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Overhaul INEC Now—PDP Governors Beg Buhari

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By Dipo Olowookere

The People Democratic Party (PDP) Governors’ Forum has accused the All Progressives Congress (APC) of conniving with the Independent National Electoral Commission (INEC) to tamper with the outcome of the November 26, 2016 governorship election in Ondo State.

The PDP Governors’ Forum has therefore urged President Muhammadu Buhari to direct the electoral umpire to be fair in the conduct of forthcoming poll.

Speaking on Monday in Abuja via a statement signed by its Secretary, Mr Patrick Okon, the forum also called for an overhaul of the commission.

“We are aware of the plan of APC to get Ondo State by all means, including enlisting the assistance of INEC.

“We are warning that we will not fold our arms to watch this impunity and day-time robbery.

“INEC is an umpire and should play its role very well so that the electorate will have confidence in it.

“From the way things are going, the people are already losing confidence in the commission,” the statement said.

“INEC should conduct itself very well in this forthcoming Ondo state governorship election to avoid a repeat of what happened in Edo election,” it added.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Cardoso Reiterates Push to Remove Nigeria from FATF Grey List

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By Adedapo Adesanya

The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, on Tuesday reiterated efforts to remove Nigeria from the grey list of the Financial Action Task Force (FATF).

Nigeria was placed on the Grey List by the Financial Action Task Force (FATF) alongside 21 other countries, including South Africa, Burkina Faso, and Cameroon amongst others in 2023 due to failure to fully comply with its obligations to combat money laundering, terrorist financing, and the proliferation of weapons.

Speaking at the end of the 300th Monetary Policy Committee (MPC) meeting, Mr Cardoso said Nigeria was working towards fixing trust in its financial system, which would enable it exit the list.

“The trust deficit is real but so is our resolve. We’re making the system stronger, safer, and more accountable,” he said.

“Rebuilding trust also means securing our systems. We’ve implemented robust KYC and partnered with NIBSS to ensure safety, screen users, and stay off the FATF grey list,” the central banker added.

Since being put on the grey list, Nigeria has been placed under increased monitoring by the FATF, and this has had consequential effect on transactions involving the country, as well its international outlook for business.

For countries to be removed from the Grey List, the concerned countries must address the shortfalls identified in FATF’s recommendations by strengthening their Anti-Money Laundering (AML)/Countering the Financing of Terrorism (CFT)/Countering Proliferation Financing (CPF) regimes.

The CBN governor, stated that the apex bank is working towards getting Nigeria out of the Grey List in order to foster the $1 billion monthly diaspora remittances, which the CBN is targeting.

Compliance with the FATF recommendations could therefore have far reaching implications on businesses, the financial sector in Nigeria, and the economy as a whole.

The country has recently intensified efforts to exit the list by this current quarter (Q2 2025), a move that will bolster investor confidence and unlock new economic opportunities.

Speaking during the first Capital Market Committee (CMC) meeting of 2025 held in Lagos this week, SEC Director General, Mr Emomotimi Agama, emphasized the far-reaching implications of such a move for Nigeria’s capital market and broader investment environment.

In March, the Minister of State for Finance, Mrs Doris Uzoka-Anite, emphasized the Government’s commitment to ensuring Nigeria’s removal from the grey list.

During a meeting with departments and agencies, she said the Bola Tinubu-led administration was working tirelessly to address the remaining deficiencies in Nigeria’s AML/CFT regime.

“We are confident that our efforts will yield positive results,” she added.

The successful removal of Nigeria from the grey list will not only bolster investor confidence and unlock new economic opportunities but also demonstrate the country’s dedication to upholding international standards and promoting a safer, more transparent global financial system.

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FG to Sell 753 Housing-Unit Estate Seized from Emefiele

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By Adedapo Adesanya

The Ministry of Housing and Urban Development has announced plans to sell the 753-unit housing estate confiscated from the embattled former Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele.

Disclosing this in a statement on Tuesday, the ministry said that the property was handed over by the Economic and Financial Crimes Commission (EFCC) on Tuesday at the Ministry’s headquarters in Mabushi, Abuja.

According to the ministry’s spokesman, Salisu Haiba, the Minister of Housing and Urban Development, Mr Ahmed Dangiwa, praised the EFCC for its sustained commitment to asset recovery and anti-corruption.

“The Ministry of Housing and Urban Development has taken delivery of the 753 Housing Units Abuja housing estate of former Central Bank Governor, Godwin Emefiele, recovered by the Economic and Financial Crimes Commission,” the statement said.

“This marks a significant milestone in our collective determination to ensure that recovered assets are put to productive use in ways that directly benefit the Nigerian people. The housing estate recovered from the former Governor of the Central Bank is a case in point.”

He announced that the Ministry, in collaboration with the EFCC, will undertake a joint familiarization tour to assess the current state of the estate.

“We intend to carry out thorough integrity and structural assessments on all buildings and associated infrastructure to confirm their safety and suitability for habitation,” he explained.

“The Ministry will offer the units for sale both to the public and for special government needs. For the public sale component, we will adopt a transparent and competitive process. This will include nationwide advertisement and the use of the Renewed Hope Portal, where interested Nigerians can submit their Expressions of Interest,” Mr Dangiwa added.

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The New Rules of Diversification: Nigerian Portfolios Going Global with Real Assets

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For decades, Nigerian investors have navigated economic uncertainty by leaning into familiar instruments—government bonds, blue-chip equities, fixed deposits, and, when necessary, cash-heavy real estate holdings in urban centres like Lagos and Abuja. But as persistent naira depreciation, foreign exchange restrictions, and inflation continue to erode the value of localized wealth, a structural recalibration is taking place.

High-net-worth individuals and savvy middle-class earners are increasingly broadening their investment mandates—both geographically and tactically—as diversification becomes central to wealth preservation. With Nigeria absent from recent rankings of the safest countries for foreign investment, investors are reevaluating their asset geography in pursuit of long-term resilience. While domestic assets remain foundational, there’s a rising preference for tangible, globally situated real estate as a diversification hedge against currency instability and policy unpredictability at home.

The Lagos Baseline: Holding the Fort at Home

For many, Lagos remains a primary node in their portfolio matrix. The commercial capital’s mix of residential estates, commercial high-rises, and industrial land makes it a flexible yet familiar terrain. More importantly, it serves a strategic purpose: anchoring wealth in a city whose property market, though cyclical, is backed by population momentum and urban expansion.

Emerging neighbourhoods such as Ibeju-Lekki, Sangotedo, and parts of Ikeja are drawing interest from investors seeking land banking opportunities or rental yields driven by demand for mixed-use developments. Lagos real estate listings highlight the breadth of available options, ranging from high-rise condos to gated duplexes—each representing a physical hedge in an increasingly intangible economy.

Dollarization via Miami: Strategic International Real Assets

Yet for investors with greater liquidity and international access, the pivot isn’t just away from Nigeria—it’s toward the dollar. Miami, with its dual appeal as both a financial hub and a lifestyle destination, is proving magnetic.

What makes Miami compelling isn’t just its luxury condos or beachfront appeal. It’s that U.S. real estate offers a dollar-denominated refuge from the naira’s fluctuations—serving as a practical vehicle for international diversification. Additionally, for families contemplating eventual relocation, education abroad, or second citizenship programmes, these purchases function as both lifestyle enablers and capital stabilizers.

According to trends tracked across urban housing markets, buyers from emerging economies—including Nigeria—are concentrating their purchases in areas with strong rental potential and limited inventory, ensuring asset appreciation over the medium term.

Beyond the Coasts: Asset Preservation in Middle America

Interestingly, a subset of Nigerian investors is eschewing high-profile cities altogether in favour of quieter, more affordable locations that offer consistent returns. Cities across the American Midwest, such as those in Iowa, have come under the radar—not because they are flashy, but because they are stable.

In North Iowa, for example, property values remain accessible, rental demand is steady due to regional employment centres, and ownership costs are comparatively low. For Nigerian investors seeking capital preservation over speculative upside, realty options in North Iowa are offering a compelling entry point into the U.S. housing market with reduced exposure to volatility.

What’s more, ownership in such secondary markets often comes with fewer regulatory frictions, easier financing structures, and lower ongoing tax burdens—all attractive attributes when managing foreign assets from afar.

Toronto’s Pipeline Approach: Building Equity into the Future

Canada, too, has found favour among Nigerian investors—but for a different reason. In Toronto, the appeal lies not just in what exists, but in what’s coming. The city’s pre-construction ecosystem allows investors to “reserve” property in future towers or communities years in advance, often with staggered payments and no immediate mortgage burden.

This model resonates with Nigerian buyers looking to hedge against inflation over the long term. By securing a property today at a fixed price—even if delivery is 3 to 5 years out—they effectively lock in value before inflationary pressure takes its toll.

Several upcoming residential projects in Toronto are offering buyers phased payment plans and forward-booking incentives—early-access investment opportunities that align with broader diversification strategies among Nigerians planning long-term capital deployment abroad.

Additionally, as Nigeria tightens capital controls, the gradual payment model allows capital to be moved abroad legally and incrementally, avoiding the shock of a lump-sum transfer or FX squeeze.

Strategic Asset Dispersion: Beyond Bricks and Mortar

This shift toward physical international assets isn’t merely about building wealth—it’s about preserving sovereignty over it. As trust in local financial systems ebbs and inflation eats into fixed-income earnings, the desire to hold assets in politically and economically stable jurisdictions has grown stronger.

Real estate, unlike equities or mutual funds, also offers non-financial benefits: immigration pathways, educational positioning, or even strategic relocation plans. These auxiliary gains are becoming part of the investment rationale, especially for Nigerians anticipating longer-term life transitions.

Conclusion: Real Estate as the New Reserve

In many ways, today’s Nigerian investor is not just seeking yield. They’re seeking resilience. They are de-risking against monetary policy shifts, diversifying across currency zones, and positioning assets in globally relevant geographies.

Domestic holdings in Lagos will likely remain foundational. But increasingly, they are being complemented—sometimes outweighed—by targeted investments in North America’s most resilient housing corridors. Whether through speculative future builds in Toronto, turnkey units in Miami, or quiet equity compounds in North Iowa, real estate is proving itself a globally portable store of value.

In a landscape where the rules of wealth preservation are being rewritten, owning a piece of the world—literally—may be the most strategic move of all.

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