When Jim Ovia, founder and immediate past chairman of Zenith Bank, said recently that real estate pays more than banking, many saw it as the retirement move of one of Nigeria's most successful entrepreneurs. But his decision points to a broader shift in Nigeria's economy, where inflation, exchange-rate volatility and high borrowing costs are increasingly …
The average interest rate on the most popular U.S. home loan has dropped to its lowest level in over a year, following softer inflation data that reinforced expectations of another Federal Reserve rate cut. According to the Mortgage Bankers Association (MBA), the rate on a 30-year fixed mortgage fell by seven basis points to 6.30% …
Across Nigeria’s capital city, the dream of living close to work is fast slipping away. The recent spike in house rents across Abuja has triggered an exodus of residents from central districts to far-flung areas, as landlords adjust their prices in response to inflation, rising building costs and, in some cases, sheer greed. For many, …
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has approved fresh Statutory Rights of Occupancy (R-of-O) and Certificates of Occupancy (C-of-O) for 374 property owners across 15 streets in Abuja. The decision came after investigations by the Federal Capital Territory Administration (FCTA) revealed widespread abuse of land allocations. Officials discovered that many property …
By Ubong Usoro In the wake of growing calls for the Federal Capital Territory Administration (FCTA) to convert abandoned estates into mass housing, development expert Prof. Timothy Nubi has warned against simplistic or forceful approaches to property management in Nigeria’s capitalist economy. In an exclusive interview with Pinnacle Daily, Prof. Nubi, a renowned professor of …
