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Your Next Home? Yes, It Is Better to Buy Than Build ―Just Ask Me Why?



Last week, I addressed a group of prospective home-buyers about the plain psychology of buying a house and how it engenders our lives. Your home is not necessarily the structure of the building but an abode that gives you that natural feeling, a sense of belonging that yes, this is mine. There is always an emotional calmness the moment you walk through the door, drop down on your couch, breathe a sigh of relief, and scream on top of your voice, “Honey, I’m home.” So if you haven’t bought a home yet, do not worry because I am not going anywhere.

Hello, compliments of the season and welcome again to my routine Real-Estate Investment Blog. I am your real estate investment authority –certainly, the buck stops here, with me. As your 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 selected questions I received from my fans both in Nigeria and abroad, so join me:

Dear Jackie:

I’m looking to buy a developed property on the outskirts of Enugu that I would call “home”. However, family members are asking me to buy land and develop it because it is cheaper. Please, I need your professional advice. Thanks. ―Emmanuel

Dear Emmanuel,

Thank you for your interest in my services. It is seemingly cheaper to buy and develop it but you must consider other factors. You need to have a good team of architects, builders/engineers, and supervisors to be able to pull it off successfully considering that you are not on the ground.

You also stand the risk of this team buying substandard items or giving you bigger quotes for the building and in the end you might end up spending far more than you planned. I would advise you to avoid the stress and risk and go for our readily built houses.

All you need do is pay for the house and move it. It takes away the stress, the heartbreaking moments, and you get a “home away from home.” You can choose from our modern tastefully built semidetached duplex or terrace houses. All you need to do is make a deposit and you can move in within months. Please let me know if you are interested in this option so I can give you more information.

Dear Jackie:

I’m coming home for Christmas, visiting for the first time after 19 years, and would stay a little longer. I need a home I can rent for at least 3 months around Umuleri, Anambra. I am particular about neighborhood and security. Thanks. ―Dr. Andy

Hello Dr. Andy

Wow, and congratulations on your proposed homecoming. We currently do not have already made homes in those areas but we have plots for sale in Umueri where the Anambra airport is located. We also have plots for sale at Nteje. You can buy these plots and build a house that you can use whenever you come to Nigeria. These locations are very secure and serene. You will find them peaceful and very comfortable. Please let me know if you would like to know more about the plots in these areas.

Dear Jackie: 

What sales or specials do you have for the end-of-year home sales? Or is it advisable to wait till after the holidays? I’m looking for a home around Enugu State, not more than 20 miles from Enugu. Thanks. ― Chiagozie 

Dear Chiagozie

We always have promos every end of the year to encourage customers to buy our estates and to also express our appreciation to customers who stayed with us over the years. When it comes to land/ property purchases, the best time to buy is always “5 years ago”, which means that it is better to buy now because property appreciates every day. Also, it could get too expensive for you to buy if you wait. The minute you pay for it, you have gained because the value is never the same and it rarely depreciates.

The current ongoing promos in Enugu include;

  • Buy 4 plots and get a plot free
  • Deposit 800,000 and get a free home appliance
  • 20% off for outright payment
  • Make a deposit and spread the remaining payment over a year

The property within Enugu (Not more than 20 miles) include:

  • Flourish Estate
  • Pearl City Estate
  • Flourish Centenary Estate
  • Maxville Estate
  • Palace courts Estate

Please feel free to let me know the ones you may be interested in.

Again, thanks everyone for trusting me with your real estate needs. 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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Petrol Subsidy Rises, Hits N1.4 Trillion in 11 Months



The amount spent on subsidizing Premium Motor Spirit, popularly called petrol, rose to N1.16tn between January and November this year, the latest data from the Nigerian National Petroleum Company Limited show.

The data also revealed that NNPC’s remittances to the Federation Accounts Allocation Committee in the 11-month period dropped by N1.78tn.

In its report on funding performance between January and November 2021, which was obtained by our correspondent in Abuja on Wednesday, the oil firm said it had maintained petrol subsidy since the beginning of this year.

In the report, the NNPC referred to its subsidy spending as under-recovery, as it had repeatedly stated that it had no authorization by the National Assembly to pay subsidy.

The latest funding performance data showed that while nothing was recorded as under-recovery of PMS/value shortfall in January, the oil company spent N25.374bn, N60.396bn and N61.966bn in February, March and April respectively.

In May, June and July, NNPC recorded under-recoveries/value shortfalls of N126.298bn, N164.337bn and N103.286bn respectively.

The oil firm said the under-recovery/value shortfall stood at N173.132bn, N149.283bn, N163.709bn and N131.4bn in August, September, October and November respectively.

The NNPC spends so much on petrol subsidy because for about four years running it has remained the sole importer of PMS into Nigeria. Other marketers stopped importing the commodity due to their inability to adequately access the United States dollar.

On remittances to FAAC, the funding performance report captured the projected monthly remittance as N122.767bn, but this target was never met for all of the 11 months.

It was also observed that the projected remittance by the company to FAAC for the 11 months combined was put at N2.30tn, but what was actually remitted was N522.203bn.

Hence, the national oil firm could not remit N1.78tn to FAAC to be shared among the three tiers of government in the country during the 11-month period.

The monthly remittances showed that in January, February, March and April, the NNPC remitted N90.86bn, N64.161bn, N41.184bn and nothing respectively to FAAC.

The national oil firm remitted N38.608bn, N47.162bn, N67.28bn, N80.03bn, N67.533bn, N14.85bn and N10.536bn to FAAC in May, June, July, August, September and November October respectively.

The debate around petrol subsidy has been intense in recent months, with state governors calling for its stoppage while labour unions kicked against plans to stop it.

The Governor of Kaduna State, Nasir el-Rufai, for instance, recently decried the high cost of fuel subsidy, which according to him, was not reasonable.

He said the Nigerian Governors’ Forum had met and agreed to back the Federal Government’s transport palliative scheme as well as halt the petrol subsidy regime.

El-Rufai had said, “This is why the Nigerian Governors’ Forum met and agreed to support the Federal Government’s social compact. Withdraw this subsidy by February.

“Use the N250bn per month that would have been lost between February and May to do this conditional cash transfer that would put money in the pockets of Nigerians and alleviate not only the cost of transportation but the 2-3 per cent job inflation that is expected when the subsidy is eliminated. We cannot sustain it. We cannot continue with it.

“I don’t want to predict what will happen when 35 out of 36 states cannot pay salaries of civil servants, or even have any money to run the government. We will not have enough money to pay salaries. Already, some states are building up arrears, even oil-producing states are struggling to pay salaries.”

However, operators in the downstream oil sector and as economic experts had said that while it was okay to remove petrol subsidy, the government must be cautious about its withdrawal.

The National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu, had said subsidy withdrawal was nice but might increase hardship when implemented.

He said, “The Federal Government is talking about removing subsidy but not talking about the adverse effects of the removal of subsidy. It will affect other commodities, the standard of living among the majority of citizens will be worse.

“And this is because if PMS rises to N365/litre, local transportation will be going for over N1,000 or thereabout and the standard of living and the cost of goods in the market will skyrocket. This will cause heavy inflation. So the NNPC has to look at the adverse effects of this move to remove subsidy.”

A renowned economist and Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, had also said the government must be tactical in handling the matter.



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NNPC Hands Over N621.24 Billion For Rehabilitation Of 21 Critical Roads



The Nigerian National Petroleum Corporation (NNPC), has handed over a symbolic cheque of N621.24 Billion for the rehabilitation of 21 critical roads across the country through the Tax Credit Scheme under Executive Order 7 signed by President Muhammadu Buhari in 2019.

The Group Managing Director of the NNPC and Chief Finance Officer of the organization, Mr Umar Ajiya, said the Corporation was motivated by the challenged condition of some of the nation’s roads, most of which were the arteries of the company’s operations.

Ajiya said with “The vandalism of the distribution pipelines, the company had been forced to use the roads as its channel of distribution of petroleum products nationwide and had contributed to improving their condition,” Ajiya said.

He thanked the Minister of Works and Housing and other relevant agencies of government, saying  the symbolic presentation of the N621 billion was a way of contributing to the Federal Government’s efforts to give Nigerians a befitting road network.

In his remark, the Minister of Works and Housing, Babatunde Fashola, said the Tax Credit Scheme inherited from the previous administration, was a strategic partnership with the Private Sector.

Describing the signing of the cheque as a big show of confidence by the NNPC, Mr Fashola expressed delight that contrary to the earlier impression created in some quarters, the scheme was now attracting other sectors of the economy including the manufacturing and telecommunications sectors.

He said some of the roads had subsisting contracts that were over ten years old, pointed out that the NNPC was not taking over but funding the roads to ensure completion.
The Minister, who said the present administration was currently using it for the construction and rehabilitation of Kabba-Obajana Road in Kogi State and the Apapa-Oworonsoki Road in Lagos, pointed out that contrary to the belief in some quarters that the Scheme was meant for only big companies like the Dangote Group, the scheme was open to all the members of the Private Sector.
Mr Fashola said in order to ensure the inclusion of all segments of the Sector, the Federal Government had opened a window of participation for smaller companies by asking them to form conglomerates, in order to enable them to mobilise enough funding capacity.

He said it was within the lifespan of the Buhari administration that the scheme was given life and since it had an expiration date, Executive Order 7 had to be put in place to enable the government to use it to address the Kabba-Obajana and the difficult Apapa-Oworonsoki roads, which were serving the Apapa Port.
He said as soon as the certificates contractors were certified, they would be escalated to the NNPC which would be required to pay within 30 days.
Mr Fashola gave an assurance that all the unpaid certificates that were in existence before the scheme was approved and all the certificates that budget provisions were inadequate to pay, would be paid as from signing of the contract with the NNPC.

“There would be money to pay the contractors who would, in turn, pay their suppliers of construction materials in the chain of distribution of wealth.
“Some of the roads like Apapa-Oworonasoki and Obajana-Kabba had no previous contracts in which case those on the tax credit schemes were allowed to choose their own contractors while the Ministry still acts as supervisors, he said.

The Minister called on Nigerians to maintain the speed limit of 100 kilometers as specified by the nation’s traffic laws noting that the season of celebrations would involve a lot of movement of goods and persons across the country.

Also speaking, the Executive Chairman of the Federal Inland Revenue Service, Mr Muhammad Nami, in his remarks, said the investment in roads was as a result of Executive Order 007, 2019 meant to encourage taxpayers to use company income tax payable by them to fix the nation’s critical infrastructure in exchange for the tax credit.

He said the scheme was meant to support a social contract between the taxpayers and the government.




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UAE Gives 6 Slots to Air Peace in Dubai, Sharjah Airports



The United Arab Emirates (UAE) has allocated six slots to Air Peace, both at the Dubai and Sharjah airports.

The development was announced by James Odaudu, director, public affairs, ministry of aviation on Tuesday.

According to him, the move was part of the resolution to the diplomatic row between the two nations.

He noted that the UAE aviation authorities allocated six slots to the Nigerian carrier as part of the diplomatic resolution.

“It is confirmed. That was part of the resolution.

“They have approved six slots for Air Peace flight. Both in Dubai and Sharjah airports,” he said.

Air Peace had requested a slot of three weekly flights from Nigeria to Sharjah Airport in UAE, but only one was granted.

The UAE’s GCAA blamed the airline for pulling out of Sharjah Airport and “so should not expect to retain its flight frequency there” — a claim Air Peace has denied.



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