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The Economic and Financial Crimes Commission, EFCC, in one of its charges accused Saraki of declaring the asset that does not exist.
But Usoro said the commission made an error in its evidence tendered before the tribunal.

Usoro explained that according to Ugwuagu’s letter, the property on 15a Macdonald Street Ikoyi Street in Lagos has four bedroom bungalow, but that the one contained in EFCC’s charge had four bungalows and two boys quarters.

This, the principal witness who is an operative of the Economic and Financial Crimes Commission, EFCC, Michael Wetkas admitted to saying “Our investigation showed that there were three pieces of property located at McDonald road, Ikoyi, 15, block A and B, and 15b.”

Usoro while arguing that the property under contention may not be that of the Senate President said, “The description on Ugwuagu’s letter shows it does not fit the description of that on the evidence as contained in exhibit 14.”
Wetkas while responding to a question from Usoro also confirmed the difference and said, “Yes the property in Egwuagu’s letter is different from that contained in exhibit 14.

“When people buy properties, they can expand it,” he added.

The Chairman of CCT, Danladi Umar adjourned the matter till Tuesday next week for continuation of trial.

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However it must be noted that inasmuch the property reverts to the Landlord, there is still a laid down procedure for recovering this property from the Tenant. The Landlord may, not on his own, and without employing statutorily provided means, evict the Tenant from the property. Indeed it has been alleged by some quarters that the laws for recovery of premises tend to be more protective of the Tenant, than the Landlord; however it important to note that an eviction that is in compliance with the statutorily employed means will not prevent an employer from repossessing his property.

Before a Landlord can recover possession of his premises from a Tenant, the tenancy must first be determined. Termination of tenancy may be through any of the following ways:

Notice to quit

This is a statutory requirement for termination of all forms of periodic tenancies. It will also be used where even though the tenancy is for a certain term, the Agreement provides that it be issued. It must contain the description of the premises, its location, the commencement and expiration of the Tenancy. The length of this notice and its content is dependent on the length of the tenancy in question.Section 13(1)Tenancy Law 2011 of Lagos State, whichprovides for the length of notice as follows:

a) Tenant-at-will:one week notice.

b) Monthly tenant: one month notice.

c) Quarterly tenant: three months notice.

d) Half yearly tenant: three months notice.

e) Yearly tenant: Six months notice (half a year).

A notice to quite may be issued either by the landlord or by his solicitor or agent, who must be authorized in writing. The length of the notice to quit should be such that it will expire on the eve of the anniversary of the tenancy. As soon as the term of the tenancy has been determined by a notice to quit, and the Tenant fails to hand over possession, the Landlord or his agent may then issue a 7-day notice of the Owner’s intention to recover possession.

Notice of Owner’s Intention to Recover Possession

This is a 7-day notice to the Tenant, of the Landlord’s intention to proceed to recover possession on a date not less than seven days from the date of the notice. This notice must state the grounds and particulars of the claim. Where the Tenant is arrears of rent for six (6) months in the case of a monthly tenancy, or for one year in the case of a quarterly or half-yearly tenancy, the tenancy shall lapse and the Court shall make an order for possession and arrears of rent upon proof of the arrears by the Landlord.

Effluxion or expiration of term granted (for fixed tenancies)

Where the tenancy is for a fixed or certain period, it determines automatically at the expiration of the term, and no formal steps are needed to put it to an end. Where the Landlord intends to proceed to Court to recover possession, he shall then issue a seven-day notice as described above. Please note however that where the Agreement stipulates that a notice shall be given then it must be issued,providedthat it is not less than the statutory prescribed time.

Please note that the notices must be served personally on the Tenant, or delivered to an adult at the premises. Where the Tenant cannot be found, it may also be delivered to the premises by courier where the Tenant cannot be found, provided that the courier supplies proof of delivery.

Institution of proceedings to recover possession

Where the notice issued to the Tenant has expired, and the Tenant has failed to surrender possession, the Landlord my file a claim for recovery of possession at either the Magistrate Court or the High Court closest to the premises. The Landlord must prove grounds such as arrears of rent, breach of any covenants of the Agreement, that the premises is being used for immoral or illegal purposes, the premises has been abandoned, the premises is unsafe and dangerous or that the conduct of the Tenant or a person living with him constitutes intolerable nuisance. The Landlord can also recover possession on the grounds that the premises is required by the Landlord for personal use or that the premises requires substantial repair. The Landlord may not need to prove any of the above where the requisite notices were properly issued, and the content and length of notice are in line with statutory requirements.

Frustration

This is usually provided for under the force majeure clause. The doctrine of frustration provides that, where after a contract has been entered into, and for some reason, it subsequently becomes impossible for one party to perform their obligations, due to supervening events beyond his control, then the contract has been frustrated. The consequence is that the parties are discharged from the performance of their contract. The Supreme Court in Araka v Mornier Construction Co. (Nig) Ltd has held that the doctrine of frustration may in certain circumstances apply to leases. In that case, the period of the lease coincided with the Nigerian Civil War, and the government ordered that all expatriates leave the area. At the end of the war, the Landlord claimed rent for the period, and the Tenant contended that the government order frustrated the tenancy. The Supreme Court held that the tenancy was frustrated by the war and the Landlord was not entitled to the rent claimed.

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The FHA, in a document made available to our correspondent, quoted its Acting Zonal Manager, South-West, Ms. Aisha Onotu, as saying that FESTAC Town provided the highest revenue of N58.87m, while Gowon Estate, Ipaja and Diamond Estate, Isheri-Olofin, all in Lagos, contributed N15.2m and N1.1m, respectively.

Onotu said FESTAC Town also brought in consent fees of N25.9m, while the sum of N24,887,160 was made from capital development levy.

“Ground rent also contributed N4.8m; premium, N420,000; survey, N219, 000; and change of use, N200,000,” she was quoted as saying.

Other sources of revenue included searches, which brought in N130,000; mortgages, N107,811; ground rent (corner shops), N29,600; ground rent (kiosks), N58,150; application fees, N21,000; title document, N38,500; certified true copies, N20,000; and service charge of N1.4m.

Gowon Estate also recorded consent fees of N10.2m; capital development levy, N4m; penalty, N700,000; and ground rent of N306, 525.

In Diamond Estate, N620,000 was generated from ground rent, while N400, 000 came from title documents, and N80,000 from application fees.

Meanwhile, the Consent Committee of the FHA in Abuja generated N29.6m as total revenue in March 2016.

The committee Chairman, Ms. Sarah Ogiefa, was quoted as saying that in the same period, 113 consent bills worth N196.5m were processed and awaiting payment.

“Twenty applications were received and processed within the month, out of which 16 payments were received,” she said.

Ogiefa said the challenges facing the committee included adverse claimants on property already undergoing consent in some isolated cases; lack of contact information on earlier processed consent bills; and legal defects on most of the processed consent files that needed to be addressed.

PUNCH.

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Messrs BHS International Limited, and Resort International Limited, the concessionaires for TBS and old Federal Secretariat, Ikoyi, respectively believed that it would be wrong to concede the property to Lagos after the landmark buildings have been disposed off through a competitive bidding process.

Jakande was also among eminent Lagosians, led by Oba Rilwan Akiolu that are insisting that the Federal Government should reverse the leasing of the properties. Oba Akiolu and the likes of the pioneer governor of the Centre of Excellence, Brigadier-General Mobolaji Johnson, Olubunmi Cardinal Okogie, the Catholic Archbishop of Lagos, former governor late Michael Agbolade Otedola and Alhaji Femi Okunnu, a one-time Federal Works Commissioner, Alhaji Wahab Iyanda Folawiyo, the Baba Adinni of Nigeria, De-Whenu Ahoha Menu-Toyi, the Akran of Badagry, Chief Amzat Beyioku Adebowale, chairman of Adebowale Electrical Industries Limited, Chief Molade Okoya-Thomas, the Asoju Oba of Lagos and Alhaji Musiliu Smith, a former Inspector-General of Police, wanted the federal government to stop the lease hold.

They and more than 30 other eminent Lagosians had said that since the Federal Government no longer required the properties which sit on plots acquired from the state government for overriding public use, it is only reasonable for the central administration to give the properties back to the state government or give it the preference of acquiring them than private companies or individuals.

Reawakening their demand, Jakande in an interview with The Guardian said: “What we should do is to dialogue with the Federal Government to leave these structures for Lagos as they are preferably Lagos property. We should appeal to whoever is involved in the business of selling them. Why selling them when Lagos is capable of procuring them even with a fee?

“Besides, some of these institutions have become identified with Lagos. I appeal to those who want to do the selling to think more about the interest of Lagos State. We are not a very big state, but there are opportunities for us to use these institutions to uplift Lagos State.”

The Chief Executive Officer (CEO), BHS International Otunba Olu Adenodi, agreed that Alhaji Jakande is right for his passion for Lagos interest, noted that the citizens will benefit from the concession than allowing controversy tie down the facilities.
According to Adenodi, who spoke with The Guardian on telephone said the issue has gone beyond mere sentiments.
“We had taken the most legitimate steps as concessionaire of the TBS, with a lot of resources ploughed into its redevelopment. We have been doing everything possible to let the stakeholders see reasons with the initiative, but it appears we are not succeeding, partly because of political differences between Lagos and the federal government.

“But now that the political situation has changed, we believe that good reasoning will take precedence over sentiments”, said Adenodi.

Hea added that Section 47 of Land Use act has taking care of whatever controversy that hitherto, ensued over the project. According to him, the picture will soon become clearer immediately the federal executive council is put in place.Quoting part of the section in Land Use Act, that stated as follows: “It has been said that the bedrock of federalism lies in the ability of each tier of government to be master of its own domain. But under the Land Use Act, the ubiquitous Act overrides State laws on Land in their domain, even when such land is not previously vested in the Federal Government or any of its agencies.

“Some commentators have said that creation of a Trust relationship all over the civilised world is a voluntary act of its creator, that it is an office of confidence and strict accountability. A trusteeship is an office of very high fiduciary responsibility, which can never or should never be assumed by force of arms as under the Land Use Act, at its promulgated as a Decree;

“Here lies the fallacy of this fake trusteeship created under Section 1 of the Land Use Act. It is, indeed, a monstrous situation, to enact a Trust, without accountability, because Section 47 of the Act ousts the jurisdiction of the courts concerning the most germane aspects of the Act and its implementation”.

Similarly, Resort International officials are optimistic that things would soon be resolved and that activities will commence at the sprawling complex.

Describing the delay in the redevelopment as “unfortunate”, a senior management with Resort International, said political consideration during the immediate past administration caused the delay.

According to the source, “people with vested interest” created the problem that hindered the concession to go on smoothly. However, The Guardian learnt that the current administration is favourably disposed to the review of the existing concessions.

“Immediately the federal executive council is in place, most of the concession would be reviewed, because no0t doing so will definitely scare foreign investors, especially, those who are ready to partner Nigeria in her pursuit of economic and infrastructure renaissance”, he said.

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Warren Buffet is a household name. He needs no introduction. Suffice it to say that Warren Buffett is an American business magnate, investor, and philanthropist. He is widely considered the most successful investor of the 20th century. He was ranked as the world’s wealthiest person in 2008 and as the third wealthiest person in 2011.

It is a great privilege to learn from this investment guru. In an exclusive excerpt from his popular shareholder letter, Warren Buffett looks back at a pair of real estate purchases and the lessons they offer for equity investors. Hear Warren Buffett:

…let me first tell you about two small non stock investments that I made long ago. Though neither changed my net worth by much, they are instructive.

This tale begins in Nebraska. From 1973 to 1981, the Midwest experienced an explosion in farm prices, caused by a widespread belief that runaway inflation was coming and fueled by the lending policies of small rural banks. Then the bubble burst, bringing price declines of 50% or more that devastated both leveraged farmers and their lenders. Five times as many Iowa and Nebraska banks failed in that bubble’s aftermath as in our recent Great Recession.

In 1986, I purchased a 400-acre farm, located 50 miles north of Omaha, from the FDIC. It cost me $280,000, considerably less than what a failed bank had lent against the farm a few years earlier. I knew nothing about operating a farm. But I have a son who loves farming, and I learned from him both how many bushels of corn and soybeans the farm would produce and what the operating expenses would be. From these estimates, I calculated the normalized return from the farm to then be about 10%. I also thought it was likely that productivity would improve over time and that crop prices would move higher as well. Both expectations proved out.

I needed no unusual knowledge or intelligence to conclude that the investment had no downside and potentially had substantial upside. There would, of course, be the occasional bad crop, and prices would sometimes disappoint. But so what? There would be some unusually good years as well, and I would never be under any pressure to sell the property. Now, 28 years later, the farm has tripled its earnings and is worth five times or more what I paid. I still know nothing about farming and recently made just my second visit to the farm.

In 1993, I made another small investment. Larry Silverstein, Salomon’s landlord when I was the company’s CEO, told me about a New York retail property adjacent to New York University that the Resolution Trust Corp (RTC) was selling. Again, a bubble had popped — this one involving commercial real estate — and the RTC had been created to dispose of the assets of failed savings institutions whose optimistic lending practices had fueled the folly.

Here, too, the analysis was simple. As had been the case with the farm, the un-leveraged current yield from the property was about 10%. But the property had been under managed by the RTC, and its income would increase when several vacant stores were leased. Even more important, the largest tenant — who occupied around 20% of the project’s space — was paying rent of about $5 per foot, whereas other tenants averaged $70. The expiration of this bargain lease in nine years was certain to provide a major boost to earnings. The property’s location was also superb: NYU wasn’t’t going anywhere.

I joined a small group — including Larry and my friend Fred Rose — in purchasing the building. Fred was an experienced, high-grade real estate investor who, with his family, would manage the property. And manage it they did. As old leases expired, earnings tripled. Annual distributions now exceed 35% of our initial equity investment. Moreover, our original mortgage was refinanced in 1996 and again in 1999, moves that allowed several special distributions totaling more than 150% of what we had invested.

The moral of this story is that you don’t necessarily have to be an investment genius to reap from real estate investment. Secondly, real estate investment has the tendency to out perform other forms of investment with the passage of time.

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When it came to buying their dream home some 14 per cent of men wanted a cinema/screening room and 12 per cent wanted a wine cellar.

In contrast, 24 per cent of women rated an AGA oven and 18 per cent wanted a kitchen island, according to research from real estate firm Strutt & Parker.

Propertywire.com reported that the top ideals when it comes to moving from women were being near a good schools, access to shops and amenities, a short commute to work and wanting more space as well as being close to family and friends, the poll of buyers, sellers and tenants also found.

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The Commissioner for the Environment, Mr. Tunji Bello, stated this at the 2015 ministerial press briefing by the ministry in commemoration of Governor Babatunde Fashola’s eight years in office.

Bello stated that the ministry intended to consolidate on the achievements recorded last year, which explained why the 2015 de-flooding programme started last December.

He said, “The ministry’s ultimate goal is the realisation of a cleaner, sustainable and liveable Lagos. The ministry has assiduously pursued this goal with unwavering zeal in the last eight years.

“Similarly, our resolve is also the attainment of a flood-free state through efficient management and preservation of storm water through the deployment of innovative approach and strategies.”

The commissioner said the scheme was sustained through strategies such as the pre-rain programme between January and March; mid-rain programme between April and July; and post-rain programme between September and December.

Bello recalled that in 2011, Lagos was submerged in flood and as a result, the state government had some challenges in Owode and Ajegunle areas, where some people were rendered homeless.

The commissioner added, “This, we were able to contain. The Lagos State Government built a new abode for the homeless at Agbowa, which is nearing completion stage. The ministry also established and maintained a cordial working relationship with the Ogun-Osun River Basin Authority, which has helped in the control of water release from the Oyan Dam, which has further aided our de-flooding process and storm water management during the rainy season.

“New drainage projects have been completed in areas such as Lagos Island, Orile Agege, Ikorodu, Alapere, Kosofe, Abule Egba, Agbado Oke-Odo, Ifako Ijaye, Egbe-Idimu, Shomolu, Mushin, Itire, Ojo, Alimosho, Eti-Osa and Epe.”

According to him, it is noteworthy that for four consecutive years, the state has been the least affected by flooding due to its all-year de-flooding programme, which consists of massive maintenance, dredging and construction works introduced to increase the existing drainage channels across the state.

Bello noted that in the period under review, 52 drainage dredging projects were completed, while there was provision for 67 new ones across the state.

He added that 75.27-kilometre length of primary drainage channels was dredged with 20 ongoing drainage construction projects, and 65 hazard area flood plains drained and made accessible.

“In the last one year, the Drainage Maintenance and Emergency Flood Abatement Department cleared a total length of 710 kilometres of primary and secondary collector drains across the state, which were carted away to approved dumpsites,” he said.

The commissioner added that the Water Resources Department of the ministry also installed rain gauge stations in five divisions of the state and readings obtained from the stations were used in collaboration with the Nigerian Meteorological Agency to inform residents about weather predictions.

“It is our belief that the environment is a mirror of our attitudes and values. It is, therefore, imperative that we diligently ensure that we protect it by making individual and collective efforts to champion the cause of a healthy environment,” he said.

PUNCH.

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