Thinking Of Moving To The Island? Here Are 7 Painful Expenses You Should Be Aware...

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Thinking Of Moving To The Island? Here Are 7 Painful Expenses You

Should Be Aware Of
By Nairametrics Published Sunday 24 November 2013 9:03 AM 5 Comments Tags: fees, Lagos Island, living expenses, location, mainland, rent

In Lagos, it is often perceived as a step up when you relocate from the Mainland to the Island. Many Next » Official: Letter From Transcorp Plc Its
consider it as a form of economic aspiration as you climb up the social ladder and cement your Shareholders Detailing The Company’s Recent
position in the middle class. Thus, when Dafe a Senior Banker who just purchased a 4 bedroom Achievements & Future Plans
apartment, moved to the Island, his experience wasn’t as rosy as he fought. Scaling up the social « Previous How The New Import Duty On Cars May
ladder did come with some cost particularly if it involved moving to the Island. Affect Your Pocket

Power

Oblivious to Dafe and so many others who recently moved to the Lekki from the Mainland, electricity
just as a nice neighbourhood is also a luxury on the island. By relocating to the Island, he had no
choice but to buy a new 20KVA Diesel and 10 KVA Petrol Generators respectively. But even people
on the Mainland buy Generators as well don’t they? The only difference however, is that he spends
thrice as much on buying diesel and fuel. Every Sunday, he goes to the filing station with four 50
litre Jerry Cans. He buys 100litres worth of Diesel at N160 per litre and another 100 litre gallon of
fuel at N97 per litre. Both cost him a combined N25,700 a week minimum. On the Mainland, he
spends about half that amount and that is in a very bad week.

Tolls

Moving to Lekki also meant paying Tolls as he and his family commute everyday to work and school
and back. At first, Dafe considered the N120 he paid as he crossed each toll as a mere stipend and USE GOOGLE SEARCH
money well spent in exchange for a good access road with minimal traffic. After all, whilst the road
leading to his erstwhile neighbourhood of Maryland was equally good, the traffic congestion he had
Google search
to preserve en route home from the Island was frustrating. By the end of his first month, the family
was already spending north of N20,000 every month. A switch to the all access “E-Pass” hardly
changed anything instead his expenses raked up. By the time he realised Toll was costing him and
his family between N20,000 – N25,000 monthly. MOSTLY READ TODAY

School Fees Why CBN wants to stop you from

using your ATM cards abroad

One of the excitements of relocating to the Island was finally giving Dafe and his family an
opportunity for his kids to get ‘quality’ education. Surely, there were good schools on the List of dividends declared so far in
Mainland but the Island had a different feel to it. What he however, failed to consider was the 2015 (Updated April 2, 2015)
disparity in school fees between the Island and the Mainland. Now he had to shell out N200,000 per
term for his 3 year old Son’s school fees compared to the N120,000 he paid back in Maryland. To Why foreign investors think
make matters worse, the N200,000 he has to part with could have gotten him a chance at one of the devaluation is coming.... and what
top three schools on the Mainland of which the equivalent on the Island was between N250,000 to you could do about it
N350,000 per term. His eldest child even cost more to maintain. At a school fees of N800,000 per
term for Junior secondary education, there is no hiding place for him. Analysis: Why FBNH is paying just
10kobo dividend and 1 for 10 bonus
Security issue

Security in Lagos is pretty much challenging no matter where you live. However, kidnapping and car
jacking seemed more lucrative to perpetrators on the Island. Estates such as the one, Dafe moved
STOCK MARKET
to had to resort to ingenious and effective ways to curb the menace. These off course involved
money and most people didn’t like to compromise when it comes to security even if the financial
FCMB & Costain top gainers list as index snap
drain is killing. Dafe now spends at least N5,000 every month on various security dues in the Estate. losing streak (Full price list)
This is in addition to the N20,000 he pays his Gate Man every month.
Market tanks for the second day running as profit
Rent & Fees taking intensifies

4 Stocks marked down last week and trading at

Everyone who plans to move to the Island knows rent over there is typically higher than what “Ex-Div Price”
obtains on the Mainland. However, what Dafe probably doesn’t know yet is that the location effect
also affects rent increases. Luckily for him, he pays no rent but for his neighbours and colleagues Scroll
WEEK EVER for the NSE
who live in rented apartments and complain of frustrations with draconian landlords, he starting to to Top

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Thinking Of Moving To The Island? Here Are 7 Painful Expenses You Should Be Aware... Page 2 of 5

grasp with the reality on ground. People on the Island pay far more not just in rent but in agency List Related
More of dividends News
declared so far in 2015
fees. They also have to dole out more cash with the landlord hiding under the weakness of the (Updated April 2, 2015)
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Tenancy Act to charge two year rentals. Dafe however, doesn’t escape rentals. His Land Use BULLHARI! Investors smile tobanks”
the bank as stocks
Charge cost him about N15,000 per annum as his house is considered to be in the “medium” range post 10 straight days of gainsMercy was typing away on her computer at wo
considering its location. colleagues talk about a new investment that h
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returns. index to wondered how...
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Nature is often forgotten when people change to a new location but Dafe fortunately did consider Alex has been saving up for months now and
March 2015
a brand new car. It hasn’t been easy consider
nature in choosing his present location. His cousin Tobe’s experience was a startling reminder. make just to save N3million...
Tobe moved to the Island years before and settled beside a former popular beach destination Nigerian stocks gain big in anticipation of a new
President
around the Chevron round about. Life was good for the first three years until a major rain that fell a
few years ago forced him to abandon his residence for good. He was at work when he got a call Deciding
How Nigerian stocks performed on the firstwhether to buy a rights is
from his neighbours that his house was flooded. Believing it wasn’t so serious, he ignored the working day after elections The Nigerian capital market has seen a resurg
urgency of the call until a picture was sent to his cellphone. His compounded was flooded and his efforts by most companies quoted on the floor
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other car virtually submerged. By the time he got back home, he only just managed to pack his
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5 Comments so far. Feel free to join this conv

Perception like some say is reality. Markets also view this concept as logical basis for pricing.
Electricity bills, water, refuse bins, supermarkets, salons etc all seemed to cost a lot more on the d4gmail
Island. Dafe started noticing this when he realised his light bills was costing him about N25,000 a
month compared to N15,000 he paid on the Island and this was even because ‘Nepa’ rarely gave Big Man, Big Problem.
them light and he can’t even remember when last he slept he light provided by Nepa. At N15,000
per month he saw more electricity on the Mainland. Despite living in an area surrounded by water, Why MTN’s planned acquisition of Visafone
makes sense
water was as scarce as it gets. He had to spend over N200,000 sinking a borehole. Groceries,
confectionaries and services all seemed to cost a little more.
Dom

Lol, more money more problems

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diamond

What a horrible written and biased report.

Stanbic IBTC secures $90m credit facility

The post above and its ensuing comments, if any, is purely the opinion of the writer(s). It therefore Can’t believe and reading this on Ugometrics blog.
should never be considered as an investment advise of any sort. If required, readers should please
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consult a competent professional financial adviser for any investment decision. It not even worth a rebuttal.

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