WE SHARE SO MUCH 4FREE
THE recession in the country which has resulted to organisations closing shops and several others downsizing tremendously to keep afloat, has been blamed on the government at both federal and state levels. The government has been blamed for not knowing what to do to cushion the effect of the economic crisis particularly on small businesses.
Rather, various taxes being levied by governments on business transactions, have further worsened the situation of small businesses in this time recession.
Speaking against this background, weekend, Mr. Omochiere Aisagbonhi, Chairman and Chief Executive Officer, Omais Investments Nigeria Limited, a Lagos-based real estate development firm, said Nigerian government at all levels are not sympathetic to real estate developers.
Omais boss who disclosed that his company’s staff strength has been reduced to less than 10 per cent, said that in advanced countries, governments would give tax holidays to business owners for them to survive during periods of recession. Aisagbonhi said, “In situations like these, what governments do is to keep people like us afloat so that those we have engaged their services will remain employed. But our government is not like that.
In advanced countries, they give tax holidays to businesses in a situation like we have in Nigeria, but here in Nigeria, the government will compound your problems the more. For instance, in Lagos State where I do business, I have been paying all manners of tax for 15 years. Government is not about tax alone. Government is about making business environment to be friendly and conducive to business owners.
“Governments are responsible to the citizenry, but what is our governments doing to assist the people? I borrowed N1000 million in 2014 for my housing projects, and for three years, I have paid N30 million as interest whether I sell or not. Our governments will give waivers to rich people in the society and expect us the small business owners to pay taxes.
This does not encourage small businesses to grow.” Lamenting further, the real estate developer who has projects spread across Lagos, said that his company still remained in business by the grace of God, stressing that it is only in this part of the world where basic necessities like shelter over one’s head is luxury.
The Omais boss who disclosed that despite the biting effect of economic recession in the country his company has been able to complete three housing projects at different locations in Lagos, noted, “We have a lot of housing projects that we started before the recession that have not been completed. We have a situation where the middle and lower classes of the society are most hit by the effect of the recession.
“So, we are trying to find a way to keep our business going and help those in the segment of our business to have shelter over their heads.
We have been able to complete some of our houses at locations such as Agungi, Lekki, Gbagada and Shonibare Estate, Maryland for Lagosians who are in need of comfortable and affordable housing. “We have eight units of terrace houses at Agungi, wings of duplexes at Gbagada and 10 units of super luxury apartments at Shonibare Estate, Maryland. Shonibare Estate is one of the most secured estates in Lagos. Secured estates “These houses comprising terraces, semi-detached duplexes with boys quarters are ready for occupation.
All rooms are en-suits with two lounges, fitted kitchens and fitted lightings as well as recreation area for children. What we have done with Agungi project which shares boundary with French Colony and directly behind Shoprite, Osapa-London, Lekki, is that ample space is deliberately left for children to play football and for those who want to have swimming pools in their houses can do so. “Subscription for the housing types requires down payment of between 30 and 35 per cent of the unit cost while the balance is spread over a period of one year with a proof of capacity to make regular monthly payment of the balance.
“We borrowed money from the bank to execute these projects and with the escalating prices of building materials, we didn’t want a situation where we would remain stuck. So, we decided to look for means to complete some of these projects to sell in order to be able to pay back the loan”, Aisagbonhi stated.
Rather, various taxes being levied by governments on business transactions, have further worsened the situation of small businesses in this time recession.
Speaking against this background, weekend, Mr. Omochiere Aisagbonhi, Chairman and Chief Executive Officer, Omais Investments Nigeria Limited, a Lagos-based real estate development firm, said Nigerian government at all levels are not sympathetic to real estate developers.
Omais boss who disclosed that his company’s staff strength has been reduced to less than 10 per cent, said that in advanced countries, governments would give tax holidays to business owners for them to survive during periods of recession. Aisagbonhi said, “In situations like these, what governments do is to keep people like us afloat so that those we have engaged their services will remain employed. But our government is not like that.
In advanced countries, they give tax holidays to businesses in a situation like we have in Nigeria, but here in Nigeria, the government will compound your problems the more. For instance, in Lagos State where I do business, I have been paying all manners of tax for 15 years. Government is not about tax alone. Government is about making business environment to be friendly and conducive to business owners.
“Governments are responsible to the citizenry, but what is our governments doing to assist the people? I borrowed N1000 million in 2014 for my housing projects, and for three years, I have paid N30 million as interest whether I sell or not. Our governments will give waivers to rich people in the society and expect us the small business owners to pay taxes.
This does not encourage small businesses to grow.” Lamenting further, the real estate developer who has projects spread across Lagos, said that his company still remained in business by the grace of God, stressing that it is only in this part of the world where basic necessities like shelter over one’s head is luxury.
The Omais boss who disclosed that despite the biting effect of economic recession in the country his company has been able to complete three housing projects at different locations in Lagos, noted, “We have a lot of housing projects that we started before the recession that have not been completed. We have a situation where the middle and lower classes of the society are most hit by the effect of the recession.
“So, we are trying to find a way to keep our business going and help those in the segment of our business to have shelter over their heads.
We have been able to complete some of our houses at locations such as Agungi, Lekki, Gbagada and Shonibare Estate, Maryland for Lagosians who are in need of comfortable and affordable housing. “We have eight units of terrace houses at Agungi, wings of duplexes at Gbagada and 10 units of super luxury apartments at Shonibare Estate, Maryland. Shonibare Estate is one of the most secured estates in Lagos. Secured estates “These houses comprising terraces, semi-detached duplexes with boys quarters are ready for occupation.
All rooms are en-suits with two lounges, fitted kitchens and fitted lightings as well as recreation area for children. What we have done with Agungi project which shares boundary with French Colony and directly behind Shoprite, Osapa-London, Lekki, is that ample space is deliberately left for children to play football and for those who want to have swimming pools in their houses can do so. “Subscription for the housing types requires down payment of between 30 and 35 per cent of the unit cost while the balance is spread over a period of one year with a proof of capacity to make regular monthly payment of the balance.
“We borrowed money from the bank to execute these projects and with the escalating prices of building materials, we didn’t want a situation where we would remain stuck. So, we decided to look for means to complete some of these projects to sell in order to be able to pay back the loan”, Aisagbonhi stated.
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