Market Digest Nigeria 2nd Edition by market digest nigeria

MARKETDIGEST G R E AT E S C A P E S : I TA LY / A N T I L I A / S U Z A N N E W E N G E R / 3 D P R I N T I N G

N I G E R I A

Real Estate. Travels. Luxury

SEPT-DEC 2015

DESTINATION - ITALY

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BUYING A HOME IN EUROPE Interested In Buying A Property In Europe?

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Avanco Oil & Gas: Energy Solutions for Africa

Avanco Oil and Gas is an indigenous oil and gas company established to become an industry leader in the provision of energy solutions for oil and gas companies in Africa. We are a trusted leader and global partner in providing world-class services and products. We assemble and deliver a large combination of consumables, capital equipment and expertise directly to major international and national oil companies in all corners of Africa.

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EDITOR’S LETTER

E D I T O R I A L N OT E

Welcome

I want to first of all thank everybody, on behalf of the Market Digest Nigeria team. First and foremost we thank the 2,000 office desks we reach Nigeria with each issue. Beyond the print magazine, we had more than 4,000 mails and phones calls, some firms requesting to meet with us, which shows a general willingness to standardize the real estate and travels industry in Nigeria from a media point of view. To you all, we say a big THANK YOU! We believe providing such informative news and happenings through this medium is one of the many ways in which we can develop the industries as well as connect the right buyer to the right property. Nigerian real estate has a lot of potentials, and it is happening, you don’t have to look too closely to see the changes in our neighborhoods. High-rises grow in former front yards. Boutiques and Offices sprout in different corners. Look up and you’ll recognize the growth potential dangling from cranes, and lingering in the spaces between them.

Our team

In this exciting edition, the Market digest Nigeria family brings you an inside look at the best property available from the best developers in the market. Here, you will find a spectacular showcase of properties from across Nigeria, as well as insights into the market’s latest developments and trends. This issue also features an article about real estate investing and what you need to consider before purchasing a property in Europe. We encourage you to contact us and learn how we can help you accomplish your Real Estate dreams

EXECUTIVE EDITIOR Esele Walter Odion MANAGING EDITOR Ailsa Callum FINANCE MANAGER Muhammad Asoloko CREATIVE DIRECTOR Ohi Sunny-Oisamoje

We continually build and maintain an exclusive affiliation with the finest international and local developers, hospitality professionals and the most reputable finance institutions. To make certain that you receive exceptional service, as well as expert advice from the very best that the industry offers.

ADVERTISING MANAGER Jennifer Emmanuel

As we continually expand our distribution points, we ask that you support us by subscribing. The magazine remains free to all principals of all major industries in Nigeria and government establishments, as well as selected luxury Hotels, Airport VIP lounges, Golf & Polo Clubs.

DISTRIBUTION Ade Kayode

So enjoy the read and I invite you to email me your thoughts. If you feel inspired to write to us about a unique travel experience, a property or just to give us a feedback in general, we’d love to hear from you. Email me anytime at odion.walter@marktetdigestnigeria.com and I look forward to hearing from you.

HEAD OF MARKETING Cynthia Chinnedu

ADVERTISING For advertising opportunities please contact +234(0) 7059570580 info@marketdigestnigeria.com Market Digest Nigeria magazine is published four times yearly. Unauthorized reproduction is strictly forbidden. Printed by Market Digest Nigeria Publishing

Esele Walter Odion

www.marketdigestnigeria.com

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CONTENTS

C O N T E N TS 29 | itALY

26 |

FUTURISTIC architecture

HOW TO INVEST IN OIL WELLS

ANTILIA

VIEW POINT

DESIGN

BUYING A HOME IN EUROPE

dANGOTE EXCLUSIVE

LUXURY PREVIEW

GREAT ESCAPES

LUXURY RESTUARANTS

CULTURE ALERT

26 |

PROPERTIES IN NIGERIA

68 |

84 |

LUXURY LIVING

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89 |

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NEWS&EVENTS

LOCAL NEWS Fitch Says Nigerian Banks Are In Trouble, May Post Decline Performance Indicators Nigerian banks are operating in increasingly difficult conditions as this may result in a sharp deterioration of their profitability, asset quality, liquidity and capital ratios according to a report by Fitch. According to Fitch, “The sector outlook is negative in December. Gross Domestic Product, GDP figures for second quarter show weaker year-on-year growth of 2.4%, down from 4% in the previous quarter, the slowest quarterly growth rate for over 10 years. “Fitch explained that Nigerian banks have had to contend in recent months with the increased vulnerability of the oil and gas sector, pressure on the naira, the slower economy and tightening bank liquidity. “These are all credit negative for the sector. Since the beginning of August, public sector deposits, which represent around 8% of total system deposits, have exited the commercial banks and must be held at a single treasury account at the central bank. This adds pressure to liquidity. Furthermore, it states that no significant changes in economic policy have materialized following the change of government at end-March 2015, According to Fitch “Loan growth contracted in first half 2015 which is likely to translate to weaker bank financial metrics for the year. It further states that the sector non-performing loans will rise above the central bank informal cap of 5%, but below 10 per cent of total sector loans by end-2015. Regulatory capital adequacy ratios are likely to fall further due to lower earnings, weaker asset quality and a limited ability to raise capital. Tier 1 capital ratios could fall below 15% for many banks, which is low by historical standards for Nigeria.

Africa’s Biggest Company Naspers Adds Nigeria, Turkey to ‘BRIC’ Naspers Ltd. is rewriting the ‘BRIC’ acronym to include Nigeria and Turkey among the world’s best emerging markets as China and Russia lose some luster with Africa’s most valuable company. “India features high both in our development spend and our M&A spend, as well as Nigeria, South Africa, Brazil and Turkey,” the media company’s Chief Executive Officer Bob van Dijk said in an interview. “Those are markets that are very rapidly growing, particularly the online Internet population and we believe that provides opportunity.” Naspers boosted development spending by about 33 percent to 10.7 billion rand ($870 billion) as it continues expanding its TV and online retail businesses in the year through March, Van Dijk said. Adjusted net income rose by 30 percent to 11.2 billion rand on growth from Tencent Holdings Ltd. and online retail, according to its full-year results on Monday.

The Cape Town-based company is scouring the globe for its next Internet bet as consumers shift to smart devices from computers. Naspers, which owns 34 percent of Chinese Internet operator Tencent, has online-service interests in about 40 countries and is Africa’s biggest seller of pay TV.

NIESV Seeks Evaluation Certificate For Public Officers In Asset Declaration As a new administration is mounting the stage, members of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) have advocated that public office holders should accompany their asset declaration documents from Code of Conduct Bureau with an evaluation certificate to discourage anticipatory declaration. They argued that assets declaration and confiscation of property from corrupt individuals have been shrouded in secrecy, adding that asset declaration without a valuation certificate amounts to non – seriousness in the fight against corruption by the authorities. NIESV President, Mr. James Omeru who made the call while speaking with journalists in Abuja, last month urged President Mohammadu Buhari, his Vice Prof. Yemi Osinbajo and other public office holders to ensure that they declare their assets at assumption and before leaving office in order to checkmate corruption. His words: “In our system, when people are coming into office, they tend to declare over and above what they don’t even have in anticipation of what they will be able to make before they leave office, so you see people who do not have even N1million in their account declaring N5billion in anticipation that before they leave office they would have made up to the amount they declared in their business which is the government office they occupy.

Broll Property scoops eight awards in Euromoney real estate survey Euromoney Real Estate Awards 2015 named Broll Property Group as the number one Advisors and Consultants in Ghana, Nigeria and South Africa. Broll Ghana scooped three awards, overall Advisors and Consultants, Advisors and Consultants for Agency/Letting and Advisors and Consultants for Research. Broll Nigeria was named overall Advisors and Consultants, Advisors and Consultants for Agency/Letting and Advisors and Consultants for Research while Broll South Africa was named overall for Advisors and Consultants and Advisors and Consultants for Research. The Euromoney Real Estate Survey Awards recognize excellence in the real estate sector and they are based on responses to detailed questionnaires by a broad range of participants across the real estate sector. Survey participants included real estate advisors, developers, investment managers, corporate end-users and banks globally. Group CEO Malcolm Horne comments: “We are once again honored to be recognized with eight awards and would like to thank our clients for their continued support and staff for their dedication to property excellence”, He said.

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Radisson Blu Spends Over N1 Billion On Upgrade The 5-Star Hotel has been reopened with all the renovations in place. After six months of closure. The hotel’s management revealed that it spent over N1 billion to train it workers and upgrade facilities in its Lagos branch. Areas that have been upgraded included the reception area, power generation facilities, central cooling system, and the kitchen. Commenting on the renovation, General Manager of the hotel, Mr. Kevin Kamau, said the management went through a long nice journey of over six months to upgrade infrastructure in anticipation of offering the best hospitality experience to guests. The shutdown, according to him, was part of the commitment to retain standards and remain the hotel of choice for guests visiting Lagos for business and pleasure. Part of the concerns raised by the hotel’s clients had to do with noise from generators, according to the statement. The renovation of the hotel had led to a conflict between the workers and management over the manner they were temporarily laid off. The management, however, declared that as part of the upgrade, some of the workers were properly trained and reabsorbed, stressing that the conflict had been resolved with the remaining ones paid off. Anchorage Leisure’s owns the building that houses Radisson Blu Anchorage Hotel, a subsidiary of Honeywell Group. According to Kamau, the management of Honeywell had considered the best interest of clients when the decision was made to close the edifice for renovation.

Lufthansa Picks Lagos As its Regional Office

Lufthansa Airlines has designated Lagos as its new center and regional head office of its Sub-Saharan sales, station and administration. In a statement, the German largest carrier said it would coordinate marketing and sales for the airline across the continent, including East African and Southern African countries from the Centre. “Nigeria has always played a key role in Lufthansa’s intercontinental network and now we are creating a new organization that will benefit from the country’s economical size and business prospects as a leading regional business hub” This statement was made by Claus Becker, Managing Director Sub-Sahara Africa, who will head the new organization.

Nigeria’s new oil chief announces restructuring, audit

The new head of the Nigerian National Petroleum Corp said that he had started a three-pronged restructuring of the state-owned company that should lead to “a new NNPC”. President Muhammadu Buhari appointed Emmanuel Kachikwu with a brief to root out corruption and mismanagement at the NNPC, which has been accused of failing to account for tens of billions of dollars in recent years. The former Exxon Mobil executive has already dismissed all of the company’s executive directors and other top layers of management. “There’s a people aspect which we are dealing with now,” he said after a meeting with Buhari. “After the people at the right places, we are going to get a forensic audit done ... that will cover us all the way to 2014, 2015.” In the final stage, the NNPC will review all existing contracts, including production-sharing contracts with independent oil companies, and analyze the plunge in crude oil prices to improve revenue for the government. “Over the next five-six months, you will begin (to) see emerging a new NNPC,” Kachikwu said. The NNPC has not been publishing annual reports and its bookkeeping has been criticized as opaque, which appears to have allowed billions of dollars to disappear. It is supposed to remit all revenues to the country’s treasury but is allowed to keep what it needs to cover costs with little oversight. The result is a legal grey area that has been open for abuse for decades.

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Ford to start assembly in Nigeria, eyes West Africa

Ford Motor Company (F.N) will start assembling its bestselling Ford Ranger pickup truck in Nigeria by the fourth quarter, as it expands in Africa and the Middle East, the U.S. automaker said. The Nigerian assembly plant, in partnership with Ford dealer Coscharis Motors Limited, is the first outside South Africa, where Ford produces the Ranger for 148 markets. “Nigeria is a priority market for us in sub-Saharan Africa,” said Jeff Nemeth, the president and CEO of Ford Motor Company’s business in sub-Saharan Africa. “Depending on how Nigeria develops over time ... we are potentially looking at using our Nigerian plant to service West Africa,” he said. The Ikeja plant near Lagos will assemble the Ford Ranger using parts and components imported from South Africa. The plant will have the capacity to assemble up to 5,000 units annually, which will be sold in Nigeria. Ford produces 85,000 units each year in South Africa, which are sold across 24 African countries. “It would take between 1 to 2 months to take an order, build it and deliver it within the country. If you order from overseas it would take between 4 to 6 months,” Nemeth said, noting that the benefit of the Nigerian plant was being close to its customers.

NMRC N140bn Bonds Assigned ‘Aaa’ Credit Rating By GCR Nigeria Mortgage Refinance Company plc plans to raise up to N10 billon by issuing 15-year bonds, as part of its N140 billion medium-term note programme, to access long-term funds from the capital market for its refinancing activities. The proposed bond is considered an impact bond as it is expected to provide the much needed funding that will engender increased mortgage lending in the Nigerian housing sector, with an expected multiplier effect on the broader economy at large. After a review of the strength of the issuer and the merit of the bond’s structure, Global Credit Rating Company (GCR), an international recognized and fully accredited rating agency, has accorded an ‘Aaa’ crediting rating to the bond, and NMRC obtained an investment grade credit Issuer Rating of ‘BBB+.’ The rating underscores the confidence reposed on the management of NMRC, the governance and risk management structure and the credit support provided by the Federal Government of Nigeria. The ‘AAa’ investment grade rating is an affirmation of the underlying credit strength of the bond, which is a new asset class that will diversify the portfolio of long-term investors.

JPMorgan May Eject Nigeria From Key Bond Index By Year-End

JPMorgan will eject Nigeria from its Government Bond Index (GBI-EM) by the year-end unless it restores liquidity to currency markets in a way that allows foreign investors tracking the benchmark to transact with minimal hurdles. The bank said it had extended the deadline to eject Africa’s biggest economy by another six months to take into account the arrival of President Muhammadu Buhari. JPMorgan, which runs the most commonly used emerging debt indexes, placed Nigeria on a negative index watch in January and then said it would assess its place on the index over a three to five months period. “Nigeria’s status in the GBI-EM series will be finalized in the coming months but no later than year-end,” JPMorgan said.

Removal from the index would force funds tracking it to sell Nigerian bonds from their portfolios, potentially resulting in significant capital outflows. This in turn would raise borrowing costs for Africa’s largest economy, already suffering from a sharp drop in revenue following a fall in oil prices. JPMorgan added Nigeria to the widely followed index in 2012, when liquidity was improving, making it only the second African country after South Africa to be included. It added Nigeria’s 2014, 2019, 2022 and 2024 bonds. The bank said Nigeria continues to remain eligible for the GBI-EM index, which has around $210 billion in assets under management benchmarked to it, with a weight of 1.8 percent.

Oriental takes the reins at Ebok offshore Nigeria

Oriental Energy Resources and Afren have concluded a transition plan for the shallow-water Ebok field offshore Nigeria. Following Afren’s announcement of insolvency at the end of July, Oriental will take control of the field’s operations, probably by the end of this month, including the FPSO, which currently delivers around 30,000 b/d of oil. The process includes the transfer of all Afren’s duties as technical advisor to Oriental, including all obligations not already held by Oriental under the prevailing Ebok agreements. All Ebok contracts with suppliers and contractors will have to be renegotiated and reassigned to Oriental. Oriental has already secured a framework of key personnel to staff drilling, production and facilities, and subsurface and reservoir activities during the transition. Implementation of the Okwok field development plan continues, with the same handover process likely to be affected.

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India’s import of Nigeria’s oil hits record high

Import of Nigerian crude oil by India hit a record high of 20.373 million barrels in 2nd quarter of 2015, helping to reverse the drop in Asia’s imports of the nation’s crude, a new report by the Nigerian National Petroleum Corporation has shown. Import from India, which recently replaced the United States as the single largest importer of crude oil from Nigeria, has declined in recent months, falling to 7.765 million barrels in March. The Asian country had in January bought 11.531 million barrels of Nigerian crude, down from 16.349 million barrels in August, 13.7 million barrels in October and 12.4 million barrels in November last year. Its import of Nigerian crude had in December 2014 tumbled to 5.2 million barrels, prompting the share of the Asian region in Nigeria’s crude oil export to drop to 20%, from 30% in October and 27% in November. The region’s share further dropped to 24% in January, 23% in February and 21% in March. It, however, rose to 36 per cent in April.

Last month, Sinoma signed $4.34bn worth of contracts with Dangote Cement to almost double its production capacity across Africa, including Nigeria. Lafarge Africa combined its South African operation with its publicly traded Nigerian business last year to accelerate growth on the continent. BUA acquired Edo cement plant, with 400,000-tonnes capacity, in 2008 and also has a majority holding in Cement Company of Northern Nigeria (CCNN), with 500,000-tonnes. Both Obu and Edo plants are located in southern Nigeria while CCNN is based in the north. Sinoma is adding an extra 1.5-million tonnes at CCNN, which should be completed early next year, the company said.Construction projects across Africa were worth about $325bn last year, a 2014 Deloitte report showed, up nearly 50% from the previous year as power, transport, oil and gas and real estate sectors expanded.

Goldman Opens Access For Nigerian Banks

China’s Sinoma signs $600m Nigerian cement expansion with BUA Nigerian conglomerate

Nigerian conglomerate BUA Group has signed $600m worth of contracts with China’s Sinoma International Engineering to double capacity at its flagship cement plant as it seeks to expand market share in Africa’s biggest economy. BUA group, with interests in cement, pasta, steel and real estate, said it expected to double capacity at its Obu cement plant, which currently produces 3.5-million tonnes. It expects to complete the expansion by 2017, BUA’s executive chairman, Abdulsamad Rabiu, said at the signing ceremony held at Sinoma’s offices in China. “BUA has less than 10% of market share now. After expansion we should go to about 20%,” he said. Dangote Cement, majority owned by Africa’s richest man Aliko Dangote, controls about 70% of market share in terms of output, with 29.25-million tonnes capacity in Nigeria. The local unit of French cement maker Lafarge Africa, with 8-million tonnes, ranks second, industry analysts say.

With periodic convulsions in emerging markets over the past year, Africa has provided some diversification opportunities for investors. In debt issuance, Nigerian banking has been one of the most active sectors, and Goldman Sachs one of the most active advisers. Goldman’s most recent Nigerian deal was a $400m Tier 2 transaction for Access Bank. It acted as joint global coordinator alongside Citi, which has also been prominent in new Nigerian bank issues. “Africa has caught the imagination of investors, despite the wobbles of early 2014, or perhaps because of them,” says Martin Weber, head of growth markets debt origination at Goldman Sachs. “Emerging market investors have become more aware of the need to diversify and to focus on different growth stories. The better performing credit stories have done well and Nigeria is one of them.” One measure of this increased attention is the growing number of dedicated Africa funds. These include Atlas Mara, a $325m vehicle set up by former Barclays boss Bob Diamond specifically to target the region’s financial sector. “When we speak about Nigerian banking to the international investor base, it is now extremely well understood,” says Anant Prasad, Goldman’s head of African debt origination. “Investors know the leading banks, and they follow their performance and relative values. It’s not a frontier market any more.” Investor interest is focused in Nigeria partly because the country now has the largest economy in Africa and the largest population. There are five banks in the top tier – Zenith Bank, Guaranty Trust Bank, First Bank of Nigeria (FBN), Access Bank and United Bank for Africa (ranked in order of Tier 1 capital).

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NEWS&EVENTS

INTERNATIONAL NEWS

8 British PM to crack down on “dirty money” in UK real estate

Britain will crack down on investors using shell companies to invest ill-gotten wealth in UK real estate, British Prime Minister David Cameron has promised. Cameron’s warning comes in the wake of the National Crime Agency’s call for curbs on foreign criminals, who the agency believes are investing laundered money in London real estate, using shell companies to circumvent scrutiny by law enforcement and intelligence agencies. The agency has accused these foreign investors of driving up property prices. The agency’s economic crime director Donald Toon recently warned that these investments are “skewing” the market. “Prices of high end property are being artificially driven up by the desire of overseas criminals to sequester their assets here in the UK. What they are doing is distorting the market,” said Toon. Campaign group Transparency International recently claimed that companies registered in offshore secrecy jurisdictions own one in 10 properties in the City of Westminster, central London. No less than £120bn (US$187.65) worth of properties in England and Wales are owned by offshore companies. The government will likely introduce in the autumn a central public land registry of foreign companies. The registry will make public which property offshore companies own. Currently, a small fee has to be paid to obtain the records about ownership titles on a property deed from the registry. The new registry will make the process easier and more transparent. Besides, the information provided by the registry will be more detailed.

Qantas Partners With Samsung to Upgrade In Flight Entertainment With Gear VR.

US government lowers oil price forecast on Iran nuclear deal

American oil prices are expected to average less than $50 per barrel throughout 2015 after the US government’s official watchdog lowered its forecast for the next two years. The Energy Information Administration (EIA) - part of the Department of Energy - has said that West Texas Intermediate blend crude will trade at around $49 per barrel in 2015 and recover only slightly to $54 per barrel in 2016. This is a $6 and $8 revision on its previous forecasts amid an ongoing slump in prices. The EIA said: “Concerns over the pace of economic growth in emerging markets, continuing (albeit slowing) supply growth, increases in global liquids inventories, and the possibility of increasing volumes of Iranian crude oil entering the market contributed to the changed forecast.” Oil prices have tumbled since world powers agreed this summer to lift economic sanctions against Iran, a move that could see a flood of crude entering an already over-supplied market. Brent - a global benchmark mainly traded in London - is down 28pc since May and was trading at around $48 per barrel as the EIA released its latest report. Iran’s production has been severely curtailed by sanctions. Output is currently around 2.7 million barrels per day (bpd) of which 1 million bpd are exported. The figure is a long way from its production levels prior to sanctions. According to BP, the country was capable of pumping over 4 million bpd in 2011. But despite its significant reserves of oil and gas, some analysts question the country’s ability to increase output significantly over such a short period of time. The EIA’s decision to revise down its oil forecasts will come as bad news for the energy industry as a whole, which is already struggling to adapt to the lower price environment. Oil and gas companies have slashed billions of dollars worth of costs and fired thousands of workers worldwide since the slide began.

Qantas announced the introduction of a virtual world to the flying experience of their first class passengers. The new initiative will add another dimension to the in-flight entertainment and take it to the next level. Qantas is partnering with Samsung for this innovative initiative. They are going to incorporate Samsung’sVirtual Reality goggles i.e. the SamsungGearVRin the upgraded in flight entertainment. This is going to be a first for the airline industry and if the concept is successful it is sure to be followed by other airlines. The gear VR will first be introduced in some of their Airbus A380 aircraft alongwith their first class lounges at Sydney and Melbourne Airports. w w w. ma r ke t dig e s t n ig e r ia . c o m

Prices and sales continue downward in Dubai

Residential property prices in Dubai continued to fall in the third quarter of 2015 and sales are also falling, the latest published data shows. The Phidar Dubai Real Estate International Demand Index (REIDI) fell significantly in the first half of the year, which, according to the firm is driven primarily by currency fluctuations. According to Jesse Downs, managing director of Phidar Advisory, there is a lower level of international buyers coming to the market and this is related to currency exchange. She pointed out that in the first half of 2015 the midpoint exchange rates for all currencies included in the REIDI are down against the dollar compared to 2014, except the Chinese Yuan and Hong Kong Dollar. ‘This is not a measure of actual capital flows, but a real time indicator intended to assess the propensity for attracting capital inflows into Dubai real estate,’ she added. Overall in the first half of 2015 apartment transaction volumes were up 3% compared to the same period in 2014, but transactions for single family homes, also referred to as villas, were down 3.2% compared to the first half of 2014. Apartment lease rates decreased a nominal 0.4%, while sale prices decreased 2.7%, pushing yields up to 7.4%. Lease rates for single-family homes decreased 1.3% and sale prices decreased 2.6%, which pushed yields up to 4.8%.

Delta Air Lines Bans Big Game Hunting Trophies As world outrage over Cecil the Lion’s death grows, one of the

The Ritz-Carlton Hotel Company Launches New Brand United States’ largest airlines tells hunters to find another way to Logo bring home the bodies of lions, tigers and other wildlife. Delta, The Ritz-Carlton Hotel Company has unveiled a new look brand identity and logo in an effort to simplify and strengthen the luxury brand’s identity, the first time in its 32-year history that any changes have been made to the blue lion and crown motif. Over the last ten years the hotel group has made significant operational changes; including a new design and location strategy, service style, grooming standards and the end of formal dining experiences, changes which prompted the shift in branding. Ed French, chief sales and marketing officer for The RitzCarlton said, “as a brand that aims to lead the way for luxury, we didn’t wait for emphatic data to tell us there was a problem to fix. Instead, we took a leadership point of view and conducted global studies, not on where luxury has been, but where it is going – to shine a light for the others to follow.” Having branched out from a straight hotel company the Ritz Carlton now encompasses several brand extensions including; Residences, Destination Clubs, Ritz-Carlton Reserve, a Leadership Center, Retail, Golf Clubs and a philanthropic foundation, Community Footprints. “Today we celebrate a defining moment in the legacy of The Ritz-Carlton with an updated brand logo, and a new blue” said Hervé Humler, President and Chief Operating Officer, The Ritz-Carlton Hotel Company, L.L.C. and one of the brand’s founders.

the only United States airline that offers direct flights to South Africa, has just put up a big roadblock for American hunters hoping to bring home animal trophies. In a statement, Delta said it has banned the transport of lion, leopard, elephant, rhino, and buffalo parts on its flights worldwide. “Prior to this ban, Delta’s strict acceptance policy called for absolute compliance with all government regulations regarding protected species,” the airline stated. “Delta will also review acceptance policies of other hunting trophies with appropriate government agencies and other organizations supporting legal shipments.”

The news follows the recent global outcry over the death of Zimbabwe’s Cecil the Lion at the hands of American dentist Walter Palmer. The allegedly illegal hunt of the beloved 13-year-old lion sparked petitions that have garnered more than 1 million signatures, calling for justice for Cecil, and stricter protections of Africa’s endangered lions. “There’s no doubt the news of Cecil definitely has altered the game plan for Delta,” said Chris Green, director of legislative affairs for the Animal Legal Defense Fund. “Walter Palmer is from Minneapolis—the third largest hub in the U.S. for Delta. It’s not unthinkable to assume he would have chosen to carry a national treasure of Zimbabwe’s back to the state’s on a Delta plane.”

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EVENTS

upcOMING EVENTS 4th Sustainability in the Extractive Industries Conference (SITEI), Intercontinental Hotel Lagos, October 24th 2015

The conference gathers a wide reach of contacts in CSR in the extractive industries and social investment. This year’s focus is on unlocking the Hidden Potentials in the Extractive Industries

OTL Africa Downstream Expo, Oriental Hotel Lagos. 27–29 October 2015

The Expo provides the ultimate meeting place for the key downstream petroleum products and services.

4th FURTEX - Furniture, Textile and Interior decoration Expo, Federal Palace Hotel. 2–5 September 2015, Lagos.

The event brings together manufacturers and dealers on latest, exotic and unique furniture, furnishings, fittings, interior decorations and allied products

Nigeria Development and Finance Forum 2015 Conference, New York Grand Central Hotel, United States, 29 - 30 October, 2015

The conference provides independent policy briefings and investment opportunities in Nigeria to the international community on policy, finance and investment

Enterprise Mobility – Nigeria Oil and Gas Conference (EM-NOG) Oriental Hotel, 12-14 October 2015, Lagos

The conference provides a platform for senior oil and gas professionals and mobility solutions providers to discuss how collaboration can lead to improved efficiency, increased productivity and lower operational costs.

4th Real Estate Unite 29-30 September 2015, Eko Convention Centre, Lagos

The Industry Annual Flagship Summit provides an important platform for Global real estate leaders to discuss most pertinent opportunities and issues in Africa’s Real Estate yearly.

The 4th Power, Steel & Housing Exhibition and Conference, Abuja International Conference Centre, Nigeria, from 22-24 September 2015.

The annual tradeshow gathers Industry Leaders, Thinkers, Investors and Governments in Nigeria and West Africa to synergize on Challenges, Opportunities, Development and Technology in the Power, steel and Housing sector of the economy.

NHTIC 2015, Intercontinental Hotel Lagos, Nov 25th 2015.

The Nigeria Hotel and Tourism Investment Conference (NHTIC), is an annual event aimed at promoting the Hotel, Tourism and Real Estate projects in Nigeria. Executives from over 30 countries will be taking part in the conference

West Africa Power Industry Convention, Eko hotel, Lagos, 24-25th November 2015

WAPIC brings together senior decision makers from utilities, governments, large power users, IPPs, consultants, contractors and regulators to source the latest solutions and technologies to meet the needs of their organizations.

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INDUSTRY INSIGHT

HERE IS WHY

DA N G OT E CEMENT IS A GOOD BUY

by Ryan Hoover When Africa’s richest man, Aliko Dangote, announced a 40% price cut on bags of Dangote Cement last quarter of 2014, Nigerian consumers rejoiced. The stock market’s reaction, on the other hand, was decidedly less enthusiastic. Shares of the company have plunged nearly 19% since the news broke. So, will the stock weigh down a portfolio’s performance going forward or does it have a solid foundation for market-beating gains? Let’s take a closer look. Digging into Dangote Cement There’s no disputing it. A 40% price cut will take a big toll on profitability. But it’s important to keep in mind that Dangote Cement (DANGCEM) boasts a 63% share of Nigeria’s cement market. Thus, because cement is essentially a commodity, Dangote’s competitors have little choice but to cut their prices, too. In fact, one has already announced that it will do so. The competition, however, is ill prepared for a price war.

• And that management freezes its dividend at 7.00 naira per share, Then investors at today’s price of N169.74 would realize an annualized return of 22.8% between now and late 2019. Of course, if the multiple expands and the dividend rises, a much juicier return is possible. So, at today’s price, I believe the stock makes for a rock solid addition to Africa investors’ portfolios.

Over the past few years, Dangote has invested heavily in efficiency improvements that allow it to produce and distribute cement cheaply. The kilns at its two largest plants are now fueled primarily by natural gas, which is five to seven times cheaper than the more commonly used fuel oil. And an extensive network of cement depots and a huge fleet of trucks allow for deliveries direct to the customer, cutting out the middleman.

Ryan Hoover is an investment analyst and writer with a passion for African stock markets. He is the Director of Research at Africa Capital Group.

Dangote’s largest competitors can’t cut prices by 40% and remain profitable (with an average net margin of 19.7%). They will be compelled to find ways to lower their cost of production or else cede their share of the market, giving a virtual monopoly to Dangote. Meanwhile, Dangote is rapidly widening its geographic reach. He has almost completed construction on new cement plants in Nigeria, Senegal, Sierra Leone, Cameroon, Zambia, South Africa, and Ethiopia. The new facilities will double its production capacity to 40 million tons. And CEO Devakumar Edwin says additional expansion will increase this figure to 60 million tons by mid-2016. Moreover, in spite of its huge capital investments, the company still generates gobs of free cash flow, helping to keep finance costs low. But What’s It Worth? Dangote shares currently trade at a price/book ratio of 5.1. That’s nearly the lowest level it’s ever traded at in its history as a public company. Meanwhile, one of its largest pan-African rivals, PPC Limited (PPC), enjoys a price/book multiple of 9.7 in spite of being far less profitable. Over the past four years, Dangote has grown its book value at an average rate of 20.9% without any injections of additional capital. If the company manages to bring the additional production capacity on line as it plans, then I am reasonably confident that it will maintain this pace over the next five years. If we assume that • Net asset value grows at a rate of 20.9% over five years, • The shares continue to trade at a price/book ratio of 5.1 five years from now, w w w .ma r ke t dig e s t n ig e r ia . c o m

LUXURY TRAVELLER

STYLE

APPLE WATCH - N70,000 it offers three versions: sport, standard, and a luxury edition, with finishes including stainless steel and gold plated.

For the luxury traveller

Here is a list of things that could be really useful and won’t take that much of space to make your creative adventures more efficient. This issues “to have” list features some products that will absolutely take you to the next level in your fashion and travels adventures.

SELFIE SNAP STICK- N3100Small enough to fit in a handbag yet big enough to get everyone in your shot.

OTIS BATTERBEE LONDON- Blue Herringbone- N55,700 It includes the Eye Mask, inflatable Travel Pillow and Wash Bag.

BENTLEY ESTEDE SUNGLASSES From N313,000silver 18-carat gold palladium to N2,660,000 platinum

VERTU SIGNATURE SMARTPHONE - From N1,520,000. It comes with a prestigious email address (@vertu.me)

FITBIT IN STYLE WITH TORY BURCH ACCESSORIES Price: Bracelet - N60,338 and Pendant N55,000. The device calculates your steps, the distance walked and calories burnt.

UNIVERSAL ADAPTER: YVES SAINT LAURENTN89,500, PRADA -N105,000 These devices connect gadgets to outlets in more than 150 countries

THE 3 WATCH CASE Price: Taiga leather N196,000 and Monogram CanvasN171,000. Its luxuriously soft interior protects three timepieces

PORSHE CIGAR CASE HOLDER -N60,000 Porshce Leather Cigar Holder for 3 Cigars

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WI-FI AND USB CUFFLINKS -N49,800 These Ravi Ratan cufflinks, fitting for an 007 movie, discretely provide wearers with both a Wi-Fi hotspot and a 2GB mini USB and even engraveable for additional personal flair

CHANEL MONSTER HEADPHONES

N1,290,000 Chanel Monster headphones ‘marry supreme aesthetics and audio

LUXURY PRINTING

THE 3D PRINTING R E VO L U T I O N The fast-evolving technology promises to revolutionize the production of everything from fixtures and fittings to entire buildings

The 3D-‐printed villa by WinSun, on display in Suzhou industrial park. Photograph: Imaginechina/Corbis

FURNITURE DESIGNERS

Transformation is under way in the worlds of architecture and manufacturing. In Holland furniture designer Dirk Vander Kooij is producing colorful chairs made of material from recycled refrigerators—each seat customizable with the click of a mouse due to the burgeoning phenomenon of 3-D printing, a technology that affords possibilities not available through conventional fabrication methods. Ranging in size from smaller than a microwave to bigger than a house, 3-D printers come in different types, deploying a variety of technologies to create solid objects based on digitally mapped designs. Most use software that translates a rendering into a series of sections, like ultrathin slices of bread. With the typical model, moving printer heads then discharge a fast-congealing liquid, maneuvering around and around to produce each slice until the piece appears exactly as it did onscreen, but in physical form. This process, called “additive manufacturing,” can turn out fully finished items in resin, plastic, metal, or other materials in a matter of hours. MGX has been at the forefront of 3-D–printed furniture, producing work by such designers as Mathias Bengtsson, Joris Laarman, and Patrick Jouin.

ARHITECTS IN EUROPE

Teams of architects in London and Amsterdam are competing to produce the first habitable printed structure. Though they all have the same objective, the teams are investigating very different materials and fabrication methods. The starting pistol was fired by Dutch studio Universe Architecture, who, in January of this year, unveiled designs for a looping twostorey house that resembles a Möbius strip and will be printed on site, in concrete.

Shortly after, UK architects Softkill Design announced plans for Protohouse 2.0, a single-storey dwelling with a fibrous structure resembling bone growth. It will be made of plastic and printed in a factory, in sections that are then snapped together on site. In addition, a research team at MIT in the US is working on plans to print a small pavilion fashioned by a robotic arm imitating the manner in which a silkworm builds its cocoon. All these approaches are completely untried at this scale. “When we started our research, we were dealing in science fiction,” says Gilles Retsin of Softkill Design. “Everyone on the architecture scene was saying, ‘It’s only going to be possible in 50 or 60 years.’ But when we were sitting at the table in front of one of these 3D-printing companies, these guys were like, ‘Yeah, no problem – let’s start up the research, let’s push it.’ So it’s not actually that far off any more.” Neri Oxman, architect and founder of the Mediated Matter group at the MIT Media Lab, argues that digital fabrication is ushering in a third era of construction technology. “Prior to the industrial revolution, hand-production methods were abundant,” she says. “Craft defined everything. The craftsman had an almost phenomenological knowledge of materials and intuited how to vary their properties according to their structural and environmental characteristics. “But the coming of the industrial revolution saw the triumph of the machine over the hand. “The machine was used to standardize everything. And the things we built – our products, our buildings – were defined by these industrial standards.” Now, however, digital technologies such as additive manufacturing allow craft and industry to merge. “Craft meets the machine in rapid fabrication,” says Oxman. “We can generate craft with the help of technology.”

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Universe Architecture is collaborating on its Landscape House with Italian robotics engineer Enrico Dini, inventor of an extremely large-format 3D printer that uses sand and a chemical binding agent to create a stone-like material. Dini’s machine, called D-Shape, is the largest 3D printer in the world. Located in a warehouse near Pisa, it looks like a stage-lighting rig and works like a laser-sintering machine, but with sand instead of nylon powder, and chemicals instead of a laser. In 2009 he worked with architect Andrea Morgante to print a three-meter-high pavilion resembling a giant egg with large holes in its surface. Fabricated in sections and then assembled, it was intended as a scale model of a 10-metre structure that was never built; nonetheless, it can stake a claim to being the first-ever printed architectural structure.

Ammonite Fernando-Romero United-Nude-shoes

technology … these houses you see are made by our first-generation printer. We’re now developing generation six.” Khoshnevis who is working with Nasa on 3D-printed lunar structures, has no doubt that in the future; a large portion of cities will be printed. “I think in about five years you are going to see a lot of buildings built in this way,” he says. He hopes the technology will help address a worldwide shortage of low-income housing. “I think it is a shame that at the dawn of the 21st century, about two billion people live in slums,” he says. “I think this technology is a good solution.” If in the future, if London borough wished to build a public housing estate, for instance, they could hire a developer with a 3D printer. The printer would then be delivered to the site along with the construction material and architectural design on a flash drive. “They plug it in, hit a button and the buildings get built,” Khoshnevis says. “The nice thing about it is that we can build beautiful, dignified neighbourhoods – not cookie-cutter, box-like houses. “He said.

Egg-shaped structure printed by Enrico Dini

ARCHITECTS IN ASIA HAVE GONE MUCH FURTHER

In January of this year, the little-known Chinese company Winsun unveiled its 3D-printed 1,100-square-metre villa – and a five-storey apartment building – it raised the question of WinSun’s 3D-printed building in Suzhou industrial park. Photograph: Imaginechina/ whether the technology was about to become commercially Corbis viable. It took eight people one month to finish the £105,000 villa, WORLD RENOWNED ARCHITECTS, EXPLORE 3D explains Zheng Jian, general manager of Winsun’s Suzhou op- THROUGH FEMALE SHOES erations. If traditional construction methods were used it would Five well-known architects and designers have created pairs of sculptake 30 people at least three months. Costs are halved. tural shoes for footwear brand United Nude made entirely on a 3D printer. United Nude founder Rem D Koolhaas enlisted architects “We’re beginning to set up factories all over the world,” says Zaha Hadid, Ben van Berkel and Fernando Romero, and designMa Yihe, Winsun’s CEO, a couple of days later in the comers Ross Lovegrove and Michael Young, to create pairs of women’s pany’s Shanghai office. Winsun Global, a joint venture with an shoes solely using 3D printing. “We want to push the technology but American financial firm who’s identity Ma will not reveal (“they I also wanted to push the silhouettes,” Koolhaas told Dezeen. “I also have great influence in the Middle East”), aims to establish 3D wanted to create conversational pieces and shoes that are not necesprinter plants in 20 countries in the next few years, including sarily for everyday wearing but really beautiful pieces and conversaDubai, Britain and France. tional pieces, almost like art”, he said. The shoes each took about 24 “The future of Winsun is as a technology company,” Ma says. hours to print using an sPro 60 selective laser sintering (SLS) machine “We’re turning from a company focused on producing and sell- made by 3D printing company 3D Systems. ing construction materials to a company exporting w w w. ma r ke t dig e s t n ig e r ia . c o m

Each pair was created using two different materials: the soles were printed in hard nylon, while the uppers were formed from thermoplastic polyurethane (TPU), which is softer and more flexible.

“They are actually comfortable to wear and very easy to work in although it doesn’t look like it,” Young told Dezeen. “We just wanted to take a completely different approach to the way we normally work and just embrace that sculptural aspect.”

Ilabo by Ross Lovegrove United (Nudeshoes)

YOUNG SHOE

Ben Van Berkel 2

PICTURES by Ben van Berkel Flames by Zaha Hadid Ilabo by Ross Lovegrove Young Shoe by Michael Young Ammonite by Fernando Romero

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unfOrgeTTable experience

Exotic islands, swaying palm trees, golden beaches, all that is enchanting about the archipelago of Indonesia is waiting for you at The Oberoi, Bali. Overlooking Seminyak Beach’s crashing surf and tropical sunsets with a beach frontage of 450 metres, The Oberoi, Bali is in the heart of the vibrant village of Seminyak, filled with artisan boutiques, galleries and world class shopping. Rate per room per night in US Dollars Minimum Stay 3 Nights

Minimum Stay 5 nights

Luxury Lanai Room Garden View

430

380

Luxury Lanai Room Ocean View

485

445

Luxury Villa Garden View

620

550

Luxury Villa Ocean View

695

620

Luxury Garden View Villa with Private Pool

790

710

Luxury Ocean View Villa with Private Pool

900

800

Royal Ocean View Villa with Private Pool

1,135

1,000

Room Category

Offer includes: • Luxury accommodation for two. • Daily breakfast in the restaurant, newspaper, fresh fruits in the room. • Daily afternoon tea at The Amphitheatre. • Return airport transfers. • Complimentary wireless internet access. • Free use of gymnasium, tennis court and 24 hour business centre.

Terms and conditions: • Offer is valid from: 1st April to 30th June, 2015. • Rates are for single or double occupancy and are subject to change without notice. • Rates are subject to 11% Government tax and 10% service charge.

Combine your stay at Oberoi hotels in Bali and Lombok and receive complimentary inter-island transfers by air or sea. Minimum of 6 nights stay at The Oberoi, Bali and The Oberoi, Lombok (with a minimum 2 night stay at The Oberoi Lombok), at the respective applicable rate, is required to avail the offer. w w w. ma r ke t dig e s t n ig e r ia . c o m

Please to reservation.travels@marketdigestnigeria.com +62send 361 all 730enquiries 361 | reservations.tobi@oberoihotels.com | www.oberoihotels.com

unfOrgeTTable experience

The Indonesian island of Lombok presents a picture of serenity with its white sand beaches, shimmering turquoise waters and dense green forests. Located on pristine Medana Beach, The Oberoi, Lombok is a cluster of villas and pavilions set amidst lush tropical gardens. Spacious bedrooms appointed with traditional artefacts make every pavilion a lavish retreat. Villas, most with private swimming pools, create an ambience of serenity.

Room Category

Rate per room per night in US Dollars Minimum Stay Minimum Stay 3 Nights 5 nights

Luxury Pavilion Garden View

380

340

Luxury Pavilion Ocean View

450

410

Luxury Villa Garden View

550

490

Luxury Villa Ocean View

630

560

Luxury Garden View Villa with Private Pool

710

640

Luxury Ocean View Villa with Private Pool

800

710

Two Bedroom Ocean View Villa with Private Pool

1,100

980

Royal Ocean View Villa with Private Pool

1,000

880

Offer includes: • Luxury accommodation for two. • Daily breakfast in the restaurant, newspaper, fresh fruits in the room. • Daily afternoon tea at the Tea Bale. • Return airport transfers. • Complimentary wireless internet access. • Free use of gymnasium, tennis court, mountain bikes, golf putting green and 24 hour business center.

Terms: • Offer is valid from: 1st April to 20th July, 2015. • Rates are for single or double occupancy and are subject to change without notice. • Rates are subject to 11% Government tax and 10% service charge.

FUTURISTIC ARCHITECHTURE

UNIQUE ARCHITECTURAL THE DESERT HOUSE

BUILDINGS

BY KENDRICK BANGS KELLOGG In our last issue we’ve showed Shell Residence by Kotaro ide, Japan and Capital Hill Residence, Russia and today we want to show you the Desert House by architect Kendrick Bangs Kellogg. The Desert House stuns with its array of cast-concrete slabs that cover the home in a way that’s both ancient and futuristic all at once. The home is nestled at the foot of a steep rocky slope, taking shape as a series of panels which organically “fall” down the hillside, becoming one with the terrain. It took about a decade for Kellogg and designer John Vurgin to complete after they were commissioned by artist Bev Doolittle and her husband to create something spectacularly unique. From the parasol in the dining room made of some 800 pieces of sandblasted glass to the master bedroom’s self-standing bronze washing basin, the Desert House is a piece of art that doubles as a home. Apocalyptic, alien, ultra-modern industrial they’re all words that only begin to scratch the surface of this home’s complex aesthetic. But the unusual architectural features aren’t relegated to the exterior; interiors also boast the same raw quality which makes is such a draw. And because of that, it costs $3 million.

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FUTURISTIC ARCHITECHTURE

THE 18-36-54 HOUSE BY DANIEL LIBESKIND Now, this is what we call “a house with a twist.” The 18-36-54 House designed by architect Daniel Libeskind, located on 54 acres of rolling grassy meadows in the Connecticut countryside features a dramatic, contorted shape that stands out in this serene, bucolic setting. The angled walls lend this unusual house its name - 18 planes, 36 points, and 54 lines of spiraling ribbon, which defines the home’s exterior appearance and its sleek interior style. The home’s facade is executed in mirror-finish bronzed stainless steel, reflecting nature to achieve an ever-changing outward appearance, depending on the time of day, the weather and the season. The wind rustling through the grass and leaves transforms this exterior into a living, moving fixture in the landscape. The various slopes of the roof and walls are laid with the reflective tiles in opposing directions, accentuating the home’s interesting shape. Locally harvested oak cladding the ceilings, walls and built-ins lends a rich, dramatic aesthetic that is warm and welcoming without losing that signature contemporary edge. The architects explain, “Circulation throughout the home is seamless and free-flowing, a theme which carries through in the nearly-nonexistent distinction between inside and outside.

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FUTURISTIC ARCHITECHTURE

HOPE RESIDENCE

BY JOHN LAUTNER The story goes that back in 1973 when Bob Hope first saw a model of the Palm Springs home modernist architect John Lautner conceptualized for him and his wife Dolores, the Hollywood legend walked around the pool table it sat on, inspecting the model’s futuristic domed roof with a hole that opens to the sky, and cracked, “Well, at least when they come down from Mars, they’ll know where to go.” The mushroom shaped residence was actually built to look like a volcano. According to New York Times, the residence has a three visor like arches and a concrete roof that has a hole in the center that opens up a courtyard to the sky. The 23,366-squarefoot home has 6 bedrooms, 10 bathrooms, 3 half baths, indoor and outdoor pools, a pond and a tennis court. Since the house is huge enough to accommodate up to 300 guests for dinner. The Hopes’ monumental dream estate went on the private market in February 2013 with an asking price of $50 million; now the home is listed on the open market at a reduced price of $25 million.

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ITALY

COVER STORY

THE CHRISTIAN PILMAGE CAPITAL

ITALY ARCHITECTURE Jean Castex Perfect for vacations, Italy is a must see city for Nigerians. A busy, vibrant and cosmopolitan place, brimming with art, culture, great food and extraordinary history. Walking along the streets of Rome is like walking into an open air museum and a place where modern views blend together to create a unique and surprising atmosphere. According to Fulvio Rustico, the Italian ambassador to Nigeria “We believe that Nigerians are the Italians of Africa, just as Italians are the Nigerians of Europe. Statistically, Nigerians are the most religious people on the sub-Saharan continent. From the ﬁfth-century BC temples at Paestum (Temple of Poseidon),south of Naples, to the late twentieth-century (1988–1992) Renovation of the Old Harbor in Genoa, Italy is a treasure house of architectural land-marks. It seems to provide a complete history of architecture. Some of the best preserved Greek temples anywhere are those built by Greek colonies in Sicily and Campania (Segesta and Paestum). Ancient Roman culture in Italy developed an architecture of which the Hellenistic cities of Turkey, Libya, and Tunisia were jealous. Early Christian architecture was at its best in Rome and Ravenna. Who can resist the light reﬂected by the Byzantine mosaics covering the vaults of San Marco in Venice? Those who believe that “Gothic architecture” is a French or German art form should look at the prosperous medieval Italian towns, such as Siena, with its spectacular urban “living room,” the Piazza delCampo. The Renaissance, starting in Florence by 1420, established Italy as the conceptual centre of art and architecture for almost four centuries. Leading the Western world, Italy was developing a new sense of vision (central linear perspective) that led to new spatial conceptions in architecture. These conceptions were reacted to by the “Mannerists” after 1527 and developed, in the seventeenth century, into Baroque art and architecture, a most brilliant

and bold period of creativity. Italy was writing the architectural history of the Western world. Travelers, painters, sculptors, and architects were, at onepoint, obliged to visit Italy and to take part in the Italian artistic debate to achieve artistic maturity.

St. Peter’s Basilica Basilica di San Pietro in Vaticano Saint Peter’s Basilica, the world’s largest church, is the center of Christianity. The imposing structure was built over a span of more than one hundred years by the greatest Italian architects of the era. The church is built on Vatican Hill, across the Tiber River from the historic centre of Rome. The location is highly symbolic: this was the site where Saint Peter, the chief apostle, died a martyr and where he was buried in 64 AD. St. Peter is considered the first pope, so it made perfect sense for the papacy to build the principal shrine of the Catholic Church here.

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St PETERS square

St. Peter’s Square is a moderately large plaza located directly in front of St. Peter’s Basilica in the Vatican City, the papal enclave inside Rome, directly west of the neighborhood or rione of Borgo. At the centre of the square is an Egyptian obelisk, erected at the current site in 1586. Gian Lorenzo Bernini designed the square almost 100 years later, including the massive Tuscan colonnades, four columns deep, which embrace visitors in “the maternal arms of Mother Church.” A granite fountain constructed by Bernini in 1675 matches another fountain designed by Carlo Maderno in 1613.

Colosseum Colosseo

Pantheon

The Colosseum is probably the most impressive building of the Roman Empire. Originally known as the Flavian Amphitheater, it was the largest building of the era. The monumental structure has fallen into ruin, but even today it is an imposing and beautiful sight. The elliptical building is immense, measuring 188m by 156m and reaching a height of more than 48 meters (159 ft). The magnificent structure was clad in marble and 160 larger-than-life statues graced the arches on the upper floors. The Colosseum could accommodate some 55,000 spectators who entered the building through no less than 80 entrances. Above the ground are four stories, the upper story contained seating for lower classes and women.

Built more than 1800 years ago, the magnificent Pantheon still stands as a reminder of the great Roman Empire. The name Pantheon refers to the building’s original function as a temple for all the gods. With its thick brick walls and large marble columns, the Pantheon makes an immediate impression on visitors. But the most remarkable part of the building is the more than forty-three meter high dome. It was the largest dome in the world until 1436 when the Florence Cathedral was constructed. At the top of the dome is a large opening, the oculus, which was the only source of light.

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Circus Maximus

Circo Massimo

The Circus Maximus was the largest stadium in ancient Rome. Popular chariot races were held here for almost a millennium. At one point the Circus could seat 250,000 people, one quarter of Rome’s population. The Circus Maximus was occasionally used for events such as processions or gladiator combats, but on most days only chariot races with quadrigaes, pulled by four horses, were held here. The races themselves were wildly popular with people fanatically supporting one of the four factions: red, white, green and blue representing summer, winter, spring and autumn respectively. Bets were laid on one of the factions and supporters of the different factions often clashed.

Baths of Caracalla Terme di Caracalla

Sistine Chapel Cappella Sistina

The Thermae Antoninianae (Baths of Caracalla) opened in 217 AD, during the reign of Emperor Caracalla, as the largest bath complex in the world. The baths were functional for over three hundred years. The baths were enormous buildings, with huge frescoed vaults covering the massive rooms. This huge eleven hectare (27 acre) large complex housed bathing facilities that welcomed between 6,000 and 8,000 visitors each day. At a time when Rome’s crowded tenements had few sanitary facilities, the more than fifty public baths in Imperial Rome played an important part in Roman society. Not only did it improve the cleanliness and health of its citizens, but the Thermae were also places where Romans came to socialize, gossip and relax.

The Sistine Chapel is a chapel in the Apostolic Palace, the official residence of the pope. The chapel’s ceiling painting created by Michelangelo in the early sixteenth century is considered one of the greatest masterpieces of Western art. The chapel is still used to this day but it is open to the public as part of the Vatican Museums. The ceiling is divided into nine central sections that all depict scenes from the bible, starting with the ‘Creation of Light’ and ending with the ‘Drunkenness of Noah’ at the altar. Michelangelo actually started painting the other way around, and you can notice a difference in style as he perfected his style while painting. The most famous part of the fresco is the ‘Creation of Adam’, where Michelangelo depicts the almighty descending towards earth to give life to Adam.

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GREAT ESCAPES

G R E AT E S CA P E S

DESTINATION: ITALY Italy is the land of rich Catholic culture, delicious food and talented artists. It’s also the birthplace of the Renaissance, the Ferrari and the most popular cheese, parmesan. From the creators of pizza you definitely expect to get spectacular mouth watering meals wherever you go. Few countries offer the variety and diversity of Italy. Whether you’re strolling through the great art cities of Tuscany and Umbria, or admiring the rolling hills and ancient forests of Venetia with their amazing array of beautiful wild flowers, a holiday in Italy will give you a taste of a seductive way of life that will leave you wanting more. The following stunning Islands below, makes Italy so unique and worthy of your hard earned Naira.

Sicily

Surrounded by three seas and gifted with a remarkable architecture that reflects centuries of foreign domination, Sicily is the largest island in the Mediterranean Sea, and arguably the most complex and beautiful in the entire Europe. Sicily’s most appealing destinations include the vibrant, Arabian-flavored city of Palermo; the elegant Catania; the historic city of Syracuse; the Valley of the Temple, a remarkable archaeological park outside Agrigento; the charming Taormina, and the mighty Mt Etna, the highest volcano in Europe.

Elba

Famous for harboring Napoleon during his exile in 1814, Elba is the largest and most popular island in the Tuscan Archipelago, and an ideal destination for those looking to enjoy a delightful beach retreat. The gorgeous Tuscan Archipelago is the largest protected marine park in Europe, so it’s no surprise that its underwater universe affords some spectacular diving and snorkeling. Other popular activities on the island of Elba include mountain biking, climbing, and windsurfing. Featuring a surprisingly delicious combination of maritime and Tuscan traditions, the local cuisine is certainly not to be missed.

Procida

The tiniest island in the Gulf of Naples, Procida is brimming with scenic ancient harbors, pastel-hued houses, and lovely pristine beaches. It is a great place to combine seaside relaxation with culture and unspoilt rural charm. Due to its idyllic ambience, Procida has served as the setting for a number of films, including “The Talented Mr. Ripley” and the Oscar-winning “Il Postino” (The Postman).

Sardinia

Varied, vibrant, and utterly beautiful, the second largest island in the Mediterranean, with its quintessential Mediterranean charm, heavenly food, and rich, distinguished culture, is a feast of an island, and certainly one of Italy’s most seductive destinations. From the A-list glamour of Costa Smeralda to the roman ruins and medieval lure of its lesser-known towns, Sardinia offers everything you would expect from one of the world’s most sophisticated islands. w w w. ma r ke t dig e s t n ig e r ia . c o m

Few countries offer the variety and diversity of Italy. Whether you’re strolling through the great art cities of Tuscany and Umbria, or admiring the rolling hills and ancient forests of Venetia

Ischia

Widely famous for its beautiful landscapes and natural thermal springs, the volcanic island of Ischia lies in the Gulf of Naples, enclosed by the incredibly blue waters of the Tyrrenian Sea. Other must-see places include the Posseidon Gardens in the bay of Citara, the mesmerizing fishing village of Sant’Angelo, and the stunning public villas and landscaped gardens dotted along the island’s postcard-perfect shores.

Capri

It lies in the Bay of Naples as Italy’s most glamorous island getaway, but despite its reputation of being a summer playground for the rich and famous, Capri overflows with culture and natural beauty. In addition to its lovely cities – Capri and Anacapri, the island’s top attraction is undoubtedly the spectacular Blue Grotto (Grotta Azzurra), one of the world’s most beautiful sea caves and the only one featuring such a wonderful turquoise color.

Panarea

Panarea is a tiny, yet very exclusive island in the Aeolian archipelago, just off the north coast of Sicily. Deprived of traffic and major developments, the island has become a favorite refuge among Europe’s most notable jet-setters, including the Bulgari family, whose summer retreat lies quietly on one of Panarea’s cobblestone footpaths.

La Maddalena

Conveniently located off the northeastern coast of Sardinia, The Parco Nazionale dell’Arcipelago di La Maddalena consists of 7 spectacular islands, from which La Maddalena is the largest and most appealing. People usually come here for the breathtaking beaches (some of Italy’s best) and shimmering waters that remind of the Caribbean shores, but there’s much more to see and do on the island of La Maddalena. Roman ruins, ideal sailing, and beautiful atmosphere combine majestically to make this unsung Italian island an excellent summer destination w w w .ma r ke t dig e s t n ig e r ia . c o m

GREAT ESCAPES

EXCLUSIVE HOLIDAYS SHORT LET VILLAS

What better way to enjoy Italy, than with your own villa nestled in amongst the rolling hills? Do you need a serene exclusive place abroad for your owambe’s?.... Well, here you are! We’ve got some stunning properties for you to rent in Italy (many with their own private pools) where you can enjoy luxury and privacy in equal measure. We wouldn’t blame you if you took someone along just to feed you grapes. Please send all enquiries to reservation. travels@marketdigestnigeria.com

Apartments in Marina Sandy Beach Waterfront in Sicily. From N385,000 weekly -Sleeps 7 -3 Bedrooms -2 Bathrooms The apartments are located on the waterfront at the marina of Marina di Ragusa. The apartments are just 200 meters from the sandy beach and from the boulevard. The ample and bright living room has elegant sofas from Bali and a vintage teak table. From here guests can access the wide terrace which railing gives the impression to be on a boat, stunning views of the harbor complete the picture. There is also a courtyard with an outdoor shower, very handy to use when returning from the beach, right in front of the house. Marina di Ragusa is in the south of Sicily. It is sunny also in the winter, and inhabited all year round. In the summer it is the most popular seaside destination of this part of Sicily.

House overlooking Vendicari Nature Reserve, in Sicily. From N690,000 weekly -Sleeps 8 -4 Bedrooms -2 Bathrooms -Swimming pool This property was one of the six villas featured in The Times Travel 2015 “ The 30 best places to stay in Sicliy”. The house has 2000sqf of living space and is situated overlooking the Golfo di Noto on the crest of a hill. With thick limestone walls, white render and double height ceilings, it is cool in the summer months and warm in the winter. It sits in its own 10 acres of old olives and vines and is surrounded by unspoilt countryside and farmland. There is a 17mx5m saline purified swimming pool, which is surrounded by lavender. The location commands spectacular sea views from Siracuse to the furthest South Eastern tip of Sicily. Noto is the nearest historic town and a Unesco world heritage site.

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GREAT ESCAPES

Villa in Ragusa, Sicily. From N585,000 weekly-Sleeps 9 -4 Bedrooms -5 Bathrooms Wonderfully suspended between the blue Sicilian sky and the Mediterranean Sea, in this Villa, youâ&#x20AC;&#x2122;ll be spoiled for choice when it comes to views. Think of sunbathing by a panoramic infinity pool surrounded by breathtaking views, relaxing in your personal hot tub after an exciting tennis match. Imagine of listening to some music or reading a book lazily lying on the comfortable sofa in the panoramic living area, with miles of gently sloping countryside at your feet. Thatâ&#x20AC;&#x2122;s a holiday at this Villa.

Villa in Tuoro sul Trasimeno, Umbria. From N464,000 weekly -Sleeps 8 -3 Bedrooms -4 Bathrooms 1 Separate Toilet This villa is a recently built property that gives accommodation of a high standard. The unbroken panoramic view of Lake Trasimeno - the 4th largest lake in Italy - is reason enough to make this a standout property. The pool and jacuzzi are on the lower terrace of the garden and enjoy unbroken views of the lake. The villa is a wonderful base from which to explore the towns, village and countryside of Tuscany and Umbria, with Florence, Rome and Siena within reach for day trips.

Villa in Tuoro sul Trasimeno, Umbria. From N464,000 weekly -Sleeps 8 -3 Bedrooms -4 Bathrooms -1 Separate Toilet This villa is a recently built property that gives accommodation of a high standard. The unbroken panoramic view of Lake Trasimeno - the 4th largest lake in Italy - is reason enough to make this a standout property. The pool and jacuzzi are on the lower terrace of the garden and enjoy unbroken views of the lake. The villa is a wonderful base from which to explore the towns, village and countryside of Tuscany and Umbria, with Florence, Rome and Siena within reach for day trips.

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Luxury Villa With Private Pool And Stunning Lake Views-From N118,000 Nightly -Sleeps 8 -4 Bedrooms -3 Bathrooms, 2 Separate Toilets

This Villa in Gaino, Toscolano Maderno, Lake Garda, is 10 Minutes drive from the Town Centre Toscolano. The villa offers the perfect union between modern comfort and rural peace and tranquility. The inside is open, airy and bright, with floor to ceiling glass walls and doors letting in the absolutely breathtaking view from all angles. The furnishings and fittings are of the highest quality, chosen for both elegance and total comfort. Outside, both levels of the house are graced by beautiful terraces looking out onto the totally dominating view of Lake Garda.

Exclusive apartment a few steps away from St. Peter, Rome. From N125,000 Nightly-Sleeps 6 3 Bedrooms -2 Bathrooms This magnificent apartment, published on top architecture and design magazines such as AD and Case Style, located on the fifth floor of a building with elevator on Via Angelo Brofferio, in the elegant Prati district, close to the Vatican Museums, St. Peter’s Basilica and Castel Sant’Angelo. Luxuriously furnished with a classic style finely enriched by antique elements, it is comprised of two comfortable double bedrooms. The subway Line A station Lepanto is about 500 meters away, which make’s this apartment a perfect solution for those who wish to spend an unforgettable vacation in the Eternal City.

Luxury Apartment close to Vatican museum, Rome –From N110,000 Nightly-Sleeps 8 -4 Bedrooms -3 Bathrooms This magnificent 250 sq. meters apartment located on the second floor of a building with elevator on Via Paolo Bentivoglio, close to the Vatican Museums and St. Peter’s Basilica, both reachable on foot. Luxuriously furnished with a classic style finely enriched by antique elements. The Subway Line A station BALDO DEGLI UBALDI is just about 400 meters away.

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Elegant luxury villa surrounded by nature, Puglia From N603,000 weekly People 12 Bedrooms 6 â&#x20AC;&#x201C;Bathrooms 5 This villa is a large luxury holiday home (over 500mÂ˛), with a stunning private pool (12x6m), Jacuzzi and fenced playground for children. This is a wonderful two-storey luxury villa tastefully furnished

5 Star Contemporary Villa with staff + private driver, Sardinia-From N288,000 Nightly People 9 -Bedrooms-5Bathrooms Magnificent contemporary villa with breathtaking views of the sea, located on the top of a hill, accessible through its remote controlled gate, 100 m downstream of the villa. This property faces the sea on the south side and the mountains on the north side and inspires peacefulness and relaxation. Situated few car minutes from the numerous idyllic white sand beaches of the Sardinian south west coast (Chia and St. Margherita di Pula), from the golf club Is Molas (27 holes) and from the shops and restaurants of the nice town of Pula. There is Car with private driver (8 hours a day) included in the rental rates as well as a talented Italian chef at your disposal on request.

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GREAT ESCAPES

V I L L AS F O R D E ST I N AT I O N

WEDDINGS

If your dream is to have a unique luxury wedding why not try our villas or castles, deep in the green valleys of Italy. We are proud to welcome you to this special section dedicated to Destination Weddings in Italy. For a memorable and unique destination wedding, we will guide and connect you to best cost effective wedding planners. Spoil yourself, your family and friends, as well as your wedding party with these private and spacious accommodations located in your favorite destinations throughout Italy.

Machiavelli Villa at Mangiacane Estate,Tuscany

Imagine the most memorable day of your life with a perfect picture backdrop that your guests will talk about for years to come. In the heart of the Chianti region just 20 minutes drive from Florence, the beautiful Villa Mangiacane is an exclusive five star 15th Century Villa Estate steeped in history, originally built for the Machiavelli family with whispers that Michelangelo himself, participated in the original design. Villa Machiavelli is a one-of-a-kind experience nestled in the legendary wine making “Chianti Classico” region, just outside of Florence. Once the home of the Machiavelli family and centuries later, the Mazzei family, this villa boasts a rare heritage. -10 Suites -Two large Drawing Rooms - Upper and Ground Floor Loggias -Barrique Wine Tasting Cellar -Indoor Pool -Spa & Gym -Outdoor Pool -Gardens, Vineyards and Olive Groves

Luxury Vineyard Wedding Estate in Chianti

This magnificent wine estate is the ideal setting to hold weddings for between 20 and 200 guests. Nestled in the rolling hills of Chianti this is a sensational venue to be pampered and relax while enjoying the estate’s award winning wines and celebrating your marriage. The wedding cocktail can be arranged in the private garden or by the pool overlooking the estate’s vineyards while dinner can be hosted on the villa’s terrace. -Maximum outdoor Seating: 300 people -Maximum Indoor Seating: 300 people - 20 people -10 between suites -Walking distance from the villa belonging to the same estate another 100/150 guests can be easily accommodated in the luxury hamlet. w w w. ma r ke t dig e s t n ig e r ia . c o m

Magnificent Villa in Lucca

Situated in the beautiful and tranquil village near Lucca, this Villa promises to create a memorable wedding. Like many Italian villas, this one has a remarkable history. Built originally in the 15th century as a summer home by the noble Luchese family, it remained in the same family until the 19th century when it was given to an order of monks left homeless when Napoleon sequestered all church property. The owner organizes all kinds of celebration according to clientâ&#x20AC;&#x2122;s requirement. The exquisite garden, villa and the limonaia spaces make for a truly memorable one of a kind, fairy tale wedding. Your only disappointment will be when you have to leave this paradise. -Maximum outdoor Seating: 250 people -Maximum Indoor Seating: 150 people - 22 people -11 between suites.

Villa in Tuscany

This Villa is situated in the heart of Tuscany, between Siena and Florence. This villa, owned for centuries by an Italian Aristocratic Family, is encircled by spectacular gardens, offering breath-taking views of the surrounding countryside. Dating back to 1400. The whole structure was restored in 1996 - 1997. - 18 Suites-18 Baths -Swimming Pool and Jacuzzi â&#x20AC;&#x201C; Sauna- Croquet Lawn

Luxury Villa in Tuscany

In the heart of Tuscany, this lovely villa is located near the mythic cities of Florence. One of the largest private estates in all of Italy set among 4,200 acres of rolling hills, sweeping valleys, vineyards and olive groves. Two cypress-lined lanes ascend to this historic Villa that has been carefully restored to an intimate 5-star boutique hotel in the grand European tradition. -50 people - 25 Suites -25 Baths -Vineyards - Maximum outdoors seating: 400 people If you are interested in the Italian properties or are planning a trip or wedding. Please send us a mail: reservation.travels@marketdigestnigeria.com for more information, booking and discounts. w w w .ma r ke t dig e s t n ig e r ia . c o m

LUXURY RESTAURANTS

LUXURY HOTEL RESTAURANTS NIGERIA Whether you prefer French gourmet cooking, Asian fusion, Japanese or Mediterranean style, Nigeria has the means to satisfy your appetite. Not to mention the added bonus of some of the most spectacularly bombastic dining venues in the world. From sky-high views to unique experiences and lavish ornamentation, Nigeria’s top hotels internationally tinged dining scenes are as colorful and as extravagant as Nigeria’s wealthiest! . Its position as Africa’s largest economy has attracted world-class hotels alongside celebrity chef powerhouses. The guests at this Hotels are used to the finer things in life, which is one of the reasons why the hotels pride themselves in delivering the finest dining experience! There are restaurants serving virtually every national cuisine from around the world, including many specializing in Nigeria’s own delights. Each restaurant featured here is not simply somewhere to eat, but a destination of stunning décor, amazing views and unforgettable culinary experiences.

BUKKA RESTAURANT

Dine on traditional Nigerian cuisine at the Transcorp Hilton Abuja hotel. Join business guests and locals as you feast on continental favorites from the buffet. African-style dark woods blend with light walls as natural light streams in at this restaurant.

LUIGI’S - ITALIAN RESTAURANT ABUJA

Looking for where to eat delicious, authentic Italian cuisine, you are right at home with Luigi’s. Experience Italian dining in one of the best Italian restaurants in Abuja.

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LUXURY RESTAURANTS

CASA CHIANTI

SKY RESTAURANT

THE GRILLROOM WHEAT BAKER HOTEL

MILANO: INTERCONINENTAL HOTEL LAGOS

Casa Chanti at eko hotel is the perfect place to try beautifully cooked-to-order Italian dishes, pasta and pizzas accompanied by a nice selection of wines from around Italy and the world.

Situated in Wheat Baker Hotel, The Grillroom Specializes in prime steaks, seafood and a range of international dishes with a local selection of national favorites. There is also Saraya Deli - A modern and fresh venue offering exciting dishes. Al fresco breakfast is also available.

Sited in the Penthouse also in Eko Hotel, the Sky Restaurant has a ‘wow’ factor that is hard to dispute. It’s about the highest restaurant in the city of Lagos and has a picturesque view of both the city and the Atlantic Ocean. It offers Asian fusion menu delicacies!

Milano is a large, bright restaurant on the second floor of the Intercontinental Hotel, offering Italian cuisine in a stunning setting: one side of the restaurant is a glass wall stacked with bottles of champagne, while the other offers a view of the hotel’s reception and lobby,

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CULTURE ALERT

SUZANNE WENGER A ustri a n b o rn Yo r ub a p ri e ste ss Abiyamo Suzanne Wenger, the Austrian-born artist and Yoruba priestess, died at the age of 93 in her adopted home of Osogbo in Nigeria, she was unique in her absorption into the traditional African religion. After her arrival in Africa in 1949, she worked hard to revive The Yoruba culture among Nigerians who had drifted away from it under the influence of western culture and religion. She also made enormous efforts to protect the sacred grove of Osun, a forest along the banks of the Oshun River just outside Osogbo, which she turned into a sculpture garden filled with art made by her and others.

BIRTH AND EARLY DAYS IN EUROPE

Born in the middle of the First World War (4th July, 1915) in Graz, southern Austria to Christian Swiss-Austrian parents; she had always been strongly attracted to nature. Even as a child, she spent a great deal of time in the mountains and forests (she was particularly fond of trees) around the small town. She later went to Italy, touring Sicily and Rome in 1948. Thereafter, she proceeded to Zurich in Switzerland and finally to Paris where she fell in love with the high intellectual society and gladly started to really express herself with her paintbrush. Risking her life during the Second World War, she supported the masses and opposed the Nazis who had occupied her country of Austria and pounded her nation with bombs. She even went as far as hiding Jewish people branded as enemies by the Nazis. For four years and under constant Nazi threats, she was at the Academy of Art in Vienna. The Nazi regime banned her works, describing her art as ‘degenerate’ and she was forbidden to paint. Then, she turned to reading books about Oriental religions and faiths in other places of the world. Today, the works of art she made during those dark periods have been acclaimed as ‘the first surreal works of art by an Austrian painter.’ She started out as an artist at the College for Arts and Crafts in Graz, Austria. In 2001, she was specially honored in Graz, Austria for her efforts during the war days with exhibitions titled Moderne in dunkler Zeit (Modern art in dark times).

COMING TO AFRICA AND DEVOTING HER LIFE TO THE DEITIES

In 1949, she came to Africa with her then-husband, Ulli Beier. In 1950, they moved to Ede, now in Osun State to have a change from the ‘unnatural’ compound of the university.

While he continued as a lecturer at the University of Ibadan, she proceeded as an artist. It was at Ede that she met the powerful Ajagemo, one of the very last priests of Obatala worship, an ancient orisha-based religion that had almost gone extinct. Then she became friends with him and took great interest in all the rituals and activities even though she understood not even a single word of Yoruba at that time. She said to a French documentary maker in 2005:“He took me by the hand and led me into the spirit world.. “I did not speak Yoruba and he did not speak English. Our only intercourse was the language of the trees.’ They later moved to Osogbo but over time, she and Beier would separate. While he left for Europe, she remained in Osogbo, Susanne got even deeper in her training as a priestess. The real turning point came in 1950 when she was seriously ill with tuberculosis. As at that time, Nigeria was under British colonialism and there was no doctor on ground to help her from the disease that was slowly killing her from the inside. After various attempts to cure her tuberculosis, they gave up on her and expected her to die until help came from an unlikely source: from the Yorubas. She was given herbal mixtures provided by Yoruba medicinemen and in no time, she was well. She recovered and decided to ‘give her life’ to the Yoruba orishas who saved her from the gripping jaws of death, and until she died, she never looked back.

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Der apokalyptische Hahn (The apocalyptical rooster) , 1975

Der verfolgte Hirsch (The hunted stag) Oil on plywood, 1951/55

ojuno shogbo-‐the most important shrine for oshun worshippers

SUSANNE THE WRITER, ARTIST AND ENVIRONMENTALIST While in Yorubaland, she also displayed her artistic skills, making countless murals and a series of sculptures and carvings. She took her time to understand the deepest mysteries of Yoruba traditional beliefs and tried to interpret them through art. From the mid-80s, her works were exhibited in Europe with the premiere in 1985 when she turned 70. That same year, she took her art to Vienna, Austria for the first time in 30 years. As an artist, she distinguished herself, making use of various media, such as oil painting on plywood panels from old tea chests. It is important to mention that she was one of the most influential Austrian artists, with some of those inspired by her being an entire generation of Vienne artists like Bertoni, Brauer, Lehmden and Fuchs. An ingenious artist, she later created a method that fused wax batik, textile painting and indigo dye. With this style, she was able to make paintings of immense proportions, some measuring up to 7 by 3.5 meters. The main features of Susan Wenger’s sculptures are life-size or larger figures and bulging eyes. Both features are known characteristics of Yoruba art, in pre-colonial times and presently. The bulging eyes are signs of spiritual power in mythology and religious experiences, depicting a higher consciousness. Her figures are usually larger than human figures; the sculptures are representations of deities and records of mythology. Some of the sculptures produced by Wenger and her assistants in the Osun grove at Oshogbo include: Ontotoo (a senior deity in the heavenly abode), Obatala (the deity of purity and whiteness), and Iya moopo (protector of all women’s crafts and trade). In addition to this, she also ensured that the pristine rainforest was preserved. She had to cross paths with loggers and farmers who wanted to cut down the trees for other uses and destroy the environment in the process. Over her over fifty years of living among the Yorubas, she also teamed up with the locals to restore numerous shrines, many of which were already falling into disuse and lack of repairs before she came. w w w .ma r ke t dig e s t n ig e r ia . c o m

Obatala and Shango, Oil on plywood, 1983-‐84

CULTURE ALERT

LOVE, ROMANCE AND MARRIAGE

Her first husband was the world-renowned Ulli Beier, a German researcher and linguist whom she met in Paris while he was working with handicapped children in 1949. At that time, Beier had just accepted a post at the University of Ibadan to teach Phonetics. The pair got married using two curtain rings for wedding rings. While doing the wedding at a London registry office and presented the curtain rings, the registrar looked at them and said: ‘A wedding is not a silly joke.’ And they responded: ‘How do you know?’. After the marriage (which was quickly done so she could follow him), they set off to Nigeria. They did not fly to Nigeria. They actually drove all the way across North Africa, past the Atlas Mountains in Morocco, through the stifling heat and chilly cold of the Sahara Desert. Finally, they reached in early 1950. After separating with Beier, she would later fall in love with a local drummer, the late Chief Ayansola Oniru Alarape and they got married in 1959. They would later separate when he was maltreating her. She remained single for the rest of her life, married only to the deities. She adopted over 12 Yoruba kids and one of them is the well-known Yinka Davies-Okundaye, who is now one of the most renowned contemporary painters in Nigeria. She also adopted Nike at the age of six when she became an orphan. She became an inspiration for an entire generation of artists and the focal point of the Osun Grove, especially when people congregate there every August for the annual Osun Osogbo festival. On the 12th of January 2009, she died at the Our Lady of Fatima Catholic Hospital in Osogbo. On her deathbed, she was surrounded by some of the 12 children she adopted and asked them: ‘what day of the week is it? What time of the day is it?’ When they answered her, she said: ‘it is time to go. It is good. It is ok.’ And those were to be her very last words.

Oshun Groves Iya Mopoo

OJja Ontotoo -‐ Spiritual Marketplace

Iledi Ontotoo -‐ Ritual site of the Ogboni -‐ Earth Cult

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INDUSTRY INSIGHT

HOW TO INVEST IN OIL WELLS an INTERVIEW WITH CHARLIE RUSHTON If you’re like a lot of people you’re probably hungry for investment options that can produce above average returns. Well, one option that is open to the general public, but is not well understood is opportunities in the oil exploration and production industry. You might be asking: how do I invest in an oil well? There are lots of ways to get into oil and gas. The two primary methods of investing are purchasing stock in an oil and gas company (public), or investing through direct participation programs (private). Buying stock in oil and gas companies is well covered, but the nuts and bolts of private investment are less understood. So, for those of you want to learn about oil and gas investing, we’ve brought you an interview with Charlie Rushton. Charlie, known as the “go to oil guy” is an oil and natural gas professional whose focus is on providing individual consulting and education services. Charlie demonstrates an infectious enthusiasm for introducing investors to the benefits of investing in the oil patch. He has been kind enough to answer a number of questions for us. How can small investors (e.g. those with around $10,000 or so to invest) get into directly owning oil wells? What does the investment process look like? The main way of directly owning oil wells is through Direct Participation Programs (DPP’s). The entry price varies based on the size of the project. Investors can get involved for as little as $5k with the smaller oil and gas operators who are seeking to expand production up to projects that cost $50k-$100k per 1% Working Interest. The process is as follows: It starts with receiving a prospectus or Private Placement Memorandum (PPM), outlining the specifics of the project, costs involved, the contracts, and projected returns. These are created for both new drills and rework projects. It will also stipulate what you are buying such as a 1% Working Interest (WI) and a .75% Net Revenue Interest (NRI). The NRI is determined by the royalty paid to the mineral owner when the lease was created. It should outline the monthly costs; such as the operator fee, pumper fee, electricity, water transportation if any, admin and filing fees to the State. Further down the line when production has commenced there may be routine maintenance expenses. There is also the state levied tax and other property taxes. These are all known as Lease Operating Expenses (LOE’s). After you complete your due diligence, assuming you go forward and make the investment, you then wait for the offering to close and drilling to start. It is always a good idea to ask how much funding is left to raise as this is a good indicator as to how effective they are at raising capital which points to their credibility. Once the well is put into production, you will begin to receive the proceeds from the sale of the oil less the NRI and monthly expenses.

Therefore it should look something like this: Amount invested $10,000 WI 1% NRI .75% LOE total 15% If the well comes in producing 50 Barrels of Oil Per Day (BOPD) and the price of oil is $90 on the day of sale, then in the first month the figures would look like this: 50BOPD x 30days x $90/barrel = $135,000.00 Less Royalty 25% (33,750) Less LOE 15% (15,187) Therefore the distributable amount to the Working Interest holders is $86,063 of which in this example the investor owns 1%, which equates to approximately $860 revenue. If production remains at this level for the coming year then you will make your money back in a little over 11 months. This example, while hypothetical is not an uncommon return, provided you have invested wisely. However this investment is not without risk. As a working interest participant you can be liable for any problems that occur such as environmental issues or injuries, which the operators insurance policy may not adequately cover. To this end it is always advisable to own the interest through an entity such as an LLC. I would also highlight that checking the insurance policies of the operator are a must. A limited partnership (LP) framework can also be used in these projects, which also has its benefits and restrictions. Your liability is limited to the initial investment amount in the event of a mishap, although there may be additional fees for managing the LP and the tax benefits may not be as useful. This however is a good way to get started as your risk exposure is minimized. The size of the project will govern the amount needed to be raised and therefore the entry level dollar figure, since there are strict SEC regulations as to how many participants are allowed to be involved in any one project. For example, a new 2 well drilling program may require $5M of funding in which case a 1% WI would cost $50k to participate. In this case if you wanted to get involved then finding an LP that has acquired an interest may be the way to go if you have $10K to invest. However, an 8 well lease acquisition which requires rework and maintenance might require $400k of capital and a 1% WI might cost $4k to participate. The returns in both of these examples could be in the same ballpark. How should small investors think about valuing oil well opportunities? Are there any metrics they should look at? What is important when you evaluate a potential oil well investment? Because of the speculative nature of investing in oil, how they can be valued will come down to the type of project in question.

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If it is a new drilling program, then essentially all the projections are pro forma’s, based on the estimated recoverable reserves garnered from previous well logs on the lease and the other producing wells in the area. Anyone in the field will tell you that all the data in the world can point to a reservoir, but until you drill the well and hit oil, you don’t know. With producing wells it is easier and more tangible to value them, as you have actual figures to go by. While all investors want to make the biggest returns possible, knowing what you are expecting as a reasonable rate of return will help. Using a 60 or 120 moving day average of oil price or 180 days to be very conservative will help the investor to ascertain a fair strike price. To help evaluate the price, current production data, accurate engineering and reserve reports will make the evaluating task clearer. The industry standard is that if you cannot expect to make at least a 5 to 1 return on the information you have then the deal is probably not worth doing. Wholesale deals usually price the oil well based on the per day production. With oil prices today, this figure is approximately $50K/barrel, if there is no upside or increased potential. So a single well producing 4BOPD may sell for $200k, whereas if there are additional pay zones that have yet to be exploited the price per barrel may go to $60k/ barrel or more. Oil leases are notorious for fraud. What do investors need to do to be sure they aren’t being ripped off? I think the most important thing is to know whom you are dealing with. What is their reputation, how long have they been doing this, and as an operator are they producing what they say they are producing. All this can be found and checked in public records. Even if this all checks out, get on a plane and go and see the prospect. Better to spend $500 now than lose $10k later. The due diligence phase cannot be stressed enough, just like buying a piece of real estate for investment. All records are verifiable, including title searches that they are the legal owner and have the right to sell the property. There are lawyers versed in the oil and gas industry that can do this for you. If you are not familiar with reading contracts get someone who is to read your contracts. There are some crafty paragraphs in some of the operating agreements that can leave you high and dry, or expose you to having to put more money in if the project costs overrun. Investing in turnkey programs is advisable until you have more knowledge, confidence and experience.

Here are some key areas to focus on when evaluating a project: 1. Consider the project: How did the company come to choose this particular site or lease? Is there reliable and plentiful data to support their thinking? Are there other producing wells in the area and do their projections mirror them or far exceed them? 2. Look at the team: Are they using top-notch geologists, and what is there track record? Are they in good standing in the community and do they care for the environment? Are they familiar with the area or new to town? 3. In the future: What are the plans for the future? Do they have future projects lined up? The last thing you want is to invest with a fly by Night Company that takes your money, hits a duster (dry hole) and runs. 4. Ask questions, and lots of them: There are no stupid questions, so ask away! If the company dodges them or doesn’t have concise answers, chances are they don’t know what they are doing. Only by asking your questions can you become comfortable with the investment. Transparency is very important, so if they have something to hide you need to know. 5. Due diligence: Always do it or get a qualified professional to do it on your behalf. Check out the state agencies and see if they have a clean record. 6. Heed the warning signs: There are never any guarantees in these investments, so any company guaranteeing you a return should be a warning sign. If a company hesitates to give you info or tells you it is now or never, choose never. Listen to your instinct. As an investor your instinct is one of your most valuable tools, use it wisely. While returns in this sector can far exceed many other sectors, if it still sounds too good to be true then may be it just is.

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ANTILIA THE WORLD MOST EXPENSIVE HOUSE MUMBAI, INDIA Mukesh Ambani Mukesh Ambani, a business tycoon and the wealthiest man in India with an estimated net worth of $23.6 billion. He was born, 19 April 1957. He is an Indian business magnate who is the chairman, managing director and largest shareholder of Reliance Industries Limited (RIL), a Fortune Global 500 company and India’s second most valuable company by market value. He holds a 44.7% stake in the company. RIL deals mainly in refining, petrochemicals, and in the oil and gas sectors. Reliance Retail Ltd., another subsidiary, is the largest retailer in India. He is India’s richest man and second richest man in Asia. Ambani is listed in Forbes as the 39th richest person in the world with a personal wealth of $21 billion for 2015. Through Reliance, he also owns the Indian Premier League franchise Mumbai Indians. He has served on the board of directors of Bank of America Corporation and the international advisory board of the Council on Foreign Relations. He was the chairman of the board of Indian Institute of Management Bangalore, which is one of the leading business schools in India. Mukesh Ambani has a younger brother, Anil Ambani, and two sisters, Dipti Salgaoncar and Nina Kothari. The Ambani family lived in a modest two-bedroom apartment in Bhuleshwar, Mumbai until the 1970s. He received his BE degree in Chemical Engineering from the Institute of Chemical Technology, Matunga. Mukesh later enrolled for an MBA at Stanford University but dropped out to help his father build Reliance, which at the time was still a small but fast growing enterprise. In 1980, the Indian government under Indira Gandhi opened PFY (polyester filament yarn) manufacturing to the private sector. Dhirubhai Ambani (Mukesh Ambani’s father) applied for a license to set up a PFY manufacturing plant. In spite of stiff competition from Tatas, Birlas and 43 others, Dhirubhai was awarded the licence. To help him build the PFY plant, Dhirubhai pulled his eldest son Mukesh out of Stanford where he was studying for his MBA. Mukesh Ambani, then dropped out to help his father and initiated Reliance’s backward integration from textiles into polyester fibers and further into petrochemicals, beginning in 1981. Ambani directed and led the creation of the world’s largest grassroots petroleum refinery at Jamnagar, India, which had the capacity to produce 660,000 barrels per day (33 million tonnes per year) in 2010, integrated with petrochemicals, power generation, port and related infrastructure.

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ANTILIA Mukesh Ambani $1 billion abode “Antilia”, a 27-storey building, 400,000 sqft skyscraper home Antilia, named after a mythical island in the Atlantic out prices any other home in the world, but is not in the Forbes’ list of most expensive homes as the house is not for sale. The home is located at the Altamont road, in South Mumbai, an area where land prices are estimated at US$10,000 per square meter. Many of the floors are double- or triple-height, so the building rises to 570 feet tall above ground, the equivalent of a 40-story structure, making the majestic mansion one of the tallest structures in Mumbai. Designed by Chicago based architects “Perkins and Will”, the luxurious home is also built to the highest safety standards, and can easily endure an 8-richter scale earthquake. The luxury amenities in the house include a well-equipped movie theater with seating capacity for 50 people, a health club and a stunning pool. Several gardens and terraces glorify the buildings architecture while three helipads on the roof, an in-house garage, and nine elevators enhance the comfort of living to huge extents. The house also has facilities like a health club, gym, dance studio, a ballroom, gues

trooms, numerous lounges, a 50-seat screening room, an elevated garden, and underground six parking floors for 160 vehicles. The splendid interior details include a traditional lounge with stunning decoration, a ballroom equipped with designer lighting, and an ice room infused with artificial snow flurries, three floors of hanging gardens and a completely furnished lobby. Described as the “Taj Mahal of the 21st century”, Antilia is well maintained by a dedicated staff of 600 people. Each floor has been designed on a different theme based décor with all modern luxuries included, along with capabilities to meet its own energy requirements, which by no means are meager. In the first month the family moved in with wife Nita and their three children, the house generated a power bill of Rs 70,69,488, Mumbai’s highest residential electricity bill. Antilia consumed 6,37,240 units of power. To put it in perspective, an average household equipped with all electronic amenities consumes 300 units per month. Ambani was, in fact, given a discount of Rs 48,354 for prompt payment, so the Rs 70 lakh quoted earlier is minus this amount. Experts say it’s roughly equivalent to the monthly power bill of 5,000 homes!

World’s most expensive house lies abandoned? Although there are recent reports, from various media houses that Antilia is lying unused and abandoned because it is said to have fallen foul of vastu shastra - an obscure Hindu version of feng shui. “Vastu”, a philosophy that guides Hindu temple architecture, emphasizes the importance of facing the rising sun - and despite the staggering sum spent on Antilia the building’s eastern side does not have enough windows or other openings to let residents receive sufficient morning light. The Ambani family is concerned the building fails to conform to this ancient Indian architectural principles and have refused to move in for fear the home will curse them with bad luck. Film screenings have been staged in its state-of-the-art theatre and dinners held in its grand ballroom, served by staff trained by the luxury Oberoi hotel chain. But its owners return at the end of each party to their former ancestral home, never staying the night. Instead of moving into their dream home, the Ambanis continue to stay in the more modest, 14-storey apartment tower at the south end of the city that they share, on different floors, with the rest of their extended family.

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VIEW POINT

REAL ESTATE

INVESTING iN NIGERIA

By Ejike Edward Okpa

Real Estate is the land and building attached to it. Real Property is the legal rights that run with land and building; leasehold, leased fee, fee simple and freehold. Real estate is the 2-3 dimensional physical aspect of real property. Example of real property is fee simple or freehold; ownership in perpetuity except when interrupted by police power and/or eminent domain of the state. When a state in Nigeria grants one a ‘CO’ - certificate of occupancy, even though it is for a term certain [leasehold], it is considered real property given the initial term and renewal options. The land one owns in their village via ‘RO’ - right of occupancy, is freehold because such land is owned in perpetuity but still subject to police power and eminent domain. The analysis I offer is intended to alert those in property economics and valuation modeling to question Nigeria’s income versus value indices. A property that commands a gross potential rental income of N600, 000 equivalent of $4,000, with the possible sale price of N30m or $200,000, is unimaginable in a developed economy where income is the basis of value. Assuming one was to borrow to acquire such property and rely on the income to carry the mortgage note, it would not happen. If the rule of the thumb, devoid of analysis were to hold true in all cases of property valuation, the highest value one can expect from such property earning N600, 000 annually is N6m or $40,000. That is a 10x factor. Nigeria’s real estate is skewed and overly hinged on transactions motivated by undue volume of cash chasing few investment assets. Nigeria real estate market is very small. The asset class and grade are hardly investment quality. Major foreign pension funds and insurance companies shun Nigeria’s real estate opportunities due to the limited and confusing market fundamentals that direct and influence investment interests. Given that real estate transactions in Nigeria are often done to hide money from questionable sources, it is not uncommon that the market sees large cash infusion on assets of less desirable grade with returns that are unsustainable. Most buyers are not informed on the economics of real estate; they simply want to buy assets for social prestige as opposed to economic fundamentals. Sophisticated investors therefore stay away while the vultures come in and further make the market unattractive. Since Nigeria’s financial institutions and service companies have limited exposure in real estate investment in the country, the cash driven investments are not at levels to produce desired trends. Very few cities in Nigeria (such as Abuja, Lagos and Port Harcourt) have some level of limited sophistication. The rest of the cities are bare and not attractive for considerable investment. Here is a measure of property class: Nigeria has less than 5,000,000 square feet of purpose built office buildings available for rent. This is an indication that the economy is not knowledge based and when it comes to R&D spaces, it is virtually non-existent. Nigerians are trading people and even the retail real estate are denoted with street hawking, dominated with open space markets, and mom-pop shops/stores that sell anything and everything.

While definitions can be localized, certain grade of real estate assets are universal by definition, and when such definition seems to go counter international standards, global investors shy away. Nigerians like to define their own rules; a dangerous culture that increases their notoriety while damaging their national reputation. The consequences of such culture is the absence of volume of transactions and sophistication to help jump-start the real estate market. Since real estate in developed economy constitutes about 70% of a nation’s economic wealth, the manner of its use must meet certain standards in order to add value to the overall economy. Most municipalities in US rely on real estate property taxes as source of their revenue. It is the highest single source of their revenue, bringing in up to 45%. In Nigeria, property tax called rating valuation lacks good administrative structure and skilled practitioners to help states and local governments increase and improve their revenue base. It is no wonder; most Nigeria states and cities (except for Lagos with bare attempts) collect less than 5% in revenue attributed to property tax. How can they, when real estate ownership in Nigeria is more about prestige than returns and responsibility? As it is, Nigeria is a fifth rate country in terms of a country considered favorably for global real estate investments. Until there is significant investment in Nigeria’s non-oil/gas sectors, the economy will never produce enough activities to absorb the needs of its teeming population. Ironically, the dance and songs about Nigeria oil is just that. Nigeria in 2014 realized less than $40b in the sale of oil/gas. Nigeria can realize about more than $200b from property taxes were the leadership sincere and committed to jump starting the domestic economy. While Nigeria is Africa’s largest economy, it’s largely an undeveloped country that dances around a single commodity – oil. Ejike Edward Okpa is an experienced commercial real estate and economic development practitioner with vast domestic and international projects. He has a Bachelor in Real Estate Management from UST Port Harcourt, Nigeria and Harvard GSD executive AMDP in Real Estate, and Real Estate Securitization certificate from European Business School, a joint program with Harvard University.

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MEDICAL TOURISM

Most popular destinations

for medical tourism

Medical tourism is rapidly growing, and the industry is now worth an estimated $100 billion. Foreign travelers benefit from the industry’s growth by gaining access to inexpensive health care, while host countries see economic benefits that have a positive effect on both skilled and unskilled trades. The following five medical tourism destinations are the most popular for medical tourists.

Malaysia

The medical tourism industry has boomed in Malaysia in the last decade. Today, more than 400,000 foreign patients visit the country each year, bringing in more than $60 million in revenues. The number of medical tourists in the country is expected to grow by at least 30 percent a year for the next decade. The wide array of medical treatments available in the country is availPanama Costs for medical procedures in this Central-American coun- able at very low costs compared to the U.S. and U.K. For instance, a try are significantly lower than those in the United States. On cardiac bypass surgery, which can cost upwards of $100,000 in the average, patients can save between 40 and 70% on health care U.S., is available in Malaysia for as little as $7,000. costs by pursuing treatments in Panama, and travel costs to the Costa Rica Like Panama, this Central-American country has become a popular country are generally inexpensive from the United States. Panama is also relatively safe, quite “Americanized” and uses destination for medical tourists because of its high-quality medical the US dollar as official currency. Medical tourists are not likely care and affordable prices. In 2014, over 150,000 medical tourists to experience much culture shock in the country, and many sought care in the country, including plastic surgery and dental work. The country’s political stability and easy access to Nigerians also physicians have been trained in the U.S. and U.K. makes it a premier destination for patients. Brazil India An international mecca for plastic and cosmetic procedures, India offers one of the highest qualities of health care at some of the Brazil boasts a high quality of service coupled with compara- lowest costs. Many Indian hospitals are internationally accredited, and tively low costs. Foreigners also seek after general medical the medical tourism sector is growing rapidly. In 2014, more than half treatments. The country has more hospitals than any other a million foreign patients sought care in the country, bringing in more country in the world except for the United States, and many than $2 billion per year. Many patients travel to India for orthopedic are accredited by American organizations. and cardiac procedures, and some seek out treatments that are not available in the U.S. like Birmingham hip resurfacing. w w w. ma r ke t dig e s t n ig e r ia . c o m

SPECIALZATION -RESIDENTIAL CONSTURCTION AND REMODELLING -PROPERTY SEACRH AND ACQUISITION LOCAL AND ABROAD -IMPORTING LUXURY FIXTURES & FITTINGS, FURNISHINGS & BATHROOM -LUXURY SHORT LET APARTMENTS HOME & ABROAD -FACILITIES MANAGEMENT & MAINTANANCE

Bringing life t

Market Digest Nigeria is a multi-disciplined company that uses enhanced planning and diligence, construction and development control and accountability procedures to deliver a GOLD CLASS standard w w w .ma r ke t dig e s t n ig e r ia . c o m

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to Real Estate

info@marketdigestnigeria.com +234(0)7059570580 13 Taiye Olowu Off Victoria ariobeke Street lekki Phase 1. Lagos w w w. ma r ke t dig e s t n ig e r ia . c o m

DESIGN

FREESTANDING TUBS

A bathtub is the perfect addition to any bathroom, whether you use it to bathe your kids or for a long, relaxing soak at the end of a hard day. Freestanding baths are becoming more popular due to the fantastic design statement that they make. Only freestanding baths can give you the elegant, sophisticated feel like you are in a retreat or an expensive day spa, Freestanding bathtubs are distinct. These large bathtubs create a superb design statement when included in the bathroom. In some cases, the tubs can become the actual focal point of the space. Traditionally, these types of bathtubs are identified with a single design: a large deep tub with claw feet, reminiscent of old Victorian baths and showers. Over time, an increasing number of models and designs have been made available on the market to accommodate different types of users. This classic and modern baths come in a wide array of shapes, lengths, depths and materials. Freestanding baths are available in different materials such as acrylic, cast iron, wood, or stone. There is also a huge range of choice in tap ware to match your bathroom theme. Floor mounted tap ware is popular for freestanding baths but you can also get wall mounted tap ware, or mount your tap ware on the bath itself.

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DIFFERENCE BETWEEN A FREESTANDING TUB AND A BUILT-IN TUB AESTHETIC

Freestanding tubs are more like a piece of beautiful furniture than a fixture unlike built in tubs, freestanding baths are finished on all sides, offering flexibility in placement and a strong visual statement.

SPACE

freestanding tubs generally take up more space than built-ins. The tubs can be installed almost anywhere, most people don’t place them against a wall. That’s the point, right? But installing a tub in this manner means that it will take up more floor space in the bathroom. The selection of tub fillers is also a factor, as floor-mount models require more floor space than deck- or wall-mounted faucets.

HILO ACRYLIC BATHTUB BY GLASS IDROMASSAGGIO

The tub was created and designed by Glass Idromassaggio. The tub comes in an oval form or in a rectangular form. The tub is dressed in an exterior that looks like wood. The brown contrasts very well with the white interior of the tub. One of the most beautiful things about the tub is the incorporated tap that looks amazing. The tap has chromium buttons to adjust the water intensity, and a handle so that you could select hot or cold.

SIZES

Freestanding comes with a variety of sizes: Do you have a tall, lanky family member who loves to bathe? Do you want an extradeep tub to accommodate your soaking? You can get long, shallow baths that are perfect for bathing children, or deep luxurious baths where you can soak happily for hours.

STYLE

Freestanding bathtubs come in a wide range of styles, from vintage claw-foot to sinuous modern shapes. They lend a spa-like feel to a bathroom, which is harder to achieve with a built-in. freestanding bathtubs, you’ll want to keep the door open. With a view of a tub like this, you’ll want to show it off.

SYMBIOSIS BY DESNAHEMISFERA

COST

Freestanding can be generally more expensive to buy than built in baths, both to buy the bath itself and the extra plumbing costs incurred.

PLUMBING

The other thing to consider is the plumbing. Now, the plumbing is one of the main benefits of a freestanding tub. The plumbing for these tubs is visible, unlike that of other tubs. Because of the visual appeal, the plumbing comes in several finishes, including brass, nickel, and chrome. There are also several faucet styles, including gooseneck, rim, and hand-held. The faucets come in many designs, as well. Again, it depends mostly on your personal taste and budget.

This is a modern bathtub designed by Desnahemisfera for Kerrock by Kolpa. It comes with a built-in washbasin as well as built-in speakers to make your bath time more enjoyable. Besides the design aesthetic, Symbiosis is also a technologically advanced product, as water temperature and water pressure can be controlled at the touch of a button, while its built-in speakers enable you to play your favorite music on your mobile phone or device while you enjoy a relaxing bath.

VARIETY

There are roll tops, oval, square shaped tubs and more. Made up of a variety of materials Baths are made from a variety of materials including stone, cast iron, wood and acrylic. Matching plumbing fixtures such as taps, showerheads and enclosures can be purchased and installed to create a consistent theme for the space.

ASSET

The really unique freestanding bathtubs can also be used as an asset. If the homeowner decides to sell the house in the future, the freestanding tub can help increase the value of the home and make it more enticing for buyers. Here are some of the unique luxurious tubs available in the market.

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DESIGN

LAGUNA BATHTUB BY ALEGNA

VESSEL BY SPLINTER WORKS

This bathtub is made of wood with wood grains pattern that â&#x20AC;&#x153;flow-inâ&#x20AC;? to the center. Laguna has smooth lines and a stable form that reflect the warm aura of flowing water. The perfect ergonomics will make soaking in one such a pleasurable experience. This rectangular model can be achieved in non-standard sizes to fit all needs.

BATHE BATHTUB WITH CUSTOMIZABLE ACCESSORIES BY JUSTIN WAGEMAKERS & BLUE SKY This modern bathtub will be great on your bathroom. Not like usual bathtub, this bathtub has accessories and attachments that can be customized into seating, holder, storage, steps or another thing as you like. Designed by Justin Wagemakers & Blue Sky Design Group, Bathe bathtub is a winner of 2011 Reece Bathroom Innovations Award.

Vessel is a bathtub by Splinter Works that combined bathtub and hammock. Vessel is made from carbon fiber, which is utilized for its inherent strength, and ability to be formed into complex curves, furthermore the weave of the fabric references the cloth of a typical hammock. Beneath the layers of carbon fiber lies a foam core, which insulates the tub, meaning the bath stays hot for considerably longer than normal.

IMPERIAL WINDSOR BY IMPERIAL MARLOW

The Marlow bath from the Imperial Windsor range adds an exclusive level of sophistication to the traditional tub. Featuring the rolled top and tulip form of the classical bath design, the Marlow has an architectural theme and a strong visual presence. Created from a unique blend of mineral and resin, the Cian Solid Surfacing creates a fine matt finish that retains heat and is smooth on the skin, with the added benefit of being scratch resistant to keep it looking fresh for years. The tub comes with a variety of claw-foot, a wall-mounted filler set, or freestanding bath filler, which can be ordered separately.

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PROPERTIES

NIGERIAN

PROPERTIES

If you are currently looking for the best properties in Nigeria, that will make an excellent addition to your asset portfolio, take a look at the following properties from the best developers in the market below. Contact us for a full list of available properties and updates. We also give an unbiased advise on the property location; with regards to security, if water logged when it rains, PHCN situation and nearness to shops, schools e.t.c. Also, if you have a unique property for sale that might be of interest to unique Homebuyers, please contact us. If you also have a stunning property that has the potential to generate income through short let rentals for companies and for holidays, then we’d love to hear from you. If your property is unusual and unique with beautiful interiors then do get in touch… we’re looking for the unique.

5 BEDROOM VILLA+ 1 BEDROOM B.Q 175MILLION LEKKI 1 LAGOS

lagos properties

5 BEDROOM DETACHED DUPLEX + SWIMMING POOL 95 MILLION LEKKI 1 LAGOS

5 BEDROOM DUPLEX + POOL 160MILLION LEKKI 1 LAGOS

5 BEDROOM DUPLEX 150MILLION LEKKI 1 LAGOS

5 BEDROOM DETACHED DUPLEX + 1 BEDROOM

w w w. ma r ke t dig e s t n ig e r 90 ia . c om BQ MILLION IKATE ELEGUSHI LAGOS

LAGOS PROPERTIES

5 BEDROOM DUPLEX 70 MILLION IKATE ELEGUSHI LAGOS

6 NOS 3 BEDROOM FLATS 35 MILLION OSAPA LONDON LAGOS

6 NOS 4 BEDROOM TERRACE + 1 BEDROOM BQ 55 MILLION OSAPA LONDON LAGOS

5 BEDROOM DUPLEX 150MILLION LEKKI 1 LAGOS

3 NOS 5 BEDROOM DUPLEX + 1 BEDROOM BQ 60MILLION AGUNGI LAGOS

5 BEDROOM DETACHED DUPLEX + 1 BEDROOM BQ 62 MILLION AGUNGI LAGOS

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LAGOS PROPERTIES

4 NOS 5 BEDROOM DETACHED DUPLEX + 1 BED B.Q 60MILLION AGUNGI LAGOS

4 NOS 5 BEDROOM VILLA + 1 BED B.Q 60MILLION AGUNGI LAGOS

3 NOS, 5 BEDROOM DUPLEX + 1 BEDRROM BQ 63MILLION AGUNGI LAGOS

5 BEDROOM DUPLEX + 3 BED B.Q. (2 FLLORS) 60MILLION AGUNGI LAGOS

2 NOS 5 BEDROOM DUPLEX + 1 BED B.Q 55 MILLION AGUNGI LAGOS

3 NOS, 5 BEDROOM DUPLEX + 1 BEDRROM BQ 50MILLION AGUNGI LAGOS w w w. ma r ke t dig e s t n ig e r ia . c o m

LAGOS PROPERTIES

24 NOS 3 BEDROOM FLAT 35 MILLION + 450 S.C OSAPA LONDON LAGOS

4 NOS 4 BEDROOM TERRACE 50 MILLION OSAPA LONDON LAGOS

2 NOS 5 BEDROOM DUPLEX + 1 BED B.Q. 65MILLION OSAPA LONDON LAGOS

4 NOS 4 BEDROOM TERRACE 50 MILLION OSAPA LONDON LAGOS

2 NOS 5 BEDROOM DUPLEX + 1 BED B.Q. 65MILLION OSAPA LONDON LAGOS

3 NOS, 5 BEDROOM DUPLEX + 1 BEDRROM B.Q 55 MILLION CHEVRON DRIVE LAGOS

w w w .ma r ke t dig e s t n ig e r ia . c o m

LAGOS PROPERTIES

2 NOS, 5 BEDROOM DUPLEX + 1 BEDRROM B.Q 65 MILLION CHEVRON DRIVE LAGOS

20 NOS, 4 BEDROOM TERRACE + POOL + GYM 60 MILLION CHEVRON DRIVE LAGOS

4 NOS 7 BEDROOM TERRACE VILLA + 1 BED B.Q. 78 MILLION CHEVRON DRIVE LAGOS

6 NOS 3 BEDROOM FLAT 30 MILLION CHEVRON DRIVE LAGOS

2 NOS, 5 BEDROOM DUPLEX + 1 BEDRROM B.Q 68 MILLION CHEVRON DRIVE LAGOS

4 NOS 7 BEDROOM TERRACE VILLA + 1 BED B.Q 70 MILLION CHEVRON DRIVE LAGOS

w w w. ma r ke t dig e s t n ig e r ia . c o m

LAGOS PROPERTIES

2 NOS, 5 BEDROOM DUPLEX + 1 BEDRROM B.Q 54 MILLION CHEVRON DRIVE LAGOS

2 NOS, 5 BEDROOM DUPLEX + 1 BEDRROM B.Q 55 MILLION CHEVRON DRIVE LAGOS

2 NOS, 5 BEDROOM DUPLEX + 1 BEDRROM B.Q 54 MILLION CHEVRON DRIVE LAGOS

5 BEDROOM DUPLEX 150MILLION LEKKI 1 LAGOS

2 NOS, 5 BEDROOM DUPLEX + 1 BEDRROM B.Q 75 MILLION CHEVRON DRIVE LAGOS

6 NOS 5 BEDROOM DETACHED DUPLEX 90 MILLION ONIRU LAGOS ISLAND

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LAGOS PROPERTIES

8 NOS 4 BEDROOM FLATS 70 MILLION ONIRU LAGOS ISLAND

8 NOS 4 BEDROOM TERRACE+ 1 BED B.Q. 100 MILLION ONIRU LAGOS ISLAND

12 NOS 4 BEDROOM FLAT + 1 BED B.Q 70 MILLION ONIRU LAGOS ISLAND

3 NOS 4 BEDROOM APARTMENT 100 MILLION ONIRU LAGOS ISLAND

5 BEDROOM DETACHED DUPLEX 110 MILLION ONIRU LAGOS ISLAND

2 NOS 3 BEDROOM DETACHED DUPLEX + 1 BED B.Q 80 MILLION ONIRU LAGOS ISLAND w w w. ma r ke t dig e s t n ig e r ia . c o m

LAGOS PROPERTIES

2 BEDROOM FLAT 38 MILLION ONIRU LAGOS ISLAND

4 BEDROOM DUPLEX+ 1 BED B.Q. 110 MILLION LEKKI LAGOS ISLAND

6 NOS 4 BEDROOM TERRACE + 1 BED B.Q. 55 MILLION IKATE ELEGUSHI LAGOS ISLAND

14 UNITS OF 3 BEDROOM FLAT + 1 BED B.Q. 45 MILLION IKATE ELEGUSHI DRIVE LAGOS

12 UNITS OF 5 BEDROOM DUPLEX + 1 BED B.Q. 140 MILLION LEKKI LAGOS

3 BEDROOM DETACHED DUPLEX + 1 BED BQ 38 MILLION OSAPA LONDON LAGOS ISLAND

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LAGOS PROPERTIES

4 BEDROOM TERRACE + I BED B.Q. 55 MILLION OSAPA LONDON LAGOS ISLAND

4 BEDROOM DETACHED DUPLEX + 1 BED B.Q. 60 MILLION OSAPA LONDON LAGOS ISLAND

2 BEDROOM (GRD FLR-‐110 M, 1ST FLR-‐115M, 2ND FLR-‐120M. 3 BED GRNFLR- ‐145M, 1ST FLR-‐155M, 2ND FLR-‐160M, SERVICE DEPOSIT 3M BANANA ISLAND

4 BEDROOM TERRACE + I BED B.Q. 110 MILLION IKEJA GRA LAGOS

4 BEDROOM TERRACE. 145 MILLION IKEJA GRA LAGOS

3 BEDROOM DETACHED DUPLEX + 1 BED B.Q. 135 MILLON IKEJA GRA LAGOS w w w. ma r ke t dig e s t n ig e r ia . c o m

ABUJA-LAGOS PROPERTIES

5 BEDROOM VILLA+ 1 BEDROOM B.Q 450 MILLION IKEJA LAGOS

4 NOS 5 BEDROOM DETACHED DUPLEX + 1 BED B.Q 180 MILLION IKEJA LAGOS

2 NOS 5 BEDROOM DUPLEX + 1 BED B.Q. 200 MILLION IKEJA LAGOS

4 BEDROOM DUPLEX+ 1 BED B.Q 110 MILLION VGC LEKKI LAGOS

ABUJA PROPERTIES

10 BEDROOM VILLA+ 2 BEDROOM GUEST HOUSE+ 2 BEDROOM BQ+ POOL+ GYM+ LAWN TENNIS COURT+ ELEVATOR 1.3 BILLION ASOKORO ABUJA w w w .ma r ke t dig e s t n ig e r ia . c o m

ABUJA PROPERTIES

5 BEDROOM DUPLEX + GUEST HOUSE + POOL + GEN SET 800 MILLION ASOKORO ABUJA

7 BEDROOM DUPLEX + GUEST HOUSE + BQ + POOL 800 MILLION ASOKORO ABUJA

3 UNITS OF 5 BEDROOM TERRACE DUPLEX + BQ 500 MILLION ASOKORO ABUJA

2 UNITS OF 3 BEDROOM DUPLEX + BQ 120 MILLION ASOKORO ABUJA

8 UNITS OF 3 BEDROOM FLATS + 8 UNITS OF SELF-‐ CONTAIN BQ + POOL 800 MILLION ASOKORO ABUJA

4 BEDROOM DETACHED DUPLEXES + BQ + GEN SET 400 MILLION ASOKORO ABUJA

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ABUJA PROPERTIES

5 UNITS OF 4 BEDROOM FLATS 750 MILLION ASOKORO ABUJA

5 BEDROOM TWIN TERRACE DUPLEX + INBUILT GARAGE 700 MILLION ASOKORO ABUJA

2 UNITS OF 4 BEDROOM FULLY DETACHED DUPLEX + BQ + POOL 190 MILLION ASOKORO ABUJA

8 BED SEMI-‐FURNISHED VILLA + 2 BED GUEST HOUSE + 2 BED BQ + POOL 1 BILLION MAITAMA EXTENSION ABUJA

3 UNITS OF 4 BEDROOM SEMI-‐DETACHED DUPLEX 600 MILLION MAITAMA EXTENSION ABUJA

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ABUJA PROPERTIES

5 UNITS OF 4 BEDROOM FLATS 300 MILLION JABI ABUJA

3 UNITS OF 5 BEDROOM TERRACE DUPLEX 75 MILLION PER UNIT JABI ABUJA

8 BED VILLA + GUEST HOUSE + CCTV + SEMI-‐FURNISHED KITCHEN + POOL + BQ + AMPLE PARKING SPACE 280 MILLION GWARINPA ABUJA

6 BEDROOM DUPLEX + BQ 280 MILLION DURUMI ABUJA

5 UNITS OF 4 BED SOLAR PANELED DUPLEX + SEMI-‐FURNISHED KITCHEN+MAID’S ROOM + LAUNDRY ROOM 300 MILLION PER UNIT DURUMI ABUJA

4 UNITS OF 4 BEDROOM DUPLEX 400 MILLION DURUMI ABUJA

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PROPERTIES ABROADS

BUYING A HOME IN EUROPE

INTERESTED IN BUYING A PROPERTY IN EUROPE? If you’re considering buying a property in Europe, you’ll need to bear in mind that the system and steps to follow may be different from those you have experienced in Nigeria. This article is intended as a practical advice to consider when purchasing a property overseas. The Nigerian hustle, weather, noise pollution from our generators and the chance to escape from Nigerian politicians all fuel dreams of starting a new life overseas. Culture, history and cuisine make Europe the biggest draw for Nigerians. Sure, you could make a home for yourself in a world-class capital like Paris or London, but you’ll pay dearly for the privilege. If that’s not in your budget, consider a transportation hub where your Naira will go much further. The possibilities include Brussels, Vienna and Dublin, where you can catch a high-speed train or snag an intra-European budget airfare to almost anywhere. Ireland is on sale right now, due to overdevelopment before the financial maelstrom, so folks who don’t want to have to learn a foreign language might set their sights on Dublin. Cost-conscious Africans are snapping up cute little family cottages that have come on the market at the French and Italian countryside grays. Prices are stagnant in both countries, says Steenie Harvery, who covers real estate trends in the region for the International Living website. One area currently offering great value is the Dordogne, located between the Loire Valley and the Pyrenees, she says. It has long been popular with African buyers as a vacation site, and with the flagging economy many of them need to sell.

The details of buying in Europe vary, country by country. It is partly a question of different legal systems and languages, but there are also differences in culture and tradition to take into account. The agent and lawyer, apart from drawing up the relevant contracts, and a general process of due diligence, there are two key priorities that they will also address. The first is establishing that the property has clean title, in other words, that the boundaries are clearly delineated, and that the ownership is undisputed. This can be a much more significant issue in many other countries than it usually is in Nigeria. The countries of Eastern Europe, for example, all spent decades under communism during which there wasn’t a free market in property and ownership sometimes became clouded. At the very least, purchasing the wrong property, can cause legal headaches, uncertainty and stress stretching into the future, the last thing that anybody buying a holiday or retirement home would choose. And if you are buying for investment, getting it right can mean the difference between owning a lucrative nest egg and a dud that will drain your finances for years to come. Buy a home abroad without expert advice and, as the saying goes, you will have the opportunity to repent at leisure. Finally, don’t be seduced to purchase a house during a brief holiday visit. You might just be there at the best time of the year (weather). It may be sunny now, but what will it be like in a couple of months? , Away from the coast in Spain, for example, you may find that the hillside village, which is unbearably hot in summer, becomes frozen and miserable from late autumn onwards.

IMPULSE BUYING

One of the remarkable phenomena of recent years has been the number of Nigerians willing to buy a property abroad without having seen it, or without even having ever visited the country in question or even seeking an expert’s advice. You may be tempted to believe that Nigerians will know better but In the real world, for Nigerians, it too often starts out as an impulse decision, driven by emotional rather than rational considerations, and muddled through in blissful ignorance One woman told me she bought a ski property in Portugal after her sister-in-law phoned her to say she was at a property exhibition in a local hotel. “They are selling like hot cakes,” she urged. “Get down here fast.” When she did eventually decide to visit the site of her offplan property, she discovered it was miles from the ski slopes, had no access to the golf course it was adjacent to, and that there was a glut of similar properties nearby. Seeking expert advice from a renowned estate agent, and later an independent lawyer is the first and best step.

MAKE YOUR NAIRA GO FURTHER.

If you purchase a property in Europe, you may be able to get a residency permit, and you may be able to rely on the Schengen Agreement signed by 25 EU countries. The Schengen agreement is beneficial because you can travel to many different European countries on the same trip thus avoiding the hassle of obtaining individual visas for each country.

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“They are selling like hot cakes,” she urged. “Get down here fast.” You may also want to consider getting a house in the suburbs of a big city. Compared to an inner-city living situation, you will usually find more square footage for your money in the suburbs. Apartments often come with front, back and even side yards. Your property may have trees and wildlife. Having more space inside and out is one of the most common reasons previous city dwellers move into the suburbs. While you get the benefit of space, suburbs are usually still close enough to commute into the city.

not working abroad, if you rent out a property you own, you’re likely to have income that is taxable there and a taxfiling obligation. In France there’s also an annual wealth tax on a property if its net value is more than 1.3 million euros (about 370 million Naira). Warning: If you’re considered a French resident, the tax applies to all your assets worldwide, although there’s a five-year grace period for new arrivals. Wealth taxes may be on the horizon elsewhere in Europe, too.

REAL ESTATE INHERITANCE In Nigeria, your will or living trust can leave real estate to whomever you choose. Not so in most of Europe. Unless your property is in England, children share inheritance rights with your spouse–sometimes called “forced heirship”, and the more kids you have, the less your spouse gets. If you have three children, your spouse is entitled to one-fourth of that chateau in the Loire, and the kids get the rest. Holding property as joint owners (en tontine in French) is one workaround, though not something the locals typically do. Depending on the country, there may be others. In France you can set If you’re very wealthy, of course, the suburbs of big cities are up a corporation to buy and hold the real estate; in Italy you the best places to re-create your wealthy Nigerian living style in would use a trust for this purpose. Europe. In fact, while Europe is a bad place to get rich, it is Case in point: In Italy a will must be handwritten. Your heirs arguably the best place to be rich. may also have to contend with estate or inheritance tax on European property, even if you weren’t technically a resident LINE UP MEDICAL INSURANCE The Ogunjimis’ residency permit made them eligible to buy of the country. Both Italy and France, for example, impose government-sponsored health insurance at an affordable rate– an inheritance tax with rates based upon the relationship of a big plus, since with very limited exceptions Medicare won’t the heir to the person who died. France only recently adopted reimburse you for expenses overseas. For shorter trips retirees a tax exemption for property left to a spouse. (Nicolas can buy travel gap medical insurance, with the premium based Sarkozy introduced it after he married Carla Bruni.) on age; a 68-year-old can buy $1 million of coverage from HTH Worldwide for $7.43 a day–for up to 70 days. But some travel CONSIDER CURRENCY RISK policies exclude preexisting conditions or medications you take Particularly if you’ll be renting your property out, you may on a regular basis. International health insurance is designed for want to wait it out before buying. The Naira has recently stays of longer than six months, includes preventive care and is been experiencing a free fall against the euros. Borrowing to renewable once you qualify. But there is no guarantee that you purchase foreign property at this time should be discouraged, will get the initial policy. Whether you’re buying it from a Ni- you will loose due to inflation because both the value of your gerian company or one overseas, you can be turned down for property and what you can charge for rent will remain the a preexisting condition. And it’s not cheap. The charge for an same, while your debt increases. expatriate plan for someone 65 to 69 years old with a $1,000 Along with home prices, transaction costs vary from country deductible is $819 per month. to country in the amount and the types of fees that apply. They can include registration taxes, property transfer taxes, legal fees, notary fees and agents’ commissions. Prices also vary MIND THE TAXES Owning a European home could subject you to extra layers of based on currency conversions. taxes. “In France we have any possible tax you can think of,” Buyers may be able to benefit from housing markets that are sighs Paris lawyer Jean- Marc Tirard. Even if you’re There are also cheap Big Box stores. Chain restaurants are nearby, there’s also “ample parking day or night.” quieter streets and lower crime rates. Suburbia offers an escape from the work and stresses of the big city. With less traffic congestion and crowding, suburbanites often find a higher quality of life than what is available elsewhere. In European countries, historic downtowns of the premiere cities like Paris or Stockholm are by far the best places to live, according to Bryan Caplan, an estate investment specialist.

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still struggling in many parts of Europe. In its last review, the Royal Institution of Chartered Surveyors pegged Ireland, Spain, Greece, and central and Eastern Europe as having the most depressed markets. But in Germany, Italy, the Netherlands and France, the markets showed signs of stabilizing as prices edged upward. If you’re thinking about acquiring a property in France, Germany, Ireland, Italy or Spain, be aware that certain tax laws apply to Nigerian citizens who purchase foreign properties.

FRANCE

Prices: Average home costs about 2,033 Euros/square meter for a detached house in the first quarter of 2015. Transaction costs: 8.67 percent to 13.37 percent of purchase price Restrictions on foreign property ownership: No. Buying process: 10 percent security deposit due at signing of purchase agreement. Buyer must provide a copy of birth certificate and marriage certificate, if applicable, translated into French.

GERMANY

Prices: Average home costs about 230,000 euros for a newly built detached house in 2015. Transaction costs: 6.09 percent to 9.07 percent of purchase price. Restrictions on foreign property ownership: No. Buying process: All buyers and sellers must be present at signing of contract. Contract is read aloud in German; bring a translator if you don’t speak the language.

IRELAND

Prices: Average home cost about 200,000 euros in the first quarter of 2015. Transaction costs: 3.19 percent to 10.11 percent of purchase price. Restrictions on foreign property ownership: No. Buying process: A stamp duty of up to 9 percent of the purchase price is payable once the conveyance of the property is complete, which can take six to eight weeks from the contract signing. Firsttime homebuyers with properties purchased at 310,000 euros) or below are exempt from the stamp duty.

ITALY:

Prices: Average home purchased costs about 289,000. Transaction costs: 7.6 percent to 18.5 percent of purchase price. Includes cadastral tax, which is typically 1 percent or a fixed fee of 168 euros for a new property. Restrictions on foreign property ownership: No. Buying process: Typically, a 5 percent deposit is due when you make a purchase offer, plus another 20 percent at the signing of the preliminary sales contract.

SPAIN

Prices: Average home costs about 229,000 euros in the first quarter of 2015. Transaction costs: 8.16 percent to 11.24 percent of purchase price. Restrictions on foreign property ownership: No. Buying process: 5 percent to 15 percent deposit due at signing of preliminary sales contract; balance due at signing of completion contract. Tip: If you’re looking for bargains, this might be the place to shop. Spain was one of Europe’s most depressed housing markets last year. In the popular Costa Blanca region, for example, you’ll find listings of threeand four-bedroom villas with pools, terraces and landscaped gardens for well under 300,000 euros.

If experienced advise or expertise in purchasing a property abroad, we have created a wide range of services that will give you both local and international solutions. Send your enquires to info@marketdigestnigeria.com.

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PROPERTIES ABROAD If you are looking to buy a home abroad, we have a selection of homes for sale from our database; our overseas property database is updated weekly. Whether you are looking to buy the renovation of your dreams, a new development, a place in the sun next to the beach, a second home abroad, a retirement home, or an apartment for investment purposes, our Properties abroad database will help you find that ideal property suited to your needs. If you are unsure which country to buy abroad or the type of property you want to buy, we encourage you to please contact us we will help: • Familiarize you with the typical processes and costs involved in buying a property abroad. • Familiarize you with the different tax laws related to owning and maintaining a property abroad • Advice on the best ways to pay for them. Find below some of the best properties in the foreign market:

Modern 4 Bed Villa, Algarve, Portugal N200 million

This villa is set in quality urbanization, 1.5 km from the main beaches of the Algarve and 1.5 km distance from Salgados Golf course. Faro airport is 40 km distance. Set in a plot of 925m2. The 1st floor is composed of 3 charming suites and large, relaxing terrace, offering fully open views that complete the true refinement that characterizes this house. All rooms have air conditioning. The villa is equipped with alarm,satellite TV and solar panels for water heating w w w. ma r ke t dig e s t n ig e r ia . c o m

Luxury Villa In Alexandropoulis, Greece N454 million

This 600sq.m luxury villa has 2 maisonettes each of 200sq.m and 2 apartments each of 100sq.m. built in a 10000sq.m. land. The location of the property is unique since it is right next to the sea and has its own beach. The garden is in a very good condition. In front of the villa and next to the sea are the pool, barbecue and bar. Every maisonette has 3 bedrooms with wardrobes, big dining room with a fireplace, separated kitchenwith all necessary electric appliances, basement, and one bathroom. Every apartment has 2 bedrooms with wardrobes, big dining room with a fireplacewith easy access to the swimming pool, a bathroom and a warehouse. The apartments can be used as guest houses since they have their own entrances. The whole property has an automatic irrigation system and its own drilling for industrial water. The building can be used all year-round â&#x20AC;&#x201C; there are fireplaces and air-conditioning for every apartment. The whole building is luxury furnished. Close to the property there is a luxury restaurant on the beach with exquisite view.

Property In Lagos, Portugal N250 million

This is a beautiful and stylish, modern Semidetached property, directly in front of the sea and just a femminutewalk fromthe beach and center.With a very high letting potential, it consists of a large living room, a spacious fully fitted kitchen, 3 en-suite bedrooms, an office (or 4th bedroom) and ashower room. Below there is the garage, laundry room,sauna and a large and bright room, that can be used as 5th bedrooms or pool/games room. It has air conditioning through out, under-floor heating, solar water heating system and electric security w w w .ma r ke t dig e s t n ig e r ia . c o m shutters.

4 Bed detached house, Garthdee Road, Aberdeen, Scotland, U.K. N192 million

This beautiful four bedroomdetached home is perfect for families with the ground floor having a spacious kitchen/family/breakfast room with double French doors. There is also a dining room leading onto the garden, a lounge,WC and utility room. Upstairs youâ&#x20AC;&#x2122;ll find four double bedrooms with the master having an en suite and Juliet balcony and a bathroom with separate shower. The property has excellent links to the city center and The Robert Gordon University is a short walking distance. 4 Bed

4 Bed Modern Villa Minutes From TheFalesia Beach, Portugal N 285 million

Contemporary villa located within a walking distance to the beach. The villa has 5 ensuite bedrooms. It also has its own private pool. The property is equipped with central heating,fully equipped modern kitchen, separate maidÂ´s apartment,swimming pool and garden. It offers views across pine trees.This mature urbanization is within walking distance to restaurants, supermarket and all amenities

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4 Bed Modern Design Villa Close Bo Boa Vista Golf, Lagos, Portugal N230 Million

This Recently completed modern style 4-bedroom luxury villa is one of a kind! Its unique architecturemakes this property stand out in its neighborhood and features a large kitchen, living room, dining roomseparated by the swimming pool,which has been integrated into the indoors of the house. As an option, part of the pool can be closed off so it can be heated and used in thewintertime. Equipped with all the amenities, such as under-floor heating, Alarm system and surround sound system, this property is a true gem waiting to be moved into.

5 Bed Villa Los Flamingos, Estepona,Spain N185 million

This contemporary and spacious luxury five-bedroomvilla is located in one of themost exclusive golf resorts along thewhole of theCosta del Sol. This estate consists of six villas in total. The actual apartment consists of large living room with open fireplace (gas), fully fitted kitchen, spacious master bedroom en suite and four en-suite bedrooms. There are beautiful covered and open terraces and private garden. The estateâ&#x20AC;&#x2122;s swimming pool is located in the wellmaintained communal tropical gardens. The property has stunning panoramic views over the golf course and mountains and is southwest facing. The apartment is very close to a stunning six star hotel and is close by to all amenities, just a few minutes from the beach, shops, supermarkets and Puerto Banus is just a short drive away. w w w .ma r ke t dig e s t n ig e r ia . c o m

5 Bed town house Toulouse, France N 177 Million

This stunning townhouse is 10 minutes from the city center. This beautiful contemporary villa is in a quiet area with 230m2 of living space including 5 bedrooms, 3 bathrooms, a garden, a terrace, and a garage. Completely renovated in 2008. Ground floor: Entrance, fitted kitchen with top of the range equipment (Arc Linea), living / dining room with an ethanol fireplace overlooking the garden, a separate toilet with hand washing basin, kitchen / laundry, scullery. Outbuildings: A garage. Located near the metro, reversible air conditioning, electric gate, videophone, frosted glass, alarms. Property tax â&#x201A;Ź 2300

3 bed villa Toulouse, France N132 Million w w w. ma r ke t dig e s t n ig e r ia . c o m

5 Bed Villa in Rhode-Saint-Genèse, Brussels,Belgium N220 Million

This superb 5-bedroom550m2 villa is located near the “Golf Sept Fontaines” andUccle. The living space is divided into dining room, cozy living roomand a kitchenwith hypermodern Equipment. The house shines through with clean lines, minimalist decor and soft colors. A large terrace and a heated pool. 1st floor: Two large bedrooms and dressing room with a garden view, toilet and bathroom with shower, bath and 2 sinks. 2nd floor: 3 bedrooms, TV room, toilet, bathroom with shower and 2 sinks.

4 Bed Apartment in Ixelles, Brussels, Belgium N164 Million

This beautiful 220m2 apartment fully renovated is located on the 4th floor of the building, Haussmann style, including a beautiful bright reception (living room, dining room and library), large kitchen, 4 bedrooms, 4 bathrooms, dressing room, laundry, storage. The apartment comes with a concierge, reinforced security doors for entrance to the apartment and 2 cellars. Ideally located, between the Bois de la Cambre and the Porte Louise,near shops, stores, restaurants, cinemas, public transport. w w w .ma r ke t dig e s t n ig e r ia . c o m

3 bed Townhouse in Cambridge Street North, Ottawa, Canada N 110 Million

This Executive 3 bedroom Townhome located in West Centertown, close to Parks, Shops & Restaurants. Main floorcomprises of anOffice, living room, Kitchen and Breakfast Bar, & Access to Balcony. All rooms en-suite. Attached Garage at Rear

2 bed Luxury Downtown Lifestyle Awaits!Ottawa, Canada N180 Million Space, light & location can all be yours in this 2 bedroom, 2bathroom condo boasting 1600 square feet of prime canal side living! Extensive renovations and high-end finishes create a contemporary design, which add both form and functionality throughout. Amenities include: Indoor Pool, Sauna, Exercise Room, Library, Guest Suite, Underground Parking Spot, and Visitor Parking Available & Storage Locker Included. The apartment is within walking distance to Parliament Hill & The Market w w w. ma r ke t dig e s t n ig e r ia . c o m

Gorgeous 3 Bed House, Paris, France N130 Million

Gorgeouswellmaintained unitwith approx 1818 sf.Hardwood onmain floor, neutral colors throughout, bright breakfast area with eastern exposure. Schools close by are: École Élémentaire Publique JeanneSauvé, École élémentaire catholique de la Découverte. Only 5kms to Trim Park & Ride, 10 min walk to Grocery, Home Depot

3 Bed Apartment, 445 laurier ave, Ottawa, Canada N137 Million

Excellent two bedroom + two bathroom unit on the 22nd floor with breathtaking views! Open concept living/dining room and kitchen. Floor to ceiling windows allow for an abundance of natural sunlight to fill the home and illuminate the hardwood flooring, themaster bedroom features a walk-in closet. It also comes with an underground parking and locker room. Located few steps from all the conveniences the heart of the city has to offer. Save on transport cost and walk to the City malls! w w w .ma r ke t dig e s t n ig e r ia . c o m

3 Bed Villa, Seabrook, Texas, U.S.A. N215 Million

This Charles Martin custom home has it all! Elegant two level foyer with double door entry. Soft contemporary architectural influences lend elegance to this fabulous home. Wonderful lake views, open concept creates a great flowfor guests. Perfect for entertaining. Enjoy the gourmet island kitchen w/double door, GE Monogram built-in refrigerator, professional stainless gas range with grill & griddle, granite counters, tile backsplash w/designer tile as well as a Pool/Spa & waterfall.

6 Bed Villa, Cedar Hill, Texas, U.S.A. N195 Million

Exquisite custom home in Lake Ridge offers stunning views of the wooded hills. Grand foyer, elegant winding staircase, wooden floors and wood burning fireplaces in living areas. Granite countertops in spacious kitchen. Hugemaster suite with sitting area and fireplace. Guest suite downstairs. Three large bedrooms upstairs, plus media room with a bar. w w w. ma r ke t dig e s t n ig e r ia . c o m

3 Bed Detached House, Urmston, Manchester M41, U.K. N80 Million

Stop! Take a look at this fantastic three bedroom detached family home situated on a popular tree-lined cul-de-sac in Urmston. Having been recently been re-decorated throughout, the property features two reception rooms. Whilst viewing to appreciate the size and standard of this excellent home comes recommended, in brief the property offers a bright and spacious entrance hallway, bay fronted lounge, large dining room, fitted kitchen and separate utility roomto the ground floor.With three well-proportioned bedrooms (views over fields to the rear) and a fitted bathroom to the 1st floor. The property comes fully double glazed and gas central heated. Externally the property sits in an enviable plot with a driveway to the front and side, and to the rear a private and enclosed garden laid to lawn. The property offers excellent potential to extend (stpp) to the side and rear, located in such a popular location early viewing is advised to avoid disappointment!

2 Bed Apartment, City Road East, Manchester M15, U.K. N 80 Million

This fabulous two-bedroom apartment is located in the highly sought after Lumiere Building. The building is located on City Road East and is only a 5minute walk to St Peterâ&#x20AC;&#x2122;â&#x20AC;&#x2122;s Square. Here youwill find a concierge on site alongwith a fantastic top floor gym and roof top hot tub. This is free for all residents. The apartment itself comprises of two double bedrooms, the master bedroom has the advantage of an en-suite bathroom. The master bathroom has a shower over bath and is a great size this is also stylishly fitted. The lounge area is large and provides the ideal living space; it leads out to a large corner balcony to enjoy the 7th floor view. The kitchen is modern and fully integrated. The apartment also benefits from a beautiful Japanese Communal Garden and also has a secure underground parking space. w w w .ma r ke t dig e s t n ig e r ia . c o m

2 Bed Apartment, Ludgate Hill, London EC4M, U.K. N309 Million

This two bedroom flat benefits from high ceilings throughout and large sash windows. The reception room has three sash windows looking towards the London Eye, wooden floors, fitted storage, sofas to remain along with the wooden blinds and curtains. The kitchen is fitted with modern appliances including a washer/ dryer and dishwasher. Both bedrooms are at the rear of the property looking towards Stationers Hall with the master bedroom having an en-suite shower room and fitted storage along with a fitted desk area.

2 Bed Apartment, City Road, London EC1Y, U.K. N290 Million

A beautiful Two Bedroomapartment situated in an iconic new development on Old Street roundabout. The apartment is furnished to an exceptional standard, and the interior dĂŠcor is chic and modern, with high quality fittings and finish throughout. The apartments also boast from floor to ceiling windows, under floor heating and air conditioning. Residents of this luxury development benefit from a 24hour concierge service, fully equipped gymnasium, steamroom& sauna, and a 13th floor roof terrace with incredible views of London w w w. ma r ke t dig e s t n ig e r ia . c o m

Gorgeous 3 Bed House, Paris, France N130 Million

Gorgeous well maintained unit with approx 1818 sf. Hardwood on main floor, neutral colors throughout, bright breakfast area with eastern exposure. Schools close by are: École Élémentaire Publique JeanneSauvé, École élémentaire catholique de la Découverte.Only 5kms to TrimPark &Ride, 10minwalk toGrocery, Home Depot. 2 Bed

2 Bed flat, Central Street, Clerkenwell EC1V, London, U.K. N319 Million

Located in the heart of the city and set on the fifth (top) floor, this luxurious two bedroom apartment boasts spacious living with an open-plan reception/kitchen and private balcony spanning the width of the property. Contemporary white kitchen with integrated appliances, finished to the highest standards. Central Street offers superb links to the diverse amenities of the City and Shoreditch while Angel, Clerkenwell and the West End are also very easily accessible. Moments from Barbican and the Circle and Metropolitain Lines w w w .ma r ke t dig e s t n ig e r ia . c o m

3 Bed detached house, Sydenham, London SE26, U.K. N205 Million

This stunning and individual newly built three bedroom family home offers a high specification interior and flexible accommodation, whilst offering numerous eco friendly features plus a 10-year warranty. On the ground floor the house boasts of an open plan lounge kitchen, ideal for entertaining, with glazed doors leading to the rear garden, and a quality kitchen with granite worktop and some integrated appliances. The galleried staircase leads up to the bright and airy first floor landing, that gives access to the three bedrooms (the master having an ensuite) and a gorgeous bathroom. o the rear a garden, facing mainly south, that can be accessed from the front via an enclosed side access, gated off for security. Both unique and high specification, this property offers gorgeous accommodation whilst efficient and environmentally friendly.

4 Bed Terraced House, West Ealing, London W13, U.K. N265 Million

We are proud to present this spacious three/four bedroom town house set over three floors. Located in a tranquil residential area. The property has recently been refurbished to a very high standard. The accommodation comprises twin reception rooms, ground floor study/fourth bedroom, bathroom, cloakroom and three generous bedrooms. There is a private garden to rear.

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LUXURY LIVING

G-650

The Billionaire’s Dream

Picture: Courtesy: Alex Davies/Business insider

A $65 million dollar price tag doesn’t seem to detract from the fascination with this incredible airplane. And why not? With room for a basketball team, 8,000-statute-mile range and some of the most sophisticated avionics rivaling nearly anything in the sky, this airplane is perfect for doing business on a global scale. Because of its superlatives, including price, however, it also appeals greatly to the ‘if you’ve got it, flaunt it” crowd. It also takes a lot of patience to get your hands on one —order now, and you will get your G650 in three years. w w w .ma r ke t dig e s t n ig e r ia . c o m

No matter how you measure it, Gulfstream’s flagship G650 is an amazing aircraft. With a top speed of 92% of the speed of sound (arguably the fastest civilian jet in the world), At Mach 0.925 (611 kts/704 mph/1,132 kmph), (the Citation 10 at Mach .92 is just 3 mph slower) not wearing military markings. Its 7,000 nm (8,050 sm) range easily links New York with Hong Kong or Helsinki with Buenos Aires. Or you can one-stop-hop between practically any two cities on the planet. Once you’re on board, you can fly around the planet faster and higher than on any commercial jet, in a cabin flooded with natural light and filled with air that is actually richer than what you breathe in cheaper planes. With the G650, Gulfstream “established a new market segment for the whole industry,” communications head Steve Cass said in an interview at the Paris Air Show. And there won’t be any real competitors until 2016/2017, when Bombardier’s Global 7000/8000 is scheduled to go into service. Until then, the G650 will remain the gold standard, and it’s easy to see why The Gulfstream G650 is a twin-engine business jet airplane produced by Gulfstream Aerospace. The model is designated Gulfstream GVI in its certificate. The G650ER is an extended-range version of the G650.

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Design and development

The G650 can be equipped with a full kitchen and bar and may be equipped with a variety of entertainment features including satellite phones and wireless Internet. The jet uses two Rolls-Royce BR725 engines, each producing a maximum thrust of 17, 000 pounds-force (75.6 kN). Gulfstream states that with a weight of less than 100,000 pounds (45,400 kg), it is able to land at small airports avoiding the busy airports around the world. To provide better usage of the internal volume, Gulfstream designers rejected the usual circular fuselage cross-section in favor of an oval, which uses a flatter lower portion. The eight oval cabin windows on each side of the fuselage are 28 inches (71 cm) wide. The aircraft controls are completely fly-by-wire, with no mechanical control between pilot and flight surfaces. There is only one other current business jet (Dassault Falcon 7X) is so equipped. On May 18, 2014 Gulfstream announced at the annual European Business Aviation Association exhibition, that it had developed an extended range version called the G650ER. The G650ER is capable of flying 7,500 nautical miles (13,900 km; 8,600 mi) at Mach 0.85, due to its 4,000 pounds (1,814 kg) increase in fuel capacity. According to the New York Post, Oprah Winfrey, Warren Buffet, and Ralph Lauren are all in line to get their hands on one of the super-jets, which Gulfstream has said it wonâ&#x20AC;&#x2122;t be able to deliver until 2017. But some Notable Nigerians as we usually do, have ordered, taken delivery and are indeed flying the world in what one US charter operator describes as the Rolls-Royce of business aviation. [By each picture: Courtesy: Alex Davies/Business insider]

GENERAL CHARACTERISTICS

Range: 6,904-mi/11,112 km/7,000 nm Maximum speed: 611-mph/982 kmph/mach 0.925 Maximum takeoff weight: 99,600 lb (45,178 kg) Typical passengers: 8-18 Typical crew: 4 Competitor aircraft: Bombardier Global 5000 / Bombardier Global 6000 / Dassault Falcon 7X / Gulfstream G550 List price for a new Gulfstream G650: $64.5 million Price range for a pre-owned Gulfstream G650: $62-72 million First delivery: 2012 Next slots: 3-4 years World fleet: 101

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ETHICAL DILEMMA REPLIES FROM PREVIOUS ISSUE REAL ESTATE

It’s all about information in the market. If I am given a house to market for a client and I can give him the smallest amount for it and resell it for a much higher price, that is simply business. It’s the fault of the initial owner of the property not me.

JOURNALISM/ADVERTISING

If my staff writes a so-called false report about security in an area because we are have a development there. Our estate will bring security to the area. Most of the secured areas you know today like Lekki-Ajah, weren’t so secure years back. When was the second tollgate in lekki –express way built? No more than fives years ago.

CONSTRUCTION MANAGER

If I use more material that initially anticipated after fortunately winning both contracts, I have no choice but to use local substitute. I am hoping the substitute material has nothing to do with the columns and beams? More clarity on the said material would’ve been helpful for a more appropriate analysis of the situation

ACCOUNTING

If my boss uses company money for private use, how can I report that? It is none of my business, except it’s my fathers company. What if the situation is resolved with whoever employed him? What happens next?? I will be in big soup! You know all dis kparakpo things! If they are from the same tribe, it makes the matter worse. I will mind my own business!!!

CONRACTS MANAGER

Thank you for your complimentary copy. As a P.S. in my ministry if a contractor offers me money, I will definitely not accept it. My faith alone condemns such. an act. The contractor however has to state clearly why he is bringing the said gift. If its during the festive period, probably I might, but i’ll make it clear to him that it will no way affect the progress of his tender in my ministry. He cannot do anything. My God is a powerful God I am divinely protected.

ETHICS

RELIGION IN THE HOSPITALITY INDUSTRY Religion is the fastest growing and one of the most confusing areas in employment law. The Nigerian constitution and other laws and policies generally protect religious freedom. The constitution prohibits state and local governments from giving preferential treatment to any religious or ethnic group. The EEOC extensive guidelines stipulates that employers may not discriminate based on religion, must reasonably accommodate religious beliefs and practices, and must protect other employees against the unwelcome religious behaviors of their co-workers or managers. What are the workplace rights of people of faith? What is “reasonable” in accommodation? Where does protected religious behavior cross into harassment of other employees, clients and guests? Religion is a serious business for those of faith, those without, and employers who must balance increasingly complex issues, accommodations and conflicts. Practitioners in the hospitality sector should rate religious ethics as an important issue faced by the industry. Managers and employees, due to intensive face-to-face interactions with clients of different faiths, confront many religious ethical dilemmas in their day-to-day operations. The ethical values and job-related behaviors of the front-line employees are critical components of the business transaction and consumer service experience. Consumers (service users) are not satisfied with just the tangible components of the hotel experience such as room comfort and food quality. Their satisfaction level is contingent on how they “perceive” they are treated during their interaction with the Hotel’s staff. In the service marketing literature, this interaction between a hotel’s visitors and staff is referred to as the “moment of truth”. If an employee’s attitudes or behaviors are perceived unethical, visitors will reduce their assessment of the service received, to set a background for this article, I will begin by sharing a true-life experience, from a former hotel manager.

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When I got the job, immediately I was well received by the staff due to my personality and work ethics. My Ethical Dilemma: Trapped in a Religious I was quickly put in the situation were it was clear that I wasn’t welcome. Regardless of how efficient I was at my job. We agreed Workplace!

I am a lady, spinster; I live in a religious Christian community, by community I mean, family, friends and the society itself, in the Southern part of Nigeria. There is practically a Christian church on every corner. I am from a strong Christian background. Two of my uncles are priest at the Christian Church. I have lived and worked abroad, U.K., for the past 16 Years, I have a bachelor in hospitality Management and specialized in Luxury brand management for my masters. I have travelled to various countries in the world and I have a mix of friends from different faiths. I always have been very open about being secular.

to cut my work contract early, however there was the agreement as with all employees there that at Christmas we get a bonus. I didn’t receive the bonus. When I asked why I didn’t get my bonus my boss replied that the bonus is for Christmas, “since you don’t believe in Christmas you don’t get one” he said. Leaving the job was the most difficult and painful decision I had to make. I had to relocate back to the U.K., currently working at one of the hotels in Paddington in London. I am very optimist ill get another job and return back home.

I worked in one of the Luxury Hotels, as the Manager. My employer, who was also my landlord (kind enough to provide accommodation for me), was a devout Christian, and a deacon in one of the new generation churches; he had always been “ignorantly” offensive, when he speaks of other faiths, in his open conversations with his friends and guests that came to the hotel. Sometimes he would hold mandatory religious meetings that always started and concluded in prayer. Holding hands, bowing heads, the whole shebang! I tried to preoccupy myself when someone was being overly offensive, but often I had to interact directly with the customers and friends and I felt as if I had to agree with them when they make very offensive, very Christian, remarks, which are extremely demeaning to other faiths in my own opinion.

Ethical dilemmas do not always have a prescriptive and clear-cut response (unless there is evidence of breaking the law or accepted regulations). Key questions to consider when facing an ethical dilemma rest on your personal feelings – you generally Know if something feels right, if you are unsure ask yourself: Would I feel comfortable about my professional peers, family and friends knowing about the situation? How would I feel if I saw this in a newspaper? Or if something similar happened to me? If you have concerns, you most probably have a dilemma! The longer you leave resolving it, the more chance there is for there to be repercussions for the organization, yourself and the standing of your Professionalism

ISSUES

Now, lets examine the ethical dilemmas below, the original idea for the ethical dilemma’s are loosely based on news and happenings I had this assumption about my community that if I even had in the industry, any resemblance to any actual persons, events or the slightest suggestion that I did not believe in religion I would company is purely coincidental. be burned at a stake, or at least my boss would make my job extremely hard and stressful (he’s was very smart and confrontational; I am not confrontational at all). Working in a hotel, moreover for a top brand was all I ever wanted. When I got the job, immediately I was well received by the staff due to my per- INFLATION: sonality and work ethic. Quickly I was aware that the entire staff You are the accountant in a Hotel. A deacon in your church was was extremely religious booked in your hotel by the church for an event. He is the head of

ETHICAL DILEMMAS

Before I relocated back to Nigeria, I had always been very open about being secular, however, I realized quickly I had to keep my views to myself and oppress my individuality. Anyways, one faithful day, while taking care of some international customers, at the restaurant section, which was adjacent to the front desk, we got into a really good conversation questioning the morality of the so-called “righteous”. Quickly my colleague that worked at the desk eavesdropping entered the restaurant and whispered in my ears, that the conversation should stop, adding that if my boss heard me I would get fired. From that day It became open that I wasn’t a “believer” and I found myself fielding a lot of questions from my co-workers that evening. . Immediately After that day, right away the environment changed for me. Comments were made. They approached me to tell me that there praying for me so I won’t suffer the consequences of hell. It made me feel very uncomfortable, the people who praised me one day, scorned me the next. The word reached my boss and I would hear comments that his business had no place for someone Godless.

a church group that caters for the less privilege which you also be long to, He asks you to inflate the cost on the receipts that he will retire, in confidence. He assures you, with proof, that he will use the “extra” money to cater for the less privilege. What will you do?

REQUESTS:

You own a Luxury Hotel, you are a Christian and in a Christian society. International clients, from the Middle East are enquiring about the facilities you offer, for the purpose of booking to stay in your hotel to attend an event. You offer “ be-spoke” services as stated on your website. You know they might make some “religious request”. What will you do?

MORNING PRAYERS:

You are the manager of a hotel, you and your staff attend the same church, and your church is in its religious part of the year that demands lots of morning fasting and prayers. There is no way your junior colleagues can pray within the premises as demanded by your pastor that guests wouldn’t be disturbed. So they commence loud morning prayers that wake guests up in the hotel. What do you do?

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COMPANY TIME

Your junior colleague is a youth leader in your church; there is a fast approaching church crusade. Our colleague often conducts religious business on company time and resources; this includes replying some religious mails and setting up appointments for the church and some times making printouts with company printers. He usually does this during his launch break or when there is little or no more work to do. You have once been a youth leader yourself, in the same church, you know there is no way he can handle the church assignment without doing so. What would you do?

QUOTES

Your staff keeps including religious quotes; “quotes of the day” in her email signature. Knowing fully well that the mail could be sent to people of different faiths. There is no company policy on “limits”, on what a member of staff can put in their email signature. What do you do?

PRESSURE:

You notice members of your staff, trying to convince a new staff to follow similar faith. You all belong to the same faith. Sometimes it even amounts to insults, they treat the staff as second-class. You notice the constant battering has started taking a toll on your staff. She starts showing pressure and sometimes she is sad at work. You know your religion says, “Go and spread the word” to others?? What do you do???

The establishment of a healthy organization environment by fostering religious ethical awareness, practices, and behavior enhances employee satisfaction, reduces employee turnover intentions, improves visitor experience, and increases the organization’s profit. Despite an increased literature on tourism and hospitality management, little attention has been devoted to the ethical issues and dilemmas relating to religion in the hospitality sector.

LOLA AKINMADE Based in Stockholm, Sweden, Nigerian-born Lola Akinmade Åkerström’s photography and travel writing are characterized by vibrancy and hope. Obtaining a Masters (MSc) degree in Information Systems from the University of Maryland with a solid background in Geography, she specialized in Geographic Information Systems (GIS) for 12+ years and her affinity for the geosciences and maps meant she was born to travel. Her work has appeared in National Geographic Traveler, BBC, CNN, The Guardian, National Geographic Channel, several in-flight magazines, New York Times online, amongst others. Her photography is represented by National Geographic Creative. (NG Creative Logo) She owns and runs Geotraveler Media, a multimedia and travel-consulting firm providing a spectrum of travel media related services from writing, photography, and art to web design, and social media. She is the editor-in-chief of Slow Travel Stockholm – an editorial site which encourages travelers to explore Stockholm deeper and slowly, and was the photoblogger for Sweden’s official website. She is also the cartoonist behind Office Supplies – The Comic © and an oil painter. She has won several awards for her photography. She has been grouping thousands of her pictures into themes to tell “a story”, she calls “projects”, one of such projects is The Solitude project, she explains here;

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Seycheles The Solitude Project

Now this is something I both consciously and subconsciously do. I observe interactions – how people are interacting with each other, with their environment, and how light interacts with them – to capture a sense of place. This is conscious. The subconscious comes from listening. Because I always try to listen to people and places, I tend to isolate individuals and visually listen to them. I listen to their verbal and nonverbal stories. I let them tell those stories themselves through my photography. I aim to humanize and to make you the viewer see the person as they are. Not as society defines them or whatever boxes society tries to stuff them in. But as they are. As I’ve been editing thousands of photos and slowly uploading them into my image bank, I found a couple similar photos, which I’m grouping into a personal theme called The Solitude Project. The images within this collection include individuals in various stages of “being” within their environments. Various moments when they’re interacting with their environment in a relaxed content state and are simply absorbing the world around them without judgment. Solitude is often seen as a negative state of being. One which has a solemn undertone of being alone and without comfort, love, friendship, and relationships. With this project, I’m visually depicting Solitude as contentment. As being comfortable in one’s skin and aura and in one’s company. One of the definitions of the word “solitude” calls it a lonely unfrequented place with the absence of human activity. So I’m also depicting that lonely unfrequented place as silence and how we need to get back to it. To disconnect from the noise of this world and reconnect with nature and with places where we have the freedom to just be. My subjects appear as if time has stopped to solely listen to them. Find below some of Solitudes’ stunning pictures

Egypt

Luxor

Albania

Sweden

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