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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 Economic and Financial Crimes Commission has seized some properties said to belong to Governor Ayodele Fayose of Ekiti State, Punch newspapers reports.

It was learnt that the properties located in the highbrow areas of Lagos and Abuja were seized as part of investigations into the N1.219bn the governor allegedly received from the Office of the National Security Adviser when Col. Sambo Dasuki (rtd) held sway as well as some kickbacks he (Fayose) allegedly received from the Ekiti State Government contractors.

According to investigators, the seized houses belonging to Fayose were allegedly purchased with stolen funds and the EFCC invoked the Assets Forfeiture clause to seize the properties in line with Sections 28 and 34 of the EFCC (Establishment Act) 2004 and Section 13(1) of the Federal High Court Act, 2004.

The seizure came less than a month after the governor’s three Zenith Bank accounts were frozen by the anti-graft agency.

A visit to two of the properties on 32 Yedseram Street and 44 Osun River Crescent, Maitama, Abuja, observed the inscriptions ‘EFCC, Keep Off’ on the fences.

According to court documents filed by the EFCC, the property on Osun River Crescent was bought by Fayose in the name of his London-based sister, Mrs. Moji Ladeji.

The governor reportedly pulled down the structure of one of the Abuja properties and started building a new one.

The two properties, which are uncompleted buildings, were said to be worth over N470m.

According to Punch, the properties in Lagos were four duplexes located at Plot 100 Tiamiyu Savage Street, Victoria Island. The four duplexes cost $1.3m (N364m) each.

They were allegedly bought through a company, JJ Technical.

The EFCC had in a 10-paragraph counter-affidavit deposed to by Tosin Owobo accused Fayose of using the proceeds of crime to purchase properties.

The affidavit read in part, “Apart from fraudulently retaining the sum of N1, 219,490,000 being part of the N4, 745,000,000 stolen from the treasury of the Federal Government through the Office of the National Security Adviser, the applicant (Fayose) has also received gratification in form of kickbacks from various contractors with the Ekiti State Government such as Samchese Nigeria Ltd, Tender Branch Concept Nig. Ltd, Hoff Concept Ltd and Calibre Consulting Ltd.

“The applicant (Fayose) received these kickbacks and gratification through Still Earth Ltd and Signachorr Nigeria Limited. In turn, the applicant (Fayose) instructed the Still Earth Ltd and Signachoor Nigeria Limited to use the funds to acquire properties for him.

“In complying with the applicant’s instruction, Still Earth Limited and Signachoor Nigeria Limited acquired properties on behalf of the applicant (Fayose) in the name of a company known as J.J Technical Services Limited belonging to the applicant (Fayose) and his wife (Feyisetan).

“That the applicant (Fayose) also used the name of one Mrs. Moji Ladeji (the applicant’s sister) to acquire a property situated at 44, Osun Crescent, Maitama Abuja, from the proceeds of the alleged offences of receiving gratification and kickbacks.”

In his reaction, however, Fayose said all properties linked to him were not bought with stolen funds.

In a statement by his Special Assistant on Public Communications and New Media, Lere Olayinka, the governor said any property that might be linked to him or his company was “bought legitimately and his properties were duly declared in his assets declaration form and sources of such funds were not illicit.”

He said since the money he got for his election was from legitimate sources and not from the ONSA, “how the money was spent remained his own business and not that of anyone.”

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In a chat with newsmen in Abuja, the Registrar of CORBON, Mr Peter Kuroshi, also identified quackery as the major causes of building collapse in the country.

Kuroshi said the council had received series of complaints from subscribers who berated the quality of houses built by developers adding that such subscribers had spent almost half of the amount used in purchasing the house to make it habitable.

He further revealed that CORBON would soon commence the registration and licencing of artisans and craftsmen in a bid to improve the building industry.

According to him, “The National Building Code clearly stipulates that the supervision and regulation of artisans and craftsmen on building site is the responsibility of CORBON, so by the time we register them, we will be able to closely monitor their activities and improve on their job.”

Kuroshi disclosed that the licensing was an identity card that would contain the artisans and craftsmen biometric data including their area of specialty adding that it was part of the measures instituted by CORBON to monitor substandard buildings.

He encouraged subscribers to inquire for the licence of CORBON when engaging the services of artisans and craftsmen in the nearest future to ensure that the person was a duly registered member.

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The Mountview Shopping Centre is a 10,000-square-metre shopping mall jointly developed by Topwide Ventures and Richards Infrastructures Limited in a commercial and residential district of the Federal Capital Territory, and is being leased out by PropertyBank, managed by Propertyvault Limited, a subsidiary of Richards Infrastructures, and is designed to attract shoppers from Gwarimpa, Jabi, Life Camp, Mabushi and Utako, among others.

According to the partners, SPAR Hypermarket will occupy 3,000 square metres space in the mall.

The lease agreement was signed by Danie Grove of the Retail Development Team of the Artee Group; the Managing Director, Richards Infrastructures Limited, Mr. Andy Morkah; and a director of Topwide Ventures, Mr. Harris Okonkwo, in Lagos.

Discussions are also going on with several other national and international brands for spaces in the mall, which is expected to be completed by the first quarter of 2016.

Morkah noted that the development would alleviate the shopping stress of the residents of the surrounding communities who currently have to go to the central area to shop.

“The mall is midway redesigned and upgraded to accommodate cinema halls and lounges, with better shopping facilities, and this has moved the construction cost to about N3bn,” he said.

The Chairman, Topwide Ventures and chief promoter of the project, Senator Annie Okonkwo, pledged that the developers would display corporate social responsibility by constructing a two- kilometre access road to link the shopping mall to the existing community roads.

Morkah noted that the complex would be properly managed to avoid value erosion and a disorganised setting.

PUNCH.

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The minister, who gave the assurance when investors in the project made an in-depth presentation to the FCT administration’s team at the Banquet Hall of the minister’s residence in Abuja, emphasised that the project is one of the milestone achievements of the transformation agenda of President Goodluck Jonathan in the FCT.

He said that the Federal Government under President Jonathan is determined to make Abuja a tourist destination of Africa and that is why the development of the 17 hectares of the prime land was on the front burner of the government, adding that Chicason Group will execute the multi-billion naira project in partnership with renowned international developer, Eagle Hills.

Mohammed revealed that the Abuja City Centre would be a mixed-use development that has the capacity to generate about 10,000 jobs with its multiplier effect on the economy of the entire country and that the FCT administration would enjoy 5 per cent equity shareholding in the Abuja City Centre Development Company Limited being a special purpose company incorporated to own and operate the centre; whilst the Abuja Investment Company Limited would hold such shares in trust for the administration.

“The land premium as well as the development control charges accruable to the FCT administration would be used as its equity contribution to the project. In addition, the investors would construct a National Mall at the cost of $40million at no cost to the FCT administration,” he emphasised.

Also speaking during the presentation, which was also witnessed by the FCT Permanent Secretary, Engr. John Chukwu and the FCDA Executive Secretary, Engr. Adamu Ismaila, the Executive Director-Africa, Eagle Hills, Abu Dhabi, Jaimal Shergill, disclosed that Abuja City Centre project comprises of four international hotels, residential houses, offices, shops as well as condominium which, would further stimulate economic activities not only in Abuja but in the entire West Africa sub region.

He assured that the ground breaking of the Centre would be undertaken before May 29, 2015, adding that the entire project would be executed in two phases.

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