CFL Group Gives Lagos Land Registry Seven Days to Resolve Title Dispute

The Group Managing Director of CFL Group of Companies, Lai Omotola, has given the Lagos State Land Registry a seven-day ultimatum to address what he described as alleged falsification and manipulation of land documents, warning that affected property owners could seek N5 billion in damages through the courts.

Omotola issued the ultimatum during a press conference in Lagos on Thursday, where he raised concerns over what he described as a sophisticated form of land fraud known as “Land Title Laundry.”

According to him, the alleged practice involves cloning, manipulating and introducing fraudulent land documents into official records to create seemingly legitimate ownership titles over valuable properties.

He said the practice was particularly concerning in high-value areas such as Ikoyi and Victoria Island, where land and property prices are significantly higher.

Omotola alleged that the manipulation of land titles had continued in Lagos for years and that several financial institutions had allegedly accepted fraudulent Certificates of Occupancy as collateral for loans.

He said some banks only discovered the alleged irregularities after borrowers defaulted on the loans secured with the disputed properties.

The CFL Group boss recalled that during the administration of former Lagos State Governor Akinwunmi Ambode, the state government demolished a market opposite the Government House where, according to him, forged Certificates of Occupancy were allegedly being produced.

He, however, said the alleged practice had since become more sophisticated because of the financial interests involved and the alleged participation of individuals within and outside government.

How alleged land title manipulation works

Omotola alleged that the process typically begins with the identification of abandoned or disputed properties in prime locations such as Ikoyi and Victoria Island.

He said speculators could allegedly identify the name of a deceased prominent individual and use the identity to construct a fictitious chain of ownership for a property.

According to him, forged land certificates could then be produced, sometimes with dates going back several decades, before being introduced into the official land registry system.

Omotola alleged that once such documents were entered into the registry, they could appear to be genuine official records.

He further alleged that perpetrators could subsequently declare the supposed original document lost, obtain a police affidavit and use it to process a Governor’s Consent.

He said this could create the appearance that the property had been legitimately transferred to a new owner.

Omotola stressed that a Certificate of Occupancy and a Governor’s Consent are not the same document.

He explained that a Certificate of Occupancy represents the government’s grant of a title to land, while a Governor’s Consent is the approval given by the Governor for a transaction involving an existing interest in land.

He said obtaining a Governor’s Consent did not necessarily correct defects in the underlying title.

According to him, where an investigation subsequently establishes that the underlying documents were forged or obtained through misrepresentation, the consent could be cancelled.

Victoria Island property dispute

Omotola said his concerns were also based on a dispute involving a property at 24 Adeola Odeku Street, Victoria Island, which he said was purchased by his company.

He said CFL Group acquired the property and began construction before another company allegedly arrived with police officers and sealed the premises.

The other party allegedly claimed ownership based on a Governor’s Consent.

Omotola said the opposing party claimed that the original owner of the property was Samuel Oladele Ige, who allegedly sold it to the late Alhaji Ganiyu Amusan, the father of businessman Tayo Amusan.

He said CFL Group investigated the alleged ownership history and contacted members of Samuel Ige’s family.

According to Omotola, the family said Samuel Ige died in 2012, making it impossible for him to have personally sold the property in 2015.

He also said the family told the company that Ige’s will contained no indication that he owned the property at 24 Adeola Odeku Street.

Omotola said further investigations into the claim involving Alhaji Ganiyu Amusan also raised questions because Amusan died in 1994.

He argued that this meant Amusan could not have personally purchased the property in 2015, as allegedly stated in the disputed ownership history.

Disputed affidavit and registry records

Omotola said investigators also found a police affidavit allegedly sworn by Samuel Ige in 2015 declaring that his original land certificate had been lost.

He said Ige’s first son, Niyi, disputed the authenticity of the document, alleging that the photograph and signature appearing on the affidavit did not belong to his late father.

He further alleged that a letter of objection purportedly written by Samuel Ige before the Governor’s Consent was issued was received by the Land Registry on September 1, 2015.

Omotola said this raised further questions because Ige had died three years earlier.

According to him, the Ige family subsequently petitioned the Land Registry over the disputed documents.

He said the registry found sufficient merit in the complaint to invite beneficiaries of the disputed Governor’s Consent to proceedings that could result in the deregistration of the consent.

Omotola alleged that the beneficiaries failed to appear on two occasions.

He further alleged that construction continued on the property while the beneficiaries relied on security agencies.

Landowners demand correction of records

Omotola said the affected landowners were demanding that the disputed Governor’s Consent be deregistered and that the land records be corrected to reflect what they described as the legitimate ownership of the property.

He warned that if the Lagos State Land Registry failed to take action within seven days, the affected parties would approach the courts.

The proposed legal action, according to Omotola, would include a claim for N5 billion in damages.

He insisted that the affected landowners were not beneficiaries of any corruption within the land administration system.

Rather, he said they were seeking protection for properties they had legitimately acquired and accountability in the management of land records.

Omotola called on the Lagos State Government to investigate the alleged manipulation of land documents and strengthen the state’s land registry system.

He said stronger safeguards were needed to prevent fraudulent titles from being introduced into official records and subsequently used in property transactions and financial dealings.

The allegations made by Omotola concern specific property ownership and land documentation and remain matters for the relevant authorities and, if pursued, the courts to determine.

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FG Announces 30-Day Petrol Discount at NNPC Stations

The Federal Government has announced a 30-day discount on petrol dispensed by the Nigerian National Petroleum Company Limited (NNPC) as part of measures to ease pressure from rising fuel and transportation costs.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, announced the measure on Thursday during a press briefing on fuel prices and subsidy-related issues in Abuja.

Oyedele said the discount would initially run for 30 days, with public transport operators across the country receiving priority under the arrangement.

He stressed that the measure should not be interpreted as a return to the petrol subsidy regime.

According to the minister, the government would instead make petrol available through NNPC at cost during the period.

“We are offering a discount on petrol dispensed by NNPC Limited for the next 30 days in the first instance with priority for public transporters nationwide. So, it’s not a subsidy, government is just saying we sell to you at cost,” Oyedele said.

The announcement comes amid continued pressure from rising petrol prices and transportation costs, which have affected households, workers and businesses across the country.

Public transporters to receive priority

The Federal Government said public transport operators would be prioritised under the 30-day arrangement.

The move is expected to provide some relief to transport operators whose businesses are directly affected by changes in petrol prices and, in turn, to commuters who depend on public transportation.

The government has not yet provided all the operational details of how the priority arrangement will work or the exact discount that individual motorists and transport operators will receive.

The announcement is separate from the NNPC Retail ₦66-per-litre Independence Day promotion, which ran from October 1 to October 7 through the NNPC Fuel App.

FG insists measure is not a subsidy

Oyedele’s clarification comes against the background of renewed debate over petrol pricing and calls for the government to intervene as fuel costs continue to affect the wider economy.

The minister maintained that the latest arrangement does not restore a blanket petrol subsidy.

Instead, the government intends to use NNPC’s retail network to provide petrol at cost for the initial 30-day period.

The Federal Government is also considering other measures aimed at reducing volatility in petrol prices and limiting the effect of global crude oil prices and exchange-rate movements on domestic fuel costs.

One of the measures announced by the minister is a proposed ceiling of N1,350 per litre on the ex-gantry or landing cost of petrol. The government says the proposal is intended to smooth price movements rather than permanently fix petrol prices.

The proposed ceiling would be reviewed periodically, with the government saying the objective is to prevent sharp swings in petrol prices caused by movements in international crude prices and foreign exchange.

Broader measures planned

The 30-day NNPC discount forms part of a wider package of measures being considered by the Federal Government to reduce pressure from fuel and transportation costs.

The government is also working on arrangements for forward crude sales to domestic refineries, which would provide refiners with greater certainty over crude supply and potentially reduce exposure to fluctuations in international crude prices.

The government has further highlighted the expansion of Compressed Natural Gas as an alternative energy source for transportation.

Oyedele said the government was seeking a combination of immediate interventions and longer-term measures to reduce the impact of energy-price volatility on Nigerians.

The Federal Government’s latest petrol intervention is therefore being presented as a temporary cost-relief measure, rather than a reversal of the fuel subsidy reforms introduced in 2023.

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AMADEO BUSINESS SUMMIT CHAMPIONS YOUTH ENTREPRENEURSHIP, BUSINESS GROWTH, LEADERSHIP DEVELOPMENT

Lead speakers urge young entrepreneurs to embrace mentorship, strategic partnerships and opportunities for sustainable business growth*

ENUGU, NIGERIA — October 8, 2026

The Amadeo Business Summit has brought together business executives, entrepreneurs, investors, young professionals and industry leaders to explore opportunities for business expansion, innovation, entrepreneurship and economic development.

The fifth edition of the summit, held at the Amadeo Event Centre in Enugu State from October 5 to 9, 2026, under the theme, **“Sustaining Growth and Soaring,”** is providing a platform for business leaders and emerging entrepreneurs to exchange ideas, develop strategic relationships and acquire practical knowledge for building sustainable enterprises.

The summit, convened by Reverend Dr. Ugochukwu Obiora Chime, features business masterclasses, exhibitions, mentorship opportunities and networking sessions aimed at strengthening entrepreneurship and promoting private-sector development.

Speaking at the event, the Enugu State Commissioner for Trade, Investment and Industry, Dr. Samuel Ogbu-Nwobodo, who represented Governor Peter Mbah, reaffirmed the state government’s commitment to creating an enabling environment for investment, entrepreneurship and business development.

He highlighted the administration’s determination to position Enugu State as an attractive destination for investors and a centre for commercial and industrial growth.

LEAD SPEAKERS CHARGE YOUNG ENTREPRENEURS TO EXPLOIT BUSINESS OPPORTUNITIES

Speakers at the summit emphasised the importance of mentorship, entrepreneurship and deliberate investment in the development of the next generation of African business leaders.

They urged young entrepreneurs to take full advantage of the summit by building meaningful relationships with successful business leaders, acquiring practical business knowledge and identifying opportunities that could accelerate their professional and entrepreneurial development.

According to the speakers, Africa needs more business leaders who are committed not only to building successful companies but also to raising a new generation of entrepreneurs capable of creating jobs and contributing to economic transformation.

They encouraged participants to regard the summit as an opportunity to develop their entrepreneurial potential rather than merely an occasion to listen to motivational speeches.

The speakers stressed that young people must embrace innovation, discipline, continuous learning and strategic networking to remain competitive in an increasingly challenging business environment.

SUMMIT PROMOTES BUSINESS NETWORKING, INNOVATION AND SME DEVELOPMENT

Beyond its conference sessions, the Amadeo Business Summit is also providing opportunities for small and medium-sized enterprises to showcase their products and services, connect with prospective customers and establish new business relationships.

The SME MAMI Market, one of the activities associated with the summit, offers entrepreneurs a platform to promote their businesses and explore commercial opportunities.

Participants are also engaging in discussions on business sustainability, effective leadership, innovation, financial management, entrepreneurship and strategic partnerships.

The gathering underscores the increasing importance of private-sector initiatives in supporting enterprise development, especially at a time when young entrepreneurs face challenges associated with access to finance, market opportunities and the rising cost of doing business.

BUILDING THE NEXT GENERATION OF AFRICAN BUSINESS LEADERS

The summit has also highlighted the importance of collaboration between established business leaders and emerging entrepreneurs in creating a more sustainable business environment.

Through mentorship, knowledge sharing and business networking, participants are being encouraged to develop enterprises capable of surviving economic challenges and expanding into larger markets.

The organisers envision the Amadeo Business Summit as a platform for nurturing business leadership, encouraging entrepreneurship and strengthening the capacity of individuals and organisations to achieve sustainable growth.

The gathering reinforces the importance of creating opportunities for young Africans to learn directly from experienced entrepreneurs, develop practical business skills and build enterprises that can contribute to employment creation and economic prosperity.

With its emphasis on innovation, mentorship, networking and sustainable growth, the Amadeo Business Summit continues to position itself as a platform for promoting entrepreneurship and developing the next generation of African business leaders&

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Akwa Ibom Housing Projects Reach 1,048 Units Across Six Locations

The Akwa Ibom State Government has acquired and earmarked about 150 hectares of land across six locations for housing development, with 1,048 housing units currently at various stages of completion and delivery.

The Commissioner for Housing, Dr Henry Archibong, disclosed this during a ministerial media briefing, explaining that the state’s housing programme under Governor Umo Eno is focused not only on constructing homes but also on developing affordable, sustainable and economically viable communities.

According to Archibong, the housing programme is aligned with the administration’s ARISE Agenda and the United Nations Sustainable Development Goal 11, which promotes inclusive, safe, resilient and sustainable cities and communities.

He said the ministry’s vision was to become a model institution for effective service delivery by promoting operational efficiency and making optimal use of resources to provide decent, quality and affordable housing.

The commissioner explained that the statutory responsibilities of the Ministry of Housing include formulating and implementing policies for the design, construction and maintenance of public buildings, developing residential housing policies, vetting and approving building drawings, valuing buildings for government purposes and managing state-owned properties in Uyo, Lagos, Abuja and other parts of the country.

Key housing projects across the state

Archibong identified several major housing projects being implemented by the state government, including Aviation Village Phase 1, Doctors’ Residence at Ibom Medical City, Executive and Legislative Quarters, Judiciary Quarters and the ARISE City Social and Affordable Housing Estate.

The Aviation Village Phase 1 occupies about 15.072 square metres of fenced land and comprises 100 housing units, made up of 50 two-bedroom and 50 three-bedroom apartments.

The project is 98 per cent complete.

Five of the units have already been allocated to the Ministry of Aviation to accommodate officials and visitors from the Federal Ministry of Aviation involved in project supervision.

The estate also has a model primary school, a 70,000-litre water facility with reticulation, a 7.13-kilometre road network, electricity infrastructure, a police station and a solar-powered closed-circuit television system.

Archibong said Governor Eno had directed that a secondary school be included in the second phase of the development.

At Ibom Medical City, the Doctors’ Residence covers 11.8 hectares and comprises 50 three-bedroom bungalows and 50 four-bedroom terrace duplexes.

The development also includes a model school and recreational facilities and is currently about 70 per cent complete.

The Judiciary Quarters, located along Idongesit Nkanga Avenue, Ring Road 3, occupies 6.3 hectares.

The project consists of 50 four-bedroom duplexes, each with two boys’ quarters, as well as a recreational centre and conference hall. It is also about 70 per cent complete.

Other housing interventions

The commissioner also listed several other housing interventions being undertaken by the administration.

These include the 500 ARISE Compassionate Homes programme, of which 438 units have been completed and delivered.

The government has also developed 236 units of flats at Grace Estate, with 150 of the units allocated to civil servants.

Other projects include 35 duplex units at Ewet Luxury Garden and 31 residences for local government chairmen, which are currently under construction.

Earlier reports from the state government had also put the total number of housing units delivered or under development at more than 1,048, including the Compassionate Homes, Grace Estate, Aviation Village, Medical Residences, government quarters, Ewet Luxury Garden and local government chairmen’s residences.

Housing projects create jobs

Archibong said the housing programme was also contributing to economic activity across the state.

According to him, between 5,000 and 6,000 people are benefiting directly and indirectly from the projects through employment and related services.

He said artisans and labourers working on the projects earn between N7,000 and N12,000 daily.

“Housing is both a social intervention and an economic development tool. It is the single most important facilitator of economic growth,” Archibong said.

The commissioner explained that the impact of the projects extended beyond the provision of accommodation because construction activities were generating employment and supporting businesses involved in building materials, transportation, skilled labour and other ancillary services.

Government plans facelift for Ewet Housing Estate

Archibong also disclosed that Governor Eno had constituted a committee to assess the Ewet Housing Estate and recommend measures to improve its physical condition and security architecture.

He said the committee had completed its assessment and submitted its report to the government.

The intervention is expected to address concerns around the estate’s infrastructure and security while improving the overall living environment for residents.

Government seeks stronger housing partnerships

Despite the number of projects underway, Archibong acknowledged that the state still faced a significant housing deficit.

He said government could not address the challenge alone and would therefore continue to strengthen collaboration with mortgage institutions, professional bodies and private developers.

The partnerships are expected to improve access to housing finance and support the expansion of affordable housing supply across the state.

The commissioner said the government’s approach was to combine public-sector housing interventions with private-sector participation and stronger financing mechanisms to reach more residents.

The state’s housing programme forms part of the wider ARISE Agenda, with the government positioning housing development as both a social welfare intervention and a means of stimulating economic activity.

With about 150 hectares earmarked across six locations and 1,048 housing units at various stages of development or delivery, the administration is continuing to expand its housing programme while seeking additional partnerships to address the state’s housing needs.

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Rising Rents Push Asaba Residents Deeper Into Housing Hardship

Residents of Asaba, Delta State, are facing increasing difficulty securing and retaining decent accommodation as rising rents, inflation, stagnant incomes and the wider cost-of-living crisis put greater pressure on household finances.

Asaba has continued to expand, with new roads, businesses and construction projects changing the city’s landscape. The state capital has also attracted people seeking employment, education, trade and better economic opportunities.

But behind the growth, many residents are struggling to keep up with the cost of housing.

For some households, finding accommodation has moved beyond a normal financial responsibility and become an annual struggle involving difficult choices between rent, food, transportation, school fees, electricity and healthcare.

A 2025 report on the State of Lagos Housing Market cited in the report indicated that rent could consume between 50 and 70 per cent of household income in some cases, reflecting the growing affordability challenge facing Nigerian households.

Residents also face additional costs from estate agents, legal fees and other charges, meaning the amount required to secure a property can be significantly higher than the advertised rent.

In parts of Asaba, a one-bedroom apartment can cost between N700,000 and N1m annually, while larger apartments command higher rents.

For workers whose earnings have not increased at the same rate as inflation, the cost of accommodation can consume a substantial portion of their income.

Workers struggle to keep up with rent increases

Ella, a civil servant living in Ugbolu, said she previously paid N400,000 annually for a three-bedroom apartment but now pays N700,000.

Her salary, however, has not increased by a similar margin, leaving less money available for savings and other family needs.

For Okafor Ikechukwu, a commercial tricycle operator and family breadwinner, the situation has become even more difficult.

His annual rent increased from N150,000 to N360,000, while his income did not rise accordingly. On some days, he said, he works for several hours without getting enough passengers.

Much of his earnings goes towards feeding his family, leaving little available for rent savings.

He said that while he was previously able to pay his rent once a year, he now sometimes has to make payments in instalments because raising the full amount at once is difficult.

Artisans are also feeling the pressure.

Paul Edward, a professional plumber who has worked in Asaba for more than 20 years and chairs the Plumbers Association, said his annual rent had increased from N145,000 to N450,000.

He said that after paying school fees, feeding his family and meeting other household expenses, saving enough money for rent had become increasingly difficult.

According to Edward, some artisans have resorted to living in unfinished buildings because they can no longer afford decent accommodation.

Owen Marvellous, a married commercial tricycle operator and father, said his housing needs changed after he started a family.

He explained that living in a single room was more manageable before marriage, but having a wife and children meant he needed a larger apartment.

The cost of moving into a bigger home, however, has become increasingly difficult to bear.

He said one-bedroom apartments can cost between N700,000 and N1m annually in some parts of Asaba, while agency and other charges add further pressure to prospective tenants.

Single mothers face additional housing pressure

For Doris, a single mother with one child, the housing challenge goes beyond rent.

She lives in a one-room apartment affected by poor drainage and flooding, making living conditions difficult.

Her concerns increased when her landlord threatened to remove the roof of the building during the rainy season.

Doris said she was terrified by the possibility of being left without a roof over her head.

She also faced the prospect of receiving a quit notice and, at one point, had to borrow money to raise enough funds to remain in her accommodation.

For a single-income household, the loss of accommodation could create wider consequences for the stability and security of the family.

Commercial rents squeeze businesses

The pressure is not limited to residential accommodation. Business owners are also dealing with increasing commercial rents.

Ikechukwu Emmanuel, who has been in the plumbing materials business for 15 years, said shops in Asaba now cost between N1m and N1.5m annually, depending on location and other factors.

He explained that when commercial rent is combined with residential accommodation, transportation, electricity, staff salaries and other operating costs, business owners can end up spending most of their earnings simply to remain in operation.

According to him, some entrepreneurs are now using money that would otherwise have gone into expanding their businesses to cover operating expenses.

Others, he said, have been forced to shut down after years of trading because the cost of maintaining their businesses became unsustainable.

Precious, a fashion designer in Okpanam, said rising shop costs had also affected her business.

She said that when a customer brings work worth N10,000, she may accept the amount without negotiating because she needs the money to meet her growing expenses.

“Rent keeps increasing, but my income has not increased at the same pace,” she said.

Housing demand outpaces supply

Estate agents in Asaba said the rental market had changed considerably in recent years.

Anthony, an estate agent with 12 years of experience in the city, said the market began changing significantly around 2023 as Asaba’s population grew and infrastructure improved.

According to him, demand for accommodation increased while the supply of available homes did not grow at the same pace.

Another estate agent, Gozie, attributed part of the increase in rents to higher construction costs.

He said the cost of building materials, labour, transportation and other development expenses had increased, with developers passing some of the additional costs on to tenants through higher rents.

Okolie Alexander, a building materials dealer, also said construction commodities had become more expensive.

He attributed the increases to fuel costs, transportation expenses, government policies and international economic conditions.

Economist links rent crisis to supply gap

Prof Anthony Monye-Emina, Head of the Department of Economics at Dennis Osadebay University, identified the imbalance between housing demand and supply as a major factor behind the rising rents.

He said Asaba was attracting more residents but affordable housing was not being developed quickly enough to meet the growing demand.

According to him, inflation has worsened the situation because the prices of goods and services continue to rise while wages do not automatically increase at the same pace.

As a result, households are forced to devote a larger share of their earnings to basic needs, leaving less money for savings, investments and emergencies.

Solomon Eyikwe, Chairman of the Asaba Branch of the Nigerian Institution of Estate Surveyors and Valuers, said Nigeria’s largely market-driven housing system gives private property owners significant control over rental prices.

He also pointed to exchange-rate fluctuations and inflation as factors that have increased the cost of imported building materials and property development.

Samuel Ekiyor, a married resident and father, expressed concern that continued increases in rent could eventually make it difficult for many workers to afford to live in Asaba.

Developing rural areas could ease pressure on cities

Monye-Emina said part of the response to rising urban housing demand should involve developing rural communities.

He argued that better roads, healthcare, schools and economic opportunities in rural areas could reduce the pressure driving people into cities such as Asaba.

According to him, reducing the need for people to move into urban centres could help moderate pressure on available housing.

The housing situation has broader consequences because accommodation costs affect household welfare, business operations and residents’ ability to save or invest.

The experiences of civil servants, artisans, commercial tricycle operators, traders, business owners and single parents in Asaba show how rising housing costs are affecting different categories of residents.

For many of them, the demand is not for luxury accommodation but for a decent home that can be sustained alongside other basic household expenses.

As rents continue to rise, residents are increasingly being forced to reduce spending, postpone plans, use instalment payments, borrow money or consider cheaper accommodation options.

The situation has also raised concerns about the ability of workers and small businesses to remain in the city as accommodation and operating costs continue to increase.

For many residents, a home that should provide security and stability is increasingly becoming another source of financial uncertainty.

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ShafDB Launches FCFA60bn Bond to Finance Affordable Housing in West Africa

Shelter Afrique Development Bank (ShafDB) has launched a FCFA60 billion sustainable bond, equivalent to about $100 million, to mobilise local-currency funding for affordable and sustainable housing projects across the West African Economic and Monetary Union (WAEMU) region.

The issuance, launched on October 7, 2026, is the development bank’s first sustainable bond and is intended to expand access to long-term financing for housing projects while strengthening the use of local capital markets in West Africa.

The transaction is being arranged by CGF Bourse Dakar as Lead Arranger, with the International Finance Corporation (IFC) and Ecobank Group, through Ecobank Senegal, serving as anchor investors.

The bond is structured in two tranches. The five-year tranche carries an interest rate of 6.10 per cent, while the seven-year tranche has a rate of 6.30 per cent. The subscription period runs from October 7 to October 30, 2026.

ShafDB Director of Treasury, Nabil Mahfoudh, said the transaction was designed not only to raise capital but also to create a more diversified and resilient financing platform for housing and urban development across Africa.

He said expanding the bank’s presence in West African capital markets would help connect local savings with housing and urban development needs while allowing financing to be provided in the same currency in which local developers generate their income.

Focus on local-currency housing finance

The bond comes as the WAEMU housing market continues to face a significant housing deficit. Estimates cited in the announcement put the regional shortfall at about 3.5 million housing units, with nearly 250,000 additional homes needed each year to keep pace with population growth and urbanisation.

ShafDB said the proceeds are expected to support affordable, sustainable and energy-efficient housing projects in the region.

The bank also highlighted the importance of financing projects in local currency. By matching the currency of project financing with the currency in which housing projects generate revenue, developers can reduce their exposure to foreign-exchange risks, particularly for medium- and long-term investments.

The approach is intended to strengthen the connection between local capital markets and the housing sector while improving the availability of long-term funding for developers and housing-related projects.

Sustainable financing framework

In preparation for the issuance, ShafDB worked with the Global Green Growth Institute (GGGI) to develop and publish its Sustainable Financing Framework.

The framework received a favourable opinion from S&P Global, which the bank said strengthened the credibility and transparency of its sustainable finance approach and its alignment with applicable principles for green and social financial instruments.

The transaction also received regulatory approval from the Autorité des Marchés Financiers de l’UMOA (AMF-UMOA), marking another step in the launch of the bond.

Mobilising African savings

The bond issuance forms part of wider efforts under the New African Financial Architecture for Development (NAFAD), as reflected in the Abidjan Consensus, to increase the mobilisation of African savings and deepen capital markets across the continent.

The initiative seeks to encourage greater use of domestic and regional resources to finance Africa’s development priorities, including affordable housing, urban infrastructure and sustainable development.

ShafDB has previously accessed African capital markets through multiple bond issuances. The development bank said it has completed 11 bond issuances across different African markets.

Its most recent issuance took place in Nigeria in April 2022, when it raised N46 billion, equivalent to approximately $110 million at the time.

The bank said its latest transaction reinforces its intention to play a larger role in mobilising African capital for housing and urban development.

ShafDB is a pan-African multilateral development bank focused on financing housing, urban development and related infrastructure. It operates across 44 African shareholder countries and provides financing and advisory solutions covering areas including mortgage finance, housing microfinance, housing funds, mortgage refinancing and rent-to-own markets.

Through the FCFA60 billion sustainable bond, the institution is seeking to expand local-currency financing for housing in West Africa while supporting projects that combine affordability, sustainability and energy efficiency.

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The Nigeria Labour Congress, FCT Council, has declared an indefinite strike across the Federal Capital Territory over unresolved issues surrounding the promotion and welfare of teachers.

The industrial action commenced on Wednesday, October 7, 2026, following a decision reached at the council’s State Executive Council meeting held on Tuesday at Labour House, Abuja.

In a statement signed by the NLC FCT Council Chairman, Knabayi S. Adalo, the union directed workers in both the public and private sectors to stay away from their duty posts until further notice.

Seven-Day Ultimatum Expires

The strike followed the expiration of a seven-day ultimatum issued to the Minister of the Federal Capital Territory over demands concerning teachers in the territory.

The NLC said its demands include the removal of the vacancy requirement for the promotion of FCT teachers, reconsideration of eligible 2025 teachers to allow them to sit for promotion examinations, and withdrawal of redeployment and demotion letters issued to directors who benefited from the Harmonised Teachers Retirement Age Act, 2022.

According to the union, the FCT Administration’s response to the ultimatum failed to resolve the issues.

“The FCTA’s response to our ultimatum was vague and did not address the core issue of the vacancy clause, including the unlawful demotion of directors,” the NLC said.

NLC Rejects Vacancy-Based Promotion For Teachers

The labour council argued that teachers should not be subjected to the vacancy-based promotion system applicable to pool officers.

“We want to make it clear: Teachers are not core civil servants nor pool staff and cannot be subjected to vacancy-based promotion meant for pool officers,” the union stated.

It maintained that teachers were recruited specifically to teach and should be promoted when due.

The NLC also accused the FCT Administration of seeking to maintain industrial harmony without addressing what it described as injustices against teachers.

“The FCTA’s attempt to sustain industrial harmony without addressing injustice is mere wishful thinking. There can be no peace without justice,” it stated.

All FCT Workers Directed To Stay Away

Following the declaration, the NLC directed all workers across the FCT, including those in the private sector, to remain at home from October 7 until further notice.

“Consequently, all workers in the FCT – public and private – are directed to stay away from their duty posts and stay at home from 7th October, 2026, until further notice,” the statement read.

The council appealed to residents, particularly parents, to bear with workers during the industrial action.

It also called on civil society organisations and other Nigerians to prevail on the FCT Administration to resolve the dispute.

The union warned that the action would not be a limited warning strike, declaring: “The strike will be total and indefinite.”

The FCT Administration had yet to publicly respond to the strike declaration as of press time.

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The Umu Ogbonogu family alleges that the disputed land was fenced without consultation or compensation and that an ancestral shrine and burial ground were affected.

A family in Owerre Ohodo, Igbo-Etiti Local Government Area of Enugu State, has accused the Federal Polytechnic Ohodo and its officials of taking about 40 acres of its ancestral land without consultation or compensation.

The Umu Ogbonogu family also alleged that fencing the disputed property affected an ancestral shrine and burial ground located on the land.

The family made the allegations in Enugu on Tuesday through its head and President General of Owerre Autonomous Community, Chief Ikechukwu Asogwa.

Asogwa said the family woke up to find the land barricaded without prior discussions with its members.

He maintained that land ownership in Ohodo was based on family and ancestral ownership rather than communal ownership.

“In Ohodo where I come from, we don’t have any communal land. What we have are ancestral land and family land,” he said.

Family Questions Land Acquisition

Asogwa alleged that individuals who were not members of the Umu Ogbonogu family signed documents connected with the disputed property.

He said the family was not consulted before a memorandum of understanding concerning the land was allegedly signed.

“There was no meeting with the families, no consultation with the families, and no interface with the families,” he said.

The family also alleged that appointments intended for members of the host community were distributed among the same group of people involved in the land transaction.

Asogwa claimed some of the positions were allegedly sold, while members of the family that claimed ownership of the land were denied employment.

The allegations have not been independently established.

Shrine And Burial Ground Dispute

The family said the fencing of the land created a separate problem because an ancestral shrine and burial ground were located within the disputed area.

Another family member, who declined to give his name, appealed for the fence to be removed temporarily so the family could rebury its ancestors and relocate the shrine.

He said the family was willing to negotiate with the institution if the land was required for development.

“We are ready to negotiate and come to an agreement if the land is required for development,” he said.

The family wants clarification on how the property was acquired, who authorised the documents used in the transaction and whether the process followed the appropriate procedures.

It has also called for an investigation, removal of the fence and a formal process for any proposed acquisition.

Family Raises Education Concerns

The dispute extends beyond the land itself.

Asogwa also accused the polytechnic authorities of contributing to the decline of Community Secondary School, Ohodo.

He alleged that money provided for the school’s take-off and the relocation of pupils was not properly used.

According to him, the community was later asked to contribute money towards another learning facility, which he claimed was never completed.

The allegations remain disputed and were not independently verified.

Polytechnic Rector Declines Comment

The Rector of the Federal Polytechnic, Ohodo, Dr Ediri Emmanuel Agada, declined to comment when contacted by telephone.

He subsequently switched off his phone.

Other community figures offered a different account of the land acquisition.

The town’s monarch, Igwe David Asogwa, acknowledged that the land belonged to private families rather than the community as a whole.

However, he defended the acquisition process, saying government officials had directed community representatives to sign the relevant documents.

“The Commissioner for Lands and Survey called us in Enugu and told us to sign, who were we to say no?” he said.

He added that anyone seeking compensation for economic trees and crops should approach the Enugu State Government or seek legal redress.

Alphonsus Ugwuafia, a former President General of Ohodo, also confirmed that he signed documents after being invited by the government in his capacity as community leader.

“When the government called me to come and sign, I signed as the community leader,” he said.

Ugwuafia declined to comment on allegations of forgery or the family’s claim that the acquisition occurred without compensation.

Family Seeks Administrative Resolution

The Umu Ogbonogu family said it was not opposed to the development of the institution.

Its demand is for the ownership claims, acquisition process and documents relating to the land to be clarified.

Asogwa said the family had petitioned the Office of the National Security Adviser over the dispute.

He also alleged that a committee subsequently constituted to address the matter failed to protect the interests of the affected family and community.

The family said it preferred to resolve the matter through legal and administrative channels.

The competing accounts leave the central questions unresolved: who legally authorised the acquisition, what documents were signed, whether the affected families were entitled to compensation and whether the disputed land was lawfully acquired for the polytechnic.

Those questions are likely to determine the next stage of the dispute.

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The African Union is set to launch Africa’s first continent-wide credit rating agency on Wednesday in Port Louis, Mauritius, as African economies seek alternatives to the major global ratings agencies.

The Africa Credit Rating Agency, known as AfCRA, has been nearly a decade in development. African leaders endorsed the creation of the agency in 2018.

According to the AU, AfCRA will provide credit assessments based on African data, expertise and economic realities while complementing existing global credit rating agencies.

AfCRA To Rate Governments, Banks, Companies

The new agency will assess sovereign borrowers, financial institutions and private companies.

The AU said AfCRA will operate independently and be funded through shareholder capital and its operations, although it did not disclose details of its shareholders.

The agency is expected to improve African countries’ access to capital markets by providing investors with additional assessments of economies across the continent.

It will also be able to rate non-African entities where appropriate.

Debt Costs Drive Push For New Agency

The launch comes as rising government borrowing has increased debt pressures across several African economies.

The AU said Africa’s annual external debt service rose sharply from $61 billion in 2010 to $163 billion in 2024.

In some countries, interest payments have exceeded annual government budgets for major social sectors, including health and education.

The AU said AfCRA aims to reduce borrowing pressures by strengthening investor confidence and improving market transparency.

AU Challenges Global Rating Coverage

African leaders have repeatedly criticised major Western-based credit rating agencies, arguing that their assessments do not always adequately reflect the continent’s economic circumstances and that downgrades can come too quickly during major crises.

The agencies have rejected claims of systemic bias, saying they apply the same methodologies globally.

A 2024 Reuters investigation into Africa’s debt crisis found no evidence of systemic bias in sovereign ratings assigned to African countries by the three major global agencies.

The AU also said AfCRA could expand credit-rating coverage across the continent, noting that 23 African economies currently lack ratings from the three major agencies.

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Kwara Inaugurates 464-Unit Housing Estate in Ijagbo

The Kwara State Government has inaugurated a 464-unit housing estate in Ijagbo, Oyun Local Government Area, as part of efforts to expand access to decent and affordable housing in the state.

Governor AbdulRahman AbdulRazaq inaugurated the AbdulRahman AbdulRazaq Morire Housing Estate on Tuesday. The governor was represented at the event by the Commissioner for Housing and Urban Development, Dr Segun Ogunsola.

The estate consists of 210 two-bedroom terrace apartments, 200 three-bedroom units and 54 four-bedroom terrace duplexes.

AbdulRazaq said the Morire City Project demonstrated what could be achieved when government creates an enabling environment for private sector investment in housing.

He noted that the decision by the developer to name the estate after him was an acknowledgement of his administration’s contributions to mass housing development in Kwara.

The governor also highlighted reforms introduced in the state’s land administration system, saying they had reduced the processing period for a Certificate of Occupancy from about 180 days to 35 days.

He said the reforms were part of the government’s broader commitment to making land administration more transparent, efficient and responsive to investors and residents.

According to him, the state government had prioritised housing development and recognised access to decent and affordable housing as important to the wellbeing of residents.

AbdulRazaq said the commitment was also reflected in the development of the Kwara Smart City and other mass housing projects across the state.

He added that the government had worked to improve access to land, facilitate the prompt issuance of land titles and Certificates of Occupancy, and provide timely approvals for property and mortgage transactions.

“These reforms have produced measurable results,” the governor said, noting that about 600 Certificates of Occupancy had recently been approved and signed since the land administration reforms were implemented.

He said the previous system could take up to 180 days or longer to process applications, while the streamlined process now takes about 35 days.

AbdulRazaq said the shorter turnaround time demonstrated the administration’s efforts to create a more investor-friendly land administration system and support housing development.

Earlier, the Chief Executive Officer of ISHI Homes, Dr Olayinka Ilufoye, said the project was designed to broaden access to homeownership and make decent housing more accessible to residents of Kwara South Senatorial District.

Ilufoye said the estate was targeted at civil servants, traders and other Nigerians who could access the housing through the National Housing Fund.

He explained that the name “AbdulRahman AbdulRazaq Morire” translates to “I have seen goodness” and was chosen to represent the developers’ faith, hope and expectation for the project.

He said the company expected the estate to become a symbol of prosperity, progress and abundance in Kwara South.

Ilufoye also pledged the company’s commitment to transparency, accountability, quality construction and timely delivery.

The Executive Chairman of the Kwara State Geographic Information Service, Alhaji Sulyman Abdulkareem, commended the state government for its efforts to improve access to land and facilitate the prompt issuance of titles and Certificates of Occupancy.

Abdulkareem said the government’s timely approval of mortgage transactions was also helping to create the conditions required for housing development to grow in the state.

The inauguration adds another private-sector-led housing development to Kwara’s wider housing programme, which includes the state’s efforts to improve land administration, expand housing supply and attract investment into the sector.

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