General
Expert Sees Africa’s Real Estate Sector Evolving Amid Market Volatility
Over the last year, changes in Africa’s regulatory environments, coupled with constant swings in commodity prices as well as heightened political and economic tensions, have resulted in ongoing volatility in the continent’s real estate markets.
Despite this, fundamental demand-supply imbalances continue to present a largely attractive long-term investment outlook and thereby drive demand for real estate investment opportunities.
As a consequence, there has been significant interest from both domestic and international investors as well as some – albeit marginal – growth noted in the market during this period.
According to Head of Real Estate Finance for Africa Regions at Standard Bank, Mr Niyi Adeleye, “This growth points to an evolution in the continent’s real estate sector as well as to the urgent need for investors in this space to adapt their approach in line with this evolution and to seek out more economically sustainable ways to participate effectively in these markets.”
Given the volatility which Africa’s economies are generally subject to, more patient, long-term strategies for delivering value also need to be adopted and thorough market research, conducted as well as ‘Fit for Purpose’ solutions, applied.
A ‘one-size-fits-all’ approach does not work in Africa and it is crucial that sufficient time and resources are put into understanding the vast and varied markets that call the continent home.
The more traditional private equity funding model has begun to fall out of favour and in order to effectively navigate the current environment, investors are now increasingly taking portfolio views and evolving from short-term to more permanent real estate investment structures.
“When the size of an economy does not allow for the scale that investors are looking for, this limits the depth and size of the investments that they are able to make in that economy,” says Mr Adeleye. “We are however, now seeing a shift towards more diversified markets and the evolution of previously untapped asset classes, as well as the emergence of a new breed of investor class,” he adds.
Historically, the markets have been dominated by developers or development entities creating assets but ‘property aggregators’ are now buying properties out at reasonable levels of discount and creating investment theses for them to achieve their return objectives. This demonstrates a level of depth within the markets and, once again, speaks to the evolution thereof, which is creating a demand for new asset classes and triggering the start of a new cycle of development and acquisition, with increased sustainability built into the structure.
Real estate investment offers long term, stable return profiles and continues to represent an exciting opportunity for the deployment of local savings for broader investment and economic growth. And while African real estate investment has traditionally focused on top end, global quality opportunities aimed at attracting hard currency funding; these markets are today rapidly developing the infrastructure that connects their economies to the world and making middle and lower end real estate opportunities more attractive to investors.
“Standard Bank offers in-country presence and insight, a multi-jurisdictional view and capability across 20 African markets. As our clients evolve with the markets in which they operate, so too do we, both in supporting their aspirations, and in helping them meet the demands of this constantly changing environment,” says Mr Adeleye.
By Modupe Gbadeyanka
The share certificates, seven landed properties, and $2.1 million linked to the former Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, have been finally forfeited to the federal government.
The final forfeiture was affirmed by a unanimous judgment delivered by a five-member panel of the Supreme Court on Friday, July 17, 2026.
The panel led by Justice Ibrahim Mohammed Saulawa set aside the judgment of the Court of Appeal and affirmed the decision of the Federal High Court, Lagos, which had ordered the final forfeiture of the assets on the grounds that they were reasonably suspected to have been acquired with proceeds of unlawful activities.
Following the final forfeiture order made by the Federal High Court, Mr Emefiele challenged the decision before the Court of Appeal, which reversed the judgment of the trial court.
Dissatisfied with the appellate court’s decision, the Economic and Financial Crimes Commission (EFCC) approached the apex court, which has now restored and affirmed the judgment of the Federal High Court.
The forfeited properties include a fully detached duplex of identical structures situated at No. 17B Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped parcel of land measuring 1,919.592 square metres, covered by Survey Plan No. DS/LS/340, situated at Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi, Lagos; and a bungalow situated at No. 65A Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi, Lagos;
Others are a four-bedroom duplex situated at 12A Probyn Road, Ikoyi, Lagos; an industrial complex under construction on 22 plots of land in Agbor, Delta State; eight units of undetached apartments on a plot measuring 2,457.60 square metres, situated at No. 8A Adekunle Lawal Road, Ikoyi, Lagos; and a full duplex together with all its appurtenances on a plot measuring 2,217.87 square metres, situated at 2A Bank Road, Ikoyi, Lagos.
By Adedapo Adesanya
The Ebonyi State Police Command has insisted on conducting a post-mortem examination to determine the cause of death of Miss Mary Habila, a physiotherapist who died at the residence of the Minister of Works, Mr David Umahi, in Uburu, Ohaozara Local Government Area of Ebonyi State.
The demise of the deceased, which occurred in late June, recently became public and has sparked calls for a probe from many quarters.
Meanwhile, the family of the deceased has approached the court to stop the autopsy, but experts tell Business Post that the family has no authority to file an affidavit, as this is a case of suspected murder against the state and not the family.
Mr Umahi has also called for a probe.
The Ebonyi Police Command said the autopsy was necessary to establish the cause of death and support its ongoing investigation, despite objections from the deceased’s family.
The Police Public Relations Officer (PPRO), SP Joshua Ukandu, disclosed this in a statement issued on Wednesday, stating that the police had commenced a comprehensive investigation into the circumstances surrounding Ms Habila’s death.
Mr Ukandu said preliminary investigations revealed that the deceased and a colleague were members of the medical team attached to the Minister of Works and had accompanied him to his hometown in Uburu, where she later died in a room within the compound of his residence.
According to him, detectives from the State Criminal Investigation Department (SCID) have visited the scene, documented relevant evidence and obtained statements from persons connected to the incident.
He added that the command had concluded arrangements to engage a qualified pathologist to carry out a post-mortem examination, which it considers crucial to determining the actual cause of death.
Mr Ukandu explained that the police became involved in the matter after receiving a distress call on June 27, 2026, from the Divisional Police Officer (DPO), Ohaozara Division, informing the command of a medical emergency involving Habila and requesting his presence at the David Umahi Federal Teaching Hospital, Uburu.
“On arrival, the DPO was informed by hospital authorities that Miss Mary Habila had been brought in dead.
He immediately briefed the Commissioner of Police, who directed that the matter be transferred to the State Criminal Investigation Department (SCID) for thorough investigation,” the statement read.
The police spokesperson disclosed that while the family of the deceased had opposed the conduct of an autopsy, the command considered the procedure necessary in view of the circumstances surrounding the death.
“The Command therefore awaits the attendance of the family or their duly appointed representative, as their presence is essential to the conduct of the post-mortem examination,” Mr Ukandu said, assuring the public that the investigation would be conducted professionally, transparently and without bias, stressing that every necessary step would be taken to uncover the circumstances surrounding Habila’s death.
Mr Ukandu further assured that the command would continue to provide updates as the investigation progresses.
Family Seeks to Stop Autopsy
The family of the deceased, who is a staff member of the David Umahi Federal University of Medical Sciences and was seconded to the Federal Ministry of Works, formally requested the withdrawal of further investigation into her death and declined an autopsy.
In an affidavit titled Affidavit of Withdrawal of Case filed before the High Court of Justice of Ebonyi State, her father, Tanko Habila Wisdom, said the family was not alleging any foul play in her death and wished to proceed with her burial.
According to the affidavit, Mary Habila died on June 27, 2026, in Uburu, Ohaozara Local Government Area of Ebonyi State.
The deponent stated that before her death, Habila was a staff member of the David Umahi Federal University of Medical Sciences and had been seconded to the Federal Ministry of Works in Mabushi, Abuja, where she served in the Office of the Minister of Works for about three years.
By Adedapo Adesanya
A Federal High Court in Apo, Abuja, has ordered the final forfeiture of billions of Naira worth of assets linked to businesswoman and socialite, Ms Aisha Achimugu, to the federal government.
Justice Jude Onwugbuzie granted the order following an application by the Economic and Financial Crimes Commission (EFCC), directing the permanent forfeiture of jewellery valued at N4.645 billion, 11 exotic vehicles worth N4.293 billion, $50,000 and N30 million in cash.
The ruling followed the EFCC’s request for the final forfeiture of the assets, which the commission said were linked to Ms Achimugu.
The forfeited assets include: Jewellery valued at N4,645,170,294.90; 11 exotic vehicles worth N4,293,000,000; $50,000 in cash; and N30,000,000 in cash.
The court’s judgment vests ownership of the assets in the federal government, bringing the forfeiture proceedings to a close.
In March, Justice Emeka Nwite of the Federal High Court in Abuja affirmed the final forfeiture of $13 million linked to the Lagos socialite. However, in an interview in April, she denied that $13 million was discovered by the EFCC in her residence, describing the claim as inaccurate and misleading.
Justice Nwite had, on August 22, 2025, granted the anti-graft agency’s motion ex parte for an interim order forfeiting the sum of $13 million linked to Oceangate Ltd to the federal government over allegations that the fund was proceeds of unlawful activity.
The judge had then directed the commission to publish the order in a national daily for interested people to show cause within 14 days why the fund should not be permanently forfeited to the federal government.
In 2024, the businesswoman gained significant media attention for a seven-day birthday celebration in Grenada, which was attended by high-profile guests, reportedly including Lagos State Governor Babajide Sanwo-Olu.
The socialite also defended her widely publicised birthday celebration, noting that it had been “planned for 10 years” and was not funded with any money under investigation.
