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Realtor Laments Effect of Forex Crisis on Building Materials

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By Ashemiriogwa Emmanuel

One of the key players in the housing sector of the country has said the current foreign exchange (forex) crisis is taking a huge toll on the cost of building materials, making it difficult for Nigerians to affordable and quality houses.

The Chief Executive Officer of top real estate company, Bstan Homes, Mrs Becky Olubukola, while speaking at a ceremony tagged National House Fair 5.0, called on the federal government to find solutions to resolve the housing gap as well as the exchange rate crisis.

At the event held in Abuja, Mrs Olubukola cited the connection between the cost of homes in the country, building materials, and exchange rate depreciation.

She said this comes into tougher consideration when a realtor operates in a high import-dependent economy such as Nigeria.

“The effect of our naira to dollar rate right now is hitting hard on the housing sector; it is not a good time for us, as the cost of materials has gone up. And because of the passion to provide affordable homes, we are still trying our best, even to Nigerians in diaspora,” the company’s boss noted.

According to her, the rise in the cost of building materials, inaccessibility, and non-affordability of a good, quality home for the average person can be attributed to the rise in the exchange rate.

Mrs Olubukola further stressed the government’s role in subsidizing the housing industry, adding that Nigeria has what it takes to make available the materials required to erect an inexpensive apartment for every citizen, just like in western countries.

She said, “We need to put heads together, develop the slums; let us stop using the poor as a tool for political thuggery, let us stop using them as a tool to remain in power.

“True leadership empowers those around; suppressing the poor is not leadership, keep them to remain in their state one day they will face you and bite you.

“When you provide shelter for every member of the society, you have provided employment, food, businesses in those environments.

“We are coming up with the metro shelter concept across the 36 states of the country to reduce the migration from the rural area to the urban areas and build a business life, create urbanisation in the rural environment and many more.”

According to the Bstan head, the company is about to implement plans to empower Nigerians with 10 plots of land worth N100 million with the aim of reducing the congestion in urban regions and increasing business activities in the rural areas.

She disclosed that this implementation will focus on would focus ideal rural locations with infrastructural development and build roughly 100 affordable dwelling units.

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Lagos Consumes 30% of Total Power Off-Take in Nigeria—TCN

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TCN EKEDC Total Power Off-Take in Nigeria

By Aduragbemi Omiyale

The General Manager in charge of Transmission for Lagos Region of the Transmission Company of Nigeria (TCN), Mr Adeshina Adeonipekun, has stressed the critical role of Lagos in the national grid.

While receiving the chief executive of Eko Electricity Distribution Company (EKEDC), Ms Wola Joseph Condotti, at his office on Monday, he said the Lagos region accounts for about 30 per cent of total power off-take in Nigeria.

He stated that TCN was implementing strategic expansion and project upgrades aimed at enhancing grid stability and operational efficiency in response to rising demand.

Mr Adeonipekun highlighted recent key milestones achieved in the region, including the commissioning of a 100MVA power transformer at the Ijora 132/33kV Transmission Substation, a 300MVA transformer at the Lekki 330/132kV Transmission Substation, and a 125MVA unit at the Agbara 132/33kV Substation, among others.

According to him, these additions have further increased the region’s installed capacity to 5,470MVA on the 132/33kV network and 4,110MVA on the 330/132kV network.

He further said that there were several ongoing rehabilitations at key substations within the region, including Amuwo GIS, Akoka 132/33kV, and Itire 132/33kV Transmission Substations, all geared towards further improving reliability, reducing system constraints, and enhancing the overall efficiency of power delivery.

In her remarks, Ms Condotti expressed appreciation for TCN’s continued partnership and support, underscoring the importance of sustained collaboration between transmission and distribution companies in building a more stable and efficient electricity transmission and supply network.

Both parties explored ways to strengthen collaboration and ensure a more stable and efficient power supply in Lagos, the nation’s commercial hub.

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Anambra to Regain Economic Strength After End to Sit-at-Home—Soludo

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By Adedapo Adesanya

The Governor of Anambra, Mr Chukwuma Soludo, says the years-long sit-at-home is now a thing of the past in the state as it will bring back lost economic viability to the South East state.

The governor spoke on Tuesday during his inauguration for a second term as the leader of the state, noting that security has improved in Anambra.

“The debilitating one-sit-at-home is over, and our schools, markets, businesses, and public servants are back to work. Reports say that ours is now the safest, or at least one of the safest states in Nigeria,” Mr Soludo said.

The second inauguration of the former governor of the Central Bank of Nigeria (CBN) witnessed eminent Nigerians, including ex-presidents Mr Goodluck Jonathan and Mr Olusegun Obasanjo, as well as the Vice President, Mr Kashim Shettima, among others.

“I’m sure many of you flew into Anambra yesterday, being Monday. Previously, it was not possible,” he said at the Alex Ekwueme Square in Awka, the state capital.

Primarily associated with the Indigenous People of Biafra (IPOB), a separatist group advocating for an independent Biafran state, the sit-at-home saw millions of South-East residents remain indoors, shut their businesses, and stay off the roads on Mondays. Initially, it was declared as a weekly protest (especially on Mondays) to demand the release of IPOB leader, Mr Nnamdi Kanu, in 2021 by the Federal Government and draw attention to the separatist cause.

The cause had significant socio-economic consequences in the South-East states like Abia, Anambra, Ebonyi, Enugu, and Imo.

However, Mr Soludo referenced several milestones, including the destruction of criminal camps and the “mass return” of Anambra indigenes during the Yuletide, as evidence of improving security in the state.

“Some 62 criminal camps have been dismantled, and 8 local governments previously under total siege have been liberated,” the governor said.

“Anambra had its best Christmas season in decades last December with a mass return and over 10,000 visitors per day to the Solution City every day until the 10th of January.”

Part of the measures to address insecurity in Anambra was the Homeland Security Law 2025, a measure the governor said contributed to the reduction in criminality.

The Independent National Electoral Commission (INEC) declared Mr Soludo as the winner of the November 8, 2025, governorship election in Anambra State. The APGA candidate polled a total of 422,664 votes, defeating his closest rival, the candidate of the All Progressives Congress, Mr Nicholas Ukachukwu, who scored 99,445 votes, while the candidate of the Young Progressives Party, Mr Paul Chukwuma, came third with 37,753 votes.

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Don’t Pay Any Agent, Official for SCUML Registration—EFCC

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Pay for SCUML Registration

By Aduragbemi Omiyale

The Economic and Financial Crimes Commission (EFCC) has cautioned members of the public against making any payment for Special Control Unit Against Money Laundering (SCUML) certificate registration, stressing that it is free.

During a live radio programme on Enugu State Broadcasting Service, the Head of SCUML Department in Enugu Zonal Directorate of the EFCC, Mr Promise Oluigbo, said obtaining the certificate is now seamless.

According to him, with the introduction of electronic certification, which has improved efficiency and eliminated the risk of fake certificates, over 480,000 entities have been registered nationwide.

He warned members of the public against engaging agents who charge fees for SCUML registration, stressing that the commission does not authorise third-party registrations.

“The EFCC frowns at any individual or group collecting money from businesses under the guise of facilitating SCUML registration. The process is seamless and free of charge,” Mr Oluigbo declared.

He charged operators of Designated Non-Financial Businesses and Professions (DNFBPs) in the South-East to comply with mandatory SCUML registration to combat money laundering, terrorism financing, proliferation of weapons of mass destruction, safeguard businesses and strengthen the integrity of Nigeria’s financial system.

“DNFBPs are categories of businesses identified under Section 30 of the Money Laundering Act and include sectors such as automobile dealerships, real estate businesses, construction firms, hospitality services, supermarkets, legal practitioners, consultants, and non-profit organisations.

“As a regulatory body responsible for overseeing the activities of these businesses to curb money laundering and financing of terrorism, it’s important I say it here that the registration process is completely free.

“Business owners do not need to engage any third party. All they need to do is visit the SCUML portal and complete the registration process,” he said.

While emphasizing on the need for businesses to register and collect the certificate, he urged them to ensue adherence to statutory requirements such as Know Your Customer (KYC) procedures, customer due diligence, record keeping and reporting of suspicious transactions, adding that failure to comply constitutes a violation of the law and may attract fines, imprisonment or other regulatory sanctions as stipulated under the Act.

“The objective of the SCUML framework is not to stifle businesses but to protect the financial system and ensure transparency in commercial activities. It is designed to safeguard businesses and strengthen the integrity of Nigeria’s financial system,” he said.

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