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IOC apologises for South Korea gaffe

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IOC apologises for South Korea gaffe

The International Olympic Committee apologised Saturday for a gaffe during the opening ceremony of the Paris Olympics in which South Korean athletes were incorrectly introduced as North Korean.

As the South Korean delegation sailed down the Seine River in the French capital, they were introduced with the official name for North Korea:

“Republique populaire democratique de Coree” in French, then
“Democratic People’s Republic of Korea” in English.

“We deeply apologise for the mistake that occurred when introducing the South Korean team during the broadcast of the opening ceremony,” the IOC said in a post on its official Korean-language X account.

The error sparked displeased reactions in South Korea, a global cultural and technological powerhouse that is technically still at war with the nuclear-armed and impoverished North.

South Korea’s sports ministry said in a statement it “expresses regret” over the “announcement during the opening ceremony of the 2024 Paris Olympics, where the South Korean delegation was introduced as the North Korean team”.

Second vice sports minister Jang Mi-ran, a 2008 Olympic weightlifting champion, has asked for a meeting with IOC chief Thomas Bach to discuss the matter, it added.

The country’s foreign ministry said in a statement it had contacted the French embassy in Seoul which expressed regret over what it said was an “incomprehensible mistake”.

South Korea’s National Olympic Committee also plans to meet with the

Paris Olympics Organising Committee and the IOC to voice their protest, request measures to prevent a recurrence, and send an official letter of protest under the name of the head of its delegation, Seoul’s sports ministry said.

North Korea was correctly introduced with the country’s official name.
Relations between the two Koreas are at one of their lowest points in years, with the North bolstering military ties with Russia while sending thousands of trash-carrying balloons to the South.

In response, Seoul’s military blasts K-pop and anti-regime messages from border loudspeakers and recently resumed live-fire drills on border islands and near the demilitarised zone that divides the Korean peninsula.

AFP.

CBN injects $148m into FX market amid Naira depreciation

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CBN injects $148m into FX market amid Naira depreciation

The Central Bank of Nigeria (CBN) has intervened in the foreign exchange market, injecting a sum of $148 million into the system.
This move comes amidst increasing pressure on the naira, which has been steadily depreciating in recent times.
The apex bank, in a statement released on Friday, disclosed that the funds were disbursed to 29 authorized dealers on Monday, July 22, and Tuesday, July 23, 2024. The exchange rate for the transaction ranged from N1,470.00 to N1,510.00 per dollar.
The statement read, “The Central Bank of Nigeria sold a cumulative sum of US S148,000,000.00 in the Nigerian Foreign Exchange Market to Authorised Dealers on July 22 and 23, 2024.
READ ALSO:CBN finally takes over dormant accounts, to invest funds in treasury bills
“The sale of foreign exchange was to 29 Authorized Dealer banks at an exchange rate of 1470.00/US$1-1510.00/US$1.”
This is the latest in a series of interventions by the CBN aimed at stabilizing the foreign exchange market. Just two weeks ago, the bank sold $122.67 million to 46 authorized dealers. Additionally, it announced the sale of $20,000 to each Bureau de Change (BDC) operator at the rate of N1,450 per dollar.
Despite these efforts, the naira has continued to weaken, trading above N1,600 to the dollar in the official market. This ongoing depreciation has sparked concerns among businesses and individuals alike, as it drives up the cost of imports and fuels inflation.
The CBN’s intervention is a short-term measure to address the immediate liquidity challenges in the foreign exchange market.
The post CBN injects $148m into FX market amid Naira depreciation appeared first on Latest Nigeria News | Top Stories from TVN.

Police arrest armed robbers, cultist in Imo, recover arms

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Police arrest armed robbers, cultist in Imo, recover arms

The Imo State Police Command has arrested two suspected armed robbers, Ntosi Godfrey, and Nnamdi Raymond, en route to Owerri with a Green Toyota Golf, Reg No AA775BD Lagos, allegedly snatched from a victim in Umuahia, the Abia State capital.

The command’s Police Public Relations Officer, ASP Henry Okoye, made this known in a statement on Friday.

He said the arrest was made through the efforts of the operatives of the command tactical unit while on intelligence-led stop-and-search along Owerri-Aba road.

The statement read, “The suspects opened fire on sighting police operatives but were given stiff resistance by the ever-gallant operatives who manoeuvred to vintage and returned fire. In the ensuing gun duel, one of the suspects sustained bullet injuries aand was later taken to a nearby medical hospital for treatment while the other suspect was arrested.

“Recovered from the suspects included one pump action gun, one locally fabricated gun, 10 rounds of live cartridges, and the Toyota Golf.

“On interrogation, the suspects confessed to being members of a deadly armed robbery syndicate in Umuahia and mentioned one suspect at large”.

The statement added “In a different development, operatives of Nekede Divisional Headquarters in collaboration with the local vigilantes last week at about 0650hrs, embarked on a sting operation on a suspected cultist hideout, following a tip-off that rival cult groups are planning to destabilize the peace and security of Umuanunu Obinze in Owerri West LGA, Imo State and other areas in the State.

“In the course of the operation, one suspected cultist, Chibueze Kalu, ‘m’ 25yrs was arrested. Items recovered from him including one locally made pistol.

“The suspect confessed to being a member of the black axe confraternity.

“A comprehensive Investigation is ongoing. Efforts are in progress to unravel the mamanufacturers and distributors of locally-made guns and make them face the full wrath of the law.

“The suspects will certainly have their day in court”.

Okoye said the Commissioner of Police Imo State Command, Aboki Danjuma, has affirmed that the arrest of the suspects is in furtherance of the Command’s unwavering determination to completely eradicate crime in the State, noting that the Command will continue to clamp down on notorious criminal syndicates hibernating within the State and its borders.

The CP urged ‘Ndi Imo’ to be security conscious and continue to support the Police and other security agencies by reporting any suspicious person seen or clandestine activity observed within the vicinity of the nearest Police Station.

He said, “Let us collaboratively work towards achieving a safer and more secure Imo State for economic growth and prosperity”.

Oando denies Malta blending plant allegations

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Oando denies Malta blending plant allegations

Oando Plc has vehemently denied claims circulating on social and digital media platforms that it owns a blending plant in Malta.
The energy conglomerate has also refuted allegations that it imports substandard fuel into Nigeria through a Maltese company named Raz Hansir Oil Terminal Limited.
In a statement released by the company secretary, Ayotola Jagun, Oando categorically dismissed the accusations, stating that neither the company nor its executives have any ownership, investment, or interest in the purported Maltese entity.
It reads, “We wish to refute such claims and attest that neither Oando PLC nor its Executives have ever held shares, investments, or interests in the fictitious Maltese company.”
READ ALSO:Oando, TotalEnergies threatened as Nigerian govt moves to revoke unused oil exploration licenses
To substantiate its claims, Oando conducted a thorough search of the Malta Business Registry, the official repository for all registered companies in the country. The search yielded no results for a company named Raz Hansir Oil Terminal Limited. Further due diligence efforts also failed to uncover any evidence of the company’s existence.
It further noted, “As part of a comprehensive investigation into the basis of the false claims, we conducted a search of the Malta Business Registry, the official repository for all registered entities past and current within the country. Our search yielded no results for a company bearing that name. Subsequent due diligence efforts similarly failed to uncover any record of the company’s existence.
“We therefore believe that the false claims are of the malicious intent of misleading the public and our stakeholders.”
The denial comes amid growing concerns about the quality of fuel being imported into Nigeria and the role of foreign entities in the country’s petroleum sector. While Oando has strongly refuted the allegations against it, the issue of substandard fuel importation remains a pressing challenge for Nigerian authorities.
The post Oando denies Malta blending plant allegations appeared first on Latest Nigeria News | Top Stories from TVN.

Wildfire displaces 4,000 in North California 

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Wildfire displaces 4,000 in North California 

A huge, fast-moving and rapidly growing wildfire in northern California has forced more than 4,000 people to evacuate as firefighters battle gusty winds and perilously dry conditions, authorities said Friday.

Fueled by a crushing heatwave, the so-called Park Fire — the most intense wildfire to hit the state this summer — has rapidly devoured nearly 240,000 acres (97,000 hectares) as of Friday night and is continuing to gain strength.

“This fire has been rapidly expanding 4,000 to 5,000 acres an hour,” incident commander Billy See said at a press conference Friday evening.

For now, it is “zero per cent” controlled, despite the efforts of about 1,700 firefighters, according to state agency Cal Fire, with hundreds of additional resources ordered en route.

A total of 4,000 people have evacuated the towns of Cohasset and Forest Ranch, plus an additional 400 from the small city of Chico.

The blaze so far has destroyed 134 structures, authorities said.

Despite the structure losses, Butte County Fire Chief Garrett Sjolund said “many more have been saved.”

“It is a fire that is challenging our strategies, but we are finding opportunities to deploy our resources in successful ways,” Sjolund told reporters.

The fire started Wednesday near Chico, in Butte County, and within hours had devastated a wide area there and in neighbouring Tehama County.

In just two days, the Park Fire has already become the 20th largest fire in California history by land area.

The blaze has generated an enormous column of dense grey smoke, with gritty clouds akin to those of a violent storm now visible in nearby US states.

Fire departments from across the state have sent crews to lend a hand.

The National Weather Service issued a Red Flag Warning for the region through Friday night, predicting “critical” fire weather conditions.

On Thursday, police detained a 42-year-old man on suspicion of having started the fire by pushing a burning car into a ravine.

Butte County prosecutor Mike Ramsey identified the man as Ronnie Dean Stout II and said he would be held without bail until a court appearance next week.

“You have to be prepared to go,” Butte County Sheriff Kory Honea warned area residents.

“This county has seen time and time again where people have waited too long and they have lost their lives,” he added.

Some area residents, such as Julia Yarbough, have already seen their homes reduced to ashes.

“This is what’s left of my house,” she told CBS, showing the blackened and still smoking debris.

“I must be in shock.”

Butte County is about 70 miles north of the state capital Sacramento and just 25 miles from Paradise, the city that was devastated by a 2018 fire that ranked as California’s most deadly ever, claiming 85 lives.

The explosive growth of the Park Fire has again placed Paradise under evacuation warning, unleashing painful memories for its residents.

“I would call its behaviour extraordinary,” said UCLA climate scientist Daniel Swain, adding, “That’s not a good thing.”

The only silver lining, he said, is that it is not headed toward any large cities.

California is experiencing an early start to what appears to be an intense wildfire season, with 20 currently active incidents.

An additional 40 blazes are threatening communities to the north, in the states of Washington and Oregon.

A pilot of a small firefighting plane was killed while working near the Falls Fire in eastern Oregon, a statement from US authorities said Friday.

Canada has also seen a spate of wildfires, including a huge blaze that has consumed much of the tourist town of Jasper in western Alberta province.

Experts say climate change, accelerated by human action, is leading to more extreme weather events.

AFP

Kwankwaso urges caution amidst calls for protests against bad governance

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Kwankwaso urges caution amidst calls for protests against bad governance

A former Kano State Governor Rabiu Kwankwaso, on Saturday, appealed to Nigerians to exercise patience and support the government, despite growing frustration with bad governance.
Kwankwaso, in a press statement, acknowledged the resonance of recent calls for protests, but cautioned against the potential consequences of such actions.
The elder statesman emphasized the importance of prioritizing the nation’s interests and channeling energies into peaceful means of transformation, such as voting.
He warned that protests can escalate into violence, leading to loss of lives, destruction of property, and widespread chaos, citing past tragic events.
The statement reads in part, “Today, I speak to you not just as an elder and a concerned citizen but as someone who deeply believes in the power and potential of our great nation. The recent calls for protests against bad governance resonate with me, as they reflect our collective frustration and yearning for a better Nigeria.
“However, I urge Nigerians to put our country first before any other consideration by way of being patient with the government and giving it all necessary support to succeed. If any government fails to provide the necessary leadership for better Nigeria, we will have opportunity as citizens to elect the people who can bring the required change using our votes.
READ ALSO:IGP orders #EndBadGovernance protesters to submit names, contact details to police
“In these trying times, our nation stands at a crossroads. Our collective frustration with bad governance has reached a boiling point, and the urge to protest is strong. As an elder and patriotic Nigerian, I share your concerns and your desire for change. However, I urge you to consider the consequences of national protests and to channel your energy into a more effective and peaceful means of transformation—through the power of your ballot.
“Protests, while a fundamental democratic right, often come with unforeseen and dire consequences. The tragic events of the past have shown us that protests can escalate into violence, leading to loss of lives, destruction of property, and widespread chaos. The repercussions of such actions extend far beyond the immediate moment, leaving scars on our communities and deepening divisions among us.”
His appeal for caution may be seen as a bid to prevent the escalation of tensions and promote a more constructive approach to driving change.
However, some may view Kwankwaso’s stance as overly cautious, given the urgency of the situation. The call for protests reflects a deep-seated desire for change, and some may argue that more drastic measures are necessary to bring about meaningful reform.
Ultimately, Kwankwaso‘s statement highlights the complex dynamics at play in Nigeria’s struggle for better governance.
As the nation navigates this critical period, it remains to be seen whether his appeal for patience and peaceful transformation will resonate with the populace.
The post Kwankwaso urges caution amidst calls for protests against bad governance appeared first on Latest Nigeria News | Top Stories from TVN.

Worst of Nigerians occupying political positions – Inibehe Effiong

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Worst of Nigerians occupying political positions – Inibehe Effiong

A human rights lawyer, Inibehe Effiong has alleged that the worst of Nigerians are the ones occupying political positions.
Effiong expressed displeasure that the rot in the country is so deeply entrenched.
In a post on his X handle on Saturday, the legal expert stressed that something has to happen that will shake the country to its very foundation that will lead to a complete reset.
He said: “The rot is so deeply entrenched, something has to happen that’ll shake this country to its very foundation and lead to a complete reset.
“We have the worst of us occupying political positions. People whose agenda and preoccupation are to kill, steal and destroy. There has to be a fundamental change.”
TVN reports that some Nigerians are mobilising for nationwide protest slated for August 1 to August 10, 2024.
Tagged #EndBadGovernace, organisers of the protest have lamented about widespread hunger and inflation in the country.
Worst of Nigerians occupying political positions – Inibehe Effiong

Hardship: Nigeria bleeding without hope – Obidigbo proffers solutions

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Hardship: Nigeria bleeding without hope – Obidigbo proffers solutions

Elder statesman and frontline industrialist, Dr. Chike Obidigbo, has stated that Nigeria is bleeding profusely without any hope for urgent healing and redirection.
He noted that President Bola Ahmed Tinubu has found himself in a pitiable situation due to a number of reasons, regretting that none of the President’s aides had shown capacity to pinpoint the cause or strategies to salvage the ugly condition.
In a statement on Friday, Obidigbo said President Tinubu should realise that he inherited a crop of kleptomaniacs from former President Muhammad Buhari’s eight years of maladministration.
He said, “Nigeria is bleeding profusely, and there seems to be no doctors around to control the loss. Although the current socio-economic chaos in Nigeria were not entirely caused by Tinubu, it is surprising that his foot soldiers cannot help him out in redirecting the country.
“No doubt, Tinubu inherited most of these crises from Buhari’s crass incompetence and ferociously corrupt crew of kleptomaniacs who surrounded him and drained the country’s resources to the point of near depletion. But, Tinubu’s calculations for power lured him onto an infested throne.
“The President should urgently weed out incompetent aides that have not made any appreciable effort to revive Nigeria’s once robust economy.
“Tinubu’s failure to inform Nigeria about the status of the economy he met on ground at his inauguration makes him an accessory to Buhari’s years of the locust.”
While reminding President Tinubu that there were a lot of Nigerians with good heads to help him navigate the ship of state, he noted that the country “seems far too large for one black head to exclusively manage successfully.”
“We claim to be wise people, but fail to recognise our shortcomings and limitations.
“At any event, this bleeding economy could make it imperative to consider the peaceful Balkanization of the country into smaller, more efficiently manageable units rather than continue this unending brotherly schism.
“Time has come for us to prayerfully and deeply reflect on the saying that when two brothers fight to finish, outsiders will takeover their inheritance.
“The wise thing remains for the brothers to share their properties and remain alive, rather than die and enrich strangers that might have been goading them on out of bitter jealousy
“I wont say that the creation of Development Commissions around the six geopolitical zones is a step in that direction, but the economy is currently exposing the ugly underbelly of Nigeria,” he stated.
On the recent issues of the minimum wage, Obidigbo said as an employer of labour he has to warn the President from throwing money to problems or pursuing policies of appeasement that could render the economy comatose.
“To me, the recent debate over minimum wage seems a dumb trap to further diminish this seeming lone-ranger approach to managing the economy.
“On one hand, Labour was ignorantly pushed to maximise the minimum wage bargain in the erroneous belief that it will better the standard of living of the people and solve the economic challenges of labour.
“On the other hand, the government wrongly believed that the bitter anger of labour could be assuaged by irrationally increasing labour costs without a corresponding increase in productivity.
“Unfortunately, when the final decision is implemented, the net effect, with its wider implications will hit the country like a thunderbolt
“As an industrialist and employer of labour, I make bold to say that neither the demand nor the acquiescence makes realistic economic sense. The decision will soon backfire on all of us as soon as the wage increase comes on stream,” he said.
Obidigbo remarked that the decision to increase the minimum wage to N70,000 came off as the usual World Bank and IMF ready made prescriptions.
“IMF derives pleasure in stagnating developing economies and making them difficult to govern.
“It is very unfortunate that Nigerians have lost all sense of history, because we have so quickly forgotten the Udoji award era and its devastating consequences on the country’s economy.
“What Labour and the Government should realize is that not the amount of cash in one’s pocket that determines purchasing power, or the standard of his living.
“Purchasing power of cash should be paramount. Simply, work does not follow money, because whenever money is in the forefront, work takes a back seat.
“Conversely, when work is in the forefront, money follows without question. So, in clear terms, money follows work and not the other way round,” he further stated.
Hardship: Nigeria bleeding without hope – Obidigbo proffers solutions

Ajose takes over as GOC 8 Division

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Ajose takes over as GOC 8 Division

Brig.-Gen. Ibikunle Ajose has assumed office as the Acting General Officer Commanding, the 8 Division of the Nigerian Army Sokoto.

This is contained in a statement issued by the division’s spokesperson, Lt.-Col. Ibrahim Shittu, on Friday in Sokoto.

Shittu said Ajose took over from his predecessor, Maj.-Gen. Godwin Mutkut, who was posted to the Nigerian Army Heritage and Future Centre as Director, Military Technology.

He said the acting GOC would also serve as the Commander, Joint Task Force Northwest Operation HADARIN DAJI (JTF NW OPHD).

According to him, during the handover ceremony, the former GOC appreciated the officers and soldiers of the division for their unalloyed cooperation and support during his tenure and charged them to remain committed and disciplined.

Mutkut said the division’s Area of Responsibilities was not strange to his successor, being a one-time Brigade Commander.
He expressed confidence in Ajose’s ability to advance the division.

Responding, Ajose commended Mutkut for their successful record of achievements and sought his continuous guidance.
The new acting GOC assured readiness to work with all officers and soldiers towards lasting peace and stability within the division’s area of responsibilities.
“I wish the former GOC good luck in his new appointment. I want to charge officers and soldiers to remain loyal to constituted authority and ensure adequate protection of lives and property.

“I promise to build on what my predecessor has done by ensuring more dedication and focus toward achieving the overall mandate of the Nigerian Army, ” Ajose said.

The new GOC stressed the need for maintaining synergy with other services and security agencies in line with the Chief Of Army Staff philosophy towards enhancing national security.

NAN

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10 advantages of buying off-plan property in Nigeria

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10 advantages of buying off-plan property in Nigeria

Have you ever thought about buying a house or apartment that hasn’t been built yet? This is called buying “off-plan” property. In Nigeria, more and more people are choosing this option when they want to own a home. Let’s explore 10 big advantages of buying off-plan property in Nigeria.
1. Lower Prices
One of the best things about buying off-plan is that it’s usually cheaper than buying a finished home. When you buy early in the building process, developers often offer lower prices to attract buyers. This is because they need money to start or continue building. By buying off-plan, you can get a great deal on a property that might cost much more once it’s finished.
For example, let’s say a developer is planning to build a block of apartments in Lagos. They might offer the first few buyers a 20% discount on the final price. This means you could save millions of Naira just by buying early!
2. More Time to Save Money
When you buy off-plan, you don’t have to pay for everything at once. Usually, you pay a deposit first, and then you make more payments as the building goes up. This gives you more time to save money or arrange a mortgage. It’s like having a savings plan that ends with you owning a home!
Let’s say the apartment you want costs 50 million Naira. You might pay a 10% deposit (5 million Naira) when you agree to buy it. Then, you could have 18 months or more to save up or arrange the rest of the money before the apartment is ready.
3. Customization Options
Another great thing about buying off-plan is that you often get to choose how your home looks inside. You might be able to pick the colors of the walls, the type of flooring, or even the layout of the rooms. This means your new home can be just the way you like it, without you having to do any extra work.
Imagine being able to choose between having a big kitchen or an extra bedroom. Or picking the perfect tiles for your bathroom. When you buy off-plan, you often get these choices!
4. Newer Designs and Technology
Off-plan properties are usually more modern than older homes. Developers use the latest building techniques and include new technologies. This could mean better insulation to keep your home cool, solar panels to save on electricity, or smart home features that make life easier.
For instance, your new off-plan apartment might come with high-speed internet already installed, or a modern security system to keep you safe.
5. Higher Potential for Increase in Value
Property values in Nigeria often go up over time, especially in big cities like Lagos, Abuja, and Port Harcourt. When you buy off-plan, you’re locking in today’s price for a property that will be finished in the future. By the time your home is ready, it might already be worth more than what you paid for it!
Let’s say you buy an off-plan apartment in Abuja for 40 million Naira. Two years later, when it’s finished, similar apartments in the area might be selling for 50 million Naira. You’ve already gained 10 million Naira in value!
READ ALSO:Five reasons housing deficit persists in Lagos despite ongoing construction boom
6. Better Locations
Developers often choose great locations for their new projects. They look for areas that are growing or improving, places close to important roads, schools, or shopping areas. By buying off-plan, you might get a chance to own property in an area that will become very popular in the future.
For example, a developer might start a project in an area of Lagos that’s getting a new train station. By the time your home is ready, you could be living in a well-connected, sought-after neighborhood.
7. Guaranteed New Home
When you buy off-plan, you know you’re getting a brand new home. Everything will be fresh and unused. This means you probably won’t have to spend money on repairs or renovations for a long time. New homes also often come with warranties, so if anything does go wrong, it can be fixed for free.
Imagine moving into a home where you’re the first person to use the kitchen, or sleep in the bedroom. Everything is clean, new, and working perfectly!
8. Easier Budgeting
Buying off-plan can make it easier to plan your finances. You know exactly how much you need to pay and when. This can help you avoid surprises and make sure you have enough money saved at the right times.
For instance, if you know you need to pay 20% when the foundation is laid, 30% when the walls are up, and the rest when it’s finished, you can plan your savings or loan payments to match these stages.
9. Potential for Better Deals
Developers want to sell their properties quickly, especially at the start of a project. This means they might offer special deals to early buyers. You could get extras included in the price, like air conditioning units, a parking space, or even furniture.
Some developers might even offer a guarantee to buy back the property at a higher price if you decide you don’t want it when it’s finished. This can give you peace of mind about your investment.
10. Excitement and Anticipation
Last but not least, buying off-plan can be really exciting! You get to watch your future home being built from the ground up. Each visit to the site shows more progress. It’s like watching a dream come true in front of your eyes.
This excitement can make the waiting time feel special, rather than frustrating. You have time to plan how you’ll decorate, or to save up for furniture. By the time you move in, you’ll already feel a strong connection to your new home.
By: Dennis Isong
The post 10 advantages of buying off-plan property in Nigeria appeared first on Latest Nigeria News | Top Stories from TVN.

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