Amid high rate of foreclosures, loan defaults and stressed assets in the financial market, an Abuja-based independent real estate consultant is establishing a first-of-its-kind property auction in Nigeria to sell distressed and non-distressed assets at almost half the price of their value.

The auction market offers a chance to buy property at a low price. Reportedly, auctions are the proven and popular way of buying and selling properties in many countries such as Australia, New Zealand, UK and the US owing to their speed, certainty and simplicity.

Under the platform, Real Estate Auction Network has unveiled plans to dispose three prime property valued at N8.9 billion at half the price. The property all located in Abuja include, Royal Tropicana Hotel valued N5.5 billion, auction price N2.5 billion; and Mall valued N2.5 billion, auction price N750 million and Filling Station with shopping mall valued N850 million, auction price N350 million.

Chairman of the Auction Network, Felix Osuji, described the offer as an outstanding opportunity to own properties in the Federal Capital Territory, “Auctions like this are great opportunities for owner occupants and investors to name their price on properties with great upside potential.

“Auctions continue to be the number one asset disposition strategy for banks, corporate bodies and individuals all over the world. With registration for the auction already commenced.”

According to him, interested bidders and buyers in the auction scheduled for August 20, could view the properties by attending one of the on-site inspections scheduled from July 30 to August 6 and 13, 2016.

One of the banks involved in the auction process and a Regional Manager, Abubakar Mohammed, said: “We are using the auction to dispose these properties. This would not only provide buyers with a quick sale but also assure them of that the properties will close.”

Real Estate Auction Network is an asset acquisition and disposal organisation that have worked on auctions with banks, brokers and agents, real estate developers, individuals, REITS, Fortune 500 corporations and others.

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The plaintiffs are also asking the court for an injunction restraining Oba Patrick Ibikunle Fafunwa, the Onikoyi of Ikoyi/Moba land from usurping the alleged rights of the 10 branches of Onikoyi Family including the sale of land and usage as his personal property.

Sued along Oba Fafunwa are: the Attorney-General of the Federation, the Minister of Lands, Housing and Urban Development, the Implementation Committee of the White Paper on the Commission of Enquiry into the Alienation of Federal Government Property and Unknown Persons.

Unknownpersons

In the motion filed they urged the court for an order partitioning the 4.324 hectares of land which is the subject matter of suit No: LD/769/12 into 10 portions for the 10 branches that make up the Onikoyi Royal Family.  The plaintiffs include: Fatai Ogunlana Onikoyi, Chief Muritala Adedoyin Elegushi, Alhaji Waliu Dimeji Sulaiman, Onikoyi Animashaun Abdulfatai Kolawole and Mufutau Onikoyi.

Oyebode Shadeko, Halim Akinyemi Eshinlokun, Adja Ganiat Onikoyi Carew, Alhaja Taibat Jenmi-Owo and Idris Owoyele.  Other are: Alhaji Bilikis Bombata, Lookman Adeshina, Alhaji Tinko Aderemi, Ganiyu Onikoyi, Bolanle Doherty, Alhaja Suliat Shodiya and Fatai Onikoyi Shina for themselves and on behalf of Fafunwa, Ojubiari, Kunayije, Ilumo and Idewu Kugbamola.

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Sodehinde, who stated this during a tour of the ongoing Ikotun-Ejigbo Road project, said the state government had recently awarded the rehabilitation of a bad portion of Regina Mondi, in Mushin Oloosa, and had also directed that palliative and rehabilitation work should commence on Fadeyi Road; Brown Street, Oshodi; Naval dockyard, Apapa and Ketu outward to Ikorodu.

He said the ongoing drainage work on the Ikotun-Ejigbo Road would assist in containing rain water and discharge from homes and industries to the bigger drains.

According to him, other roads in need of rehabilitation within the state will also be attended to in due course.

He added that in the last three months, the LSPWC had carried out palliative and minor rehabilitation work on about 120 roads in the state and that 33 teams of the corporation were at various locations of the state monitoring the roads, to identify all the bad portions needing attention.

“The bad weather and paucity of funds contribute immensely to the slow pace of road repairs in the state but as soon as the rains subside, all the roads will be attended to,” he said.

Sodehinde said the Lagos State Governor, Mr. Akinwunmi Ambode, had directed that all the 57 local government councils should submit at least four bad roads in their neighborhood to the state government for rehabilitation and reconstruction.

He said, “Amongst the roads the corporation has worked on in the last three months are the Lekki-Epe Expressway; Eleran Igbe T-Junction, Epe; Odunlani Street, Bariga; Adekoya Street, off College Road, Ifako Ijaiye; Fatai Atere Way, Ladipo; Lakowe-Bogige inward Ajah; and Town Planning Way/Industrial Avenue, Ilupeju.

“We have also worked on Lawanson-Itire Road, Ijesha, Surulere; MKO Gardens Road Alausa; Alhaji Akinwunmi Street, Ladipo, Mushin; Asa Afariogun Street and Lateef Salami Street, both in Ajao Estate, to mention just a few.”

Sodehinde however said that the automobile mechanics using the roads as their garages to repair vehicles should desist from the act as chemical discharge such as oil, petrol and diesel could damage the roads.

He also urged car-wash operators to ensure that they channel their waste water properly as it is unfriendly to asphalt used for road construction.

PUNCH.

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