Eko Atlantic City

The Lagos state government is partnering with a private firm to build a brand new city on the Atlantic.
Yeah you heard me right. How on earth are they going to archive this, sand fill the Atlantic ocean? I hate to agree but yes, that's exactly what they will be doing.
According to a local source, The city when completed is expected to be as big as Victoria Island. The Chagoury group, west Africa's leading construction company will sponsor the project.
So if you love live or work very close to the waters, here is your chance. I'll keep you post as events unfolds.
For a detailed article on the project, visit http://www.casltesweekly.com

FCMB's MyHome

In a bid to make a lot of Nigerians home owners, first city monument bank has come up with a unique product called MyHome which will make loans available to Nigerians. This is one major contribution to the Nigerian mortgage finance industry. The service is is expected to give you an instance pre-qualification and an approval in principle within 48 hours of submitting your application.
You will require the following to qualify

1) A FCMB MyHome application form

2) A current account opened at any of the FCMB branches

3) An international passport or driver's license or National Identity card

4) A Staff Identity Card

5) 4 passport photograph

6) An Employee status Enquiry form endorsed by current employer

7) Last 3 months pay slips

8) An evidence of any additional income from sources other than main employment for 3 months if applicant is self employed.

9) Statement of bank account for the last 6 months

10) paid utility bills (Electricity, Water, or Telephone) for the past 3 months

11) Recent receipt for the current year, if applicable.

12) Business premises rent receipt for the current year if self employed

13) A copy of title document of the proposed property

14) A copy of accompanying document of title (e.g. approved building plan, survey plan etc.)

15) Letter of authorization to conduct searches on the Title, written by the Title holder in favour of FCMB and addressed to The Registrar, Lagos State Lands Registry, Alausa, Ikeja for Lagos properties only.

16) Passport photograph of the Title holder with his/her/their name(s), signature(s) and phone numbers endorsed on the reverse side.

17) Copy of vendor's Certificate of Incorporation, Memorandum and Article of Association, Particulars of directors form and Particulars of Shareholder's form (for corporate vendors only)

18) Copies of existing life insurance policies on the life of the applicant

19) Vendor's letter of acceptance of purchase price or Contract of Sale executed by the Vendor and the borrower (with banker's confirmation of vendor's signature)

If you meet all these requirements, you will hopefully get a loan. I think the biggest hurdle here is meeting all these requirements. for a Nigerian its mostly likely that you will not meet one of these requirements but the good thing is that you can work towards it.Applicants must also earn a minimum annual income of 3 million naira.The bank charge a one time fee of 1% of the loan amount subject to a minimum of 150,000 naira. This is been charged for document verification, legal search and property valuation.Currently the interest rate ranges from 17% - 19.5% per annum in all.Please visit http://www.firstcitygroup.com/fcmb/homeloans.asp to apply.

Recertification of Ongoing Development Work in Ikoyi/Victoria Island Model City

In case you have not heard, there has been at least a dozen cases of collapsed building in Lagos State in the last one year.
The causes were majorly attributed to non-compliance of building owners/developers to the original approved plan. So who is to blame, the government or building owners.One party argues that building owners/developers are suppose to adhere strictly to approved building plan, well this is absolutely correct. But even this owners/developers think even when they make alterations, they are minor and that they are not done without the approval of the site inspector. Its is only logical for one to think that even when building owners/developers get an approved plan and decide to build something else, the State government under Physical and Planning Laws and Regulations have the right to inspect and stop an ongoing project if they found out anything was wrong with such project.
Well since nobody will accepts blames for these kind of incidences, I will advices that the next time you want to rent an apartment in Lagos, you sneak in a harmer just to do some little test on the walls, you never can tell.
For this problem to be eradicated, the Lagos State Government issued a public notice on the 15th of October, 2007 concerning ongoing projects in Ikoyi/Victoria island Model city.
Press Release:

LAGOS STATE GOVERNMENT MINISTRY OF PHYSICAL PLANNING & URBAN DEVELOPMEMNT THE SECRETARIAT, ALAUSA, IKEJA

Recertification of ongoing work within ikoyo/victoria island model city Following the observation of deliberate attempt to distort the ikoyi/victoria island Model City Plan by some unscrupulous Developers, the Lagos State Ministry of Physical Planning and Urban Development is further constrained to demand for a compulsory recertificaton of the ongoing development projects within the Model City.
By the provision of Section 3, Sub-section 1 and 4 (e), (h) of the Lagos state Urban and regional Planning and Development Law 2005, the Ministry has the responsibility to ensure the implementation of Physical Planning policies and execute such other planning function as may be assigned to it by the Governor of the Lagos State.Consequently, all Owners/Developers and/or Contractors of ongoing development projects within the Ikoyi/Victoria Island Model City are enjoined to submit the under listed documents for the purpose of the exercise.a) A copy of the approved Architectural and Structural Plan for such projects) Evidence of required clearance from other relevant Agencies of the State Government.All the affected Owners/Developers and/or Contractors of such projects are Herby warned to heed this directives, as non-compliance will be met with appropriate sanctions under the State Physical Planning Law Regulations.All Submissions MUST be forwarded to the office of the Permanent Secretary, Ministry of Physical Planning & Urban Development within 30days of this publication.Signed:
TPL. Francisco Bolaji Abosede Honourable Commissioner

Its is not uncommon for people to pay rent for uncompleted buildings in Nigeria, especially Lagos State.so be careful what you pay for, make sure not just the plan is approved but the structure as well.You can do this by going to the Lagos State Ministry Physical Planning & urban Development, The Secretariat Alausa Ikeja to make enquiries about the property in question.

Plots of Land For Sale @ 350,000 naira only

Have you heard about Beaufort Royale Estate, Mowe Ogun State?
According to the advertises, Beaufort Royale Estate is a development site that lies within a serene residential neighborhood away from the hustle and bustle of the Lagos mainland.
the environment captures nature so explicitly that you are spell bound by the timeless views of natural setting which creates a living environment unsurpassed in most urban areas.
so if you are looking forward to living close to nature, this might suit your need.
The site is located at Ibukun Aro, a fast developing area of Mowe, Ogun State. it is just adjacent to the Redeemers College and about 300m from the Redemption Camp along Lagos Ibadan Express way.
According to the advertisers, the first phase of this scheme is sited on 588 plots of land. The residential plots measures a total of 247,536 square meters on the site while 11,464 square meters have been reserved for commercial an communal use.
A plot of land is sells for 400,000 naira only but a promotional price of 350,000 naira only is being offered till October 20, 2007 or for the fist 200 buyers.
A flexible payment plan is also available. Please call the following numbers for further enquiry

• Gabriel - 08051112814
• Elvis - 08060060977
• Akudo - 08027607402
• Mariam - 08036698712

Interested persons should note that this area is a new site and most social amenities will be introduced gradually. therefore interested persons should make necessary enquiry and probably visit the place before any financial commitment is made. Good luck