’ unwillingness to restructure in the face of an estimated completion timeline of 2024 at the earliest, Messrs. Dangote will need at least 3 to 4 billion to complete the project over the next few years even with this bailout. Both the way the refinery project has been carried out, and this subsequent NNPC bailout for Dangote refinery has turned Nigeria into a laughingstock on the global stage.

As for the controversial PIB bill currently before the Nigerian National Assembly, it is now clear to keen watchers that the reason the government wants to give a monopoly of importation for petroleum products into the country to Messrs. Dangote is so he can make the excessive and extra profits he needs to manage his rising debt profile for the refinery (under the guise of ongoing refinery projects). Guess who will bear the brunt of the higher costs in petroleum products at a time when subsidies are being reduced? The Nigerian people.

With his refinery project costs way overboard, banks breathing down his neck and NNPC’s strange bailout seemingly meagre to take care of the principal and interest payments for his debts, is the Dangote Refinery a dead project even before it is completed, or will time be kind and permit the completion of this project to which Nigeria has mortgaged huge FX from its treasury to see it kick off in good time? The chicken has come home to roost, it may seem.

Finally, with the one billion dollars going towards the repayment of principal and interests which are falling due in August, the manipulations by NNPC and politicians at the National Assembly has now become clear for all to see… As it stands, some government agencies and politicians are more than willing to mortgage the interests of the nation and masses to bail out the unbailable refinery project. Welcome to the Republic of Dangote!

Culled from the Investoreel

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CBN restricts sugar importation to Bua, Dangote, Golden sugar Company

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Only Bua Sugar refining Limited, Dangote Sugar Refining Plc; and Golden Sugar Company, can import sugar into the country, with officially sourced foreign exchange, forthwith.

A Central bank of Nigeria (CBN) in circular to all Authorised Dealers, yesterday, directed that no other company should be provided foreign exchange from the foreign exchange market for sugar importation, except with the express permission of the bank.

According to the circular signed by the Director of Trade and Exchange,  Dr. Ozoemena  Nnaji, the three companies were exempted from the restriction because they have made sufficient progress and commitment to the backward integration programme in the sugar industry.

The circular dated July 16, 2021 reads in part, “The federal government of Nigeria under the National Sugar Development Council established the Nigeria Sugar Master Plan to encourage and incentivise sugar refining companies in their Backward Integration Programme (BIP) for local sugar production.

“Accordingly, the underslisted three companies,  who have made reasonable progress in achieving backward integration in the sector, shall only be allowed to import sugar into the country.

“In view of the foregoing, Authorised Dealers shall not open Forms M or access foreign exchange in the Nigerian foreign exchange market for any company including the three listed above for the importation of sugar without prior Express approval of the CBN as the bank is charged with the mandate of monitoring the implementation of the backward integration programme of all companies.

“Please ensure strict compliance.”

Culled from the Vanguard News Nigeria

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Enugu residents turn to potatoes as yam prices skyrocket

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“At least with N500 you can get enough potatoes for your family and whichever way you prepare it, your family will be satisfied.”

Some residents of Enugu, Nigeria’s South-east, have shifted patronage to sweet potatoes as alternative staple food as the price of yam continues to soar, the News Agency of Nigeria (NAN) reported.

A correspondent of NAN, who visited major markets in Enugu metropolis on Saturday, observed that sweet potatoes had flooded yam shops.

Some yam sellers are currently stocking only sweet potatoes in their shops due its high demand.

A bag of potatoes sells for between N7,000 and N8,500 as against the price of a heap of 12 sizable yam tubers which is sold between N6,400 and N7, 000.

One medium-sized yam now goes for between N700 and N800 as against six sizable potatoes sold for N200.

Some residents said that potato produce had solved hunger in many families.

A resident, Uju Ufondu, said that potatoes had made it possible for many families to still eat tuber staple food.

“At least with N500 you can get enough potatoes for your family and whichever way you prepare it, your family will be satisfied.

Another resident, Vivian Oba, said the increase in the price of yam has forced her to turn to potatoes for her family and also for its nutritional value.

“It has been proved that sweet potato is more nutritious, filling, and tasty than yam,” Mrs Oba said.

Some potatoes sellers told NAN that the price of the produce crashed due to its season as yam tubers are off season.

A potato seller in Garki market said she had switched trade to sweet potatoes pending when new yams are harvested.

“I now sell sweet potatoes because of the increase in the price of yam, which has made most of my customers stop patronising me.

“So I quickly bought some bags of potatoes to sell as many now go for it and for me not to lose my customers,” she said.

Kelvin Egwu, another seller, added that potatoes are now more affordable than yam due to the continuous increase in the price of yam.

“Because of the high patronage in potatoes, I decided to switch over to it from my yam business pending when new yams start coming into the markets,” Mr Egwu added.

Culled from the Premium Times News Nigeria

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