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Aregbesola lauds Omoluabi Mortgage Bank’s prowess

Osun State Governor, Ogbeni Rauf Aregbesola has lauded the managerial prowess of the Board and Management of Omoluabi Mortgage Bank Plc., for recording astronomical growth across all lines in the 2017 financial year.

The governor described the performance in the year under review as heroic, noting that the bank has made tremendous progress, resulting in payment of dividends to shareholders for the first time.

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Aregbesola, who gave the commendation, when Chairman of the bank, Alhaji Adebayo Jimoh led the Board and Management team on a courtesy visit to Government House, Osogbo, urged the management to create more awareness through publicity and advertisements on different media platforms.


The bank posted an impressive balance sheet for Q1 2018 bouncing from a loss position in 2015 to record N187m in profit before tax for 2017, thereby declaring dividend for the first time in its history. The bank’s total revenue also grew by 170 per cent from N305m in 2016 to N518m in 2017.

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While attributing its success to technological innovations, the bank stated that it has been able to build capacity by deploying new and more robust banking software, which helped to improve its services to customers.

“We have set up data centre to drive the bank’s information technology, Internet banking and e-business functions. We have also deployed e-banking platforms integrated with Interswitch and NIBBS.”

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Aligning with local interests, the bank said it has created other product lines like ‘karakata’ and ‘sowojere’ to support local communities.

Foreclosure and Action for Foreclosure

When a house is in foreclosure then all doesn’t seem well. Foreclosure is something every real estate investor naturally tries to avoid especially when the investor’s real estate acquisition thrives on mortgage. In this article we explain what foreclosure means and how it is effected.
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.

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Formally, a mortgage lender (mortgagee), or other lien-holder, obtains a termination of a mortgage borrower (mortgagor)’s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure).

Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt.

While this equitable right exists, it is a cloud on title and the lender cannot be sure that they can successfully repossess the property.

Therefore, through the process of foreclosure, the lender seeks to foreclose (in plain English, immediately terminate) the equitable right of redemption and take both legal and equitable title to the property in fee simple. Other lien holders can also foreclose the owner’s right of redemption for other debts, such as for overdue taxes or unpaid contractors’ bills and other fees

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The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property after the owner has failed to comply with an agreement between the lender and borrower called a “mortgage” or “deed of trust.”

Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that “the lender has foreclosed its mortgage or lien.”

If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principal and fees the mortgagee can file a claim for a deficiency judgment.

Comparatively, an action for foreclosure is a judicial procedure by which the mortgagee acquires the mortgaged property for himself free from the mortgagor’s equity of redemption. It is a more effective remedy available to the mortgagee in urgent need of his capital which he cannot realize from the rents and profits accruing from the mortgaged property, or which in fact, is non – existent.

As a result of the foregoing constraints, the courts which jealously protect the equity of redemption, allow a mortgagee to destroy the equitable right to redeem with its own assistance.

A foreclosure order will not be made until the contractual date has passed with the principal and / or interest remaining unpaid after a demand and a reasonable time allowed to lapse without compliance.

However, suffice to say that an action for foreclosure should not be granted by the courts where the interest of the mortgagee is the only outstanding money that has remained unpaid. If the principal money has already been paid, the mortgagor should be allowed to redeem his property provided he devises no other means to pay the mortgagee his interest.

But the only problem here is that at times, the accrued interest ends up being higher than even the principal sum itself, in which case, the mortgagee many indeed have to end up succeeding in a foreclosure action against the mortgagor.

A notice of foreclosure once given and received, remains valid and in force until the exercise of the mortgagee’s power of sale; and the mortgagee is not bound to make any concession or to suspend the exercise of his power of sale. An action for foreclosure being an action to recovery accrued, i.e the date fixed for payment of the principal, otherwise, it becomes statute barred.

A legal mortgage created in the East, North or in Lagos State (as examples) already conveys a legal estate to the mortgagee subject to cessar on redemption by the mortgagor.

As such, an order of foreclosure upon default by the mortgagor makes absolute the title initially vested in the mortgagee subject to cessar on redemption.

There is no transfer in any form and Governor’s consent is not required since the mortgagee by the initial conveyance has the property vested in him, and what happens is that upon the destruction of the mortgagor’s right in the property consequent upon the order of foreclosure absolute, the mortgagee takes free of it.

Nigeria: An Analysis Of Nigerian Law On Procedure For Recovery Of Debt From An Insolvent Company And Fraudulent Directors

Many contracts today are negotiated, agreed upon and executed through the internet. The increase of international trade and investment has led to a rise in business relationships between foreign businesses and their Nigerian counterpart. The element of trust and confidence that parties across borders will be bound by the terms of their agreement is important to the implementation of the contract.

Therefore, where a Nigerian party enters into an internet transaction with a foreign party for the purpose of reaping benefits for himself and disregarding his obligations under the contract, the foreign party not only loses confidence in the Nigerian party, but in some instance, also losses the principal sum and anticipated profit under the contract.

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This experience may prevent the foreign party from entering into contracts with genuine businesses in Nigeria. This is indeed a loss for both the foreign party and the Nigerian market and economy. Hence, it is important to know the provisions of Nigerian Law on Recovery of Debts from an Insolvent Company and Fraudulent Directors.

Provision of the Federal High Court Rules on Recover of a Liquidated Sum
Order 12 of the Federal High Court Rules provides that a claimant may apply summarily to Court for issuance of a writ of summons to recover a liquidated sum and the application will be accompanied with an affidavit stating the grounds upon which the claim is based and that the defendant has no defence on the merit to the claim. The Court would enter the claim in the “undefended list” if it is satisfied that the defendant has no defence to the claim.

Order 30 of the Federal High Court Rules provides that where the claimant feels that the defendant have the intention to obstruct or delay the execution of any order that may be passed against him by disposing or removing his property from the jurisdiction of the Court, the claimant may apply to the Court at the time of instituting the suit to make the defendant to deposit sufficient security to fulfill the order or for his moveable or immovable property within jurisdiction to be attached until the order of Court is delivered.

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Provisions of Companies and Allied Matters Act on Liability of Companies and their Directors
Section 290 of the Companies and Allied Matters Act provides that where a company receives property by way of advance payment for execution of a contract or project and the company with intent to defraud, fails to apply the property for the purpose for which it was received, every director and officer of the company who is in default shall be personally liable to the party from which the property was received and a refund of the property so received and not used for the purpose for which it was received. This does not affect the liability of the company itself.

Provision of Companies and Allied Matters Act on Winding Up of Companies
Section 408 (d) of the Companies and Allied Matters Act provides that a creditor may commence winding up proceedings against a company if it is unable to pay its debts. Section 409 of the Companies and Allied Matters Act provides that a company shall be deemed to be unable to pay its debts if it is indebted to a creditor in a sum exceeding N2, 000 (about $ 8) and same remain unpaid after 3 weeks of service of a statutory letter of demand delivered at the registered place of business of the company.

Provision of Nigerian Law on Obtaining By False Pretense and Economic Crime
Section 419 of the Criminal Code Act provides that a person who by false pretense and with intent to defraud obtains from another person anything capable of being stolen and induces the person to deliver anything capable of being stolen is guilty of a felony and is liable to imprisonment for 3 years and 7 years if the thing is of a value of N1, 000 (about $ 4) and above. It is immaterial that the thing obtained or its delivery was induced through the medium of a contract induced by false pretense.

Section 40 of the EFCC Act defines economic crime as an illicit activity committed with the objectives of earning wealth illegally either individually or in a group or organized manner thereby violating existing legislation and includes any form of fraud and corrupt practices.

Procedure for Recovery of Debt from an Insolvent Company and Fraudulent Directors
The Company and its Directors will be served with a letter of demand demanding full payment of the debt within 7 days of receipt of the letter failing which an action will be commenced against the Company and its Directors to recover the debt, including damages for breach of contract and winding up proceedings against the company for inability to pay its debts.

If the debtor does not pay the debt within 7 days as provided in the letter of demand, a summary judgment proceeding is commenced against the debtor and its Company to recover the debt and an application for security or attachment of the moveable and immoveable property of the debtor pending the determination of the proceeding is brought before the Court.

A statutory letter of demand for winding up of the Company for inability to pay its debts may also be served on the Company and upon expiration of the statutory period of 3 weeks, a winding up proceedings commenced against the Company to liquidate and sell its assets.

If the Company or its Directors obtained services or products from a foreign party with intent to defraud or induced the contract by false pretense, this constitutes an economic crime for which the foreign party may petition the Economic and Financial Commission (“EFCC”) and cause criminal investigation to be conducted against the Company and its Directors for their assets to be frozen towards payment of the debt and criminal prosecution.

Though there is a need to quickly pass the bills on internet transactions pending before the National Assembly in order to adequately protect the interest of foreign parties, the current laws on contract and crime may be applied to protect the interest of foreign parties who enters into internet transaction with an insolvent Company or fraudulent Directors of a Company.

‘Non-passage of foreclosure law retards housing development’

TrustBond Mortgage Bank Plc has said that failure by the National Assembly to pass the foreclosure law has contributed to the unprecedented housing deficit in the country.

The Chief Executive Officer of the bank, Adeniyi Akinlusi, while addressing shareholders at bank’s 7th yearly general meeting in Lagos on Monday, posited that the non-existence of an effective foreclosure mechanism in Nigeria is constituting a disincentive to housing investors.

Foreclosure law is a legal mechanism , which allows the lender to take possession and sell the secured property (foreclosure” or “repossession) to pay off the loan in the event that the borrower defaults on the loan or otherwise fails to abide by its terms.

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According to him, the National Assembly must expedite action on the passage of the law affecting the legal and regulatory framework of the Mortgage sector; especially related to foreclosure to motivate the mortgage bank increase their loan portfolio.

‘The major challenge is the issue of foreclosure. There is no effective foreclosure mechanism put in place, if you go to court, it would take donkey years.

And at such, if mortgage banks find out that people who default are not paying their loans they can not sell their houses, they are not motivated to increase their loan portfolio or give more people loans because the ones you have, you are having more problems with it.

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“The foreclosure law needed to be passes by the state and National Assembly so that we can have more petressed the need for each state to come up with an effective law that will make foreclosure easy in the state to attract the needed funding and capital from the mortgage bank.

“The major stakeholder, Nigeria Mortgage Refinance Company (NMRC), in collaboration with the Federal Mortgage Bank and Central Bank of Nigeria, are going round the states to tell the states to pass their own law. Each state can simplify the law by coming up with an effective law that will make foreclosure easy in the state.

 

“Once you have a state that pass this, it would attract funding and capital from the mortgage bank because you can use it as an example. There are one or two states that have passed it and we are engaging with some other states so that once you have good examples in this regard, more funding will go to people in those states and they can own their houses.”

He explained that the bank recorded gross earnings of N1.1 billion, an increase of 35 per cent over N844.8 million achieved in the corresponding period of 2014. Profit after taxation stood at N90.8 million, representing 429 per cent rise, when compared to loss position of N27.6 million in 2014.

He added that the bank would continue to focus on consolidating its capacity to access long-term funds from NMRC and other sources to grow the business.

Imperative of informal sector for mortgage industry growth

At a time in Nigeria when the economic growth depends largely on private enterprise, the place of the informal sector in the economy can hardly be over-emphasised. This is why, like the rejected stone, the informal sector as a component of the economy has become the head of the corner for economic growth.

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All in a jiffy, both the housing sector and the mortgage system have woken from sleep and discovered that this sector could be leveraged upon for growth. The pension fund is also in this league, though in relation to both mortgage and housing.

There is an on-going debate on the possibility of including the informal sector with its estimated N81.048 trillion annual income in a new housing fund that could be created and added to the existing Pension Commission’s (PenCom) multi-fund structure with the aim of narrowing down housing affordability gap.

This however has to happen alongside lowering of mortgage interest rate to single digit of 8- 9 percent, down from the current 22 – 25 percent commercial rate which operators charge on mortgage loans. The argument flows on the assumption that the inclusion of the informal sector operators who constitute 67.54 million of Nigeria’s 81.15 million workforce in the contributory pension scheme will lead to increased housing affordability.

READ: OBASEKI TO SHOWCASE HIS HOUSING INITIATIVES AT AIHS 2018

In the same vein, as economic activities continue to shrink leading to loss of jobs, salary cuts and significant drop in personal income, most of the primary mortgage banks (PMBs), which are struggling with hash operating environment and rising non-performing loans (NPL), are looking to the informal sector to sustain their operations and also stimulate growth in that sector.

Low capital base coupled with the prevailing economic conditions have so impacted the operations of these banks that a good number of them are unable to meet their contractual and statutory obligations to their clients and regulators respectively.

The Nigeria Deposit Insurance Commission (NDIC), one of the regulators of the sector, was quoted as saying that the inability of as many as 15 PMBs to pay their insurance premium as at December 2016 was an unfortunate situation that put the customers at risk. “The loans and advances extended by these PMBs declined significantly by 31.87 percent to N168.96 billion in 2015”, the commission added, pointing out that 14 out of 42 PMBs failed to render returns to it while unpaid premium from nine PMBs amounted to N238.30 million the same year.

The Central Bank of Nigeria (CBN) says that notwithstanding PMBs’ improved performance in the past couple of years, their loans and advances, deposit liabilities and other liabilities decreased by 6.85 percent, 5.25 per cent and 5.89 per cent to N154.46 billion, N115.77 billion and N68.06 billion, respectively, at end-December 2016 from N165.83 billion, N122.18 billion and N72.32 billion at end-June 2016.

But the operators are not resting on their oars. They are building blocks and putting measures in place to engender growth of this fledgling sector in order to increase access and affordability, and by extension, enlarge the clan of homeowners in the country.

Unbundling of mortgage origination process, further reduction in loan origination period, introduction of computerised land titling registration, land title insurance, introduction of uniform underwriting standards (UUS) for informal sector, enactment of foreclosure law, and wider public awareness for the sector are part of the push by the operators for the growth of the sector.

Mortgage is a sub-sector of the economy and the operators are saying that since the larger economy is not doing well and the mortgage sector is not insulated from what is happening in the larger economy, what is happening to them is not unexpected.

“We know what happened to oil price and the foreign exchange market. These have affected everything in the economy. In the case of oil, both the volume and the price went down. All these affected consumer purchasing power. Don’t forget that the balance sheet of the mortgage banks were not strong abnitio”, said, Ayodele Olowookere, CEO, Omoluabi Mortgage Bank Plc.

He stressed that the problems of the mortgage banks revolve around their small capital base and so there isn’t much they can do. “For all the money that I have, unless I raise additional capital, I don’t think I can do 1,000 mortgages. To do mortgages, you need long term funds and that is the only way you can do long term mortgages”, he said.

Udo Okonjo, vice chair/CEO, Fine and Country West Africa, agrees, emphasizing that the real core factor responsible for the slow growth in this sector is that the banks and the mortgage institutions don’t have long term funds; all they have are short term deposits. “The underlying fundamental for mortgage growth is that we have to have saving culture and large financial base because mortgages are long term funds. In an ideal world, you will be talking about 20-25 years mortgages at very low interest rate”, Okonjo added.

Technically speaking, Nigeria has no mortgage system and Okonjo reasons that the country doesn’t really have a real estate sector. “What we are doing is just scratching the surface. If we really want to create wealth through real estate which is one of the major ways the developed world creates wealth, then we have to develop and grow the mortgage sector”, she emphasised.

But the operators are not deterred. “We are here to stay and grow this sector”, Olowookere assures, revealing, “at Moluabi, we are looking at the best way to do things, especially in credit management and evaluation. We are looking at the informal sector. People in this sector are not collecting salaries, but earn huge and regular income. So, we are finding creative ways of bringing them into the net. We are also looking at new ways to raise capital by bringing in more shareholders”.

‘Don’t panic over NSE’s bearish trend’

The Federal Government has urged investors not to panic over the negative trend being experienced in the Nigerian Stock Exchange .

READ: OBASEKI TO SHOWCASE HIS HOUSING INITIATIVES AT AIHS 2018

The Minister of Power, Works & Housing, Mr. Babatunde Fashola, gave this advice on Friday while speaking at the NSE-London Stock Exchange Dual Listing conference in Lagos.

He advised the investors to be calm because the nation’s economic fundamentals remained strong.

He said the bearish run in the market was due profit-taking embarked upon by some investors due to the uncertainties surrounding the upcoming elections.

Fashola said people were not sure who would win the election, noting that the development in the market was not unusual.

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He said, “The operators in the market know better than to press the panic button, because the fundamentals of the economy are still strong and what is happening in the capital market is normal.

“The Nigerian economy responds to politics like many economies and anyone who knows how the affairs of the world are run will expect these as some of the people taking profit are preparing to fund the election.”

He said the efforts of the present administration so far had driven the country out of decades of poor economic decisions.

“Our key sectors have improved steadily irrespective of the fact that we are living on 40-50 years infrastructure and we have not stopped yet, even as population has grown in manifold,” Fashola said.

Fashola is certainly one of Buhari’s greatest assets

Bola Ahmed Tinubu, former Lagos state governor and now national leader of the All Progressive Congress APC stands tall among Nigerian leaders who have the ability to identify talents and deploy them appropriately while leaving them with ample discretion to achieve a lot.

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He, it was, who gave to Lagos state, wonderful governors, Babatunde Raji Fashola and Akinwunmi Ambode. It can thus be argued that Tinubu has turned Lagos into a moving train that no one, including himself, can stop anymore. Should other Nigerian leaders put pettiness behind and pick the best hands for the job, development would come to many areas of the country.

 

Today, this column takes a look at the posture of one of the train drivers, Raji Fashola, a Lagos boy whose capacity for unending excellent service is worth projecting for public enlightenment. One of the things I often recall about Fashola concerns his reaction to my fierce criticism of his deportation from Lagos in 2013 of some fellow Nigerians to their states of origin. Many other critics were similarly angry with the governor on the subject but he surprised us all when he swiftly reversed the policy with a public apology. Indeed, as Governor of Lagos state, he impacted much on people such that a few of his political party members who had toyed with the idea of obstructing his reelection easily gave up the thought leaving him to spend his constitutionally allowed 8-year rule.

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Thereafter, the prospect of his moving into a higher level as Minister was fiercely opposed. It looked like an insider media fight following the appearance on the state government’s website of allegations that Fashola had spent N78.3m on his personal website; and incredible sums to construct two boreholes at the Lagos House. When asked to comment on the development, Fashola made a poetic declaration that “when you wrestle with a pig, the pig gets happy and you get dirty. For those who still wish to remain in the mud, they should look in the mirror. For those who wish to throw mud at me, they should look at their own hands. As for me, I have moved on.” In earnest, Fashola has moved on. He did not only become a Minister but one with 3 heavy portfolios of ‘Power, Works and Housing.’ As one of Nigeria’ few leaders whose eyes are on the verdict of history, Fashola has been busy here and there, making great strides and leaving his name in gold. This month alone, the Minister was personally at project sites in several states in his bid to develop the nation. On May 08, he was in Kebbi, where Governor, Atiku Bagudu, confirmed that “most of the local governments in his State are getting 18 to 20 hours of power supply, from Kaduna DisCo.”

 

A week later the Minister was in Yola, Adamawa state to boost the morale of his operatives with what he called the road map for incremental power. On the occasion, he officially announced the completion of Azura Power Plant. Four days later, that is, May 19, Fashola was in Anambra state to verify the workability of a funding mechanism evolved by the Federal Government to fund infrastructure projects that would make the country globally competitive. Speaking to stakeholders in the state, the Minister argued that because of the mechanism known as the modified tax credit policy, the Sukuk Intervention Fund and the Presidential Infrastructural Fund, nothing would stop the completion of the second Niger Bridge. His visit was in fulfilment of the one he made to Governor Willie Obiano in February last year that he would constantly inspect the project until its completion. Two days later, Fashola left Anambra and headed for Lagos to flag off the rehabilitation of the Ikorodu-Sagamu Road to boost agriculture and the state’s economy. While there, he got the assurance of the people that they would support the project notwithstanding the inconveniences they would undergo during its execution. What makes Fashola’s performance worthy of note is that he is one of the exceedingly few office holders of our nation that do not sacrifice development for politics.

This same month when he was busy at his duty posts and projects, many of his colleagues were busy sponsoring parallel party congresses in several states and over-heating the polity. To mention but a few, there were parallel congresses in Ebonyi state, featuring Dr Ogbonnaya Onu, Minister of Science and Technology and his group versus the one led by Senator Julius Uchar. In Oyo state, Minster of Communication, Adebayo Shittu held one different from that of Governor Abiola Ajimobi. In Rivers state, Rotimi Amaechi Minister of Transportation had one different from the group led by Senator Magnus Abe. In Enugu state, the group to which Foreign Affairs Minister, Godfrey Onyeama belongs organized one different from that of the group led by Group Capt Joe Oji former Military Governor of Gombe state. In Kwara state, Lai Mohammed, Minister of Information and Culture and his group operated differently from the group loyal to Dr Bukola Saraki, Senate President. In Cross River state, it was a battle between the group of the Minister of the Niger Delta Affairs, Usani Uguru Usani and the National Vice Chairman, South, Ntufam Hilliard Eta.

Those of them who abandoned their offices to get involved in the intrigues of parallel congresses at the expense of governance betrayed the confidence of the nation. Of course some of them who are clearly political neophytes in their localities only wanted to show to their national leaders that they are heavyweights at home spending more time than makes sense identifying enemies of the president/governor whom they have to fight against to prove their own loyalty to their principals. In the process, politics is all that is happening in our clime, no development. In fact, when candidates get voted into office, they spend all the period meant for societal development plotting for reelection; and when they are in their last allowable term, they start to plot the emergence of their anointed successors. Here, we have two pleas; the first one is for our president to have more faith in those who perform effectively in office instead of loafers who wear loyalty badges. The second is for the media to stop purchased awards to full time politicians; they should rather publicize the Fasholas who draw a line by seeing political office as service. This would help many more people to join the league of patriots committed to national development.

Expert calls for conducive environment, political will to strengthen housing provision

The Managing Director, International Housing and Construction Show Limited, Mr Festus Adebayo, has called for the strenghtening of a conducive environment and strong political will of the Federal Government to make affordable housing a reality to the mases.

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Adebayo who is also the organiser of Abuja International Housing Show,said this while speaking in an interview with newsmen in Abuja on Saturday.

He said the annual Abuja International  housing show was usually put in place to help government get the political will by ensuring easy access to mortgage and also providing conducive and affordable housing in Nigeria.


He further stated that the show was looking up to a time when state governments would see housing as a tool for economic development and also source of employment.

“ Our principle in Abuja international housing show is that we keep talking, we keep doing advocacy, we keep reminding government what they need to do, untill when the government hear.

“It is when the government hear and they implement what we have said, then will the political will which we have being looking for will arrive.”

He, however, commended the efforts of the present administration and authorities in the Federal Ministry of Power, Works and Housing and as well state governments who have contributed and supported the course of the show.

Speaking further, Adebayo pin pointed some of the achievements and successes of the housing show among which are the sponsoring a bill for housing at the national assembly and embarking on advocacy from state to state on the need to put housing at the fore-front.

He added that in the past 10 years, the show had provided an avenue for stakeholders to come together and brainstorm on ways of making housing affordable which according to him had yielded very many results.

“I can tell you, Abuja international housing show has put housing in the front burner in the last ten years.

“We also have other platform like the radio, television and other social media we have been using to remind the government of what needed to be done to make housing better”, he added.

Adebayo further stated that some states have adopted the idea of having a ministry of housing for effective development control mechanism of housing projects.

According to him, there are states that no longer see charging of fees on building approval as a way of making money.

He said this was an effort of the advocacy of the abuja international housing show.

He, therefore, said the 12th edition of the show which would commence between July 16th to July 19th would address lingering challenges in the sector to give housing projects a face lift.

Housing News reports that the Abuja international housing show is a stakeholders platform where stakeholders meet annually to exchange ideas, proffer solutions and updates on latest trends in housing.

It is also a platform where leaders find a lasting solutions to housing shortage in Nigeria.

Affordable Housing: Abuja International Housing Show to complement FG’s efforts — Expert

Mr Festus Adebayo, CEO, International Housing and Construction Show Ltd., says the annual Abuja International Housing Show (AIHS) seeks to complement the Federal Government’s efforts in providing affordable houses to Nigerians.

Adebayo, the CEO of International Housing and Construction Show Ltd., said this in an interview with Newsmen  in Abuja on Friday.

The 12th edition of the programme scheduled to hold from July 16 to July 19, would feature experts in the housing sector to address the demands of housing deficit in the country.

Adebayo noted that there was a need to look at the sources of financing construction of housing to make life meaningful for Nigerians.

He said that the theme of the 12th edition is: “ Everyone Deserves a Home” would critically examine ways in which stakeholders would interact to ensure every Nigerians own a home.

Adebayo said that in the past 11 years, the platform had carved for itself an international reputation in the course of finding lasting solutions to shortages of housing in Nigeria.

“Abuja International Housing Show has become a platform where those thinking of how to have a home have their dreams actualised.

“ It has also become a credible platform where people network, promote their businesses and make housing available at affordable rates.

“Abuja International housing show has been doing all these with the support of its partners drawn from the Federal Ministry of Power, Works and Housing, Federal Mortgage Bank, professional bodies among others,“ he said.

He said that all these were aimed at complementing the Federal Government’s efforts in providing affordable housing.

READ:ABUJA INTERNATIONAL HOUSING SHOW – THE LARGEST HOUSING AND CONSTRUCTION EXPO IN WEST AFRICA

Adebayo added that the 12th edition of the programme would leverage on the gains of previous editions by focusing more on the growth of the housing sector.
He noted that that the issues of affordability of houses, interest rate, access to land, green housing and local building materials would be discussed to give Nigerians access to own their houses.

He called on the Federal Government to do more in the area of housing affordability and availability.

Adebayo further urged the government to take a clue from the governments of India, Singapore and Malaysia  on how they were able to address their housing challenges.

He said that would help to improve on better ways to get it right in the provision of housing to the Nigerians.

Estate surveyors boost practice with resource centre

To improve knowledge in its practice and bridge professional gap, the Lagos State chapter of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), has established a resource centre and an e-library.

The facility, located in the Ikeja Office of the Institution, is part of the initiative being put in place by the state executives, which aims to bring international standard to the profession locally.

NIESV Chairman, Lagos branch, Mr. Olurogba Orimolade, explained that the resource centre will ensure that training, which hitherto are not undertaken in the country, take place on a weekly and monthly basis in specialised areas.

“The resource centre will help us bring in people to teach us those technologies; the advantage is that nobody will have the need to go abroad for those skills. We are not only concerned about our fees, but also building capacity of our members. Foreign companies in Nigeria are using new technologies and that alone is disqualifying project managers meant to be supervising certain jobs,” he explained.

Conducting journalists around the 11-seater classroom resource centre, Orimolade said it is designed to have the most current equipment and devices for organised master classes/training workshops. The main vision for the centre, he said, is to focus on training in key areas in the real estate industry, especially in the estate surveying and valuation profession.

“This resource centre will be one of the tools that should help improve the professional skill set of our members and the public at large, through the various trainings and master classes which will be taking place there. The e-library has been created in a similar fashion. The plan is to have computer systems with unlimited Internet access for members mainly for the purpose of research,” he explained.

The centre and e-library are part of the showcase during the 2018 Estate Surveyors and Valuers’ Week, which commenced last Sunday and will end tomorrow. The key highlight of the week included the inauguration of the remodelled branch secretariat by the President of NIESV, Roland Abonta, among others.

On the protracted Land Use Charge, Orimalade said the branch will submit its report to the Lagos state government. The report, he revealed, is expected to advise the government on areas to improve upon, among others.

“We have asked the government to look at the process from the angle that people want to pay tax but there should be clarity. The government has a right to come up with tax but the argument is if it is fair,” he said.

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