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Lamudi.com Whitepaper Reveals Nigeria’s Real Estate Key Influencers

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(L-r): Obi Ejimofo, managing director of Lamudi (Nigeria), Godwin Alenkhe, chairman, Lagos State Chapter and Sunday Paul, zonal chairman, Akoka, both from ERCAAN at the one anniversary of Lamudi Nigeria held in Lagos.
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Lamudi.com is a global property portal focusing exclusively on the emerging markets with presence in Nigeria, has released a whitepaper on the state of Nigeria’s real estate and general housing climate.

In the whitepaper, Lamudi revealed that the trends that have influenced the increase in real estate investment in Nigeria over the past five years to include, economic development (71%), infrastructural development (62%), standard of living (57%), migration, both inward and outward (38%) and average population age (38%).

Substantiating the report, a National Bureau of Statistics (NBS) data shows that the real estate sector now contributes up to 15% of the recently debased gross domestic product, “as investing in building is considered to provide a significant multiplier effect on the broader economy as it contributes to GDP through two main drivers, namely, private residential investments and consumption spending on housing services.

The report contains that the growth recorded in the overall Nigerian real estate sector on a year-on-year basis stood at 11% in 2012, which was demonstrative of a recovery in the sector and following significant falls influenced by the global downturn in 2009/10.

According to a report by Agusto & Co., a leading pan African credit rating and research agency, activity in Lagos State accounts for at least 40% of the total Nigerian real estate market.

Also, Ernst & Young (EY) report on Foreign Direct Investment (FDI) in Nigeria, has been growing at an annual rate of 23.4% over the last six years; while the country’s economic outlook has previously dependent on oil & gas, the non-oil sector has witnessed strong growth across agriculture, telecommunications and retail services.

On technology trends in house-hunting, Obi Ejimofo, managing director of Lamudi (Nigeria) told Nigeria CommunicationsWeek at one year anniversary of the Platform in Nigeria, that its (Lamudi’s) analytics shows, 30.5% of house-hunters searched for properties using a mobile device between May and October 2014; 43.26% of these visitors to the website used tablets to carry out the search, with 56.74% using other mobile devices.

Obi added that, however, there is still room for growth as 33% of real estate agents believe the internet is often used for house-hunting, and all respondents believe this will increase over the next decade.

He said, “Whilst traditional house-hunting methods remain popular in Nigeria, local real estate companies are also adapting to the changes in how people are using the web. According to Lamudi survey 81% of real estate agents believe that the most popular method for house-hunting remains the using a real estate agent.

“However, just under half believe that online listings are the favoured method with 67% of those asked revealing that they advertise their properties online”.

Nodding in agreement, Oyewale Adekunle, managing director of Ajibex and Company, said that, “social media is improving the growth of real estate, as all properties can now be listed and promoted online, to reach people both within and outside Nigeria”.

On his part, Udo Okonjo, chief executive officer, Fine & Country West Africa, stated that the advent of the internet and social media has boosted the avenues through which real estate agents can interact with clients, enabling more effective and efficient communication with those whose lifestyle are suited for such platforms.

Mr Sina Ganiu, senior partner & chief executive officer, Jide Taiwo & Co Estate Surveyors & Valuers, expressed delight with the Lamudi’s real estate revolutionary site.

Meanwhile, Lamudi with over 6000 real estate agents as partners, serving 32 million app users and 70, 000 per week visitors to the site, also revealed that 66% of people searching for properties within Nigeria, actually reside in the country.

The Lamudi Real Estate White paper was also launched globally in Asia, the Middle East, Latin America and other parts of Africa.

Allie Morse, CEO, Lamudi West and Central Africa said. “In its first year, Lamudi has cemented itself as a global leader in real estate, and we are honoured to welcome the best of Nigerian real estate to celebrate the launch of the white paper alongside our colleagues around the world.

“We want to ensure that our knowledge on the future of real estate in the emerging markets one that educates not just our clients but current and future customers too.

 


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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MTN Graduates 20 Fellows, Expands Media Innovation Programme

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MTN Nigeria, in partnership with Pan-Atlantic University (PAU), marked a significant milestone in advancing Africa’s media landscape with the graduation of 20 Fellows from the MTN Media Innovation Programme (MIP) Cohort 4 held at the Lagos Business School.

MTN Graduates 20 Fellows, Expands Media Innovation Programme

MTN

The ceremony celebrated excellence, resilience and forward-thinking storytelling, while also announcing the programme’s expansion into a Pan-African edition beginning next year.

The six-month programme, known for its rigorous coursework, demanding schedule and strong emphasis on critical thinking, included an international study visit to South Africa that broadened participants’ understanding of media innovation across the continent.

The graduation event acknowledged the Fellows’ commitment to completing the intensive journey while strengthening their capacity to influence the future of African media.

Dr. Ikechukwu Obiaya, Dean of the School of Media and Communications, PAU, commended the Fellows for their persistence throughout the programme. “In some moments, it was pretty grueling for some of you, but you made it. You are here, and I congratulate you,” he said.

“He encouraged them to see the graduation as a new beginning, adding, “We have so much to do, and each one of us is best positioned now to make that transformation.”

Tobe Okigbo, Chief Corporate Services and Sustainability Officer, MTN Nigeria, congratulated the cohort on successfully completing the six-month programme and reaffirmed MTN’s long-term vision for the initiative.

He said, “Congratulations on completing this journey. You are joining a network of professionals who are committed to elevating the media landscape in Nigeria and beyond.

“The future of this programme depends on your impact. This cohort represents the outcome we envisioned when the journey began. Today, the programme is not only thriving but also expanding.”

He further announced that the Pan-African edition of the programme will be launched in 2026, providing media professionals across the continent with the same level of immersive training and unique exposure experienced by the Fellows.

A key highlight of the event was MTN Nigeria’s presentation of ₦2.5 million in cash prizes to Fellows whose projects demonstrated exceptional innovation, depth of research and alignment with the programme’s ethos of impactful storytelling. The awards were presented by Chineze Gbenga-Oluwatoye, General Manager, Corporate Affairs, MTN Nigeria, and Odunayo Sanya, Executive Director, MTN Foundation.

Vanessa Ukamaka Richard Bassey, Head of Programmes, Sparkling 92.3 FM, Calabar, emerged as the top winner, receiving ₦1 million for the MTN Foundation Chairman Award for Innovative Reportage and another ₦1 million for the MTN Chairman’s Prize for Innovation. Sharing her experience, she said, “It’s been a training ground. It has opened me up to new things and made me more confident. There’s something about knowledge and information and exposure to your mind and to your esteem. After today, I know there’s nothing to be afraid of.”

Abolaji Adebayo received ₦500,000 for the MIP Cohort 4 Best Report, recognised for its clarity, depth and relevance to national discourse.

Several Fellows shared how the programme has reshaped their careers. Adekeye Ayobami of Abamimigo FM described the programme as arriving at the perfect moment, aligning with his recent career elevation.

Ubani Amarachi of Channels TV highlighted the value of the South Africa trip, noting that it transformed her approach to telling African stories and reinforced her belief that graduation marks the beginning of greater responsibility and impact.

The graduation of the MIP Cohort 4 Fellows, coupled with the announcement of the Pan-African edition, reinforces MTN Nigeria’s long-standing commitment to strengthening the media ecosystem through education, exposure and innovation.

The partnership between MTN Nigeria and Pan-Atlantic University continues to serve as a catalyst for developing media professionals equipped to shape narratives, advance societal progress and drive meaningful change across Africa.


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FirstCap Acts as Joint Issuing House on Veritasi Homes & Properties Plc’s ₦30 Billion Bond Programme

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FirstCap Limited, a premier investment banking business and a wholly owned subsidiary of FirstHoldCo Plc, acted as Joint Issuing House and Placing Agent on the Veritasi Homes & Properties Plc’s Series 1 Bond of ₦10 billion under its ₦30 billion Bond Programme duly registered with the Securities and Exchange Commission (SEC).

The Bond Programme is designed to support the development of Project Oyster Towers, located within Eko Atlantic City. Proceeds from the Series 1 Bond issuance are expected to be applied towards the construction of 30 luxury residential units, forming part of an 82-unit residential development comprising one-bedroom, two-bedroom, and three-bedroom apartments.

Veritasi Homes & Properties Plc is an indigenous real estate development company with operations across Lagos State and the Federal Capital Territory, Abuja, and a growing track record in the delivery of residential real estate projects in Nigeria.

Commenting on the transaction, Ukandu E. Ukandu, Managing Director/Chief Executive Officer of FirstCap Limited, stated:

“We are proud to partner with Veritasi Homes & Properties Plc on this important transaction. The establishment of the ₦30 billion Bond Programme reflects our commitment to mobilising capital for the real estate sector, which remains a key driver of Nigeria’s economic growth. Project Oyster Towers exemplifies the future of luxury and sustainable living in Nigeria, and this transaction reinforces FirstCap’s role as a trusted advisor in major corporate finance initiatives.”

FirstCap’s involvement in the Bond Programme further reinforces our dedication to supporting the growth of the Nigeria’s real estate sector. The successful execution of this transaction highlights the depth of expertise within our capital markets team and our role in supporting issuers in accessing long-term funding solutions aligned with their strategic objectives.

By continuing to connect capital providers with high-impact infrastructure projects such as Project Oyster Towers, we remain committed to driving economic development and delivering long-term value for all stakeholders, Ukandu added.

 


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NITDA DG Calls for Innovation-Led Economic Rebirth @ Kano Startup Weekend

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Kashifu Inuwa, the Director General of the National Information Technology Development Agency (NITDA), has called for a fundamental shift in Kano State’s economic strategy, urging stakeholders to embrace innovation, technology and collaboration as the drivers of growth in the 21st century.

Speaking at the Kano Startup Weekend, Inuwa acknowledge Kano’s long-standing reputation as the commercial nerve centre of Northern Nigeria and the wider Sahelian region, noting that its history of trade, enterprise and human capital provides a solid foundation for future growth.

He emphasised that while these strengths powered Kano’s success for centuries, the modern economy now offers even greater opportunities through innovation and technology.

He described innovation as the process of transforming ideas into impactful solutions through commercialization, stressing that when ideas are effectively deployed, they create value, solve societal challenges and generate sustainable economic growth. He noted that Kano’s large market, strategic location and vibrant entrepreneurial culture place it in a strong position to take advantage of innovation-driven opportunities.

According to him, “Innovation is the process of taking an idea from inception to impact. Invention on its own is a cost centre, but when you commercialise an idea, when you turn it into a product or service that solves a real problem and creates value, that is when you begin to drive economic growth and inclusion.”

He noted that the state hosts numerous degree-awarding institutions across federal, state and private ownership, providing a strong base for human capital development. However, he expressed concern that these institutions often operate in isolation from industry, with research outputs rarely translating into commercial or industrial applications.

He explained that innovation does not happen in silos and stressed the need for a strong, interconnected ecosystem that brings together academia, industry, startups, entrepreneurs and government.

According to him, universities should conduct research informed by industry needs, industries should leverage research to improve productivity and competitiveness, and startups should serve as the bridge that converts ideas into market-ready solutions.

He further encouraged entrepreneurs to leverage technology to build businesses that can grow beyond local markets, explaining that innovation-driven enterprises have the power to scale rapidly, create jobs and position Kano competitively at both national and global levels. According to him, digital platforms and emerging technologies now make it easier for startups to reach wider markets and develop solutions that were previously unimaginable.

“You can start your business here in Kano, but your thinking must be global from day one. Technology has removed barriers. With the right skills and platforms, a startup in Kano can build solutions that serve not just Nigeria, but the world,” he noted.

Highlighting NITDA’s ongoing interventions, the Director General outlined the Agency’s commitment to building national innovation capacity through targeted human capital development programmes. He cited the Digital Literacy for All (DL4ALL) initiative, which aims to equip Nigerians across all segments of society with essential digital skills, and the 3 Million Technical Talents (3MTT) programme, designed to produce a pipeline of globally competitive technical professionals in areas such as software development, data analysis and emerging technologies.

He said, “Through DL4ALL, we are ensuring that Nigerians at all levels have the basic digital skills needed to participate in the digital economy, while 3MTT is deliberately building a pipeline of globally competitive technical talents who can drive innovation, create jobs and attract investment.”

He explained that these programmes are key pillars of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises skills development, innovation, job creation and inclusive economic growth as pathways to national prosperity. According to him, empowering Nigerians with digital and technical skills is essential for building a resilient economy capable of competing in the global digital landscape.

“President Tinubu’s Renewed Hope Agenda is about investing in people, empowering them with relevant skills and creating opportunities for inclusive growth. At NITDA, we are using digital skills and innovation as tools to translate that vision into real economic impact for Nigerians,” he said.

Inuwa urged all stakeholders in Kano to work together to build a functional innovation ecosystem that can unlock the state’s vast potential. He expressed confidence that with the right mindset, strong collaboration and sustained investment in digital skills and innovation, Kano can reclaim its historic leadership role and emerge as a major innovation and entrepreneurship hub in Nigeria and beyond.


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