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PINCOOP Boss Seeks Equal Opportunities For Real Estate Investors
Founder, Paradise Investment Network Cooperative (PINCOOP), Mrs Christy Kanu, yesterday advocated equal opporunities for real estate investors,irrespective of status or income level.
She made the call in Lagos during the inauguration of Paradise Investment Network Cooperative (PINCOOP), a real estate cooperative society.
Kanu, who is also General Managing Director of Paradise International Holdings, said PINCOOP would impact lives as it was set to change the narrative in the real estate sector.
She said the inauguration was borne out of her inability to invest in developed properties at choice areas, years back, as that was almost impossible to afford for a low income earner.
“It’s like a situation whereby the rich gets richer and the poor gets just the crumbs, because I had my money and I went into the real estate market and I found out that I couldn’t invest in some developed property in prime locations.
“I was just left with properties in the outskirts of the city, but i wanted to own a property through which I could generate cash flow, through which I could at least get rental returns yearly,
“But it was not possible because the rates were very high.I wanted developed property that would give good rental income and capital appreciation. It was almost impossible and I thought that wasn’t fair.
“The cost was high because of inflation and rising cost of building materials. So basically, I thought about it and I said no, this market does not offer a level playground for the all networks.” she said.
The GMD added that she wondered how medium and low-income earners would be able to benefit from real estate investment with high prices of properties.
According to her, one needs huge capital to own a property in Nigeria, especially in Lagos and some other major cities.
She said she conceived the idea of the cooperative society and co-ownership of properties to enable the ordinary man i benefit from the real estate sector.
“I want a situation whereby both the rich and the poor benefit equally based on their share in a property without a situation where only the rich get richer and the poor gets the crumbs.
“I just want a situation whereby the market is fair. So we’re just basically disrupting the real estate market place so that everybody will get their own share of interest regardless of your income.” She said.
Mrs Kanu said with a minimum of N50,000 ,low income earners like the market woman , could key into the cooperative, to invest and co-own property in prime locations.
“We are looking at bringing out different real estate products for co-ownership, bringing properties that would bring high yoeld to the co-owner or co-investors as we call them.
“Most property in Nigeria has a 99 years lifeline, so you earn rental income for life. So what we are fostering is to ensure that everybody will be able to partake in this real estate co-ownership platform.” she said.
The real estate boss assured investors that it was not an investment scam as assets could be verified including documents backing the existence of PINCOOP.
Mr Azeez Sadiq and Mrs Olorunkemi Salau, both Community Development Officers at Eti Osa Local Government,presented present PINCOOP with certificate of registration and recognition at the inauguration.
Mr Sadiq said the certificate was to recognise the operation of PINCOOP within Eti-Osa Local Government, and most importantly in Lagos State. (NAN)
President Bola Tinubu has approved the nomination of four new members to the Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB).
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, in a statement yesterday, said the appointment is to fill existing vacancies and strengthen the board’s capacity.
The statement said the approved nominees are Mr. Olusegun Omosehin of the National Insurance Commission and Engr. Wole Ogunsanya of the Petroleum Technology Association of Nigeria.
Tinubu also endorsed the nomination of Sam Onyechi, who represents the Nigerian Content Consultative Forum and Barrister Owei Oyanbo from the Ministry of Petroleum Resources.
The President encouraged the new members to leverage their expertise and dedication to enhance local content development within Nigeria’s oil and gas industry.
It added, “The nominations arose from the exit of previous institutional representatives from the Governing Council.
“The NCDMB Governing Council, established under Section 69 of the Nigerian Oil and Gas Industry Content Development Act, 2010, comprises representatives from key institutions.
“These include the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian National Petroleum Company Limited, the Petroleum Technology Association of Nigeria, the Council for the Regulation of Engineering in Nigeria, the Nigerian Content Consultative Forum, and the National Insurance Commission.”
The Niger Delta Development Commission (NDDC) has announced plans to construct additional hostels, rehabilitate roads, and enhance power supply in the University of Port Harcourt (UNIPORT).
NDDC’s Managing Director, Dr Samuel Ogbuku, disclosed this during a visit to the commission’s headquarters in Port Harcourt, yesterday by a delegation from the UNIPORT’s Governing Council.
Ogbuku stated that the NDDC had committed to upgrading facilities at UNIPORT as part of efforts to foster partnership with educational institutions across the Niger Delta.
According to him, the implementation of additional projects at the university forms part of a broader strategy to improve education standards in the region.
“Aside from the construction of new hostel blocks and installation of a 300 KVA solar inverter system, the NDDC will also facilitate more projects in the university.
“The commission will also deploy its engineers to assess the condition of UNIPORT’s roads and hostels for potential rehabilitation,” he said.
Ogbuku noted that upon completion, the projects would add to various initiatives previously undertaken by the commission at the university.
“These and other projects reflect our commitment to actualising President Bola Tinubu’s Renewed Hope Agenda in the Niger Delta region,” he added.
He reaffirmed the NDDC’s dedication to fostering development and strengthening partnerships across the region.
Earlier, Sen. Mao Ohuanbunwa, Chairman of UNIPORT’s Governing Council, who led the delegation commended the current leadership of the NDDC for its achievements in accelerating development in the Niger Delta.
He highlighted the university’s infrastructural challenges, noting that it lacked adequate facilities to accommodate its growing student population, and appealed for the NDDC’s support in addressing the shortfall.
“Currently, UNIPORT has a total student population of about 50,000, while its hostel accommodation capacity can only cater for 5,000 students.
“We therefore urge the NDDC to assist in the construction of additional hostels, improve transportation facilities, and facilitate the acquisition of gas turbines to enhance power supply for our students,” Ohuanbunwa pleaded.
The Vice Chancellor of UNIPORT, Prof. Owunari Georgewill, commended NDDC for its impactful projects across the Niger Delta and extended an invitation to the commission to participate in the institution’s forthcoming 50th anniversary celebrations.
The Senate has rejected a motion to rename the Independent National Electoral Commission (INEC) headquarters after the former chairman of the defunct National Electoral Commission, late Prof Humphrey Nwosu.
Nwosu presided over the June 12, 1993, presidential election, which was truncated by the former military President, General Ibrahim Babangida (rtd).
The election which was won by the late business mogul, Chief MKO Abiola, was adjudged to be the freest and fairest in the electoral history of Nigeria.
The motion to rename INEC after Nwosu was re-sponsored by Senator Enyinnaya Abaribe yesterday after lawmakers threw it out last Wednesday.
Abaribe called for posthumous national honours to be conferred on Nwosu in recognition of his role in Nigeria’s democratic evolution.
However, the proposal sparked a heated debate once again, with lawmakers deeply divided over Nwosu’s legacy.
Senator Osita Ngwu acknowledged that Nwosu operated under a military regime, which restricted his ability to announce the results.
He argued that “there was no way he would have announced the results with a gun to his head. That doesn’t change the fact that some of us see him as a hero.”
Senator Austin Akobundu, however, described it as most uncharitable for lawmakers to dismiss Nwosu’s contributions, insisting that he deserved a place in Nigeria’s hall of honour.
On the other hand, several senators like Senator Jimoh Ibrahim dismissed the idea outright, questioning why the Senate should honour someone who failed to announce the results insisting that “nothing should be named after him”.
Senator Cyril Fasuyi argued that history does not reward efforts, but only results.
“As long as he did not announce the result, whether under duress or not, I am against naming INEC headquarters after him,” he submitted.
Also, Senator Sunday Karimi criticised Nwosu for lacking the courage to speak out, while Senator Afolabi Salisu warned that immortalising him would undermine the memory of MKO Abiola, the widely accepted winner of the June 12, 1993, annulled election.
“Any attempt to do anything beyond a one-minute silence is to rubbish Abiola’s legacy,” he tendered.
After intense deliberation, most senators rejected the motion through a voice vote.
They, however, agreed to honour him with a one-minute silence and extend condolences to his family, effectively dismissing the other prayers to immortalise Nwosu.