General
Propertymart Knocks Sanwo-Olu’s Aide Over Defamatory Remarks
By Modupe Gbadeyanka
An alleged defamatory statement credited to Mrs Toke Benson-Awoyinka, the Special Adviser on Housing to Governor Babajide Sanwo-Olu, on Thursday, June 11, 2020, has not gone down well with the management of a leading real estate company in the metropolis, Propertymart Real Estate Investment Limited.
The firm, in a statement signed on Sunday by its Head of Legal and Counsel, Mr Oyelami Sogo, knocked the Governor’s aide for the remarks, saying it was wrong for her to speak on a matter “yet to be investigated or follow the expected due process.”
Mr Sogo said there is no way Mrs Benson-Awoyinka can be an investigator, the prosecutor and the judge in the case, stressing that the company does not take the “defamation of our brand” lightly.
“We shudder at how the Special Adviser became the investigator, the prosecutor and the judge in a case yet to be investigated or follow the expected due process.
:Propertymart Real Estate Investment Limited is a reputable organization, and defamation of our brand is something we don’t take lightly.
“Despite the challenges of the industry or the fluctuations of the Nigerian economy, it took us over 12 years to attain this height, a height only a few real estate companies in the country can boast of,” the statement said.
Mr Sogo further declared that Propertymart Real Estate Investment Limited is properly established with a board and management comprising highly accomplished Nigerians from different walks of life, emphasising that, “Mrs Toke Benson-Awoyinka should, therefore, know that we are not a flight by night briefcase company.”
“We have contacted the Special Adviser to obtain further information that will aid the investigation process. We hope this will be received by Monday, June 15, 2020.
“We are willing to support LASRERA in achieving its objective as we believe this will be to our advantage.
“This move will help improve the reputation and general outlook of the industry while unfounded cowboys will be exposed if the right steps are taken,” Mr Sogo stated.
Propertymart, since its establishment in 2008, has delivered over 6,000 housing units and serviced plots to customers in Lagos, Ogun and the Federal Capital Territory (FCT).
The firm is one of the big operators helping the government meet the housing needs of Nigerians and creating jobs for thousands.
According to Mr Sogo, within the group, the company has a direct staff strength of over 150 Nigerians and have generated employment for over 5,000 indirectly across the housing delivery value chain.
Some of Propertymart’s completed and ongoing housing projects include Citiview Estate, Arepo, Ogun; Fairmont Hilltop, Alagbado; Cranbel Court, New Makun City, OPIC; Cranbel Edge 1 & 2, Lekki Ajah; Edensville Estate, Simawa; Mitchel Mews 1 & 2, Magodo, Lagos; Micheville Estate and Bel Terraces in Abuja.
By Adedapo Adesanya
The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, has announced that Nigeria will launch a new alphanumeric postcode system on October 1, 2026, with every home expected to have a unique postcode.
Mr Tijani disclosed the development in a video post on X, describing the new system as a more precise and digitally oriented approach to addressing locations across the country.
He said the initiative would mark a significant shift in Nigeria’s postal addressing system by assigning unique postcodes to individual homes.
The initiative marks a major step in Nigeria’s digital transformation agenda. By replacing the outdated numeric-only system, the alphanumeric codes provide a more flexible and scalable framework that can accommodate the country’s rapid urban growth and diverse settlement patterns.
For emphasis, an alphanumeric postcode system is a postal indexing system that uses a combination of both letters (alpha) and numbers (numeric), along with spaces or punctuation, to identify specific geographic locations, streets, or individual buildings for mail delivery.
Unlike purely numeric postcode systems (such as the 5-digit US ZIP Code or 5-digit codes used in some European countries), alphanumeric codes offer a much higher number of unique combinations using fewer total characters. This flexibility allows postal authorities to pinpoint locations with incredible precision, often down to a single side of a street or a specific large building.
“On October 1st 2026 Nigeria’s new Alphanumeric Postcode System goes live,” Mr Tijani said.
“For the first time, every home will be assigned a unique postcode that’s simple, precise and built for a digital future,” he added.
The minister urged Nigerians to prepare to generate their individual postcodes ahead of the launch.
The new system is expected to strengthen Nigeria’s digital addressing infrastructure and improve the identification and location of homes and properties for postal and other location-based services.
The initiative is being implemented in collaboration with the Nigerian Postal Service (NIPOST) as part of broader efforts to modernise the country’s addressing and digital infrastructure.
By Modupe Gbadeyanka
The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, has been directed to give an account to Nigerians on how the current government has fared since its inception on May 29, 2023.
This directive was given by President Bola Tinubu in a message posted on his verified social media handles on Wednesday.
This coincides with the commencement of campaigns for the 2027 presidential election scheduled for January 16.
According to the timetable of the Independent National Electoral Commission (INEC), candidates seeking to become the country’s president are eligible to kick off their campaigns from today, Wednesday, August 19, 2026.
In his message today, Mr Tinubu said, “When we began this journey of reform in 2023, I promised that the difficult decisions we were making would serve the purpose of building an economy that works better for you and a country that is stronger for our children.
“Today, your government presents The Reforms Scorecard. It sets out what our reforms have achieved, what they have cost us, and the greater costs and harms we have prevented by acting when we did.
“I have therefore directed the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, to give an account to Nigerians, to explain the numbers, the choices we have made, the progress recorded, and the work that remains.
“You deserve to see the numbers. You deserve to know what has changed and what these reforms mean for you, your family, your business and our country.
“This is your government. This is your country. This is our account to you.”
Shortly after he took the oath of office over three years ago, President Tinubu declared that subsidies on petroleum products were gone. He later approved foreign exchange (FX) reforms, which devalued the Nigerian Naira, shooting from about N800 per Dollar to nearly N2,000 per Dollar. However, it is currently slightly above N1,340 per Dollar in the official market.
By Adedapo Adesanya
The Nigerian National Petroleum Company (NNPC) Limited and the Nigerian Agip Exploration (NAE) Limited are advancing discussions on the development of deepwater assets estimated to hold 500 million barrels of oil reserves.
The development followed a meeting between the chief executive of the state oil company, Mr Bayo Ojulari, and Agip’s Vice Chairman and Managing Director, Mr Maurizio Pinna, in Abuja.
The talks focused on ongoing work on deepwater acreage jointly held by NNPC, NAE and Shell Nigeria Exploration and Production Company (SNEPCo) as well as plans to bring the associated resources into production.
According to NNPC, the acreage comprises the Zabazaba and Etan deepwater fields, with estimated reserves of about 500 million barrels.
The fields are located in Nigeria’s deepwater terrain and are considered significant to the country’s efforts to expand its upstream oil production base, particularly as operators seek to advance projects capable of delivering additional barrels over the medium to long term.
While details of the expected production timeline were not disclosed, the meeting underscores renewed industry focus on unlocking Nigeria’s deepwater resources and growing crude oil production.
The acreage comprises licences converted from OPL 245 and is operated by NAE in partnership with NNPC Limited and SNEPCo.
Mr Ojulari and Mr Pinna also reviewed the work currently underway on the assets and the expected production outlook, with the discussions centred on advancing deepwater development.
The engagement comes amid renewed efforts to attract investment into Nigeria’s offshore petroleum resources and increase national oil production.
