11 Sep

Daily Watch – Investors want Land Use Act reviewed, Piracy gulps $7 billion

Real estate investors are hoping that the age-old Land Use Act will be reviewed. According to them, the Land Use Act, which vests ownership of land on state governors has worsened land administration in the country, making access to land for home ownership or investment purposes very difficult for citizens.

President Muhammadu Buhari has fired the Chairman of the Federal Capital Territory Internal Revenue Service. He has also approved the sacking of the Chairmen, Secondary Education and Universal Basic Education Boards with immediate effect. A statement by the FCT Deputy Director, Press, Mohammed Sule, on Thursday in Abuja quoted the letter as directing the affected chairmen to comply with the Federal Government directive on the dissolution of the governing boards of government-owned companies.

A total of $7 billion annually is lost to piracy on the Gulf of Guinea, Togolese President, Faure Gnassingbe said in Abuja. The figure rose by 13.6% ($950 million) in 2013 following increased insecurity in some of the countries in the Gulf. “If all the African countries are on the same page it would be easy to tackle the security challenges, so we have to keep holding summits, because individual countries cannot combat piracy effectively without cooperation,” the Togolese president said.