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Nigeria Needs Gazette to Improve Real Estate Investment – Expert

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  • Nigeria Needs Gazette to Improve Real Estate Investment

The Managing Director of BabsGbollys Properties Limited, Mr. Babalola Odunuga, has said that the signing of gazette applications will give investors more confidence to invest their money in real estate in the country.

Odunuga spoke while announcing the inauguration of the firm’s commercial advisory services, which will offer comprehensive commercial services, specialising in investment sales, landlord and tenant leasing representation and strategic asset positioning.

He said the gazette would also help in quick development in the rural communities.

According to him, the essence of a gazette cannot be overemphasized as the document authenticates what the community owns.

He stated, “When the gazette is readily available, a community can only sell land to people within those lands that have been excised to them and the community or family head of that land has the right to sign valid documents for such purchases.

“This way, you can easily get a surveyor to chart the site and take it to the surveyor-general’s office to confirm whether it falls within the gazette and spell out which particular location it can be found. It is advisable not to assume that the land is not covered by a gazette and purchase it without seeking professional help so as not to fall prey to people who may sell you land that is not excised to them.”

He said lack of basic infrastructure, such as a good layout, was another major challenges in real estate.

“These need to be in place for any community to attract investors,” he added.

Odunuga also stated that the government should look into the issue of land grabbing and create new laws to force the perpetrators out of the affected area.

He added, “Government also needs to enforce the law on land grabbers and also engage the community leaders, like the obas, baales and local government executives to identify such perpetrators.

“They need to have regular stakeholders’ meetings where they engage, inform and spell out the repercussions of encroaching on government land, but it will be more advisable to enlighten the public more on areas that belong to the government. This is necessary because majority of the new estates in Free Trade Zone areas are actually government land, which investors bought from land grabbers.”

Speaking on the new service, Odunuga explained that as the firm continued to experience rapid growth, commercial development and real estate ranking high for investors, it would keep playing pivotal roles in helping them secure the right land and properties.

He said the commercial advisory service would help strengthen business and allow the team to be the provider for the firm’s clients and their commercial projects.

“The team will handle leasing, tenant representation and investment sales for office, industrial, retail, medical, special purpose, flex, and multi-family spaces,” he added.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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TotalEnergies Chooses Congo Over Nigeria, Announces $600 Million Investment

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TotalEnergies

French multinational oil company TotalEnergies has decided to steer its investment focus away from Nigeria to bolster its exploration in the Republic of Congo by $600 million.

This decision marks the second time TotalEnergies has overlooked Nigeria in favor of other African nations amid policy inconsistencies and other concerns within the Nigerian oil and gas sector.

Patrick Pouyanne, CEO of TotalEnergies, said the company is investing $6 billion in Angola over Nigeria.

Pouyanne highlighted policy uncertainties and related issues in Nigeria as factors influencing the decision.

In light of this strategic redirection, TotalEnergies has unveiled plans to inject $600 million into the Republic of Congo’s oil production and exploration endeavors, reaffirming its commitment to the African continent.

The investment aims to fund exploration activities and maintain production in Congo’s deep offshore Moho Nord field, a key contributor to the nation’s oil output.

A press statement released by TotalEnergies underscores the significance of this investment, indicating its potential to unlock economic opportunities not only for Congo but also for the broader African region.

The Moho Nord field, where a portion of the investment will be allocated, plays a pivotal role in Congo’s oil production, accounting for approximately half of the country’s total output, equivalent to roughly 140,000 barrels per day.

Expressing optimism regarding the investment’s impact, TotalEnergies CEO Patrick Pouyanne anticipates significant developments in the Moho Nord field, with the arrival of two drilling rigs signaling active exploration efforts.

Pouyanne remains hopeful that these efforts will yield promising discoveries by the year’s end, further solidifying Congo’s position in the global oil market.

Commenting on TotalEnergies’ investment, NJ Ayuk, the executive chairman of the African Energy Chamber (AEC), emphasized the potential for Congo’s oil and gas sector to drive industrialization and alleviate energy poverty across Africa.

Ayuk highlighted the importance of partnerships with companies like TotalEnergies in achieving these objectives, underscoring the pivotal role of foreign investments in Africa’s energy landscape.

In addition to TotalEnergies’ investment, the Republic of Congo stands to benefit from a new strategic partnership with Algeria in the hydrocarbons and energy sectors.

A memorandum of understanding signed between the two countries paves the way for enhanced collaboration, including the development of a roadmap for bilateral relations and the exchange of expertise between Algeria’s Sonatrach and Congo’s SNPC.

The agreement also signifies broader support for the establishment of an African Energy Bank, aimed at directing investments toward oil and gas projects across the continent.

As TotalEnergies redirects its investment focus to Congo, Nigeria faces the challenge of addressing policy inconsistencies and regulatory concerns to attract and retain foreign investment in its oil and gas sector.

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Nigeria Calls on UAE to Modernize 50-Year-Old Oil Pipeline Infrastructure

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Nigeria has extended a call to the United Arab Emirates (UAE) for strategic investment.

The Federal Government of Nigeria said there is a need for the renewal and reconstruction of its more than 50-year-old oil pipelines.

Minister of State for Petroleum (Oil), Heineken Lokpobiri, reiterated Nigeria’s vast investment opportunities during discussions held in Abuja with a visiting delegation from the UAE, led by Ambassador Salem Al Shamsi.

The discussions centered on the mutual interests of both nations in the energy sector, particularly in oil exploration and infrastructure development.

Lokpobiri emphasized the critical role of pipelines in transporting crude oil to export terminals, underlining their indispensable significance despite the advancements in alternative transportation methods.

He highlighted the outdated nature of Nigeria’s current pipeline network, most of which was established around the time of Nigeria’s initial oil discoveries in the late 1950s.

Acknowledging the enormity of the investment required, Lokpobiri assured potential UAE investors of attractive investment models.

He outlined a proposal where investors could recover their investments proportionately as crude oil is transported through the pipelines, thereby incentivizing their involvement in the modernization efforts.

Nigeria boasts abundant natural gas reserves, estimated at over 208 trillion cubic feet, positioning the nation as a significant player in the global energy landscape.

Lokpobiri emphasized the potential for further exploration and development in both gas and crude oil sectors, signaling Nigeria’s commitment to maximizing its energy resources.

The recent meeting also delved into the broader context of oil exploration and climate concerns. Lokpobiri reiterated Nigeria’s commitment to the Paris Agreement while emphasizing the importance of a balanced approach to energy production and transition.

He emphasized the need for strategic partnerships to facilitate the financing of Nigeria’s energy transition, highlighting the UAE’s potential role in this endeavor.

Responding to Nigeria’s call, Ambassador Al Shamsi expressed the UAE’s willingness to collaborate with Nigeria in addressing the challenges facing the oil and gas sector.

He affirmed the longstanding relationship between the two nations, spanning over 50 years, and reiterated the UAE’s commitment to supporting Nigeria’s developmental aspirations.

As Nigeria embarks on its journey to modernize its oil infrastructure, partnerships with countries like the UAE are poised to play a pivotal role in realizing its energy ambitions.

The call for investment signals Nigeria’s proactive stance in addressing its infrastructural challenges while leveraging its rich energy resources for sustainable development.

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Nigeria Offers 12 Oil Blocks and 5 Deep Offshore Assets to Global Investors

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Oil

Nigeria has unveiled plans to offer 12 oil blocks and 5 deep offshore assets to global investors.

The announcement was made during the ongoing 2024 Offshore Technology Conference (OTC) in Houston, United States, where Nigerian officials presented the country’s vast hydrocarbon potential to an international audience of industry stakeholders.

Addressing participants at the African Oil Industry Opportunities Session, a side event at the OTC, Gbenga Komolafe, Chief Executive of the Nigerian Upstream Regulatory Commission, outlined Nigeria’s significant reserves and emphasized the strategic importance of leveraging these resources for economic development.

With over 37.5 billion barrels of crude oil and condensate reserves, as well as 209.26 trillion cubic feet of natural gas reserves, Nigeria stands as a major player in Africa’s energy landscape.

Komolafe highlighted the government’s commitment to conducting a transparent and competitive bidding process, in accordance with the Petroleum Industry Act (PIA) and applicable regulations.

The 2024 Licensing Round, he noted, marks a significant milestone in Nigeria’s hydrocarbon development initiative, introducing 12 carefully selected blocks spanning diverse geological formations, from onshore basins to deep offshore territories.

Each block has been identified for its potential to enhance Nigeria’s reserves and stimulate economic growth, offering opportunities for investors to participate in the country’s oil and gas industry.

The bidding process, which commenced on April 29, 2024, is structured to ensure fairness, competitiveness, and transparency, with guidelines issued to guide prospective bidders.

In addition to the 12 blocks, Nigeria will also conclude the sale of seven deep offshore blocks from the 2022 Mini-Bid Round Exercise, covering approximately 6,700 km2 in water depths ranging from 1,150m to 3,100m.

This comprehensive offering underscores Nigeria’s commitment to maximizing the potential of its petroleum resources and attracting strategic investments to drive sectoral growth.

The bidding round, scheduled to conclude by January 2025, presents a significant opportunity for investors and companies to participate in Nigeria’s oil and gas sector.

The inclusion of both new greenfield blocks and assets from previous bid rounds reflects the government’s dedication to fostering innovation, technological exchange, and capacity building within the industry.

With criteria emphasizing technical competence, financial capacity, and viability, the 2024 licensing round aims to be conducted in a fair, competitive, and non-discriminatory manner, in line with the provisions of the Petroleum Industry Act.

As Nigeria positions itself as a prime destination for oil and gas investment, stakeholders are optimistic about the potential for sustainable growth and development in the sector.

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