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Edo Govt., MIXTA Africa seal deal to construct 1,800 housing units in Benin City

…ground-breaking ceremony for June, project to be completed within 12 months

The Edo State Governor, Mr. Godwin Obaseki, through its housing arm Edo Development and Property Agency (EDPA) has sealed a deal for the construction of 1,800 housing units in Benin City, with MIXTA Africa, a private property development company to boost the housing stock in Benin City, the state capital, through a Joint Venture Partnership.

The deal was sealed during a meeting between the Governor, Mr. Godwin Obaseki, EDPA and MIXTA Africa’s team, at the Government House, on Tuesday, in Benin City. Obaseki said the State has acquired 100 hectares of land in Ikpoba-Okha and Uhunmwode local government areas for the housing projects.

He stated further that there are other sites proposed within the Benin Industrial Park and the New Town. He assured that “the state government will provide the infrastructure for the project to ensure quality and affordable homes for our people.”

The governor said the ground-breaking ceremony for the housing project will be done by the Vice President, Prof. Yemi Osinbajo in June. “The plan is to provide accommodation for residents and indigenes at home and abroad. The project will provide opportunities for businesses in the State and create new jobs,” he explained, adding that EDPA has been strengthened by a new law.

“This is one in a series of similar projects that will be done by the State through EDPA. The success of this project is key to housing delivery. The housing project will boost local businesses in the state as some of the materials to be used for the project, such as ceramics, steel, roofing sheets will be produced locally in the State. We want to use the project to develop the supply chain of inputs that are locally produced in the State to grow our local businesses.”

He said the State government is in talks with civil servants on how members of the unions can access the National Housing Fund for mortgages and benefit from the housing project.

He said that the State is also working with the Federal Mortgage Bank on the possibility of providing mortgage for civil servants to enable them key into the opportunities the housing project offers.

READ: OBASEKI, AMBODE, ABUBAKAR TO ATTEND 12TH ABUJA INTERNATIONAL HOUSING SHOW

The Managing Director, MIXTA Africa, Mr. Kola Ashiru-Balogun, said the first phase of the project will commence in June and will be completed within 12 months. Ashiru-Balogun said MIXTA Africa has a record of over 10,000 housing units developed across Africa and has decided to partner with the State because of the Obaseki led- administration’s drive for developmental projects, adding that there are different payment plans being considered including a 24-month interest free payment plan.

He added that “MIXTA Africa is discussing with financial institutions to see how arrangements can be made to provide longer tenured financing payment plans. We recognise the market and we will offer affordable housing. The governor has indicated that we use the project to create jobs.”

Present at the signing ceremony was the Executive Chairman of EDPA – Isoken Omo, the Attorney General and Commissioner for Justice, Prof. Yinka Omorogbe, amongst others. Related

Vanguard

Impact Investing: A veritable route to affordable housing in Nigeria

Access to housing is one of the key commitments agreed to by world leaders in the UN’s New Urban Agenda (NUA), which sets a new global standard for sustainable urban development, and which is expected to help governments and peoples rethink how they plan, manage and live in cities.

The NUA was endorsed by the 68th Plenary Meeting of the 71st Session of the UN General Assembly held on December 2016 with affordable housing as a key part of the Sustainable Development Goal (SDG) 11 of building sustainable cities and communities.

However, the Nigerian Government is struggling with the challenge of providing, at a meaningful scale, high quality affordable housing to the people as a result of insufficient funds. But Nigerians, just as everyone else across Africa and the world, have an inalienable right to affordable housing as a panacea to the challenges of secure, habitable and affordable habitat.

As housing backlogs continue to increase exponentially across the continent of Africa, the need for investment in this area has become one of urgency. Given that Nigerian (and African) cities continue to grow as the level of urbanization increase at near-exponential levels driven by high rate of rural-urban migration (from 39.94 per cent in 2006 to 49.4 per cent in 2017), there is a heightened the need for affordable housing. This has drawn the interest of investors, financiers and developers towards the housing sector.
Because the perception of what is affordable varies significantly from one city to another, from one state to another, and from one income group to another, the only feasible attempt at explaining affordable housing is broadly defining it. Analysts have defined affordable housing generally to include housing solutions that are priced and financed in a way that ensures low-income occupants can also satisfy their other basic needs.

Even though the scarcity of affordable housing affects all segments of the society, it is usually the low-income earners that are most affected. Given that the Nigerian urban housing market primarily targets high-income earners, this significant part of the Nigerian population excluded from formal housing provision. Furthermore, low-income households in the country face a number of obstacles in their quest for decent housing. These barriers include weak individual purchasing power, poor access to housing finance, unavailability of complementary goods such as land and infrastructure, and inadequate housing supply to meet the actual needs of the urban poor.

BENEFITS OF AFFORDABLE HOUSING INVESTING

Affordable housing offers double rewards of economic growth and poverty alleviation, and no matter the impact financiers or investors seek to create, they can reach a consensus on issues bordering on returns and impact.

Investors can reap substantial benefits from Nigeria’s growing housing finance sector. With the burgeoning spate of urbanisation in the country, the demand for affordable housing will remain strong, both for rental and purchase. Moreover, As the mortgage market does not yet meet the breadth of the population who might afford a mortgage, and as most households still find it difficult to finance their housing independently from savings or non-mortgage credit, investors can look for a mechanism that will allow them to provide the needed housing to the people at friendly prices while they make acceptable returns on their investments.
Nigeria in 2016, faced significant economic crises arising from depressed oil prices, foreign exchange fluctuations and GDP contraction. This further dealt a shrinking blow to the prospects of realising the affordable housing dreams. The Nigerian real estate sector accounts for 7.52% of the Nigerian economy; housing budget stands at N41 billion with meagre progress in the FGN’s envisioned production of one million standardised affordable houses.As stated by the Managing Director of the Federal Mortgage Bank of Nigeria, Nigeria has a housing deficit estimated at between 17 to 20 million housing units and a 900,000 annual unit deficit increase, with a potential cost of about N6 trillion.

In order to meet this supply gap of 23 million units by 2020, 2.6 million homes needed annually. Bullish estimates suggest that only 200,000 units are currently built annually. This gap should be sufficient to trigger investors’ interest in this sector.The FGN launched a National Housing Fund Programme under the Social Investment Fund which was set up to increase the access of Nigerians to affordable housing and home ownership.

INVESTORS IN AFFORDABLE HOUSING SECTOR

International Housing Solutions (IHS)

International Housing Solutions (IHS) is a global private equity investor leading investment into the affordable housing sector in sub-Saharan Africa, has created a fund, HIS Fund II, which will target affordable and energy-efficient housing opportunities in sub-Saharan Africa. IHS has built an enviable reputation of providing 27,000 new homes and also focuses on adding value by providing easy access to opportunities previously unavailable to the middle class such as security, transport cost reduction and access to quality education through strategic positioning. The first fund is South Africa Workforce Housing Fund, a $230 million fund and the second fund(HIS Fund II) has already attracted approximately $180 million in capital majorly targeted to South Africa and Sub-Saharan countries.

Lafarge Africa

Lafarge Africa, through LafargeHolcim, focuses on providing a range of affordable housing solutions tailored to the local challenges and needs of the populace. They offer microfinance program for affordable housing which included access to microcredits via partnership with the International Finance Corporation (IFC) amongst others, construction solutions like roofing solutions and modular housing templates for bit-by-bit construction and technical assistance through the assistance of LafargeHolcim advisors.

CALL TO ACTION

Affordable housing – sometimes also called social housing or mass housing – is both a social and an economic issue that has featuredprominently in most discourses bordering on mass housing. Affordable housing should not be a top priority policy of the government alone, but should also be made a focus area by private investors, such that the essential needs of all stakeholders will be significantly addressed and aid UN’s vision and efforts to make cities and human settlements inclusive, safe, resilient and sustainable. A number of investors have noted the need for housing for critical mass of the Nigerian people and have already made some level of investment in the real estate sector.

INNOCENT UNAH & ABISINUOLA DAVID-OLUSA

Lagos raises housing loan to N100m

Lagos State has increased the budgetary provision for housing loans from N50 million to N100 million to improve workers’ welfare, Head of Service (HoS) Mrs Folashade Adesoye has said.

She spoke yesterday at the on-going briefing by ministries to mark the third anniversary of Governor Akinwunmi Ambode.

Mrs Adesoye said the Staff Housing Board had so far given out N95,033,564 loans to about 280 public servants.

She said: “I am delighted to inform you that the budgetary provision for housing loan has increased from N50 million to N100 million, laying credence to government’s commitment to staff welfare.’’

The HoS there were 40 buses in the fleet of the centralised staff buses, promising that they would soon be increased because of the high number of workers.

“However, owing to the increasing number of staff and the opening up of new residential areas, there is a conspicuous deficit in the number of buses. Governor Akinwunmi Ambode has promised to re-fleet the scheme with new buses.

Tajudeen Adebanjo

30,000 civil servants own houses – Loans Board

Dr Hannatu Fika, the Executive Secretary, Federal Government Staff Housing Loans Board (FGSHLB), said that the board had helped over 30,000 workers to access loans to own houses.

Fika made this known in an interview with the News Agency of Nigeria (NAN), on Monday in Abuja.

She said that public servants were the engine room of good governance, adding that one way the government could encourage workers was to provide them with shelters.

She said it was for this reason that the current administration had used FGSHLB to enable Federal Government workers to build houses.

Fika disclosed that the board had helped over 30,000 workers access loans to own houses, and reaffirmed the commitment of the board to the welfare of Public Servants.

“This is a change era, the good thing any government can do for its workers is to provide certain basic welfare needs so that they too can work effectively, diligently and willingly for the country.

“Until 1974 the programme was only situated in the Lagos territory but was expanded to all the states of the federation.

“So as of today, from the statistics of loans that we recently disbursed, we can proudly say that we have touched the lives of over 30,000 federal public servants, who now own their own homes through the FGLSHB revolving scheme’’, she said.

Fika said the housing deficit in the country might persist if the relevant agencies lacked the resources to operate.

“We will continue to pressurise government to make fund available for housing programmes.

“We have over hundreds of thousands number of civil servants that come under our purview they are so many,” she stressed.

She, however, said “as long as funds are not there, we have to utilise what is in the mortgage agency to be able to build these houses’’.

Fika lauded the efforts of the present administration in providing houses for Nigerians, especially through the Federal Ministry of Power, Works and Housing’s projects in all the states.

According to her, amendment to the act establishing the board is long overdue.

“Let me begin by saying this is a change era, and the art of life is a constant readjustment to our surroundings. Progress is impossible without change, therefore, change is inevitable.

“The last amendment was in 1974, about 44years, without sentiment, there are provisions that are obsolete like Section 3 (1h) of Cap F.II.LFN 2004 no longer exist in service,” she said.

She disclosed that some critical areas like area of partnerships required a law for sustainability, appropriate designation of officers of the Board, offences.

According to her, to participate in partnership for the affordability and availability of housing for eligible public servants, the board signed Memorandum of Understanding (MoU) with both government and private organisations.

She said that this was in an effort to look outside the box in order to address the housing need of teeming population of federal staff.

NAN recalls that the board has disbursed over one billion naira as renovation loan to 2,000 civil servants across the country.

The renovation loan was being managed by the loans board on behalf of the Federal Mortgage Bank of Nigeria as agreed in a Memorandum of Understanding signed in 2015 by the two agencies.

Abujah Racheal

Reps seek N500bn recapitalisation for FMBN

The House of Representatives on Tuesday asked the Federal Government to recapitalise the Federal Mortgage Bank of Nigeria to the tune of N500bn.

It said this was necessary to make the bank more vibrant and responsive to its functions for effective housing delivery in the country.

The recommendation to recapitalise the bank was contained in the report of the House Committee on Housing, which lawmakers considered and approved on Tuesday.

The committee, which is chaired by a member of the All Progressives Congress from Katsina State, Mr. Ahmed Baba-Kaita, had investigated the non-compliance with the National Housing Fund Act and the inability of the government to deliver housing to the citizenry.

The committee had observed that a major shortcoming was the failure of contributors to the Fund, including the Central Bank of Nigeria, commercial banks and insurance firms, to perform their duties.

The committee recommended that such contributors should be compelled to provide funds for the NHF as provided in the Act.

Another recommendation of the committee was that the Federal Mortgage Bank of Nigeria should be given necessary government support in areas like guarantee, recapitalisation and allocations to empower the bank for maximum productivity.

“That steps should be taken to review the provisions of the Act to make it more enforceable,” the committee added.

The House opposed the creation of any parallel agency to provide the same functions as the FMBN.

“That existing Federal Government institutions should be supported rather than creating new ones to avoid duplication of functions,” the House added.

Two other reports related to housing also came before the House on Tuesday.

One was the report on “A Bill for an Act to Repeal the National Housing Fund Act, Laws of the Federation of Nigeria, 2004 and Enact the National Housing Fund Bill to Make Provisions for Additional Sources of Funding and for Related Matters.”

However, the consideration of the report was stepped down for additional work to be done on the bill.

The second report was titled: “Bill for an Act to Repeal the Federal Mortgage Bank of Nigeria Act, Laws of the Federation of Nigeria, 2004 to Make Comprehensive Provisions for Establishment of the Federal Mortgage Bank of Nigeria and its Board of Directors, and for Related Matters.”

John Ameh

House prices fall in England and Wales for third month in a row

House prices in England and Wales fell for the third month in a row in April and the annual rate of growth is just 1% above a year ago, having fallen for 11 months in succession.

The latest index figures show that annual growth is well down on its last peak of 9% in February 2016 but if London and the South East is excluded from the calculation prices are up 3% year on year.

The data from the Your Move index also shows that prices fell by 0.1% from March to April to an average of £302,252 but some parts of the country are proving to be more resilient, particularly in the North.

A breakdown of the figures shows that annual growth was led by Wales with a rise of 4.8%. Within Wales, Cardiff and Swansea recorded a rise of 9.7%, the Vale of Glamorgan was up 10.2%, Torfaen up 10.4% and Monmouthshire up 11.3%.

However the index report points out that the annual growth figures in Wales could be affected by the introduction of a new Land Transaction Tax in April, with the amount to be paid rising for properties in the £400,000 to £925,000 price bracket and therefore buyers may have brought forward their purchase to avoid the higher rates of tax.

The next biggest growth was in the North East of England and the East Midlands, both up 3.9% annually, the North West up 3.6% and the West Midlands up 2.7%. Within these regions prices in Merseyside increased by 3.9%, in Tyne and Wear by 5.4% and Birmingham they were up 5.2%.

At the other end of the scale, Windsor and Maidenhead in the South East recorded the biggest annual fall in prices at 9.2%. Meanwhile in the South East in general prices were flat month on month and up just 0.4% year on year.

London was the only place to see prices fall year on year with a decline of 2.5% and prices also fell month on month, down by 2.1%, taking the average property price to £601,808, some £15,415 lower than a year earlier.

The index shows that in London price falls continue to be concentrated at the top of the market. Eight of the 11 most expensive boroughs in the capital have seen prices drop in the last year, including Westminster, the second most expensive borough, down 13.3%, Wandsworth, down 13.6%, and the City of London, down 31.4%.

Among cheaper areas only mid ranking Southwark, down 17.5%, comes close to such falls. The big exception to the rule is Kensington and Chelsea, right at the top of the market, where prices are up 23.7%, but the report points out that this is due to a small number of extremely expensive £10 million plus properties. Ignoring this, the top 11 boroughs would be down 5.8% annually on average.

At the bottom of the market in London it is less volatile and, overall, more positive. Price growth for the cheapest 11 boroughs is up on an annual basis by 0.1% and the cheapest four boroughs have all seen modest annual increases. Overall, two thirds of London’s 33 boroughs have seen prices fall in the last year, and almost the same saw prices decline over the month, with monthly prices down 2.1%.

‘London remains the exception, rather than the rule when it comes to the strength of the market in the major cities of England and Wales, which remain strong. The market remains slow, though, when it comes to the number of transactions,’ said Oliver Blake, managing director of Your Move and Reeds Rains estate agents.

Propertywire

Ugwuanyi committed to affordable housing, says ESHDC boss

The Management of Enugu State Housing Development Corporation (ESHDC), has unveiled its in-house quarterly Magazine, Housing Tide, following the corporation’s commitment to propagate the housing policy of Enugu State Governor, Ifeanyi Ugwuanyi, towards providing affordable housing for the people.

The 52-page magazine, which is the authoritative source of the corporation’s information, especially in the areas of subsisting houses and location of serviced plot for sale, according to the General Manager, Chukwuemelie Agu, was part of the innovative measures adopted to project and promote the good works of the governor in other spheres of the economy.

He said Governor Ugwuanyi’s administration, through the corporation, has done a lot in housing estates such as Citadel, Heritage, WTC, Valley, Rangers 1 & 2, Transparency and Sandview springing up with decent facilities in the cities and rural areas. He disclosed that the establishment has designed more programmes to accommodate the interest of the masses.

While unveiling the maiden edition at the Board Room of the corporate headquarters, Agu said “the governor’s housing policy has received resounding commendation within the state and beyond”, stressing that “the management established this quarterly magazine, Housing Tide, to further highlight, document and promote the administration’s efforts in the sector.”

He said: “Historically, the housing policy of this administration marks a paradigm shift from the old order, as evidenced in the number of affordable housing estates.

“The magazine will, apart from being self-sufficient, serve as another stream of Internally Generated Revenue (IGR) for the corporation. This magazine, which is the corporation’s flagship, will promote a more effective interface with the public and disseminate the laudable achievements to the consciousness of the people, even as the 2019 general election beckons and beyond.

“It will equally foster good relationship between ESHDC and its clients, the media community and the general public. Issues raised in the media will be addressed in a manner that government’s interest, policies and actions are constantly portrayed in a good light.

“Housing Tide is an in-house tabloid of ESHDC, which aims to promote other government’s policies, highlight ESHDC projects, programmes and events as well as the pronouncements/activities of the management of the corporation. Furthermore, it dwells extensively on ESHDC activities within the confines of government’s housing polices, and, also, presents a generous content from the activities of institutions and organisations involved in housing and real estate development within Enugu State and beyond.”

Continuing, the Housing Tide’s boss said the magazine is segmented to accommodate health, law, housing crime/court, metro, interview, news, features, issues, governance, events, site visits and pictorials.

The quarterly tonic, which is a must-read for financial/mortgage institutions, real estate bodies/developers, religious bodies, academic institutions, legal bodies, blue-chip industries, cooperate bodies, communities and investors will circulate nationwide.

Daily Sun

‘Homeowners’ Charter has raised value of properties in Ogun’

Homeowners’ Charter Programme has improved the physical and social infrastructure as well as value of properties in Ogun State, Governor Ibikunle Amosun said.

Amosun stated this during the 31st edition of the presentation of Certificates of Occupancy and Building Plan Approval to another batch of beneficiaries, at the Arcade Ground, Oke-Mosan, Abeokuta.

Represented by Commissioner for Health Dr. Babatunde Ipaye, the Governor said, findings show that that value of landed property had increased, just as land owners now build with confidence as a result of availability of land title documents.

“With the C of O, there is a significant improvement on our physical infrastructure and the value of houses skyrocket from the day you have the document.

“Also, when you know that you are the true owner of your house, it gives you confidence’’, Amosun said.

He observed that those who did not believe in the programme are beginning to see that the administration meant business, calling for continued support of government policies and programmes to fulfil promises made to the people.

The Homeowners’ Charter Programme Analyst, Mr. Adetayo Oni, said the government was determined to offer continuous and efficient services to all qualified applicants, urging beneficiaries to spread the good news about the programme.

Speaking on behalf of the beneficiaries, Mr. Sola Adegbenro from Ifo Local Government Area, thanked the government for keeping to its words, saying the documents had made them confident owners of their property.

The Nation

OBASEKI, AMBODE, ABUBAKAR TO ATTEND 12TH ABUJA INTERNATIONAL HOUSING SHOW

Edo state Governor, Godwin Obaseki, Gov. Darius Ishaku of Taraba State and Gov. Mohammed Abubakar of Bauchi State are among a host of State Governors expected at the 12th Abuja International Housing Show.

The Show which is the largest housing and construction finance stakeholders’ forum in West Africa will hold 16th-19th July, 2018 at the International Conference Centre in Abuja.

Others expected at the Show are Governor Akinwunmi Ambode of Lagos State, Gov. Benedict Ayade of Cross River State and the Governor of Kaduna State, Nasir El-Rufai.

The Minister of Power, Works and Housing, Babajide Raji Fashola will serve as the Chief Host of the Show and will be assisted by the two Ministers of State in the Ministry Baba Shehuri and Suleiman Hassan.

The theme for this year’s expo is Driving Growth and sustainability in Nigeria Housing and Mortgage Markets-improving structures and policies for impact.

Confirmed to speak at the show are Femi Adewole, Managing Director of Shelter Afrique, Kenya, Kecia Rust, Executive Director and Founder, Centre for Affordable Housing Finance In Africa and Agnes Tokunbo Martins, Director, OFID, Central Bank of Nigeria.

Adeleke Samuel, Housing TV

 

 

OBASEKI, AMBODE, ABUBAKAR TO ATTEND 12TH ABUJA INTERNATIONAL HOUSING SHOW

Edo state Governor, Godwin Obaseki, Gov. Darius Ishaku of Taraba State and Gov. Mohammed Abubakar of Bauchi State are among a host of State Governors expected at the 12th Abuja International Housing Show.

The Show which is the largest housing and construction finance stakeholders’ forum in West Africa will hold 16th-19th July, 2018 at the International Conference Centre in Abuja.

Others expected at the Show are Governor Akinwunmi Ambode of Lagos State, Gov. Benedict Ayade of Cross River State and the Governor of Kaduna State, Nasir El-Rufai.

The Minister of Power, Works and Housing, Babajide Raji Fashola will serve as the Chief Host of the Show and will be assisted by the two Ministers of State in the Ministry Baba Shehuri and Suleiman Hassan.

The theme for this year’s expo is Driving Growth and sustainability in Nigeria Housing and Mortgage Markets-improving structures and policies for impact.

Confirmed to speak at the show are Femi Adewole, Managing Director of Shelter Afrique, Kenya, Kecia Rust, Executive Director and Founder, Centre for Affordable Housing Finance In Africa and Agnes Tokunbo Martins, Director, OFID, Central Bank of Nigeria.

Adeleke Samuel, Housing TV

 

 

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