Rullion's Blog

UPDC Real Estate Investment Trust (REIT) has completed arrangements to raise N30 billion by way of offering of 3,000,000,000 units of N10 each at par. The REIT, is sponsored by UACN Property Development Company Plc. The floating of the offer, which is to commence on February 19 20123 was preceded by a completion board meeting held in Lagos on Tuesday, where the bank and all the financial advisers to the offer signed the necessary documents. The Chairman UPDC Plc, Larry Ephraim Ettah  said the offer which closes on March 28, 2013 is payable in full on application. He explained that the REIT is a closed ended one, adding that the units of the REIT  would be traded only through a licensed stockbroker once the offer is concluded. Ettah, while fielding questions from journalists explained that the company has huge projects waiting for execution, adding that the proceeds from the offer would be channeled on the projects. According to him, the REIT will invest primarily in a diversifi

Political will more than finance is the most critical component of public housing programmes, Over the years, the country’s vision of providing decent and affordable housing has remained elusive for lack of a political will to get it on stream. The closest the federal government got to realising this quest was under the watch of former president Shehu Shagari, who besides being given wastelands in some states did not help matters when his administration developed what critics called chicken coops for human habitation. Later, even Alhaji Lateef Jakande, who as governor of Lagos State succeeded in doting the state with affordable schemes that are still in use today, has the abandoned Abesan housing estate to show as a sore point in his housing policy. Now the Lagos government under Governor Babatunde Fashola wants to tread that path and has put what it hopes is a workable system in place to discourage abuse with a new mortgage law that was enacted last week. But there is more t