News
Real estate potential in Nigeria remains largely untapped — Alonge
…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
Teacher remanded in prison for assaulting 3-year-old child
An Ogba Chief Magistrate’s Court in Lagos State has ordered that a 45-year-old primary school teacher, Stella Nwadiggbo, be remanded at a correctional facility for allegedly assaulting a three year old primary school pupil in the Ikorodu area of the state.
The teacher was caught on camera slapping the three year old child in class. The video of the teacher assaulting the child had gone viral.
She was consequently arrested and detained by the Family Support Unit (FSU) of Ikorodu Police Division.
The Lagos State Police Public Relations Officer, Benjamin Hundeyin, who confirmed the latest twist stated that Stella Nwadigbo, aged 45, was arraigned on the orders of the State Commissioner of Police, Olanrewaju Ishola, for indecent treatment and assault of a child.
Hundeyin stated that the accused was arraigned, on Thursday, at a Magistrate’s Court 1, Ogba.
He stated that the accused had been captured in a viral video indecently treating and assaulting a three-year-old pupil of a primary school in Ikorodu area of Lagos State.
“Following receipt of the video, the Family Support Unit (FSU) of Ikorodu Police Division promptly arrested the suspect on Wednesday, January 8, 2025 and transferred her to the Gender Unit of the Command Headquarters same day after preliminary investigations. The victim was taken to a medical facility for adequate medical attention.”
“The suspect has since been remanded to Kirikiri Correctional facility till February 18, 2025 when the case comes up for continuation of hearing” he added.
Hundeyin further stated that the Commissioner of Police, Lagos State Command, commended Nigerians for promptly alerting the police to the situation also, assured them of the ever-readiness of the Command to respond quickly and appropriately to situations towards ensuring the safety and security of resident and visitors to Lagos State.
News
VIDEO; Nigeria’s foreign relations: So far, Tinubu has showcased good salesmanship-Dr Nwambu
… but we’re yet to feel the impact now
Director General of Centre for Credible Leadership and Citizens Awareness CCLCA, Dr Gabriel Nwambu has said President Bola Tinubu has showcased excellent salesmanship globally but Nigerians are yet to feel the impact.
Nwambu disclosed this in a chat with TVC where he outlined Tinubu’s moves so far in international relations.
Watch video below:
News
Budget Defense: Reps Decry Poor Funding for Environment Ministry
…call for action on key projects
By Gloria Ikibah
The House of Representatives has expressed dissatisfaction with the inadequate release of funds to the Ministry of Environment, and described it as a setback to addressing the country’s pressing environmental challenges.
The Chairman House Committee on Environment, Rep. Julius Pondi, who stated this during the Ministry’s 2024 budget defence, highlighted the critical issues of deforestation, pollution, erosion, and the effects of climate change, and said that insufficient funding has hindered meaningful progress in these areas.
He also raised concerns over the removal of the Environmental Health Council of Nigeria (EHCON) and 13 professional bodies from budgetary allocations effective January 2024. While the other bodies were reinstated, EHCON remains excluded.
Rep. Pondi therefore urged the Minister of Environment to work with the Committee to ensure EHCON’s reinstatement.
“The outcomes of this budget review will set the tone for planning and resource allocation in the 2025 Budget.
“As a Committee, we are disposed to increased budgetary allocations for this critical sector, in as much as we see key projects that are envisioned to strengthen climate resilience, combat pollution, enhance community awareness, and ensure accountability in the Year 2025 Budget Proposal of the Ministry and its Agencies,” ,” Pondi stated.
He reminded the Ministry of its constitutional obligations, referencing Section 80(4) of the Constitution, which mandates that funds must be withdrawn from the Consolidated Revenue Fund only as prescribed by the National Assembly.
Pondi further stressed the importance of the budget defence session in ensuring transparency and accountability, noting its role in evaluating progress made, addressing challenges, and providing actionable inputs for future budgets.
He emphasized that these environmental issues have deprived thousands, particularly in agrarian regions, of their livelihoods and their ability to contribute to national development.
“You may recall that the House of Representatives, on various occasions at plenary, deliberated motions ranging from erosion, desertification, and flood disasters in many parts of the country, necessitating government intervention through the Ministry of Environment and other Agencies.
“Our primary focus is to evaluate how the financial resources allocated have been utilized to achieve set objectives. This session will enable us to identify progress made in implementing projects and programs across key environmental sectors, address challenges that may have hindered the achievement of goals, and provide actionable input in the year 2025 Budget,” he added.
In response, the Minister called for increased budgetary allocations to enable the Ministry to fulfill its mandate effectively.
“In 2024, the Ministry installed about 2,200 units of solar street lights in various communities and 45 solar-powered boreholes to provide clean water for the people,” Lawal disclosed.
He further noted the installation of 5kV solar power systems in five institutions, including Ekpoma, Edo State; Ife, Osun State; Nsukka, Anambra State; Zaria, Kaduna State; and Abuja.
The Committee pledged to continue its oversight functions and collaborate with the Ministry to address environmental challenges and ensure optimal utilization of allocated resources.
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