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Investing in Lagos Waterfront Properties: Opportunities and Risks

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Investing in Lagos Waterfront Properties: Opportunities and Risks by Dennis Isong

Investing in Lagos Waterfront Properties: Opportunities and Risks by Dennis Isong

 

As the sun dipped into the Lagos Lagoon, Amara stood on her balcony in Victoria Island, watching the city lights dance on the water. Five years ago, she’d taken a bold gamble, investing her life savings in this waterfront property when others called her crazy. Now, as luxury developments sprouted along the coastline like mushrooms after rain, her investment had tripled in value. But with each new high-rise came fresh challenges – environmental concerns, infrastructure strain, and the displacement of local fishing communities. Still, as she sipped her evening tea, Amara knew that in Lagos, change was the only constant thing.
This market segment comes with its own set of opportunities and challenges that potential investors must carefully consider.

Investing in Lagos Waterfront Properties: Opportunities and Risks by Dennis Isong

Market Potential and Investment Opportunities

Lagos’s waterfront properties represent some of the most premium real estate in West Africa. The combination of scenic views, prestigious locations, and limited supply has historically driven strong appreciation in property values. Luxury developments along areas like Banana Island and Eko Atlantic City have demonstrated remarkable returns on investment, with some properties experiencing value appreciation of 15-20% annually.

The growing affluent population in Lagos, coupled with increasing demand for high-end residential and commercial spaces, creates a robust market for waterfront properties. International companies seeking prime office locations and wealthy individuals looking for prestigious addresses continue to drive demand. Additionally, the tourism and hospitality sector’s growth has sparked interest in waterfront hotels and recreational facilities.

Infrastructure and Development Challenges

Despite the attractive prospects, investing in Lagos waterfront properties comes with significant infrastructure challenges. Many waterfront areas struggle with inadequate road networks, inconsistent power supply, and insufficient drainage systems. The risk of flooding, especially during the rainy season, requires substantial investment in flood control measures and proper foundation work.

Environmental concerns also pose significant challenges. Coastal erosion threatens some waterfront properties, necessitating expensive shoreline protection measures. Rising sea levels and climate change impacts require careful consideration in construction planning and long-term maintenance strategies. Investors must factor in these additional costs when calculating potential returns.

Legal and Regulatory Considerations

The legal framework surrounding waterfront property investment in Lagos requires careful navigation. Title verification is crucial, as many waterfront areas have complex ownership histories involving multiple stakeholders, including traditional rulers, government authorities, and private entities. The requirement for various permits and approvals from bodies like the Lagos State Environmental Protection Agency (LASEPA) and the Nigerian Inland Waterways Authority (NIWA) can lead to lengthy development timelines.

Investors must also be aware of recent regulatory changes affecting waterfront development. The Lagos State Government’s efforts to regulate waterfront development through initiatives like the Lagos State Waterfront Infrastructure Development Law have introduced new compliance requirements. Understanding and adhering to these regulations is essential for protecting investments and ensuring project viability.

Investment Strategies and Risk Mitigation

Successful investment in Lagos waterfront properties requires a well-thought-out strategy and robust risk management approach. Here are key considerations for potential investors:

1. Due Diligence: Conduct thorough legal and technical due diligence, including title verification, environmental impact assessments, and soil testing. Engage reputable local lawyers and consultants familiar with Lagos real estate markets.

2. Phased Development: Consider implementing projects in phases to manage cash flow and adapt to market conditions. This approach allows for better risk management and the ability to adjust strategies based on market response.

3. Infrastructure Investment: Budget for significant infrastructure development, including private power generation, water treatment facilities, and flood control measures. While costly, these investments can enhance property values and attract premium tenants or buyers.

4. Market Positioning: Carefully consider target market segments and development types. Mixed-use developments that combine residential, commercial, and recreational spaces often prove more resilient to market fluctuations.

5. Local Partnerships: Establish strong relationships with local stakeholders, including community leaders, government officials, and industry professionals. These relationships can prove invaluable in navigating challenges and identifying opportunities.

6. Environmental Protection: Invest in sustainable development practices and environmental protection measures. This not only helps protect the investment but can also provide marketing advantages and potential premium pricing opportunities.

Dennis Isong is a TOP REALTOR IN LAGOS.He Helps Nigerians in Diaspora to Own Property In Lagos Nigeria STRESS-FREE. For Questions WhatsApp/Call 2348164741041

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Elegant Fashionista, Chief (Princess) Adeyinka Adedokun 3ace bags double awards

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*Elegant Fashionista, Chief (Princess) Adeyinka Adedokun 3ace bags double awards

 

Same day same event, Chief (Princess) Adeyinka Adedokun 3ace, Otun Yeyemeso of Ilaro-Yewa, President, Faces of Yewa Indigenes Foundation and CEO of 3ace De Current International Boutique Ireland and Nigeria has had her awards cabinet boosted by two additional awards.

The latest boosts to the award cabinet of the elegant fashionista, international entrepreneur, TikTok sensation and Facebook content creator, Adeyinka Adedokun are Most Unique Woman Icon of the Year Award and Digital Women Icon of the Year.

She received the award at the 2024 Nigeria Social Media Conference and Awards organized by Celebrity Crush Television which was held at the Lagos Chamber of Commerce (LCCI) building, Ikeja, Lagos.where she was represented by the duo of Tolu Apanisile and the Director of Operations of Faces of Yewa Indigenes Foundation, Kehinde Akinlade.

Responding after the award presentations, Kehinde Akinlade said Chief (Princess) Adeyinka Adedokun considers the social media as tool for expanding commerce, the development of ideas, initiatives and also a veritable tool for a better society.

He described the award as an icing on the cake for Chief (Princess) Adeyinka Adedokun who sees the social media as blessing enough in expanding her business empire, reaching global audience and making profit from the comfort of her home, her business offices and even the streets.

The representative of the beautiful Princess added that the award is well appreciated by the recipient and it will spur her on to continue to promote positive use of the social media as a tool for business growth, upscaling of entrepreneurial skills and for enabling a better society for all.

He said Chief Princess Adeyinka Adedokun wants a better society championed by the present generation of youths through the use of the world wide web which the social media forms an important part of. He said the the award recipient wants the youths to leave the dark side of the internet for the brighter side with contents that promote positivity as against the debasement of women, promotion of crime and other vices.

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Capacious Farms and Adron Homes Celebrate World Food Day with JSS Arts & Essay Contest, Award Top 5 Schools

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Capacious Farms and Adron Homes Celebrate World Food Day with JSS Arts & Essay Contest, Award Top 5 Schools

Capacious Farms and Adron Homes Celebrate World Food Day with JSS Arts & Essay Contest, Award Top 5 Schools

 

In celebration of World Food Day, Capacious Farms & Foods Ltd hosted the 2024 Junior Secondary School (JSS) Arts & Essay Contest Award Ceremony yesterday, with sponsorship from Adron Homes & Properties. The event, which took place at the Adron training School in Simawa, aimed to engage young minds in agriculture, creative arts, and essay writing to raise awareness about food security and sustainability.

 

The competition saw participation from 40 schools nationwide, each submitting entries focused on the future of agriculture and its role in combating food insecurity. After a rigorous judging process, five schools emerged as winners, with students from these schools receiving cash prizes, generously sponsored by the foremost real estate company in Nigeria, Adron Homes & Properties.

Capacious Farms and Adron Homes Celebrate World Food Day with JSS Arts & Essay Contest, Award Top 5 Schools

The Chief Operating Officer of Capacious Farms & Foods Chi Tola Roberts, emphasized the significance of the event in her address. “Commemorating World Food Day through this contest highlights the critical role agriculture plays in our society. Our goal is to spark an early interest in agriculture and equip students with the knowledge and motivation to pursue careers in the sector,” she stated. Roberts also announced that the contest would become an annual event, with promises of broader outreach and increased opportunities for students.

The chairman, Adron Group, Aare Adetola Emmanuelking spoke passionately about Nigeria’s agricultural history and the importance of returning to its roots. “Our nation was built on agriculture. Cocoa House, one of Nigeria’s landmarks, was funded through proceeds from cocoa farming. By supporting initiatives like this, we aim to inspire the next generation to see agriculture not only as our past but as our future,” he said. Emmanuelking reiterated Adron’s commitment to supporting youth engagement in agriculture, particularly through sponsorships like those awarded at this event.

Prof. Adesegun, Chairman of the Babcock University Schools Management Board, delivered a keynote speech on the global food crisis and the importance of youth involvement. “We are facing a global challenge in food security, and the youth must be at the forefront of finding solutions. This competition is a step in the right direction, as it encourages students to think critically about the future of food and agriculture,” he remarked.

The event provided a platform for young students to showcase their artistic and literary talents, exploring themes that align with the mission of World Food Day: ending hunger and ensuring food security for all. The five winning schools were awarded cash prizes, and their students were celebrated for their exceptional creative and analytical contributions.

Capacious Farms & Foods Ltd and Adron Homes & Properties have committed to making this competition an annual event, fostering a deeper connection between Nigeria’s youth and the agricultural sector.

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Senate Orders Arrest of Julius Berger MD

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Senate Orders Arrest of Julius Berger MD Over Abandoned Projects

Senate Orders Arrest of Julius Berger MD Over Abandoned Projects

 

The Senate on Thursday issued an arrest warrant for the Managing Director of Julius Berger Nigeria Plc, Dr. Peer Lubasch, following his repeated failure to appear before the Senate Committee on Works.

The resolution came after a motion was moved by the Senate Minority Whip, Senator Osita Ngwu (PDP, Enugu West), and co-sponsored by Senators Asuquo Ekpenyong (APC, Cross River South) and Mpigi Barinada (PDP, Rivers South-East).

In his motion, Senator Ngwu highlighted that Julius Berger had persistently ignored invitations to clarify issues surrounding abandoned projects and the significant increase in the cost of contracts, from N54 billion to N195 billion.

He raised concerns over the Odukpani-Itu Highway project, noting that Julius Berger had received more than N18 billion in public funds but had failed to meet targets and honor contract terms. “Despite receiving substantial public funds, Julius Berger has refused to provide details of their role in the Odukpani-Itu Highway project,” Ngwu stated.

Ngwu further pointed to discrepancies in the performance of contractors, with Julius Berger specifically singled out for not meeting expectations. He referenced the National Assembly’s constitutional powers to investigate and summon any person or organization handling public funds, as stipulated in Sections 88 and 89 of the 1999 Constitution.

The senator also drew attention to the alleged termination of Julius Berger’s contract for the Odukpani-Itu Highway due to its failure to accept contract review terms, despite initially agreeing to a contract worth over N54 billion. Julius Berger later sought an upward review to N195 billion, which was rejected.

Ngwu called on the Senate to invoke its constitutional powers, as outlined in Section 89(1)(c) and (d) of the 1999 Constitution, to compel Dr. Lubasch’s attendance at the rescheduled investigative hearing. Senate President Godswill Akpabio confirmed that a specific date for the MD’s appearance would be included in the arrest warrant.

The motion led to a heated debate in the Senate, with some senators calling for the immediate issuance of the arrest warrant. Senators Orji Uzor Kalu (APC, Abia North), Abdul Ningi (PDP, Bauchi Central), and Joel Onowakpo Thomas (APC, Delta) supported the motion. However, Senators Seriake Dickson (PDP, Bayelsa West), Adams Oshiomhole (APC, Edo North), and Ahmad Lawan (APC, Yobe North) proposed resolving the matter at the committee level to avoid unnecessary escalation.

Despite the differing opinions, the Senate resolved to proceed with the arrest warrant, reaffirming its commitment to ensuring transparency and accountability in the use of public funds.

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