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Nigeria, Iran Clash Over OPEC Emergency Meeting

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9 years ago

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opec

With the global economy reeling from plunging oil prices occasioned by massive over production, Nigeria, a key member of the Organisation of Petroleum Exporting Countries (OPEC), which depends hugely on oil revenue for its foreign exchange, has requested an emergency meeting to discuss steps to possibly cut down oil production and prop up oil prices.
But Nigeria’s call has been opposed by Iran, another prominent OPEC member, which claimed that the time is not yet right for such an intervention.
Minister of state for petroleum resources, Dr Ibe Kachikwu, made the call for an OPEC emergency while speaking at a panel session at the ongoing World Economic Forum at Davos, Switzerland, adding Nigeria’s voice to those of OPEC members, such as Venezuela, that are requesting an emergency meeting of the oil-producing nations to address the current oil crisis.
Speaking at the session, Kachikwu stated that with the oil industry in its current state, the members of the OPEC, which produce about one-third of the world’s oil, needed to do something proactive soon.
He said, “There is a lot of energy around trying to meet earlier. Obviously, some of that is a panic reaction. Do we just sit back and watch? Or do we put more efforts in talking to countries, like Russia, to try to get some consensus of what we need to be doing?”
However, Iran disagreed with the premise of an emergency meeting as the country’s oil minister, Bijan Zanganeh, stated that the organisation currently has little intention of making a drastic change.
“There should be an intention to make a firm decision in such a meeting; otherwise, the meeting will have negative impacts on world oil markets. The important thing is that there must be an intention for change, but we have not yet received such a signal,” the oil minister said, according to Reuters.
As the global economy heads for what is potentially a very volatile year, analysts have said that OPEC, which requires a consensus from all its members before it initiates a change, has to make a decision very soon.
Following the crash of oil price from an average of $114 a barrel in 2014 to less than $30 a barrel presently, Nigeria’s economy, as well as those of many other oil-dependent countries, has had an economic depreciation. Nigeria’s budget is benchmarked at $38 per barrel of oil as the country needs oil price to rally to fund its budget.
Some OPEC members such as Venezuela had called for emergency meeting but others such as Saudi Arabia, said to have an eye on the happenings in Iran as regards oil production, is yet to make a categorical statement on the matter.
There’s No Tension Between Iran and Saudi Arabia – Koozechi
Following the ongoing rift between two Middle East heavy weights, Iran and Saudi Arabia, over the execution of Iran’s top cleric, Sheikh Nimr Al Nimr, the Iranian ambassador to Nigeria, His Excellency Saeed Koozechi has said that there’s no tension as such between both countries.
Speaking in an exclusive interview with LEADERSHIP, the envoy stated that even though Iran was very unhappy with Al Nimr’s execution by Saudi Arabia, both countries are not having a regional conflict.
He also stated that the Islamic Republic of Iran also regretted the burning of the Saudi Embassy in Tehran, saying some hoodlums took advantage of the situation by taking the laws into their hands.
“We condemn the unfortunate situation in very strong terms and we are happy that the police was able to put the situation under control and no Saudi diplomat was injured in the incident.
“In fact, over 60 arrests have been made while the matter is being investigated and the culprits will soon be charged to court’’, he added.
On how the country is taking the severing of links by Saudi and some other countries with Iran, he said it is regrettable that Saudi Arabia was too quick in reacting the way it did, adding that it was proactive and also encouraged other countries to do same.
Koozechi said he expected Saudi Arabia to have been more thoughtful and logical about the issue, instead of trying to overshadow their wrong doing.
He said that although the executed cleric was a reformist and a critic of some of Saudi Arabian government’s policies, he never did anything to counter the security of the country to warrant the treatment meted out to him.
He recalled that Al Nimr was arrested four years ago and was until his execution in detention, stating that the Iranian government was not aware if he had the services of a lawyer to defend him in court before his execution.
Oil falls 3% on swelling oversupply
Oil prices fell three per cent yesterday as Iraq announced record-high oil production, feeding into a heavily over-supplied market.
Iraq’s oil ministry said oil output had reached a record high in December. Its fields in the central and southern regions produced as much as 4.13 million barrels a day, the government said.
The oversupply has wiped out much of the gains made in one of the biggest-ever daily rallies last week. Brent crude, the global benchmark, was down 83 cents at $31.35 a barrel at 1247 GMT, losing 2.6 per cent from its closing price on Friday, when Brent surged 10 per cent. U.S. crude traded 85 cents lower at $31.34 a barrel. A senior Iraqi oil official said the country might raise output even further this year.
“The news that Iraq has probably hit another record builds on the oversupply sentiment,” said Hans van Cleef, senior energy economist at ABN Amro in Amsterdam.
“The oversupply will keep markets depressed and prices low, and on the other hand short positions are in excessive territory.”
The closing of large amounts of short positions had caused a huge rally on Friday that was largely undone again on Monday, creating huge volatility in the oil market.
In a sign that investors expect oil prices to rebound, data from Intercontinental Exchange showed speculators raised net positions of Brent crude in the week ending January 19. Fundamental factors remained bearish. Indonesia’s OPEC governor said support among the Organisation of the Petroleum Exporting Countries (OPEC) for taking steps to prop up crude prices is slim. The governor said only one OPEC country supported an emergency meeting over the matter.
Striking a more bullish tone, the group’s Secretary-General Abdullah al-Badri said at a separate event in London that he saw some signs the market was rebalancing. He also said OPEC and non-OPEC producers needed to work together to tackle oversupply in order to prop up oil prices. The chairman of Saudi’s Aramco said on the sidelines of a different conference on Monday that oil prices would ultimately balance at a moderate level as demand continued to rise. In the U.S., one of OPEC’s largest production rivals, a further drop in the number of oil rigs was expected to weigh on output. U.S. investment bank Goldman Sachs said it expected production to decline by 95,000 barrels per day in 2016, including well deferrals, higher than previously assumed.
OPEC Sec-Gen Urges Non-OPEC To Help Clear Oil Stocks Overhang
OPEC and non-OPEC oil producers need to jointly tackle global stocks overhang to enable oil prices recover with investments in new fields, OPEC secretary-general, Abdullah al-Badri, said yesterday.
“It is vital the market addresses the issue of the stock overhang. As you can see from previous cycles, once this overhang starts falling, then prices start to rise,” he told a conference in London.
“Given how this developed, it should be viewed as something OPEC and non-OPEC tackle together. Yes, OPEC provided some of the additional supply last year, but the majority of this has come from non-OPEC countries,” he noted. He said it was crucial that major producers came up with a solution, as the market needed to see inventories come down to levels that would allow prices to recover and encourage investments. “The current environment is putting this future at risk. At current price levels, it is clear that not all of the necessary future investment is viable,” he said.

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The Role of Certificate of Occupancy in Property Valuation Method in Nigeria by Dennis Isong

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8 hours ago

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November 17, 2024

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The Role of Certificate of Occupancy in Property Valuation Method in Nigeria by Dennis Isong

In Nigeria’s real estate landscape, property valuation serves as a crucial process that determines the worth of a property for various purposes, including buying, selling, and securing loans. One significant document that plays a pivotal role in this process is the Certificate of Occupancy (C of O). This legal document, issued by the state government, confirms an individual’s right to use and occupy land for a specified period.
Understanding the interplay between the C of O and property valuation is essential for investors, developers, and homeowners alike, as it can significantly influence market perceptions and property prices.
Understanding the Certificate of Occupancy
The Certificate of Occupancy is a legal document that signifies ownership and the right to occupy land. In Nigeria, land ownership is primarily governed by statutory laws, customary laws, and the Land Use Act of 1978, which mandates that all land in urban areas is owned by the government. Thus, the issuance of a C of O is necessary to establish a legal claim over any parcel of land.
Obtaining a C of O is a comprehensive process that involves several steps, including land survey, payment of necessary fees, and completion of relevant documentation. Once issued, the C of O provides security to the landowner by guaranteeing their rights against unlawful eviction or encroachment. This security is a significant factor in property valuation. Properties with a valid C of O are generally seen as more valuable and less risky compared to those without, as the certificate signifies legal recognition and ownership rights.
C of O and Market Perception
The presence of a C of O can significantly influence market perception and the demand for a property. Properties with a valid Certificate of Occupancy are typically viewed as more desirable by potential buyers and investors. This perception stems from the legal security that a C of O provides. Buyers are more likely to invest in properties with a C of O because they have assurance that their rights are protected, and the likelihood of disputes regarding ownership is minimized.
Moreover, lenders and financial institutions often require a C of O before approving loans for property purchases or developments. A valid C of O enhances the credibility of the property, making it easier for buyers to secure financing. This accessibility to finance, in turn, can lead to increased property demand, thereby driving up its valuation. Conversely, properties lacking a C of O may be perceived as risky investments, resulting in lower valuations and reduced buyer interest. Thus, the C of O serves as a critical indicator of a property’s reliability and marketability.
C of O in the Property Valuation Process
In the property valuation process, a valuer considers various factors to determine the value of a property. These factors typically include location, size, condition, and comparable sales in the area. However, the existence of a C of O is often a prominent consideration. During the valuation process, valuers will assess the C of O to ascertain the legal standing of the property. A valid C of O not only confirms ownership but also indicates compliance with local land use regulations, zoning laws, and building codes.
Valuers may also take into account the duration of the C of O. In Nigeria, a C of O is usually granted for 99 years, and this long tenure can positively influence a property’s valuation. The security provided by a long-term C of O assures potential buyers of their rights over the property for an extended period, making it a more attractive investment. Conversely, properties without a C of O, or those with expired or disputed certificates, may be valued lower due to the inherent risks associated with such properties.
Furthermore, a C of O can impact future development potential, which is a crucial aspect of property valuation. Properties with a valid C of O are more likely to receive the necessary approvals for development or alteration, while those without may face legal hurdles. This potential for development can enhance the property’s value, as it indicates future income generation possibilities. Consequently, valuers consider the C of O as a critical factor that influences the overall worth of the property in the market.
Challenges and Implications of C of O in Property Valuation
Despite its importance, the C of O is not without challenges. The process of obtaining a C of O can be lengthy and complex, leading to delays in property transactions. In some cases, disputes over land ownership can arise, particularly in areas where customary land tenure systems are prevalent. These disputes can complicate the valuation process, as properties with contentious C of Os may be difficult to sell and consequently valued lower.
Additionally, the presence of a C of O does not automatically guarantee a problem-free investment. Factors such as environmental issues, development restrictions, or changes in land use policies can affect property value. Valuers must therefore conduct thorough due diligence, considering not only the existence of a C of O but also any associated risks or liabilities.
In conclusion, the Certificate of Occupancy plays a crucial role in property valuation methods in Nigeria. As a legal document that signifies ownership and security, it significantly influences market perception and property demand. Valuers must consider the C of O when assessing a property’s value, as it reflects the legal standing and development potential of the land. However, challenges associated with the C of O, such as ownership disputes and regulatory complexities, must also be navigated to ensure accurate valuations. For stakeholders in the Nigerian real estate market, understanding the importance of the C of O is vital for making informed investment decisions and maximizing property value.
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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10 Benefits of Joint Property Ownership in Nigeria by Dennis Isong 

Published

9 hours ago

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November 17, 2024

By

10 Benefits of Joint Property Ownership in Nigeria by Dennis Isong 

10 Benefits of Joint Property Ownership in Nigeria by Dennis Isong 

Owning property together with someone else can be a smart move in Nigeria. This is called joint property ownership. Let’s look at ten good reasons why people choose to own property together in Nigeria.
10 Benefits of Joint Property Ownership in Nigeria by Dennis Isong 
1. Sharing the Cost
Buying property in Nigeria can be very expensive. When you own property jointly with someone else, you can split the cost. This makes it easier for many people to become property owners.
Imagine you want to buy a house that costs 20 million Naira. If you buy it alone, you need to pay the full 20 million. But if you buy it with a friend, you might only need to pay 10 million each. This makes it much easier to afford the house.
Sharing the cost doesn’t just help when you’re buying the property. It also helps with other expenses like:
– Repairs and maintenance
– Property taxes
– Insurance
When you share these costs, owning property becomes less of a financial burden.
2. Easier to Get Loans
Banks and other lenders often prefer giving loans to joint property owners. This is because there’s less risk for the bank when there’s more than one person responsible for paying back the loan.
If you apply for a mortgage loan alone, the bank might worry about your ability to pay it back. But if you apply with a co-owner, the bank sees that there are two incomes to rely on for repayment. This can make it easier to get approved for a loan and might even help you get better loan terms.
3. Sharing Responsibilities
Owning property comes with many responsibilities. When you own property jointly, you can share these tasks with your co-owner. This can make property ownership less stressful and time-consuming.
For example, if the property needs repairs, one owner might handle finding a good contractor while the other deals with the paperwork. If it’s a rental property, one owner could handle finding tenants while the other manages the finances.
Sharing responsibilities can lead to better property management because each owner can focus on what they’re best at.
4. Potential for Higher Returns
When you pool resources with a co-owner, you might be able to invest in better properties. These properties often have the potential for higher returns, either through rental income or when you sell the property later.
For instance, you and your co-owner might be able to afford a property in a prime location that you couldn’t buy alone. Properties in good locations often increase in value faster than those in less desirable areas.
5. Risk Sharing
Property ownership always comes with some risks. These might include:
– The property losing value
– Unexpected repair costs
– Legal issues
When you own property jointly, you share these risks with your co-owner. This can make the risks feel less overwhelming. If something goes wrong, you’re not facing the problem alone.
6. Tax Benefits
In Nigeria, there can be tax advantages to joint property ownership. For example, if the property generates income (like rent from tenants), the tax burden is split between the owners. This might put each owner in a lower tax bracket than if they owned the property alone.
It’s important to note that tax laws can be complicated and change over time. It’s always a good idea to talk to a tax expert about your specific situation.
7. Estate Planning Advantages
Joint property ownership can make things easier when it comes to inheritance. In many cases, when one owner dies, their share of the property automatically goes to the other owner(s). This is called the “right of survivorship.”
This can simplify the process of passing on property to heirs. It can help avoid some of the complications and delays that often come with settling an estate.
8. Flexibility in Ownership Structure
There are different ways to structure joint property ownership in Nigeria. You can choose the structure that works best for your situation. Some common options include:
– Joint Tenancy: All owners have equal rights to the property.
– Tenancy in Common: Owners can have unequal shares of the property.
– Partnership: Often used for business properties.
This flexibility allows you to set up the ownership in a way that’s fair and makes sense for everyone involved.
9. Learning Opportunities
When you own property with someone else, you have the chance to learn from each other. Your co-owner might have skills or knowledge that you don’t have.
For example, one owner might be good at negotiating with contractors, while the other is skilled at budgeting and financial planning. By working together, both owners can learn new skills and become better property managers.
10. Social and Emotional Benefits
Owning property together can strengthen relationships. Whether you’re co-owning with a family member, friend, or business partner, working towards a common goal can bring people closer together.
There’s also an emotional benefit to knowing that you’re not alone in this big financial decision. Having someone to share the ups and downs of property ownership with can make the experience more enjoyable.
Things to Keep in Mind
While joint property ownership has many benefits, it’s important to be careful when choosing this option. Here are a few things to consider:
– Choose your co-owner wisely. Make sure it’s someone you trust and can work well with.
– Have a clear agreement. Write down how you’ll share costs, responsibilities, and profits.
– Plan for the future. Discuss what will happen if one owner wants to sell their share or can’t pay their part.
– Get legal advice. A lawyer can help you understand all the legal aspects of joint ownership.
Joint property ownership in Nigeria can be a great way to get into the property market, share costs and responsibilities, and potentially earn better returns. It offers financial benefits, practical advantages, and even social and emotional rewards.
However, it’s not a decision to be taken lightly. It’s important to carefully consider your options, choose your co-owner wisely, and set up a clear agreement. With the right preparation and partner, joint property ownership can be a rewarding experience that helps you achieve your property ownership goals in Nigeria.
Remember, every situation is unique. What works well for one group of co-owners might not be the best choice for another. Always consider your own circumstances and goals when deciding whether joint property ownership is right for you.

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Adron Homes Welcomes New Executive, Emphasizing Commitment to Professional Excellence

Published

1 day ago

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November 16, 2024

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Adron Homes Welcomes New Executive, Emphasizing Commitment to Professional Excellence

In a strategic move to foster growth and elevate the quality of service delivery, the Management of Adron Homes and Properties is thrilled to announce the appointment of exceptional staff members who have exemplified remarkable professionalism and have significantly contributed to the advancement of the Adron brand. We proudly introduce our newly appointed leaders: Adenike Ajobo as Managing Director, Olubunmi Akinfe as Deputy Managing Director, Ihuoma Azuru as Assistant Managing Director of Sales and Marketing (Lagos Nigeria), Barbie Ette as Assistant Managing Director of Sales and Marketing (Northern Nigeria), Odunola Ogundapo as Assistant Managing Director of Sales and Marketing (Western Nigeria), Olasumbo Oguntoye as Assistant Managing Director of Housing Nigeria, and Haastrup as Director General of Customer Service. Together, they will drive our mission forward and ensure continued excellence at Adron Homes.

Aare Adetola Emmanuel King, the Chairman and Group Managing Director of Adron Homes, has issued an important directive to the newly appointed directors of the company. He emphasized the critical need for quality delivery in all aspects of their work. Aare King highlighted that each director must align their actions and decisions with the overarching vision and mission of the organization. He urged them to remain committed to the company’s goals and to foster a culture of excellence, ensuring that their contributions not only meet but exceed the expectations set forth by Adron Homes.

Adenike Abosede Ajobo stands out as a highly regarded authority in the fields of corporate branding, public relations, business repositioning, and organizational strategy. She holds a degree in Linguistics from the prestigious University of Ibadan and has further enhanced her expertise with an Ordinary National Diploma (OND) in Marketing from The Polytechnic of Ibadan.

Her dedication to professional growth is reflected in her memberships with esteemed organizations, including the National Institute of Marketing of Nigeria (MNIMN), the Nigerian Institute of Public Relations (NIPR), and the Nigeria Institute of Personality Development and Customer Relationship Management (NIPD-CRM-dsgnt). These affiliations illustrate her unwavering commitment to continuous learning and excellence within her industry.

Adenike’s professional journey with Adron Homes commenced in January 2024 when she took on the role of Group Company Secretary. Her exceptional leadership skills and strategic vision quickly propelled her up the ranks, and she soon became the Deputy Managing Director of Southern Nigeria. Her impressive performance has now garnered her a well-deserved promotion to the position of Managing Director at Adron Homes, where she is set to steer the company toward a promising future, leveraging her insights and experience to craft innovative strategies for growth and development.

 

Akinfe Olubunmi Omolara is an esteemed leader and achiever, recognized for her dedication to maximizing her potential in every role she undertakes. She is a graduate of Obafemi Awolowo University, lle-Ife, Osun State, with a Bachelor of Science degree in Microbiology. Her career journey at Adron Homes and Properties, reflects her remarkable growth and commitment to excellence. She has progressed through a range of pivotal roles, from Deputy Group Sales Manager, District Sales Manager, and Deputy District Sales Manager to Deputy Group Customer Relations Officer, Regional Chief Operating Officer, and Chief Operating Officer. Her leadership and strategic acumen continued to shine through her promotions as the Director of Sales and Marketer and later promoted as the Director General of Sales and Marketing. She has now been promoted to the position of Deputy Managing Director , where she will drive growth and operational efficiency for Adron Homes.

Ihuoma Udodirim Azuru’s journey is a testament to exceptional leadership and dedication. Her academic prowess shines through with a B.Sc in Accounting, M.Sc in Business Management, MBA in Human Resources and currently studying Law at the Leadership City University, underscoring her commitment to ongoing personal and professional development. Her career with the company began as Group Head Admin and HR, where she showcased her adaptive leadership style. Subsequently, she transitioned to the role of Director of Sales and Marketing (Southwest). Moreover, she was promoted to the prestigious role of Director General for Sales and Marketing at Adron Homes. Her exceptional leadership, dedication, and strategic vision within the organization leads to her appointment as the Assistant Managing Director Lagos Nigeria.

Odunola Ogundapo is a highly regarded sales and marketing professional, celebrated for her steadfast dedication and strategic insight, which have contributed to her impressive track record of success in the industry. She holds a Bachelor of Science degree in Geology from Olabisi Onabanjo University, where she developed a strong foundational knowledge of earth sciences. Further enhancing her expertise, she earned a Master’s degree in Sedimentary and Petroleum Geology from the prestigious University of Lagos, a program renowned for its rigorous approach and focus on the energy sector. This combination of academic credentials allows Odunola to meld deep scientific understanding with strategic business acumen, enabling her to deliver exceptional results in her professional endeavors.

Odunola embarked on her career in 2017 at Adron Homes and Properties Ltd, starting as a Business Executive. In this role, she quickly demonstrated her innate talents and passion for sales and marketing, employing a goal-driven approach that not only set her apart but also paved the way for her rapid advancement within the company. Her commitment to excellence and her ability to forge strong relationships with clients and stakeholders led to her recognition as a rising star in the organization.

Currently serving as the Assistant Managing Director, Odunola plays a pivotal role in shaping and executing innovative strategies aimed at driving growth and enhancing the company’s market position. Her forward-thinking mindset and comprehensive understanding of market dynamics allow her to identify and seize new opportunities effectively. Under her leadership, the team is not only motivated but also encouraged to think creatively and push boundaries, resulting in increased productivity and morale.

Odunola’s leadership style is characterized by a unique blend of optimism and resilience, which fosters a collaborative and inclusive work environment. She prioritizes the development of her team members, nurturing their potential and empowering them to become future leaders in the organization. This commitment to mentorship and professional growth among her staff has created a culture of excellence that thrives on teamwork and innovation, ensuring that everyone is aligned with the company’s vision and goals. Through her unwavering dedication to her work and her ability to inspire those around her, Odunola Ogundapo continues to make a significant impact in the sales and marketing realm.

Aminat Olaniyan Haastrup is an inspirational customer service specialist, deeply committed to creating exceptional service experiences. With a strong educational background in Estate Management and Customer Experience, she earned her degree from Yaba College of Technology. An Associate Member of The Association of Business Practitioners (ABP) in the UK and a fellow of the Chartered Institute of Customer Relationship Management, Aminat’s journey began as the Director of Customer Services. Renowned for her dedication to customer-centric strategies, she passionately pursues unparalleled service excellence. Through transformative initiatives across the company’s customer relations landscape, Aminat has inspired those around her and achieved her new role as the Director General of Customer Service.

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