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Real Estate Firm Targets Millennial Investors with Affordable Housing Scheme

4point Real Estate Investment Ltd, a Lagos-based property development company, is championing the drive for real estate investment opportunities targeted at millennial investors with the development of affordable housing schemes in suburban Lagos communities.

Leveraging on the successful launch of its maiden housing scheme, Rose Gardens, in Asese, Ogun state in 2018, the company has introduced a new premium development called Wealthgate Park at Eleko, Lekki, Lagos.
The Managing Director, 4point Real Estate Investment Lit, Mr. Wale Olayanju, stated that the company, which until recently, had concentrated its effort in developing residential communities across the Mainland metropolitan area of Lagos state, launched Wealthgate as a social enterprise strategy to encourage more millennials and young Nigerians to start investing in real estate.

Olanyanju explained that 4point Property does not just believe in housing that meets subscribers’ need, but also believes in examining the challenges at every point in the housing value-chain and providing credible answers which meet the need of its clients. According to him, “With the introduction of Wealthgate Park, 4point Property is steadily extending home-ownership opportunities to millennials, among others, a class that has been largely overlooked by development firms as many cannot directly afford the outright payment or short payment tenure associated with genuine developments in the Lekki axis with verifiable title documents”.

Olayanju said a parcel of land in the scheme sells for N7.2 million, far below the prevailing market value of about N12 million in the axis, adding that his firm has put in place flexible payment options that are as low as 4.5 per cent annual mortgage rate for buyers, and is in the process of securing key partnerships with mortgage banks to allow the spread of payment spanning five years.

Other benefits of the scheme he said, include absence of the traditional land grabbers and land speculators, as all legal documentations are given to buyers under the scheme upon the completion of payment and no hidden charges.

“Beside the fact that Lekki stands out as one of the most ideal investment hubs in African real estate with lots of infrastructure earmarked for the area, such as the Free Trade zone, refinery project and many others that will see property value significantly appreciate in the next few years, the Wealthgate land offer could not have come at a better time”, 4Point real estate boss noted. He further stated that “The idea of the Wealthgate was to create a luxury private community at a fast-developing location that Nigerians can comfortably afford and where they can live a life of comfort free from the hassles, noise, stress and pollution of major cities.

Source: Vanguardng

Nigeria’s Ministers to Give First Report in December

Ministers in Nigeria will render the first report on their performance on the mandates outlined for them by President Muhammadu Buhari in December this year.

The Ministers were sworn in and assigned their portfolios in August with President charging them to work to implement the policies of government to ensure security, grow the economy and fight corruption.

Vice President Yemi Osinbajo, who spoke at the 2019 National Annual Conference of the Nigerian Institute of Management, NIM, said this would be part of what “will be done differently on implementation of government plans in this dispensation.”

According to him, President Buhari developed mandates that the ministers were required to meet in the 2nd Term of his administration.

“After the Presidential Policy Dialogue preceding the inauguration of Ministers, the President developed a list of specific mandates for each ministry.

“Each of those mandates had clearly spelt out action points. The ministers are to render their first reports on performance in December.”

Osinbajo said the full and effective performance of the mandates by the ministers is an implementation challenge, requiring the contributions of the NIM on the journey.

Speaking on the theme of the NIM 2019 Conference, “Managing the Challenge of Democracy,” Osinbajo said that the central question in Nigeria, especially in the private sector at present, “is not the lack of talent or well researched policies, but the weakness in getting things done, or implementation, doing things as opposed to talking about doing them.
“Implementation is possibly the central management challenge today. And it is in my respectful view at the heart of the challenges of managing our democracy.

“So in every real sense our problem is a management one. If the NIM achieved nothing else but a prescription on how to resolve the problem you would certainly deserve to be described as national heroes.

“But to take the prize you will need to ensure implementation beginning with your members.”

The Vice President outlined fives issues for the consideration of the NIM that would be necessary in their contribution to the deepening of democracy in Nigeria.
“First is the central question of governance, ethics in the management of public resources; second is the issue of merit over quotas and politics in the selection of talents and projects; third are the challenges in human capital development; fourth is the problems of scale, scale in social services for example education, providing 21st century relevant education to millions of children as the country heads for third place in world population.

“Last but by no means the least is the problem of poverty, and the creation of wealth and opportunity for millions.”

 


He said government’s approach to the first issue has been to tackle grand corruption and changing systems that promote graft.
Osinbajo said the implementation of such policies as the Treasury Single Account, TSA, the Whistleblower, the Integrated Personnel Payroll Information System, IPPIS, among others, has helped government to tackle corruption.

The vice president also spoke on government programmes on health and education, pointing out the allocation of 1% of the Consolidated Revenue Fund, CRF, to healthcare in 2018, and the launch of the first phase of the Basic Healthcare Provision Fund with the disbursement of N6.5 billion to the first 15 qualifying States and the FCT.
“The next level is the implementation of compulsory health insurance for all Nigerians on a co-payment basis with government.
“We are working at the level of the National Economic Council to achieve the president’s June 20th charge to State governors to ensure full implementation of free and compulsory education in the first nine years of the school life of every Nigerian child.”

Earlier in his address of welcome, the President of the NIM, Olukunle Iyanda, said that the annual conference of the institute provides platforms to critically examine government programmes and policies with a view to making inputs that could help government to achieve them.

 

Buhari Dissolves Panel for Recovery of Public Property

President Muhammadu Buhari has dissolved the Special Presidential Investigation Panel for the Recovery of Public Property (SPIP) as currently constituted with Mr. Okoi Obono-Obla as Chairman.

The Attorney-General of the Federation and Minister of Justice has been directed to immediately take over all outstanding investigations and other activities of the SPIP.

This was contained in a statement issued on Tuesday by the Special Adviser on Media and publicity, Chief Femi Adesina.

The panel was established in August 2017 by the then Acting President, Prof. Yemi Osinbajo, SAN to investigate specifically mandated cases of corruption, abuse of office and similar offences by public officers.

President Buhari, according to the statement, thanked all members of the dissolved panel for their services.

“The President looks forward to receiving the final Independent Corrupt Practices and other related offences Commission (ICPC) report on the ongoing investigations of the dissolved panel’s Chairman,” it stated.

Source: Nationng

Private Sector Asks Buhari to Listen, Implement Recommendations of new Economic Council

Experts in Nigeria’s private sector have tasked President Muhammadu Buhari to not only listen but also implement recommendations of the newly formed Economic Advisory Council (EAC) in order to avoid the lacklustre performance of the country’s economy recorded in the last four years.

President Buhari on Monday constituted an Economic Advisory Council, headed by a renowned economist, Doyin Salami, to replace the existing Economic Management Team (EMT).

The new council, which will report directly to the president, is saddled with the responsibility of advising the president on economic policy matters, including fiscal analysis, economic growth and a range of internal and global economic issues working with the relevant cabinet members and heads of monetary and fiscal agencies.

But development experts and captains of industry who spoke with BusinessDay on Monday, while commending President Buhari for constituting the EAC, advised him not to treat the council, which is made up of respected economists, as a thing of decoration or as an image-laundering tool.

For s start, they urged President Buhari to act on some of the tough recommendations which some members of the council have spoken about in the past, such as reduction of government recurrent expenditure, increase in budget transparency, support for growth of export sector, accelerating public-private partnership for critical infrastructure that will invite private capital, eradication of fuel subsidies, among others. Muda Yusuf, director-general, Lagos Chamber of Commerce and Industry (LCCI), said the decision to set up an Economic Advisory Council was a step in the right direction.

He, however, hopes the government would also be bold enough not only listen but also follow their recommendations as well. “The newly-constituted economic advisory council is fully loaded with respected economists who will give dispassionate advice unlike politicians. Let’s hope the president will also listen to them,” Yusuf said.

Andrew Nevin, chief economist at PwC, said the establishment of the Economic Advisory Council was a very positive step as the Federal Government has promised to lift 100 million Nigerians out of poverty in 10 years. He, however, said this would only be possible with a private sector that is 10-15 times larger than today.

“The members of EAC are all outstanding thinkers and economists and the chairman Doyin Salami will undoubtedly provide excellent leadership. We are sure if the FG accepts the economic guidance of the EAC, Nigeria will prosper,” Nevin told BusinessDay by mail.

Ayo Akinwunmi of FSDH Merchant Bank said the Economic Advisory Council would set direction for the economy but added that the council is only working in advisory capacity and not economic management team. This, he said, implies the president can either take or ignore their recommendations.

“The more we have intelligent economists engaging or advising the government, the better for the economy. Due to the high calibre of the economic team, if some of the members feel they are just trumpeting, they may want to quit,” Akinwunmi told BusinessDay.

Other stakeholders said the immediate task before the EAC is to solve dwindling government finances which have taken a toll on public infrastructure and economic growth as government has failed to meet revenue projections for the past three years and there are no signs the trend will reverse this year.

In the first six months of 2019, the government raised N2.0 trillion, 30 percent off the mark of projected revenues of N2.9 trillion for that period, and N6.9 trillion for the full-year, according to data by the Ministry of Finance.

The EAC, according to a statement by Femi Adesina, presidential spokesman, will have monthly technical sessions as well as scheduled quarterly meetings with the president.

The chairman may, however, request for unscheduled meetings if the need arises. Other members of the council include Mohammed Sagagi, who will serve as vice-chairman; Ode Ojowu, member, and Shehu Yahaya, member.

Others are Iyabo Masha, Chukwuma Soludo, Bismark Rewane and Mohammed Salisu, who will serve as secretary (senior special assistant to the president, development policy). Salami, chairman of the council, was born in 1963.

He left the Central Bank of Nigeria in November 2017, after a stint as member of the CBN’s Monetary Policy Committee. He is a Senior Fellow/ Associate Professor and fulltime member of the faculty at the Lagos Business School (LBS), Pan-Atlantic University.

Source: businessdayng

More Struggles for Real Estate Investors as Xenophobia Threatens Opportunities in AFCFTA

The xenophobic attacks in South Africa directed chiefly at nationals of other African countries are seriously threatening opportunities which the African Continental Free Trade Agreement (AFCFTA) is expected to offer real estate investors on the continent, experts have said.

At the continental level, African real estate markets are underperforming with the investors struggling with falling demands and rising vacancy rates in both residential and commercial real estate buildings. The signing of AFCFTA in June 2019 was seen by these investors as light ray in the tunnel.

Apart from facilitating job creation and greater competitiveness of African micro, small and medium-sized enterprises (MSMES), experts explain that, as a trade agreement in force between African countries, there are also opportunities for real estate investors in AFCFTA.

But these foreseen or expected opportunities are now under threat because, according to MKO Balogun, CEO, Global PFI, a Lagosbased real estate firm, “any disturbance or unrest leads to uncertainty while uncertainty, in turn, breeds negative effect on economy.”

Though Balogun says the value of African foreign ownership of real estate asset in South Africa may not be all that significant, Edem Usong, a real estate manager and property market analyst, differs, taking a holistic view of Africa as a whole and South Africa as the second largest economy on the continent.

Africa is generally considered underweight relative to other continents in terms of the value of its real estate assets. Despite its large and growing population estimated at 15 percent of the world total, the gross asset value of Africa’s real estate is estimated at €113 billion, representing just 1 percent of the world’s total value.

Andrew Baum, a Cambridge University professor and thought leader on global real estate investments, who gave this insight at a roundtable discussion in Lagos, explained that the continent’s underweight in real estate asset value was based on global performance of real estate investment trusts (REITS).

This explains, in part, why AFCFTA as a crucial ingredient in lifting people out of poverty and invigorating the continent’s growth trajectory, was welcome especially by real estate investors. “Africa is now one of the biggest economic blocs in the world, meaning that the continent has become borderless such that businesses can now move from one country to another,” noted Mustapha Njie, CEO, Taf Africa Global.

“Free movement of businesses from one country to another means there will be increased demand for both residential and commercial real estate, including office, retail and industrial space in which investments could be made,” Njie added in an interview with Businessday.

However, Usong notes that “what xenophobia is doing in South Africa is a direct opposite of the expected gains of AFCFTA because the attacks on Nigerians and their investments in South Africa and the reprisal attacks on South African interests in Nigeria are all counter to the spirit of AFCFTA”.

“Nigerian, Zimbabwean and Kenyan nationals are the main targets of the xenophobic attacks and these countries, particularly Nigeria, are major real estate investment destinations and commercial hubs on the continents,” Usong said, pointing out further that these attacks impact negatively on the economy of the continent and also on individual countries.

He recalled how South African investors took the Nigerian retail and office space markets by storm, spreading their investment interests in both core and secondary retail markets. He cited Resilient Africa, a real estate investment company from South Africa, that was already operating outside the traditional big cities of Abuja, Lagos and Port Harcourt.

Source: Businessdayng

Mass Housing: FCTA Seeks Partnership With UN-Habitat

Minister of the Federal Capital Territory (FCT) Muhammad Musa Bello has sought FCTA’s  partnership with he United Nations Human Settlement Programme (UN-Habitat) for improvement and development especially in the critical areas of transportation waste management as well as mass housing.

Bello made the call when he received officials of  UN-Habitat led by its Director, Regional Office for Africa, Dr. Naison Mutizwa Mangiza, who was on a courtesy visit to FCTA.

The FCT Minister said that with the increasing population of the FCT, some of the major challenges confronting the territory include provision of affordable mass housing, mass transportation and waste management.

On the provision of a functional and affordable mass transportation system which will not impact negatively on the environment, the minister called for technical assistance for the use of electric or hybrid mass transportation buses that will release less or no harmful carbon emissions into the atmosphere that it is currently occurring with the use of diesel powered mass transportation buses.

The use of electric/hybrid buses to create a reliable mass transportation system will reduce the number of vehicles on the roads and ultimately lead to a cleaner and safer environment, he reiterated.

The minister also suggested possible sources of renewable energy such as solar for charging purposes.

On waste management, Bello said that the technical support of the UN organization will help the FCT better manage waste collection and disposal which includes recycling.

This, he said has the potential of providing jobs for many unemployed youths in the society.

While commending the UN-Habitat’s plans to upgrade the Nigeria country office to a Multi-country office, the minister stressed the need for FCT to avoid mistakes of many urban cities that tend to grow, develop and eventually decay.

He emphasized the greening policy of the administration in confronting the challenges that bedevil many urban cities.

Bello accepted the invitation of the UN-Habitat to attend the World Urban Forum (WUF 10) scheduled to hold in Abu Dhabi next year.

Earlier, the UN-Habitat Regional Director had commended Nigeria’s leadership role in the funding of UN-Habitat programmes and activities, not only in Nigeria, but in other African countries.

He commented on the cleanliness of Abuja City.

Mangiza said they were in the FCTA to see how UN-Habitat can provide support for the administration especially in the areas of proposal conceptualization to access funds and capacity development.

The meeting was attended by the FCT Minister of State, Ramatu Tijjani Aliyu, The Permanent Secretary, Chinyeaka Ohaa and other senior members of the FCTA.

Source: viewpointhousingnews

FG Signals Plans to Source Capital Market Funding for Family Homes Project

….Finance minister blames lack of cooperation among agencies for poor housing delivery

The federal government hopes to source capital market funding as well as other third party monies to enable it implement the Family Home Fund project, with which it hopes to provide some 500,000 affordable homes for Low income Nigerians and create 1.5 million jobs in the next four years.

Zainab Shamsuna Ahmed, minister of Finance, Budget and Planning, on Monday in Abuja announced government commitment on adequate public funding for the project, but said enough third party monies were also being expected to enable deliver on the ambitious project.

“The Family Homes Fund will receive significant amounts of public money, in addition to other capital from development finance institutions and the capital market,” Ahmed said as she inaugurated the board of the fund, headed by a former CBN Deputy Governor, Suleiman Barau.

The Family Homes Fund which was launched since 2016 and has rarely made any significant impact, was set up against the backdrop of widening housing gap in the country.

The minister raised concerns that lack of co-operation among various agencies tasked with the provision of housing was partly responsible for the poor delivery of affordable housing over the last thirty years.

The Fund is a partnership between the Federal Ministry of Finance and the Nigerian Sovereign Investment Authority as founding shareholders, and the largest affordable housing-focused fund in Sub-Sahara Africa, leveraging its significant capital (in excess of N1trn by 2023) to facilitate access to affordable housing for millions of Nigerians on low to medium income groups.

Authorities believe that through strategic partnerships with various players in the sector and some of the world’s main Development Finance Institutions, the Fund could facilitate and supply 500,000 homes by 2023.

Ahmed said the fund was a push to the realization of President Buhari’s goal of bridging the housing gap and promptly addressing the numerous demands for government interventions in the housing sector.

“The Poor delivery of affordable housing over the last thirty (30) years is, in part, attributable to lack of co-operation among various agencies tasked with the provision of housing,” she noted.

She assured on the present administration’s commitment to the implementation of the Housing Policy through the provision of enough funds for its sustainability in the Medium Term Expenditure Framework for the next five years.

According to her, the housing programme envisaged under the Family Homes Scheme is the largest in the Nigerian history, and if successfully delivered, has the potential, not only to change lives but also to boost Nigeria’s economy.

“It will therefore serve as a catalyst to attract investors, provide land ownership to citizens at a lower rate and mobilise funds through mortgage finance,” the minister further noted.

Ahmed urged the new board to seek and build partnerships, as “it is quite unlikely that the Fund will achieve the expectations of Mr. President, without partnering the others.”

“We expect you to be creative, bold and ambitious,” she urged. “The Federal Government expects a financially sustainable Fund,” the minister noted, adding that whilst the initial capital commitment from Government will be useful, the expectation is that the company will raise significant third-party capital to finance the programme.”

Chairman of the board Suleiman Barau assured the commitment of the board and management of the Fund to provide leadership given the quality of expertise at the disposal of the team.

Responding to the minister’s directive on instituting a strong corporate governance structure considering huge amount of money expected to come into the company, Barau assured that the team will first organize a governance seminar for all staff in order to get the buy-in of everyone, including management and board into set out goals.

Source: Businesdayng

Role of an Active Insurance Industry in Mortgage Economy

A mortgage economy where the financial system is stable needs the role of an active insurance industry to grow and thrive. This is because insurance and mortgage complement each other.

Like action and reaction, insurance and mortgage are equal and opposite.While mortgage lending is a risk, insurance, by its function, acts as a hedge against risk. It is a cover.

To develop a healthy mortgage industry, therefore, there is need for a mortgage insurance functioning as a policy that protects a mortgage lender or title holder in the event that the borrower defaults on payments, dies, or is otherwise unable to meet the contractual obligations of the mortgage.

This is why the new the Mortgage Guarantee programme, a new initiative by the Central Bank of Nigeria (CBN), is quite instructive. This is a kind of mortgage given to a borrower by a lender, where an identified third party will take responsibility for the loan if the borrower defaults. The programme is structured in such a way that once the borrower defaults, the third party receives a claim from the lender, pays the lender off, and assumes responsibility for the mortgage.

Besides incentivizing mortgage lenders, a quality mortgage guarantee programme is also used to provide credit loss protection to lenders in case of borrower’s default and, according to CBN officials, a robust primary mortgage market is a synergy of several components, all working together to effect affordability and access for intending buyers.

Investopedia, an encyclopedia of investment initiatives, identifies three aspects of mortgage insurance. These are private mortgage insurance (PMI), mortgage life insurance, or mortgage title insurance. What these have in common is an obligation to make the lender or property holder whole in the event of specific cases of loss. Private mortgage insurance may be called ‘lender’s mortgage insurance’ (LMI) if the premium on a PMI policy is paid by the lender and not the borrower.

For these reasons and more, an active insurance industry is needed for the growth and development of a functional mortgage industry. The mortgage industry in Nigeria is still a fledgling and fingers are frequently pointed to an insurance industry that is not as active participant as it should be.

For some reasons, in this country, in spite of everything the people have learnt, policy is still shaping the industry whereas, in advanced economies, it is the other way round—industry shapes policy because people in the industry are the ones implementing the policy every day.

The mortgage industry in United States, for instance, has been robust for decades and it is with continued activity. One is not however, saying that Nigeria should replicate what happens in the US here, because Nigeria has its own unique characteristics which must be recognized and respected.

What the mortgage players in Nigeria should do however, is to make the US system a base-line because that system represents the global standard. Adenike Fasanya-Osilaja, a mortgage and finance consultant advises that “we have to start learning that system and adapt it to meet our own unique cultural system and unique needs”.

Nigeria needs to lay a very good foundation for mortgage industry growth to ensure that what happened in America in 2006 with sub-prime mortgage crisis does not repeat itself here. The Nigerian Mortgage Refinance Company (NMRC) is a big possibility that can change and shape the mortgage system in this country and could also be an umbrella for the industry.

One of the high points of NMRC, as a secondary mortgage institution, is its long term, low rate global funds and, because the mortgage industry here is not yet buoyant, NMRC, whether it is succeeding now or not, can be a significant tool for achieving these attributes of a working mortgage industry.

Fasanya-Osilaja believes that the mortgage industry should be shaping NMRC and not NMRC shaping the industry, advising that the Central Bank of Nigeria (CBN), through the NMRC, should be listening to the voice of the industry. “Experience has proved to me that the CBN is quite ready to listen and learn. The problem here, however, is that the industry has been rather passive”, she noted.

This industry has to be standardized so that global players, from global perspectives, could view the local industry from the perspective of NMRC and mortgage banking association of Nigeria (MBAN) and see something to hold on to in their investment decisions. Despite the current challenges, the Nigerian economy could conveniently support the growth of the mortgage industry as the country is one of the fastest growing economies in the world where talent resource is amazing

The mortgage consultant advises further that Nigeria needs to understand there is time for competition and also time for association and each is as critical as the other. “The only thing that will stop this industry from growing is over-regulation by people who are not in the industry and therefore will not understand the effect of their policy on the actual market”, she said, emphasizing the urgency of an active insurance industry to drive the needed growth in the mortgage industry.

As a step forward, mortgage insurance could come with a typical ‘pay-as-you-go’ premium payment, or may be capitalized into a lump sum payment at the time the mortgage is originated. For homeowners who are required to have PMI because of the 80 percent loan-to-value ratio rule, they can request that the insurance policy be canceled once 20 percent of the principal balance has been paid off.

Source: Businessdayng

Lagos seeks private sector partnership to tackle housing deficit

To address its eight million units housing deficit, the Lagos State government has expressed readiness to partner with interested and capable investors in the real estate sector.

Commissioner for Housing, Mr. Moruf Akinderu-Fatai, said this in his Ikeja office while reviewing the activities of the ministry.

He described the housing deficit in the state as quite huge, particularly in the urban areas, adding that “private sector participation is essential in changing the narrative.”

The commissioner pointed out that while the state government was set to deliver more homes this year, through rigorous planning, more could still be achieved if more private investors were willing to collaborate with the government.

Source:  Guardianng

Abuja Authorities Swiftly Move to Curb Recreational Parks’ Abuse

The Abuja Metropolitan Management Council (AMMC) has expressed commitment to mitigate proliferation of nefarious activities within recreational parks in the nation’s capital city.

The Director of Administration and Finance of the Council, Malam Suleiman Abdulameed, gave the assurance in Abuja,

Abdulameed said the council had resolve to embark on enforcement of its laws to address all infractions on approved land use, especially noise pollutions and all sorts of illegal activities around parks and gardens in the territory.

Abdulameed decried increasing illegal structures and activities within approved FCT Parks and Gardens, saying that they are not in conformity with their original land use plan.

According to him, the Council through its relevant departments will not only stop and remove operators of illegal activities within designated Parks and Gardens, but prosecute them to serve as deterrent to others.

“For instance, some places that are supposed to be a garden, have been converted to entertainment spots.

“You will see loudspeakers everywhere, booming loudspeakers and there is always music in the night depriving the residents in such area from having a good night rest and so on.

“So, the minister has directed that FCT Administration will not condone this type of behaviours any longer.

”They had notices before that they should revert to original land use. We are just coming round now, taking the final stock of what is happening here, we are definitely not going to allow this to happen.

” We are calling on Parks operators to revert to the original land use for which these places are meant for.

” We are not giving any definite time. We have to come and enforce them to reverse back to original land use.”

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