SGF warns Nigerians over fake Buhari cabinet recruitment

The Secretary to the Government of the Federation (SGF), Mr. Boss Gida Mustapha, has urged Nigerians to disregard false information on the social media and through text messages, urging members of the public to submit their Curriculum Vitae at a fee, to a non-existing desk at his office, to facilitate their selection as Cabinet members. In a statement on Sunday, the Permanent Secretary, General Services Office (OSGF), Olusegun Adekunle, said:

“The public, is by this notice, advised to disregard such information as the Office of the Secretary to the Government of the Federation has no such mandate and has never requested for such information.  “The SGF, Boss Mustapha, uses this opportunity to warn originators of such fraudulent request to desist forthwith from using the name of the SGF in their dubious and nefarious plan to fleece unsuspecting members of the public

Source: Daily Trust

Opportunities for Housing Cooperatives at 13th AIHS

More stakeholders in the Nigerian housing sector are beginning to speak on the best approach to solving Nigeria’s housing deficit. Over 70% of Nigerians who live below the poverty line do not own a home of their own, making the country one of the worst in the world in terms of home ownership ratio.

Over the years, billions of dollars have gone down the drain in several government led housing projects without any significant impact with regards to provision of houses, one of man’s most important needs.

The Abuja International Housing Show is the place where the best ideas for solving housing problems are presented for stakeholders to deliver on. At this year’s event which will be attended by 40, 000 participants from Nigeria and at least 15 countries, there will be opportunities for housing cooperatives in Nigeria to learn a couple of things about the formation of housing cooperatives around the world and how they can be sustained to meet their set goals.

According to the show’s convener, some of the opportunities for housing cooperatives at this year’s event includes the following.

a. Housing cooperatives are encouraged to attend in order to learn from international speakers about the experience of housing cooperatives abroad and how they have been able to successfully organize to pursue housing.

b. There will be opportunity for cooperatives in Nigeria housing to learn how they can raise capital for themselves. One of the major challenges to affordable housing in Nigeria is shortage of capital, and it will be impossible for the government to bear alone the task of solving this key problem. Attending cooperatives will learn from experts about how they can creatively raise their own funds and finance their housing projects without resorting to strategies that will lead to more debt.

c. One of the lacking features of housing cooperatives in Nigeria is corporate governance. The show will present an opportunity for the cooperatives to understand the best practices and how they can run effectively as a corporate entity that not only respect codes and orders but benefit from it. Corporate governance and good management will ensure consumer protection; trust and confidence – both from internal and external stakeholders.

d. There will be an opportunity for them to know how to pull themselves together under a bigger national and international platform that will enable them meet their goals. It is increasingly becoming easier for cooperatives around the world to operate under one umbrella of ambition.

e. There is no other housing event that brings more developers together than the Abuja International Housing Show. So, there will be opportunities for the cooperatives to meet one on one with housing developers and off-take their projects. This meeting with developers will also help the cooperatives to have their own influence on the type of houses they want ranging the designs, sizes, facilities and other building requirements. With this, the developers will be working based on an existing need and not based on guess work or assumptions. AIHS believes that this is very critical in order to avoid the situation where houses are developed without off-takers or any sense of purpose.

f. Many housing cooperatives are finding it difficult to strike partnerships with housing stakeholders, public and private institutions and banks. Having realised this problem, the 13th AIHS will provide them an opportunity to learn about the requirements for cooperatives in order to be recognised for corporate partnerships that will benefit their members’ goals and objectives.

These and many more opportunities are available at the 13th AIHS for all housing cooperatives that participate in the show which starts from 23rd to 26th July 2019 at the International Conference Centre, Abuja. Over 400 exhibitors will be at the show selling their new range of innovative and cost effective products for everyone including cooperatives.

By Ojonugwa Felix Ugboja

India is investing more money in solar power than coal for first time

In India coal is king. It powers huge swathes of the country and its use is still rising. But there are signs that coal’s dominance might one day be challenged. India’s investments in renewable sources are now outpacing those in fossil fuels, according to a report by the International Energy Agency.

Image: IEA

Total renewable power investments topped those in fossil fuel-based power for the third year in a row. And spending on solar photovoltaics (PV), supported by government auctions, exceeded coal for the first time last year. The falling costs of bringing solar power online as well as favourable government policies have seen solar’s star rise in recent years.

Image: IEA

But that’s not to say the country’s hunger for coal is going away any time soon: it remains one of the world’s largest coal consumers. Investment in supply grew last year, supported by a policy favouring domestic production ahead of imports – although the fuel was still one of the country’s largest imports last year.

At a time when other nations are curbing coal use, India is bucking the trend and the vast majority of the country is still powered by fossil fuels, mostly coal.

Image: Inside Climate News

India’s energy future

India is still a relatively modest energy consumer, particularly in comparison to the United States, but demand is set to climb rapidly as its population gets richer. The country`s share of global energy demand will double by 2040, oil and gas giant BP estimates. And almost half of this new demand will be met by coal.

Although investments in renewables will continue to mount, the continued reliance on coal means greenhouse gas emissions by India – already one of the world’s biggest CO2 emitters – will climb substantially.

Image: IEA

Given its soaring demand for power, it is little surprise India was the fastest-growing investor in the energy sector last year, according to the IEA. Continuing to meet this demand will require serious investment.

The country spent more than $20 billion on its grid last year, and the Central Electricity Authority estimated an extra $40 billion of transmission spending – the cost of getting electricity from the power plant to the substation – would be needed in the next three years. That’s over half as much again as it is currently spending.

Prime Minister Narendra Modi announced massive solar energy investments in 2015, pledging to surpass targets in the Paris climate agreement. But there is no getting away from the fact that coal is perceived as a cheap source of energy to feed Indians’ increasing demand for power.

Source: Weforum

How to get millions of Nigerians out of poverty – Elumelu

The Chairman, United Bank for Africa, who is also the founder of Elumelu Foundation, Mr. Tony Elumelu, has urged the federal government to create conducive and enabling environment for small scale businesses to thrive, so as to pave way for the realization of President Muhammadu Buhari’s second term dream of lifting millions of Nigerians out of poverty in the next four years. He made the call in Kano during the 35th convocation ceremony of the Bayero University in which he was conferred a honourary doctorate degree in business administration over his laudable efforts in human capital development across the African continent.

Elumelu expressed optimism that Buhari could achieve the feat if the government could create more opportunities for young entrepreneurs to transform their ideas into businesses that employ labour. He said: “There are variety of ways to lift hundred of citizens out of poverty but two clearly stand out and two are very dear to me.

One is increasing the number of jobs in the economy and two is creating more opportunities for our young entrepreneurs to transform their ideas into more businesses that employ labour.

“The federal government must play its leadership role by creating the enabling environment and conducive infrastructure that enables the creation of jobs and economic opportunities for our youth fold. He urged the government to abolish multiple taxations for small businesses and make business to become easier by prioritising SMEs trainings and capacity development. He said the exigencies of the moment had underscored the need for quick action, saying: “Our population growth rate is faster than our economic growth rate, so we know what will happen if we do not bridge that gap.”

Source: Dailytrust

nigeria as the poorest country

Buhari to Nigeria’s universities: You’ve failed the country

President Muhammadu Buhari has taken a swipe at the country’s universities, berating them for failure to develop “ground-breaking researches” in various fields of human endeavour.

Reviewing the Nigeria’s tertiary education development since independence in 1960, the President regretted that, “it is not heart-warming that in our over 58 years of independence, Nigerian universities are slow in discoveries and inventions.”

Buhari, speaking on Saturday in a message he sent at the fourth convocation ceremony of the Federal University (FUDMA), Dutsinma, in his home state of Katsina, challenged, “all universities to come out of their shells to conduct researches that will attract industries to patronise the universities in order to enhance and improve their capacities to produce and diversify their products.”

Sam Amadi: Power sector privatisation was designed to fail

Sam Amadi, former chairman of the Nigerian Electricity Regulatory Commission (NERC), says the privatisation of the power sector was designed to fail.

In a series of tweets, Amadi said the privatisation process could not produce the desired results because the power assets were sold to investors who lacked the financial and technical capacity.

The sector was privatised after the unbundling of the Power Holding Company of Nigeria (PHCN) in November 2013, as private investors took over distribution and generation firms “to ensure adequate, regular and stable supply of electricity to the consumer at a reasonable cost”.

“The power sector was designed to fail. We failed to corporatise and commercialize before privatizing; we privatize senselessly without paying attention to context and corporate governance and regulatory regime; we sold to investors who lacked capacity,” he said.

“We had conducted three tariff hike before December 2015. Did any of these hikes resulting in any significant improvement in revenue or service quality? No. Why because the problem of the sector is not mainly tariff.”

Amadi argued that the challenges in the sector go beyond tariff increase, as such move would force manufacturers off the grid.

“Cost reflective is important. but excessive tariff hike is problematic because it cannot be collected and in a country with poor supply the propensity to pay is low,” he said.

“When NERC conducted “Fit and Proper’ test on all the preferred bidders, only one (or none) has the requisite financial and technical competence to effectively manage the network. I took the report to the VEEPEE to argue that none of these firms are fit. VEEPEE was alarmed and set up a committee with BPE, MOP and NERC.

“We later discovered that BPE amended the TOR to reduce the threshold or financial and technical capabilities. The World Bank doubted that we could sell the discos. We surprised the World Bank and we rejoiced but we did not know we sold to ‘straw-men’.

“The meeting called against me by Minister and DG BPE that I was against privatization because at the villa I advised the DG BPE that so much faith in haste privatization is not justified by theory and practice, I hate to say I have been proved right.”

Source: The Cable

25 per cent pension funds for mortgage

Central Bank of Nigeria (CBN) and the National Pension Commission (PenCom) are working out modalities for workers under the contributory pensions’ scheme to access 25 per cent of their contributions for personal home investments.

Mrs. Ambah Hamda of City Bank yesterday broke the news in Abuja.

She said: “The 25 per cent of Retirement Savings Account (RSA) being made available to the holders as equity contribution for mortgages is a work in progress. The CBN and Bankers’ Committee will work with PenCom to make this a reality.

“Once it becomes a reality, an RSA holder will then be in a position to walk up to his pension fund administrator and ask to access 25 per cent saved up in his name and would like to borrow money to build a house.

“With such approval, you will then approach your banker. It would make the bank very willing because you will then be coming with a sizeable sum of money where you would also contribute to the project.”

Mrs. Hamda said that the committee has also resolved that banks should support the pension industry to release up to 25 per cent of the N9 trillion Pensions’ Fund Assets (PSA) for the contributors of the fund to use as equity injection towards owing houses.

She went on: “Twenty-five per cent of N9 trillion is worth over N2 trillion and if this fund can be used to stimulate demand for mortgage loans in our economy. It was agreed that the Central Bank would talk to fellow regulators and also work with government of various states to make the while process of land transfer and titling a lot easier so that many more people across the nation can access mortgage financing, thereby stimulating demand in our economy.”

CBN Director, Corporate Communications, Mr. Isaac Okorafor, disclosed that when finalised, the 25 per cent pension contribution will form the contribution of workers to building their houses to which they can then obtain the remaining 75 per cent as loans from banks.

The Bankers’ Committee also announced that both the Creative Industry Initiative and Export Initiative have entered implementation stages and that operators in the sectors should begin to submit their proposals for funding to their various banks.

Mr. Patrick Akinruntan of FSDH Merchant Bank said the Creative Industry Fund was at the execution stage with all banks participating in the creative initiative.

He said: “Every person or business that is into any of the coverage areas is encouraged to put together their proposal, demonstrate the viability and approach their bank. The Central Bank will have a central collation point where all the requests that come through any bank are forwarded so that we have a way of knowing the impact we have made in creating employment and stimulating the economy.

“The same applies to the export support fund, be it in cashew nut, be it in sesame seeds and all the various rich exports that we are able to mobilise because of the impact for employment ability in the economy. There is learning for both customers and banks, but it is an area where we have absolute commitment.”

He noted that the interest rate for these initiatives is nine percent, including all charges.

Speaking on consumer financing, CBN’s Director of Banking Supervision, Mr. Ahmed Abdullahi, described consumer financing as an important asset class.

Abdullahi said: “Banks are looking for more innovative ways to create credit. At the moment, it is much structured around salaried staff but we need to look for ways of extending it to others, like using the collateral registry. Assets are more easily used as collaterals.

“The whole intention is to ultimately drive much more financing, which will have impact on other sectors of the economy along the value chain because the manufacturer is able to sell more products.”

Source: Nationonline

CBN to commence disbursement of N500 million fund to creative sector

The Central Bank of Nigeria‘s Bankers Committee is now ready to begin paying out the N500 million loans to creative industry SMEs under the Creative Industry Financing Initiative.

This was disclosed during the end of the committee’s meeting held at the CBN headquarters in Abuja on Thursday. The meeting was attended by the Chief Executives of all the Deposit Money Banks in Nigeria as well as other top officials of the apex bank.

Nairametrics had previously reported when CBN’s Bankers Committee decided to provide more funding for the development of the creative sector of the economy. The decision was made as a result of the committee’s conviction that the sector holds the key to job creation, poverty reduction and inclusive growth.

How to apply for the CIFI loan: According to the CBN, the creatives eligible to apply are those who fall within the industries of fashion, Information Technology, movie production, movie distribution, music and software engineering student loan.

Having satisfied the requirements of having a business in any of the areas highlighted above, the Managing Director, FBN Quest Merchant Bank, Kayode Akinkugbe who was present at the meeting, urged the interested applicants to prepare a business plan or proposal on how much is needed for such a business and submit applications to their banks for approval and disbursement.

More details: The attendees at the meeting included Director, Banking Supervision Department, CBN, Mr. Ahmed Abdullahi, MD, Ecobank, Patrick Akinwuntan; MD, FSDH Merchant Bank, Hamda Ambah;  Citibank MD, Akin Dawodu; and Director of Corporate Communications at the apex bank, Isaac Okorafor.

The meeting also gave insights on the following topics, consumer lending, mortgage financing and the need to encourage the culture of savings among Nigerians.

On real estate, Akinkugbe said the committee had decided to unlock the huge liquidity that various people had in the sector.

“Another initiative discussed is in the real sector, we want to release the trapped liquidity that various investments that people have in the real estate, in land or in property. Recognising that there are some obstacles but ultimately we must find a way to navigate through.”

The CBN noted that under the CIFI loan initiative, beneficiaries could get up to N500m loans at nine per cent interest rate.

Source: Nairametrics

Why Every CEO in Housing and Construction Must Attend 13th AIHS

All is set for Africa’s biggest housing and construction event – Abuja International Housing Show (AIHS). The Show slated for 23rd to 26th July at International Conference Centre, Abuja will host over 40, 000 participants from Nigeria and at least 15 countries.

While it is the most preferred event for trade and exhibition, it is also the choice conference destination for corporate chief executive officers (CEOs) in Housing and Construction.

This year’s edition will host over 200 CEOs from varied companies and firms in the housing, construction and business industries across Africa and the world.

A special session called the CEOs Forum will be the biggest convergence of such important figures sharing ideas, experience and expertise on how to lead a more effective and financially inclusive industry.

These CEOs in the real estate, mortgage housing finance, construction companies and professional institutions will engage in conversations that will focus on macro-economic and socio-political environments and their impact on the real estate market and housing in general.

The forum which is a gathering of high profile professionals who are founders and business owners will give opportunity to present and discuss challenges facing their respective organisations and the way forward.

It will be a collaborative and supportive environment for leaders in Nigerian real estate industry support services and mortgage banks. Participating in the forum will increase high level business contact.


The forum will equally provide avenue for meeting counterparts from every part of the country and outside the country to network and advance business relations.

With an ever changing world, it is indeed very timely for any CEO to be a part of these top leaders who converge for the sake of housing sector advancement. Various ideas and experiences from several places will greatly benefit the participants in forging more adaptable and effective models of housing and mortgage operations in their respective organisations.

The attending CEOs will proactively engage the show with first hand, authentic – not to mention relevant – information on a number of issues pertaining to the industry.

The most potent resource of the 21st century and especially in the Housing and Construction Sector is information. Things change quickly, and only those who can keep up will be able to compete and stay relevant in the industry.

Having access to veritable information has always been one of the most important benefits for CEOs who attend the AIHS.

Another major highlight of the event is the opportunity for CEOs to be inspired by the presentation of innovative developments in the housing industry by experts and leading brands in the industry.

In addition, renowned experts will provide housing market forecasts and examine issues such as employment, home prices, production, demand and supply. Attending CEOs can learn a lot from these forecasts as they make their projections.

Beneficial CEO Roundtables

There will be break-out sessions led by the attending CEOs to address emerging issues during the course of the show with some definitive and specialised solutions. This will be of great benefit for the entire industry as such recommendations will be largely adopted in order to effectively grapple with industry challenges ranging from the provision of affordable housing, mortgage, quality control and policy directions.

The CEO forum will also be an opportunity for the promotion of new ideas, innovations and products looking for markets. It will also serve as a selection ground for those looking for ideas, businesses and products to invest in.

Clearly, there is no other platform in Nigeria that can bring together as many CEOs and professionals, not only from housing, real estate and construction sectors, but also from government, investment, and capital markets to share their first-hand experience, knowledge and expertise on varied issues related directly or indirectly to housing and development. And the ultimate benefit is the opportunity to establish strong business networks that will advance their individual establishments.

By Ojonugwa Felix Ugboja

Hope rises for workers as CBN partners PenCom to make home ownership easier

The average Nigerian worker’s dream of owning a house of their own was reinforced on Thursday at the banker’s committee meeting held in Abuja.

During the meeting, the Managing Director of FSDH Merchant Bank, Ambah Hamda, disclosed that the Central Bank of Nigeria has plans to work in synergy with the Pension Commission (PenCom) towards ensuring that contributors to the Retirement Savings Account access 25% of Nigeria’s N9.03 trillion pension assets for mortgage purposes. This will be in conformity with the 2014 PenCom Act.

Shedding more light on this plan, the FSDH MD stated the following;

“Once it becomes a reality, an RSA holder will then be in a position to walk up to his pension fund administrator and ask to access 25 percent saved up in his name and would like to borrow money to build a house.

“With such approval, you will then approach your banker. It would make the bank very willing because you will then be coming with a sizeable sum of money where you would also contribute to the project.”

Meanwhile, CBN’s Director of Corporate Communications, Mr. Isaac Okoroafor, who also spoke during the event, noted that the 25% pension contribution would ultimately constitute workers’ equity contribution for mortgage. Workers will then approach their banks who will finance the 75% balance.

Why this matters: Apart from the fact that the scheme will enable Nigerians in the public service and the organised private sector to become homeowners, it is also expected to help significantly reduce the country’s housing deficit.

A 2018 report credited to Centre for Affordable Housing in Africa had put the country’s housing deficit to be between 17 and 20 million.

Similarly, the plan will help to unlock the huge potential in the real estate sector of the economy by fostering rapid growth and providing funding. In so doing, several direct and indirect jobs will be created.

As Hamda noted that “25% of N9 trillion is worth over N2 trillion and this fund can be used to stimulate demand for mortgage loans in our economy.”

She further disclosed that the CBN will make the process easy by working with other regulators and “with the government of various states to make the whole process of land transfer and titling a lot easier so that many more people across the nation can access mortgage financing, thereby stimulating demand in our economy.”

Source: Nairametrics

Translate »