Property, car markets boom as politicians, others spend election largesse

There are indications that politicians, party supporters, and other stakeholders, who made fortune during the campaign period prior to the just concluded general elections, have started spending the largesse on the purchase of cars and investment in real estate.

This, Abiolainfo Crew learnt, was responsible for the boom time already taking off in the property and auto markets in some states of the federation.

Many of the politicians were said to have been placing orders for the property, especially exotic cars, ahead of the May 29 inauguration of the new government in the country.

This, experts said, would continue even after the inauguration of the Mohammadu Buhari-led incoming government.

While some of them were said to be visiting auto dealers’ showrooms to make their choices, others sent their aides to pay for their preferred cars.

A car dealer based in Rivers State, who identified himself as Emmanuel, confided in one of our correspondents that his sales increased shortly after the elections.

Emmanuel said many customers had been placing orders for cars now than before.

He said, “Some of my new customers are security agents and supporters of politicians. I travelled to Cotonou twice last week to buy some vehicles for my new customers.

“Most of them are demanding for Lexus Jeep, which goes for between N1.6m and N2.3m depending on the size.”

Estate developers and car dealers are also laughing to the bank in Kwara State.

The Managing Director, Unique Properties, Alhaji Sani Ibrahim, said estate industry started enjoying boom immediately after the polls.

Ibrahim said he and his colleagues had been selling property to politicians and their supporters at choice places in Ilorin, the state capital, since after the elections.

When asked to name some of them, he simply said, “They cut across the major political parties.”

Also a car dealer in Ilorin, who requested to use John Salau as his pseudonym to avoid loss of patronage from his customers, said some politicians had been placing orders for exotic cars from him.

According to him, the trend increased immediately after the general elections.

Salau added that many of those who placed orders through him preferred that the cars be kept in his warehouse so that they could take possession of them after May 29 inauguration of new government.

Enugu State was caught the attention of politicians seeking interest in real estate.

Abiolainfo Crew learnt that a considerable increment in real estate transactions picked up after the elections.

Property agents, who spoke with one of our correspondents in an interview, confirmed a rise in the volume of enquiries, and sales of choice property in the state.

One of the real estate agents, who identified himself as Ekperechi Obiora, said some of those buying property in Enugu are Abuja-based politicians.

“Most prominent Igbo politicians prefer buying property in Enugu. The state’s reputation as the unofficial capital of the South-East may be the attraction,” Obiora.

Another real estate agent, Henry Udeke, corroborated Obiora’s account. He said he was an intermediary between an Enugu-based property owner and a prospective buyer from Abuja over a choice property in Nza Street, a highbrow area in Enugu metropolis.

Udeke kept muttering prayers for the success of the transaction during the encounter with one of our correspondents apparently because of the commission he stands to get from the deal.

In Lagos State, a car dealer named Tunde Adegbesan showed one of our correspondents a N16m Mercedes Benz G-Wagon said to have been purchased by a politician.

“This N16m vehicle is one of the three vehicles bought on the same day by the man,” he said, adding that the vehicles were brought into the country from Benin Republic.

A real estate agent, Mr. Segun Adegbulu, said though real estate market had yet to fully pick up in Lagos, current market situation is improving from what it was before the elections.

Abiolainfo Crew investigation also revealed a slight boom in the sale of exotic cars in Osun State.

A car dealer in the state, who simply gave his name as Saheed, said on Thursday that flashy cars were bought mostly from outside the state.

He said there were more new cars on the streets but they were bought from outside the state because buyers preferred to buy from Lagos where they knew they would have varieties and even get them at cheaper prices.

Another car dealer, Mr. Shina Adeniyi, said there had not been increase in volume of sales but some intending buyers had been coming to make inquiries about some brands and their prices.

Also, an estate agent, Segun Bisade, said the sale of property had not been too encouraging since the elections were over.

He, however, said, “There were many property up for sale before the elections but there is a lull now. That does not mean that people will still not buy property later.

“I noticed that activities have increased at various sites since after the elections, but things are generally hard and even politicians who made money during the election were being cautious to spend.”

There has also been an upsurge in the demand for property in Abeokuta, the Ogun State capital.

The Managing Director, Balofem Properties, Mr. Balogun Femi, said apart from politicians, entrepreneurs, workers in the oil and gas sector and some Nigerians living abroad who want accommodation back home had been visiting his firm for inquiry on property.

Political party supporters are buying cars in Niger State.

A car dealer based in Minna, Isah Mohammed of Destiny Motors Limited, confirmed that party supporters had been coming to his warehouse for inquiry on the prices of cars.

Mohammed, however, said real politicians are not buying cars now rather they are doing window shopping just to know the prices of cars until after the May 29 inauguration.

“Those who buy from us now are party supporters, whose candidates won in the just concluded general elections and they are paying cash,” he said.