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Property Market

NAFDAC buys N450m Nigeria Reinsurance Isolo property

AFTER an initial effort that eventually turned out to be a ‘false start,’ the National Agency for Food and Drug Administration and Control (NAFDAC), has now sealed a deal for the purchase of a prominent structure in Lagos.

The six-storey building, previously owned by Nigeria Reinsurance Corporation is located in the Isolo area on the Apapa–Oshodi Expressway. It had remained uncompleted for several years, during which several suitors had shown interest in the purchase of the property due to its prominent location close to the Isolo flyover.

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Property price drop in Ikoyi, others averages 29% in two years

Property prices in highbrow neighbourhoods of Ikoyi, Victoria Island, Lekki and the (Government Reservation Areas) GRAs have seen an average drop of 29.2 percent. The drop which specifically relates to residential properties put in the market for outright sale is being attributed to the lingering global economic downturn that has slowed down activities, especially in the real estate sector in the past 24 months.

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NIPCO tasks govt on importation of fuel efficient cars

  Wednesday, February 03, 2010              
FOR Nigeria to optimally utilise its gas resources especially in fueling cars, the Federal Government has been urged to initiate a policy that would ensure that new cars imported into the country have dual options of Premium Motor Spirit (PMS) popularly referred to as petrol and Compressed Natural Gas (CNG).

Managing Director of Nigerian Independent Petroleum Company (NIPCO) Plc, Mr. Girish Sanadhya, speaking at the formal inauguration of CNG stations and kits conversion workshop in Benin recently, said the policy would not only afford the nation opportunity of exploring the its vast natural gas resources, but also the inherent benefits of powering vehicles with environmentally friendly fuel.

Sanadhya, who was represented by the General Manager, NIPCO CNG Project Benin, Mr. Rajesh Prabhu, pointed out that the quest has become imperative in view of the ongoing crisis with regards to fuel supply across the country which was a fallout of over-dependence on petrol as vehicular fuel in Nigeria.

According to him, the replacement of liquid fuel with gas is going to drastically reduce road transportation of petroleum products nationwide, since gas will be largely channeled through pipelines.

The NIPCO boss noted that this would impact positively on reduction of road accidents and carnage on our highways, aside from the huge foreign exchange that will be saved from the sharp reduction in importation of refined fuel for vehicles.

He asserted that it is unequivocal fact that a mile for mile comparison of CNG over PMS results into clear 40 per cent cost saving for motorist and longer life span for vehicles.

According to a statement made available to The Guardian by the Manager, Corporate Affairs of NIPCO, Mr. Taofeek Lawal, Sanadhya explained that CNG initiative was primarily motivated by support of the federal government which on 21st March 2007, accorded the firm approval for the project which culminated in the inauguration of the stations and the kits conversion workshop.

He informed that the objectives of the company on the pilot project were to demonstrate: "our seriousness towards the CNG and PNG activities in Nigeria; to show before the public, the government and other stakeholders benefits of CNG over conventional fuels and to popularize CNG as a vehicular fuel ion Nigeria,"

Besides, he noted that the company was committed to introduce a clean efficient and eco-friendly alternative to petrol and make the country rank high in the comity of nations utilizing natural gas as a vehicular fuel.

Sanadhya equally noted that to make the CNG programme a success, the availability of CNG at various places is an absolute necessity, thus the imperativeness of his plea for government's approval to construct CNG stations in newer cities, adding that the company has the expertise as proven by what we did with the pilot project.

 

Culled from The Guardian

 

Banking reforms crash price of properties

For the first time the history of the country, price of properties are on the down ward trend falling as much as ten percent.Real sector experts attribute this unprecedented turn around in fortunes to the on going banking sector reforms..........

Last Updated (Tuesday, 02 February 2010 10:52)

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ARM to complete N1.4b Lagos Oluwole scheme this month

PROPERTY development firm, ARM Properties Plc, has reassured its stakeholders of the delivery of the Oluwole Urban Market, a shopping facility on Lagos Island, by the end of this month.

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