Rullion's Blog

Skye Shelter Fund (SSF) half year profit rose by 6 percent as the Nigerian real estate operator continues to unrelentingly seek newer opportunities in a country hit by housing deficits. For the first six months of the year, the company’s revenue rose by 7 percent to N90.24 billion from N84.23 billion in the same period of the corresponding year HY 2013. Profit after tax PAT increased by 6 percent to N66.95 billion compared to N63.10 billion as at HY 2013. This improved performance coincided with a surge in the real estate and mutual fund industry.

Esther Macully used all of her 1.52m frame to face down a bulldozer and save her freezer from being destroyed, as a wrecking crew guarded by armed security forces razed her home in Badia East slum of Lagos. While she salvaged the cooler, she is still waiting for the Lagos State government to fulfill a pledge to help replace the home she used as a store to sell beverages and food. A general view of houses built in Makoko slums in Yaba, Lagos, Nigeria, October 10th, 2009 The wooden shack was flattened last February, along with the dwellings of thousands of others that authorities said were moved for a housing project that is yet to get off the ground. “We can’t be living in this kind of condition forever”, Macully said as she prepared to move back home about 160km east of Lagos. “We’re citizens of Nigeria. Let them have mercy on us.” The demolition is making way for more than 1,000 one-to two-bedroom apartments that will be beyond the means of Nigerians like Macully. La...