Full Disclosure: Mutual Benefits Owns NGN9.2 Billion In Real Estate Assets

A recent disclosure of its portfolio exposure and investment has shown that Mutual Benefits Life Assurance PLC, one of the leading insurance companies in Nigeria, has a total of NGN9.2 billion in the value of its real estate investment across the country.

The data was released in its un-audited consolidated half year, 2016 result. The below details of all its real estate assets and their value as disclosed by the company.

• This represents 53 unsold units of the 60 units Terrace Triplex housing scheme located at Costain Iporin, Lagos. The property was constructed by Mutual Benefits Homes and Properties Limited and was transferred to the Mutual Benefits Life Assurance Limited in 2015 as part settlement of loan. As at 31 December 2016, 53 units were revalued at ₦4.1 billion. The Board of Directors of the Group has earmarked at least 20 units for outright sales within the next 12 months.
• Land property sitting on 3287.02 square meters of land located at Asokoro, Abuja, Nigeria was purchased at a cost of ₦666.25million. Perfection of title in the name of the Company is ongoing. The property was valued at NGN702 million by Messrs AO&M, Alabi, Ojo & Makinde Consulting, Estate Surveyors and Valuers as at 23 December 2016.
• Land property of 5,500 square meters of land located at Akure, Ondo State, Nigeria was transferred to the Company from Mutual Homes and Properties Limited at a fair value of ₦350million. The valuation was done by Messrs Arigbede & Co. Estate Surveyors and Valuers. The title to the property is a Certificate of Occupancy and there is a deed of assignment in favour of the Company. The property was valued by Messrs Arigbede & Co. Estate Surveyors and Valuers as at 1 February 2016.
• Land property of 9 plots of land located at Paradise Estate, Anthony Estate, Lagos, Nigeria was transferred to the Company from Mutual Homes and Properties Limited at a fair value of ₦250million. The Company has allocation letters from Lagos State Government in its name. The property was valued by Messrs AO&M, Alabi, Ojo & Makinde Consulting, Estate Surveyors and Valuers as at 7 January 2016.
• Land property consisting of 100 Hectares of land located at Ado-Ekiti, Ekiti State Nigeria was transferred to the Company from Mutual Homes and Properties Limited at a fair value of ₦700million. The property was valued by Messrs Arigbede & Co. Estate Surveyors and Valuers as at 19 January 2016.
• Land property of 1,548 square metres of land located at Alausa central business district. Lagos state in Nigeria was purchased at a cost of ₦177million.The landed property was revalued to ₦275 million by Messrs Jide Alabi & Co Estate Surveyors and Valuers as at 31 December 2016.
• The property is situated at Plot 18A, Olori Bolaji Akinloye Street, Off Rooad 1, Ikota Villa Estate, Off Lekki-Ajah express way, Lagos State. The property is 5-bedroom detached house. It measures a gross floor area of approximately 148.84 square meters. It is a building on two floors. The ground foor is provided with a sitting room, kitchen, store, a guest bedroom en-suite with toilet and bathroom. It was revalued by Jene Onuora Consulting (Estate Surveyors & Valuers) on the 19 June 2015.
• Land property of 4040 square metres of land located at Sango/Idiroko road, opposite Mogga Petroleum, Onibukun village, Ota Atan, Ogun state in Nigeria was purchased at a cost of ₦90million. Issues relating to consent and perfection of title in the name of the Company are ongoing. The landed property was valued to ₦90 million by Messrs Jide Alabi & Co Estate Surveyors and Valuers as at 31 December 2016.
• Land property of 3665.6 square metres of land located at Sango/Idiroko road, opposite Caxtonjo Oil Onibukun village, Ota Atan, Ogun state in Nigeria was purchased at a cost of ₦60million. Issues relating to consent and perfection of title in the name of the Company are ongoing. The landed property was valued to ₦60 million by Messrs Jide Alabi & Co Estate Surveyors and Valuers as at 31 December 2016.
• Land property of 6808.179 square meters of land located at kudeti Avenue, Commercial Reservation Onireke, Ibadan, Oyo State in Nigeria was transferred from Mutual Benefits.
• Land property of 117,000 square metres of land located at Berger within Ogun section of the boundary between Ogun state and Lagos state in Nigeria was purchased at a cost of (sic).
• Land property of 6,500 square metres of land located at Sasegbon Street, GRA Ikeja, Lagos state in Nigeria was purchased at a cost of ₦593million. The landed property was revalued to ₦625 million by Messrs Jide Alabi & Co Estate Surveyors and Valuers as at 31 December 2016.
• Property of 461 square meters of land located at Apapa Road, Ebute-Metta, Lagos State, Nigeria was transferred at a value of ₦180million. The title is held in perpetuity and Deed of Assignment in favour of the Company is ongoing. The property was valued by Messrs AO&M, Alabi, Ojo and Makinde Consulting, Estate Surveyors and Valuers as at 21 January 2016.

Insurance company are often one of the biggest investors in real estate as a result of the risk management programmes they execute for clients, real estate is a more secured and stable option to invest funds collected from premium.