Category: Business Day

Nigeria’s listed real estate investment trusts (REITs) are entering a new phase of asset expansion, with investment property values and rental income rising sharply across the sector despite persistent pressures on operating costs and the broader property market.

An analysis of the first-half financial performance of SFS REIT, UPDC REIT and UH REIT shows that the three funds recorded a 63 percent rise in rental income to N2.08 billion in H1 2026, from N1.27 billion in H1 2025, while their investment property portfolios expanded by 58.7 percent, suggesting a growing focus on income-generating real estate assets.

The strongest performance came from UPDC REIT, whose rental income almost doubled year-on-year to N1.57 billion in H1 2026 from N837 million in H1 2025. SFS REIT and UH REIT also recorded increases, although at considerably slower rates.

The development comes as Nigeria’s property market continues to adjust to high construction costs, elevated interest rates, inflation and changing demand patterns. For REIT investors, however, the expansion in rental income and underlying property values points to improving capacity to generate recurring income from real assets.

UPDC REIT leads rental income growth

UPDC REIT emerged as the clear leader in rental income generation among the three funds. Its rental income rose from N625 million in H1 2022 to N725 million in H1 2023 before declining to N683 million in H1 2024. It subsequently rebounded to N837 million in H1 2025 and then surged to N1.57 billion in H1 2026.

That represents an 87.6 percent year-on-year increase, the strongest growth among the three REITs analysed. The performance also means UPDC’s rental income has increased by about 151 percent since H1 2022, reflecting the expansion of its property portfolio and stronger income generation from its assets.

The growth is particularly significant because UPDC REIT’s investment properties increased from N27.4 billion in H1 2025 to N30.8 billion in H1 2026, a 12.4 percent increase.

Over the five-year period, its investment properties expanded from N21.5 billion in H1 2022 to N30.8 billion, representing an increase of about 43 percent. The combination of a larger asset base and sharply higher rental income suggests that UPDC REIT is extracting greater income from its portfolio.

Its rental income yield relative to investment properties also improved materially, based on the reported figures, rising from about 3.1 percent in H1 2025 to 5.1 percent in H1 2026.

UH REIT’s property base jumps

UH REIT recorded the second-largest expansion in investment properties. Its property portfolio increased from N9.27 billion in H1 2025 to N25.2 billion in H1 2026, representing a staggering 171.8 percent increase.

The expansion also marks a significant reversal from the relatively flat trajectory recorded between 2022 and 2025. UH REIT’s investment properties stood at N9.42 billion in H1 2022, declined to N9.09 billion in H1 2023 and then moved to N9.45 billion in H1 2024 before falling slightly to N9.27 billion in H1 2025.

The jump to N25.2 billion in H1 2026 therefore represents a fundamental change in the size of the portfolio. Rental income, however, grew at a much slower pace. UH REIT’s rental income increased from N335 million in H1 2025 to N393 million in H1 2026, representing 17.3 percent year-on-year growth.

While the increase is positive, the divergence between property growth and rental income growth raises an important question for investors: how quickly can the newly expanded asset base be converted into recurring rental income?

SFS REIT posts steady income expansion

SFS REIT delivered the most consistent, albeit smaller, growth trajectory. Rental income rose from N85 million in H1 2022 to N94 million in H1 2023, N101 million in H1 2024 and N105 million in H1 2025 before reaching N122 million in H1 2026.

The latest figure represents a 16.2 percent year-on-year increase. Unlike UPDC and UH, SFS REIT operated with a considerably smaller investment property base. Its investment properties remained at N1.82 billion between H1 2022 and H1 2023 before rising to N1.98 billion in H1 2024 and H1 2025.

In H1 2026, however, the portfolio jumped to N5.37 billion, representing a 171.2 percent year-on-year increase. The sharp expansion means SFS REIT, like UH REIT, now has substantially more assets from which to generate future rental income.

Interest income provides another income stream

Beyond rental income, interest income has become an increasingly important component of REIT earnings. SFS REIT’s interest income increased from N106 million in H1 2025 to N127 million in H1 2026, representing 19.8 percent growth.

UH REIT recorded a similar trend, with interest income rising from N211 million to N251 million, an increase of 19 percent. UPDC REIT was the exception, with interest income declining slightly from N634 million in H1 2025 to N613 million in H1 2026, representing a 3.3 percent decline.

Despite the decline, UPDC remains the largest generator of interest income among the three funds based on the H1 2026 figures.

The growth in interest income at SFS and UH also highlights how REITs can supplement rental earnings with returns from cash and other interest-bearing investments, particularly in an environment where interest rates remain elevated.

Martin O’Neill’s Celtic eased past Dundee United with a 4-0 victory to reach the Scottish League Cup quarter-finals.

O’Neill returned to the Celtic dugout after missing last weekend’s Scottish Premiership victory over Kilmarnock following a brief hospital stay.

First-half goals from Auston Trusty and Camilo Duran put the visitors in control, and Sebastian Tounekti scored from a counter-attack.

Benjamin Nygren added a fourth as Celtic eased into the last eight of the League Cup.

United struck the woodwork five times but could not find a way through and will be left to rue both their profligacy and defensive slackness.

Dundee’s cause was hampered by the loss of captain and striker Simon Murray to a knee injury during the first half of the second-round tie.

League One side Ross County shocked Dunfermline with a 2-1 win to progress to the last eight.

Richard Chin’s late strike secured the victory after Liam Lindsay had put them ahead after the break.

Allan Oyirworth pulled Neil Lennon’s Pars level with just 10 minutes to play, but Chin smashed the ball into the net in the 85th minute to secure County’s place in Sunday’s quarter-final draw.

Kilmarnock were first through to the quarter-finals on Friday night when Nicky Clescenco scored a dramatic late winner as they came from behind to beat Ayrshire rivals Ayr United 3-2.

Killie had suffered back-to-back defeats coming into the match and found themselves behind early on as Owen Stirton volleyed home before Joe Hugill equalised.

Ross Taylor’s sublime finish then stunned the home fans, but Michael Schjonning-Larsen scored an impressive solo goal of his own to make it 2-2 with 10 minutes remaining.

With the match seemingly heading towards an extra 30 minutes, the hosts completed the comeback when Clescenco showed superb composure to dink the ball home after Ayr goalkeeper Harry Stone had spilt a deep cross.

The Federal University of Technology, Owerri (FUTO) and Ahmadu Bello University, Zaria (ABU) have emerged as champions of the 2026 Enactus Nigeria National Competition and will represent Nigeria at the Enactus World Cup in Brazil later this year.

FUTO recorded a double victory, winning the Enactus Early Stage Final with its biofuel project and the Julius Berger Innovation Challenge with ALTAR, a robot designed to detect structural and construction failures.

ABU clinched the Enactus Advanced Stage Competition Final with NeemPest, an IAR-certified multi-modal biopesticide that eliminates Tuta absoluta within 48 hours, and TomPa, a tomato processing brand designed to convert surplus tomato harvests into long-lasting powder and puree.

The projects will compete against winning innovations from 35 countries for the world title.

The projects from the two universities, according to a statement, were adjudged outstanding by a team of professionals, experts and business leaders from among those presented by 33 other universities that participated in the 2026 Enactus Nigeria National Competition Final, themed ‘Re-Imagining Transformation,’ which was held recently in Lagos.

The projects were evaluated based on their relevance, innovation in proposing solutions, scalability, profitability potential and sustainability.

Michael Ajayi, Country Director of Enactus Nigeria, in a statement, said the projects showcased at the final represented far more than an academic exercise, stating: ‘They reflect the ingenuity, resilience and determination of a generation committed to building a better Nigeria.’

According to him, Enactus would continue to make a significant difference by nurturing entrepreneurs, innovators, ethical leaders and changemakers who understand that education finds its purpose when it is applied to solving real societal problems. He explained that the Final was the culmination of twelve months of rigorous work across 33 tertiary institutions in Nigeria to identify social and environmental problems and develop solutions using business models that ensure the solutions are directly relevant to the problems and create value for communities.

Ajayi stressed that Enactus is focused on training Nigerian youths to become resilient, purposeful and value-driven future leaders capable of effecting change in the country, while also becoming sustainable business leaders who create solutions.

He said: ‘In the process of inspiring change, we transform the minds of participating students and prepare them for future success, whether as entrepreneurs or individuals.

‘If properly inspired, motivated and supported, Nigerian youths can be extremely productive, highly innovative and globally competitive.’

Also speaking at the occasion, Casey Bonfield, Deputy Public Affairs Officer, US Consulate General, Nigeria, commended Enactus Nigeria for focusing on transferring classroom ideas and knowledge into practical solutions to societal problems.

He said exposing students to real-life challenges and enabling them to develop practical solutions would prepare them for the global market and help them build a great future, emphasising that ‘building a future starts with building people.’

In her remarks, Shakira Mustapha, Risk and Sustainability Officer, Julius Berger Plc, explained that her company believes in the importance of collaboration among stakeholders in shaping the future of Nigerians.

She said Julius Berger, in partnership with Enactus Nigeria, is supporting youth innovation and sustainable development by creating opportunities for students to develop practical solutions to challenges in Nigeria’s construction and built-environment sector.

Mustapha stated that achieving true change in the construction industry requires fresh ideas that are environmentally sustainable.

Nigeria’s insurance industry is entering a new phase of higher expectations following the completion of the sector-wide recapitalisation exercise, with the Nigerian Insurers Association (NIA) calling on operators to translate stronger capital bases into better service, faster claims settlement and deeper insurance penetration.

The NIA Governing Council congratulated the additional seven insurance companies that secured full recapitalisation approval from the National Insurance Commission (NAICOM), bringing the number of approved insurers to 48, alongside two reinsurance companies approved earlier.

For the industry, however, the completion of the exercise is expected to mark the beginning of a more demanding phase rather than the end of a regulatory process.

The stronger capital position is expected to give insurers greater capacity to underwrite larger and more complex risks, improve their ability to absorb shocks, attract long-term investment and provide greater confidence to policyholders and investors.

Ebelechukwu Nwachukwu, chairman of the NIA, said the successful completion of the exercise demonstrates the resilience and financial discipline of operators and provides a stronger foundation for the industry to compete in the Nigerian and global financial markets.

‘Having successfully navigated the rigorous final verification process, these companies, alongside the earlier approved 41 insurance companies and two reinsurance companies, have demonstrated exceptional resilience, corporate fortitude and financial discipline,’ Nwachukwu said.

She said the recapitalised companies had emerged stronger and better positioned to deliver greater value to the Nigerian public, despite prevailing macroeconomic and operational pressures.

The immediate expectation from the industry is that higher capital will translate into higher capacity and better customer outcomes, particularly in an economy where businesses and households continue to face rising risks.

With more capital available, insurers are expected to take on larger risks locally instead of relying heavily on foreign capacity, while also improving their ability to participate in major infrastructure, energy, aviation, construction and other strategic projects.

The exercise is also expected to strengthen confidence in the ability of insurers to meet legitimate claims, an area critical to rebuilding public trust and improving insurance adoption.

For policyholders, the real measure of recapitalisation will therefore be less about the amount of capital raised and more about whether insurers become more responsive, financially stronger and more reliable in paying genuine claims.

Nwachukwu said the industry’s successful compliance with the new capital requirements reflected the strength and adaptability of operators, while commending NAICOM for its oversight of the process.

She described the regulator’s approach as instrumental to strengthening market integrity and positioning the sector for greater resilience and competitiveness within the wider financial system.

The NIA said it would continue to work with NAICOM and its members to ensure the smooth implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, signalling that the post-recapitalisation period will require continued regulatory and operational adjustments.

Nwachukwu assured policyholders, investors and other economic stakeholders that the recapitalised industry was positioned to play a greater role in economic development.

‘With this recapitalization complete, the Nigerian insurance sector enters a transformative era,’ she said, adding that the industry was now better equipped to settle genuine claims promptly, absorb higher local and international risks and support financial stability.

The proposed concession of King’s College, Lagos, to its old boys has sparked widespread opposition, with parents and other stakeholders threatening a mass protest over concerns about the plans by the federal government.

The Parent-Teacher Association (PTA) has come out strongly against the concession, which was granted to the King’s College Old Boys’ Association (KCOBA) last month, describing it as a move that lacks broad support among those with a direct stake in the 116-year-old institution.

Peter Oluwaseye, the PTA chairman, said the resistance cuts across multiple stakeholder groups.

‘Parents are not in support of the move. Senior civil servants are also saying no to it. The community is also not in support, alumni should not treat the college as personal property since they attended the school just like the current students are doing,’ he said.

Oluwaseye argued that no private entity could replicate the calibre of teaching staff currently at the college, and called for old students to support the institution through voluntary giving rather than a takeover arrangement. ‘We say no to concession, whatever guise it is being planned,’ he noted.

Kashim Ibrahim-Imam, the KCOBA president, publicly announced the concession, which comes with a N100 billion endowment fund aimed at repositioning the college.

Early contributions to the fund signal significant buy-in from notable figures such as Oluremi Tinubu, Nigeria’s first lady, who donated N10 million, while Ibrahim-Imam personally committed N1 billion. Philip Asiodu, the former board of trustees’ chairman and Femi Okunnu, the new board chairman, donated N100 million, respectively.

According to KCOBA, proceeds from the fund are earmarked for infrastructure renewal, teacher development, digital technology upgrades, scholarships, research and student welfare, areas alumni say have suffered from years of underinvestment.

Ibrahim-Imam has pushed back on suggestions that the arrangement amounts to a sale of the public institution, insisting ownership remains unchanged.

He described the deal instead as ‘the establishment of a new governance framework through which KCOBA will partner with government to restore, strengthen, modernise, and sustain one of Nigeria’s greatest educational institutions.’

He framed the approval as a landmark moment for public education financing in Nigeria, noting that King’s College, established in 1909, has produced graduates across public service, business, the judiciary, the military and academia.

Moreover, he said that years of ‘careful planning, sustained advocacy, constructive engagement’ by alumni preceded the government’s approval.

With parents, civil servants and community stakeholders lining up against the concession, the arrangement, despite its financial backing, faces a governance dispute that could test how far alumni-funded partnerships can go in reforming Nigeria’s public schools without stakeholder buy-in.

Whether the planned protest forces a review of the deal’s terms, or whether the funding commitments already in motion carry it forward regardless, is likely to shape how similar public-private education partnerships are structured going forward.

emPLE Nigeria has met the recapitalisation requirement set by the National Insurance Commission (NAICOM), reinforcing its financial strength and capacity to deliver sustainable value to customers and stakeholders across its Life and General Insurance businesses.

This marks a significant milestone in emPLE’s growth journey, reinforcing the company’s financial capacity to meet its obligations, pursue strategic growth opportunities and remain a long-term partner to individuals, families and businesses.

The company’s ability to deliver on this commitment was further demonstrated by the payment of over N7 billion in claims by emPLE Life Assurance Limited and emPLE General Insurance Limited in 2025, providing critical financial support to customers and beneficiaries and underscoring emPLE’s track record of standing by its customers when it matters most.

Speaking about the development, Olalekan Oyinlade, managing director, emPLE General Insurance Limited, said, ‘Meeting the recapitalisation requirement is important, but what matters most to us is what that strength enables us to do for our customers. Insurance is built on confidence. The confidence that when an unexpected event occurs, your insurer has both the capacity and the commitment to respond. Our strengthened capital position affirms that promise and gives us an even stronger foundation from which to serve our customers.’

He added, ‘The continued confidence of our shareholders and investors also reflects the strength of the business we are building, the quality of our leadership and the long-term opportunities we see in the Nigerian insurance market. We remain focused on building an institution that customers, partners and other stakeholders can rely on for many years to come.’

Commenting on the development, Jolaolu Fakoya, managing director, emPLE Life Assurance Limited, said, ‘Our business has always been centered on the people and the responsibility we carry when they entrust their families, businesses, assets and aspirations to us. A stronger capital position gives us greater capacity to fulfil that responsibility, deepen customer confidence and continue developing solutions that meet the real protection needs of Nigerians.’

He added, ‘As we look towards the next decade, our ambition goes beyond becoming a financially stronger insurer. We want to make insurance simpler, more accessible and more relevant to everyday Nigerians. That means investing in customer experience, embracing digital innovation, strengthening our partnerships and developing products that empower more people to protect what matters to them.’

For emPLE, this milestone highlights key fundamentals such as financial strength, the ability to pay claims, customer confidence and long-term trust on which insurance is built. With a stronger foundation in place, the company remains focused on building a people-centred insurance business that protects and empowers Nigerians today and into the future.

emPLE is a Nigerian insurance brand operating through emPLE General Insurance Limited and emPLE Life Assurance Limited, focused on delivering accessible protection solutions grounded in governance -, operational excellence, and sustainability

Russia’s crude oil production outlook has weakened as Ukrainian attacks disrupt refineries and export infrastructure, while ageing fields and a lack of sizeable new developments limit the country’s ability to replace declining output.

Rystad Energy has cut its forecast for Russian crude production to an average of 8.95 million barrels per day (bpd) in 2026, 90,000 bpd below its previous estimate. Output is projected to fall further to about 8.6 million bpd in 2027.

The revision reflects renewed disruptions at western Russian export terminals and rising risks to seaborne exports, which have become less reliable and more expensive following a year of tighter sanctions and Ukrainian attacks on refineries, ports and tankers.

The disruption is increasingly affecting Russia’s upstream sector, with limited room to absorb further shocks.

‘The increasing frequency and effectiveness of drone attacks on Russian oil and gas infrastructure is no longer affecting only refineries; it’s constraining the country’s upstream sector as well,’ said Daria Melnik, vice president, Oil and Gas Research at Rystad Energy.

Russian refinery runs in June and July were among the lowest recorded in the past two decades. Rystad expected refinery throughput to average around 4 million bpd between July and December, almost 30 percent below the 2016-2023 seasonal average of roughly 5.7 million bpd.

As a result, Russia is expected to process about 1.4 million bpd less crude in the second half of 2026 than historical seasonal patterns would suggest.

The barrels that cannot be processed must either be exported, placed into storage or removed from production.

Russia absorbed the imbalance in June, but July showed that its export system could not consistently handle the additional volumes, according to Melnik.

The pressure on production is compounded by elevated onshore inventories. With stocks already above the threshold at which sustained production cuts become increasingly difficult to avoid, producers have less flexibility to maintain output while waiting for refining or export capacity to recover.

Rystad estimates Russia’s spare production capacity at around 620,000 bpd in 2026, rising modestly to 700,000 bpd in 2027. However, much of this capacity is tied to ageing, high-water-cut wells that have been shut in during the current round of production cuts.

The longer these wells remain offline, the less likely they are to return at previous production rates.

Extended shut-ins increase the risk of costly interventions, lower productivity and, in some cases, permanent abandonment when repair and water-handling costs outweigh the economics of restarting production.

This means some of Russia’s nominal spare capacity could be permanently lost, further limiting its ability to raise output from existing fields.

The problem extends beyond the immediate disruption. Russia’s mature oil fields are facing natural production declines, while the country lacks sufficient sizeable greenfield developments to offset those losses after 2027. Even if refinery and export constraints ease, Rystad sees limited scope for a meaningful recovery in crude production.

The global market could add another layer of pressure. Rystad expected the global oil market to move into surplus in 2027 if the conflict in the Middle East eases and disrupted supply flows normalise.

A surplus would put downward pressure on benchmark prices while Russian producers continue to face wider discounts, higher logistics costs and sanctions-related expenses.

At the same time, buyers in China, India, Trkiye, Hungary and Slovakia could gain greater access to non-sanctioned crude, reducing their willingness to accept the legal, financial and operational risks associated with Russian barrels without demanding deeper discounts.

For Russia, that would create pressure on both production and revenue: declining output would coincide with weaker benchmark prices, higher transportation costs and reduced pricing power with buyers.

The combination of disruptions to existing infrastructure, ageing fields and insufficient new projects is therefore narrowing Russia’s options to sustain crude production.

The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has signed 26,272 Certificates of Occupancy (C of Os) in the first three years of President Bola Tinubu’s administration.

Lere Olayinka, Senior Special Assistant to the minister on Public Communications and Social Media, disclosed this in a statement on Sunday.

Olayinka said the move was aimed at improving ease of doing business in the FCT, in line with Tinubu’s Renewed Hope Agenda.

He said the figure surpassed the 8,697 C of Os produced and signed between 2010 and 2023.

According to him, 5,500 C of Os were signed during the five-and-a-half-year administration of President Goodluck Jonathan, while 3,197 were produced and signed during the eight-year administration of President Muhammadu Buhari.

He said many allottees who benefited from the 26,272 C of Os obtained their land allocations more than 10 years ago.

Olayinka said C of Os served as collateral for commercial loans, mortgages and business expansion.

He said the inability of property owners to obtain C of Os when needed remained a challenge for small and medium-sized businesses, as it restricted access to funding.

‘To address this challenge, the FCT Administration under President Tinubu has streamlined the process to enable land allottees to receive their documents within two weeks of completing payments.

‘The moment necessary payments are made, land allottees can now get their C of O within two weeks.

‘Also, automated notifications have been introduced to ensure that land allottees are informed when their documents are ready for collection,’ Olayinka said.

He attributed previous delays to inefficiencies that discouraged landowners from completing their payments.

Olayinka said, in addition to the 26,272 C of Os, the FCT Administration granted 2,521 Consents to Assign and 177 Consents to Mortgage in the last three years.

He said this compared with 753 Consents to Assign and 180 Consents to Mortgage granted during the Jonathan administration, and 684 Consents to Assign and 164 Consents to Mortgage under Buhari.

He explained that Consent to Assign was a legal document required for the transfer of property ownership, while Consent to Mortgage was required before a property could be used as collateral for a loan.

The 2026 Osun State governorship election has not only returned Governor Ademola Adeleke to office but also widened the electoral gap between him and the All Progressives Congress (APC) compared with the 2022 contest.

A comparison of the results of the two elections shows that Adeleke increased his vote tally by more than 100,000, added two local government areas to his 2022 total and more than doubled his winning margin over the APC.

However, the governor has widened his electoral advantage, increasing both his vote tally and the number of local government areas won compared with the previous governorship election in 2022.

Based on the results from the 30 local government areas, Adeleke of the Accord Party polled 511,067 votes in the 2026 election, compared with the 403,371 votes he secured as the candidate of the Peoples Democratic Party (PDP) in the 2022 governorship election.

The latest result represents an increase of 107,696 votes for Adeleke over his 2022 tally.

Adeleke also increased the number of local government areas he won from 17 in 2022 to 19 in 2026, while the APC’s tally fell from 13 LGAs in 2022 to 11 in the latest results.

In 2022, the APC candidate, then incumbent governor Gboyega Oyetola, polled 375,027 votes.

The difference between Adeleke and the APC has also widened significantly. In 2022, Adeleke defeated Oyetola by 28,344 votes, while the figures provided for the 2026 election put Adeleke ahead of Bola Oyebamiji, the APC candidate, by 66,252 votes.

Adeleke more than doubled his winning margin, from about 3.52 percentage points in 2022 to 6.93 percentage points in 2026, based on the combined votes of the two leading candidates.

The 2026 results showed that Adeleke won in Boluwaduro, Ede South, Ife North, Ilesa West, Ifedayo, Ife Central, Orolu, Osogbo, Oriade, Odo-Otin, Ife East, Ifelodun, Iwo, Ede North, Ila, Ayedire, Egbedore, Ayedaade and Ejigbo.

Oyebamiji won in Ilesa East, Irepodun, Boripe, Obokun, Atakumosa West, Irewole, Atakumosa East, Isokan, Ola-Oluwa, Ife South and Olorunda.

Adeleke’s stronger performance in some areas was reflected in the margins recorded in the latest results. In Ede North, he scored 35,427 votes against Oyebamiji’s 10,283, while in Ede South he polled 26,188 votes against 6,219.

In Osogbo, Adeleke recorded 36,480 votes against the APC’s 30,474, while in Ife East he scored 27,201 votes against Oyebamiji’s 18,600.

The APC also retained some of its strongholds. Oyebamiji scored 29,972 votes in Irewole against Adeleke’s 10,934, while he polled 19,963 votes in Boripe against Adeleke’s 12,448.

In 2022, Adeleke’s victory was followed by a legal battle after Oyetola challenged the result. The election petition tribunal initially nullified Adeleke’s victory, but the Court of Appeal overturned the decision, and the Supreme Court subsequently upheld Adeleke’s election in May 2023.

Reacting to his victory, Adeleke after the conclusion of the election described the election as a victory for democracy, saying there should be no victor or vanquished.

He said ‘I feel great, first of all I thank God Almighty for what has happened. It’s a victory for democracy in Nigeria and a victory for the people of Osun state that stood by me. They said, you have done a lot for us, you have given us dividends of democracy in terms of agriculture, infrastructure, improving our education and so forth, this is Osun people saying thank you.’

The governor expressed appreciation to President Tinubu, who he said had personally called to congratulate him.

‘I want to seize the opportunity to thank Mr. President. Mr. President has called me and he has congratulated me. Thank you, Mr. President, for making sure democracy lives on, because you fought for it,’ he stated.

He pledged to focus on industrialisation and inclusive development across Osun State, assuring residents that his administration’s development agenda would continue.

Adeleke said his administration remains committed to building an industrialised Osun State where development reaches every part of the state.

Nigeria needs lower-cost financing, better infrastructure and simpler land and tax policies to unlock investment in its real estate and hospitality sectors, according to Edward Akinlade, group managing director/chief executive officer of Haldane McCall Plc.

Akinlade said high construction and operating costs, elevated interest rates, infrastructure deficits and land administration bottlenecks are limiting developers’ ability to expand housing supply and attract private capital.

‘The challenges are significant and interconnected,’ Akinlade said. He called for improved access to long-term financing, faster land-title registration and greater policy stability, particularly in taxation and planning regulations.

He also urged government to expand roads, electricity and water infrastructure and strengthen public-private partnerships to enable developers to build at scale.

The hospitality industry faces similar pressures, with high energy costs, expensive financing, weaker consumer spending and infrastructure constraints affecting profitability, Akinlade said.

He called for targeted incentives, improved tourism infrastructure, better transportation and security, and reduced regulatory and tax burdens.

Akinlade stated further that Haldane McCall’s strategy is focused on expanding its development pipeline while maintaining shareholder returns.

‘The company has commenced plans for Phases 2 and 3 of its Mile 12 project in Lagos, comprising 64 two-bedroom apartments, following the completion and sale of the earlier phase. It has also completed a joint venture agreement to develop 32 three-bedroom apartments at Olateju Street, Olorushogo, Lagos.

‘The projects will strengthen the company’s revenue pipeline while allowing it to deploy capital more efficiently. Haldane McCall also paid its 2025 dividend, a fulfilment of a commitment made before the company’s listing.

‘Our objective is to create a healthy balance between immediate value distribution and reinvestment in projects that can generate future revenue and profitability,’ he said.

Akinlade explained the company would focus on scaling its project pipeline, pursuing strategic partnerships and maintaining disciplined capital allocation as it seeks to build a more diversified and consistently value-creating real estate group.