News

Real estate potential in Nigeria remains largely untapped — Alonge

Published

4 months ago

July 10, 2024

Kayode Sanni-Arewa

…expresses readiness to partner with FG for economic development

By Kayode Sanni-Arewa

PRESIDENT of the Nigerian Institution of Estate Surveyors and Valuers, ESV Victor Alonge, on Monday said that the potential of the real estate sector as a catalyst of economic growth in the country remains largely untapped.

Alonge, stated this in his welcome address during his inauguration as the 26th President and Chairman of Chairman of Council at the Banquet Hall of the Presidential Villa, Abuja.

He lamented that the poor state of the real estate sector in Nigeria has continually stifled its capacity to optimally contribute to national economic growth.

He expressed readiness to partner with the government by offering expertise, resources, and support that can enhance the success and impact of the various development efforts of government.

The 26th President and Chairman of Council of the NIESV, noted that real estate remains the most priced and valuable assets all over the world, adding that data obtained from Savills World Research (2023), put the total value of the global real estate assets at US$379.7 trillion at the end of 2022.

According to him, “Real estate remains the most priced and valuable assets all over the world. According to data obtained from Savills World Research (2023), the total value of the global real estate assets is estimated at US$379.7 Trillion at the end of 2022. This outpaced the combined value of global equity and bond assets estimated at $264 Trillion.

“Real estate is also thrice as valuable as the total value of proven global oil reserves and represents about four times the value of global GDP. According to the data released by the National Bureau of Statistics, the Nigerian real estate sector contribution to the national GDP stands at about 6.87% in 2023. Contrastingly, the real estate sector contributes about 15% to the national economy in Indonesia, a developing and emerging economy like Nigeria.

“More so, in South Africa, the contribution of the real estate sector to national economy is estimated as 11.4% in 2023. The poor state of the real estate sector in Nigeria continually stifles its capacity to optimally contribute to national economic growth.

“Impliedly, the potential of the real estate sector as a catalyst of economic growth remains largely untapped in the country. Our Institution will, therefore, step up our support and collaboration with the Government, especially, in the areas of policy formulation and implementation, Land administration, Asset valuation and management, Housing, Project and Infrastructure development among others, to improve real estate sector’s contribution to our economic development.

“We are ready to be valuable ally to Government by offering our expertise, resources, and support that can enhance the success and impact of the various development efforts of Government. This is our promise,” he said.

News

Core Public Servants hail Tinubu for appointing thoroughbred Procurement officer, Adedokun as BPP DG

Published

3 hours ago

November 15, 2024

Austin Ojomah

A group under the aegis of Core Public Servants, CPS hail President Bola Tinubu for appointing Dr Adebowale Adedokun, a thoroughbred Procurement officer as the Director General of Bureau of Public Procurement, BPP.

CPS in a congratulatory letter signed by Kudirat Akindero to Adedokun lauded President Tinubu for following due process and picking the most qualified to run the affairs of the soecialised agency.

In the letter, the ADSC said:

“Congratulations to Dr. Adebowale Adedokun, PhD (MCIPS, CMILT), on his appointment as the Director-General/Chief Executive Officer of the Bureau of Public Procurement (BPP).

“This significant achievement reflects his extensive expertise and unwavering dedication to advancing public procurement in Nigeria.

“With over 20 years of robust experience in public service, Dr. Adedokun has made substantial contributions to procurement reform.

“His distinguished academic background includes a doctorate in Procurement and Supply Chain Management, complemented by four master’s degrees in Procurement, Finance, Technology, and Transportation Management.

” This diverse educational foundation equips him with a comprehensive understanding of the complexities inherent in procurement processes.

“In his career, Dr. Adedokun has held pivotal roles, including serving as a National Consultant for the United Nations Development Programme (UNDP) on public procurement reforms.

“He represents Nigeria in the International Research Study on Public Procurement (IRSPP) and serves as a World Bank Resource Person on Sustainable Procurement. His commitment to capacity building is evident in his training of over 4,000 federal and state government procurement professionals nationwide.

” Additionally, he has been instrumental as the focal point officer for the UN Women Project aimed at empowering women in procurement in Nigeria and as the Project Coordinator/Procurement Node for the SPESSE – World Bank Project.

“Dr. Adedokun’s professional affiliations are extensive, including membership in the Chartered Institute of Procurement & Supply (CIPS), UK; Chartered Membership in the Chartered Institute of Logistics & Transport (CILT); Fellowship in the Institute of Strategic Management Nigeria (ISMN); Fellowship in the Institute of Management Consultants (ICMC), Nigeria; membership in the Nigerian Institute of Chartered Arbitrators (ACArb); Fellowship in the Nigeria Institute of Training & Development (NITAD); membership in the Nigeria Institute of Management (NIM); and membership in the Association of Certified Fraud Examiners (ACFE).

In recognition of his consistent contributions to reform, Dr. Adedokun was honored with a Certificate of Special Recognition by USAID’s Nigerian Reforms Project in July 2009.

As he assumes the role of Director-General of the BPP, Dr. Adedokun’s extensive knowledge and experience are anticipated to significantly contribute to the agency’s strategic repositioning.

” His leadership is expected to advance efficiency, transparency, and accountability within Nigeria’s public procurement system.

Once again, congratulations to Dr. Adebowale Adedokun on this well-deserved appointment.

News

Brain Drain, Infrastructure, Resource Allocation Challenges Of Health Sector – Reps

Published

4 hours ago

November 15, 2024

Gloria Ikibah

By Gloria Ikibah

The House of Representatives has highlighted the detrimental impact of the mass migration of health workers from Nigeria, describing it as a major challenge to the country’s healthcare system.

The Chairman, House Committee on Health Institutions, Rep. Amos Magaji, stated this during a public hearing on 16 bills aimed at establishing various health institutions, on Thursday in Abuja.

Rep. Magaji underscored the need for better distribution of healthcare facilities, particularly in rural areas, to address population growth and healthcare gaps.

He noted, “Recently, there has been an enormous migration of doctors, nurses, and other health workers in search of ‘greener pastures,’ leaving Nigeria’s health sector severely understaffed. To improve the sector, we must invest in human resources, medical intelligence, and the administrative appointment of capable persons based on merit.”

The Chairman also brought to light the infrastructural deficiencies in healthcare institutions across the country, citing inadequate funding, lack of maintenance, and insufficient equipment as recurring issues.

The Minister of Health, Prof. Mohammed Ali Pate, represented by Dr. Jimoh Olawale Salahudeen, in his submission warned against the duplication of health institutions, and stated that such efforts would strain the already scarce resources.

He explained, “Existing Federal Teaching Hospitals and Medical Centers in Nigeria, including those in the North West, already provide cardiovascular care and related services. Establishing a new institute would add financial burden without addressing the core issues.”

Pate also acknowledged the migration of health workers and the need for a stronger workforce to handle emerging health challenges.

“The Federal Ministry of Health supports the establishment of new institutions but insists on considering geographical spread, population density, and disease burden in proposed locations,” he added.

The hearing emphasised the need for balanced development in the healthcare sector, adequate funding for existing institutions, and policies to retain health professionals in Nigeria.

News

Access Bank (UK) Limited to Acquire AfrAsia Bank Limited

Published

4 hours ago

November 14, 2024

Gloria Ikibah

By Gloria Ikibah

Access Holdings PLC has announced that its subsidiary, The Access Bank UK Limited (“Access UK”), has signed a binding agreement to acquire a majority stake in AfrAsia Bank Limited, the third-largest bank in Mauritius by total assets.

Mauritius, known for its strong financial sector, which contributes 13.4 per cent to its GDP, offers Access UK a strategic base to grow its personal and corporate banking services.

This was contained in a statement by its Company Secretary, Sunday Ekwochi, made available to Naijablitznews.com on Thursday.

According to Ekwochi, the acquisition will also position Mauritius as a hub for Access Bank’s trade finance operations, enhancing its ability to manage cross-border transactions across Africa and internationally.

AfrAsia Bank, as of June 30, 2024, reported total assets of over $5.7 billion and a net profit after tax of $152.4 million, underlining its solid financial position.

**Key statements on the acquisition:**

– Managing Director/CEO of Access Bank Plc, Roosevelt Ogbonna, speaking on the acquisition said: “This acquisition is a crucial step in our African growth strategy, strengthening our position as a top Pan-African financial institution. Mauritius’ role as a financial hub aligns with our vision to unlock opportunities that drive trade, support businesses, and promote economic inclusion across the region.”

Also Managing Director of Access Bank UK, Jamie Simmonds, stated: “AfrAsia Bank’s strong balance sheet and established brand in Mauritius give us a solid platform for sustainable growth. This deal supports our strategy to diversify earnings and provide clients with seamless access to global markets.”

Access Bank UK aims to promote sustainable growth, deliver innovative financial solutions, and support trade between Africa and the world.

The acquisition process will be finalized in the coming months, with updates provided as needed.