Housing News

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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.”

Urban Renewal will Curb Building collapse –Experts

Experts in the built environment have asked government at all levels to consider urban renewal as a major step in curbing the problem of building collapse in the country.

They stated that the problem of building collapse was shameful for a country like Nigeria.

They noted that the government had been encouraging slum development and in turn, building collapse by failing to invest in urban regeneration.

Urban renewal, they explained, entailed clearing out of blighted areas to rebuild slums and create opportunities for higherclass housing.

The President, Architects Registration Council of Nigeria, Sir Dipo Ajayi, said government’s lack of willpower had encouraged slums and compounded environmental challenges.

He cited Ita Faji as an example of the government’s inability to enforce appropriate laws.

“When it comes to building collapse, the government is guilty by 80 per cent. If you go to Ifa Faji and the environ, some of the buildings there were made with brick and mortar and people still lease and build on those houses, some of which are as old as 100 years,” he said.

He said the government should meet with relevant stakeholders and agree that such areas across the state should be demolished and rebuilt.

“The entrance into Lagos is an eyesore like many other places in the city. Jakande in Lekki, for instance, should not be there again. The government has the power to make these things happen and if it is not doing it, then it is culpable,” he added.

Ajayi and other stakeholders spoke at a meeting conveyed by the Lagos State Emergency Management Agency to find solutions to the problem of building collapse in the state.

The Building Collapse Prevention Guild, an advocacy group of building construction professionals, had recently revealed that 36,000 potential collapses were waiting to happen in Lagos alone.

The President of the BCPG, Mr Akinola George, said this was because many of the buildings in Lagos State were old and not constructed by the people who are properly trained to do so.

“A survey revealed that over 45,000 sites existed at a time in Lagos State; 20 per cent of this figure translates to 9,000. Hence by deduction, quacks and other faceless characters by whatever names called are responsible for the remaining 80 per cent. A whooping 36,000 potential collapses are waiting to happen,” he had stated.

The Lagos Chapter Chairman of the BCPG, Adeyinka Ogunseye, who was present at the meeting, said the government should urgently address the problem of distressed buildings.

“They have to be enumerated and dealt with immediately. Look at the collapse in Ita Faji, the building was marked for demolition but nothing was done. The government needs to act fast when it gets sufficient information about such buildings,” he said.

“The government should also make sure it is able to regulate developers and their activities; everybody is now building houses without having the requisite experience.

“We are not saying people who have money should not build but let them employ people who are really qualified to build houses so that building collapse can be reduced,” he added.

Above all, he said the issue of some highly-placed Nigerians violating construction laws due to their position in the society should be addressed.

“The government must be able to avert what we call ‘untouchables’. In other climes, if you are doing what is wrong no matter who you are, the law will come after you. But over here, we have people who circumvent the law and nothing happens,” he added.

A builder, Mrs Modupe Ogunbanjo, noted that enlightening the masses would have a lasting effect as part of efforts towards eradicating building collapse.

“To an extent, the mentality of the people is part of the problem. Enlightening people, especially those in areas prone to collapse will be a right step in the right direction. Again, we have the issue of quality building materials, the government needs to understand the essence of controlling these things,” she said.

Source: punchng

Smart Homes’ll be Future of Property Development –Idyllic

Property development firm, Idyllic, says smart buildings will be the future of real estate development.

The firm stated that based on this, it would be delivering only smart homes to its clients.

According to the Manager, Idyllic Property, Mr Tayo Anifowoshe, technology is fast taking over the conventional way of property development and middle-class investors are also asking for more from developers.

“This is where the world is going. We are also going in line with that and going forward, we will be delivering only smart homes except a client requests otherwise,” he said.

Anifowoshe said the firm recently concluded and sold its first five smart buildings comprising four and five-bedroomed semi and fully detached duplexes in the Lafiaji area of Lekki and had commenced work on others.

He said, “We are building 10 more of such smart homes due to demand. We call them affordable smart homes with technology from Poland. Smart means the house is wired in such a way that the entire system in the home can be controlled with a switch within the building or remotely.

“The system enables homeowners to monitor their house where ever they are as long as they have electricity and internet connection but within the house you only need intranet. People now do everything from their phone; so, it won’t be a bad idea to control one’s home from the phone too.”

He explained that the system was designed to control electricity and sound system and many other home appliances, to give homeowners safety and comfort.

“Additional benefit of a smart home is that if you forget to switch off the lights, television or your sound system, you can quickly do that outside the home via the system. You can also monitor your home from your office or any location in the world,” he added.

Anifowoshe said the firm planned to expand to other parts of the country but after consolidating on its successes in Lagos.

Source: Punchng

Kaduna Revokes Land Allocations from 2015, Sacks 2 Directors

The Kaduna State Government has revoked all land allocations from 29th May 2015.

The state government in a statement faulted the allocations saying they were made without the approvals mandated by the Land Use Act and are, as such, invalid.

Two Executive Directors of Kaduna State Development and Property Company, KSPDC, Architect Daniel Z. Kambai (Operations) and Yusuf Bala Mohammed (Finance & Administration), were also removed.

ICPC Seizes 12 Properties of Pinnick, Other NFF Officials

No fewer than 12 properties belonging to top officials of the Nigeria Football Federation have been seized by the Independent Corrupt Practices and Other Related Offences Commission.

Among the officials affected are President of the Nigeria Football Federation, Amaju Pinnick and 2nd vice president of the football body, Shehu Dikko.

Others newly indicted by the investigation are Head of NFF Technical Committee, Ahmed Yusuf, and NFF General Secretary, Mohammed Sanusi.

Findings by our correspondent on Sunday showed that Pinnick owned a majority of the properties, with one of them situated in the United Kingdom.

A breakdown of the properties seized, according to a document obtained by Sports Extra, shows that Pinnick owns six, Sanusi has three, and two belong to Yusuf.

 

Though details obtained on Dikko’s seized properties were sketchy, officials of the ICPC earlier seized one of his properties, located on 1, River Benue Close, Maitama, Abuja, on Friday morning.

The document showed Pinnick’s properties seized as a mansion located at 2C Layi Ajayi Bembe Street, Parkview Estate, Ikoyi, Lagos; a bungalow located at 3, Oritsejafor Close, GRA, Warri; Brownhill Event Centre located at Plot 6/7 ELF Road, Ogunmu-Warri, Warri Central, Delta State.

Other Pinnick’s properties seized by the anti-graft agency are a bungalow located at First House, 3rdStreet, DDPA Housing Estate, besides Delta Broadcasting Service, Asaba, Delta State; an apartment at Regents Plaza, 8 Greville Road, North Maida Vale, London NW6 5HU, UK; Plot 1805 Cadastral Zone A10 Maitama II, Abuja vide Right of Occupancy dated 15/05/2019 with file no. DT 64003.

The document listed Sanusi’s seized properties as the house beside the Mosque of Alheri School, off Tsafe Road, near Guiwa Low-cost Housing Estate, Sokoto; Plot 8001 Cadastral Zone E08 vide offer letter dated May 15, 2019 with file number KW30584; and a property at 6A, Tangier Street, off Sudan Street, Zone 6, Abuja.

Two seized properties belonging to Yusuf, according to the document, are a bungalow located at First House on Prison Yard Road, off David Mark Road, Minna, Niger State; and another bungalow located at Bosso Estate, behind State Government, Orphanage Home, Minna, Niger State.

Sources in the anti-corruption agency told our correspondent that the investigation may extend to other officials of the NFF with “suspicious property.”

“This is the first phase of the investigation. Others may be involved later but I can confirm to you that many officials of the NFF are under investigation,” the source added.

When contacted on the telephone, the spokesperson of the ICPC, Rasheedat Okoduwa, debunked reports on social media that seals on Pinnick and Dikko’s houses had been removed.

Dikko’s house was sealed on Friday morning, before officials of the ICPC again proceeded to seal Pinnick’s mansion in Park view Estate, Lagos, in the afternoon.

She said, “Our work is still ongoing. We have seized those properties and other ones. The full list on Dikko’s seized properties will be available tomorrow (Monday). The one for Pinnick and two other characters are already available. But our investigation is ongoing.

“Both Dikko and Pinnick’s sealed properties remain seized. If the seals are removed, those that did that are not our officials. We are investigating something about them. What they have is in excess of what they have earned.”

Okoduwa also debunked reports that President Muhammadu Buhari’s Chief of Staff, Abba Kyari, was influencing the ICPC’s investigation.

An online report earlier claimed that the NFF officials lobbied Kyari to stop the investigation.

But the ICPC spokesperson said, “If we are continuing with our work, including enforcement action, then I don’t see any influence in that regard.

“If we are going ahead with our work, then there is no credence to the allegation. Our action shows that we are independent in the investigation.”

On allegation that the anti-graft agency didn’t get any court order before seizing the properties, she said, “There are different instances that warrant getting court orders. To seize, our (ICPC) Chairman has the power to do so according to our law.”

Source: Punchng

Foreign Brands Renew Interest in Nigeria’s Real Estate

Building materials manufacturers have said the real estate industry has started stabilising with more investments expected.

At the recently concluded construction exhibition in Lagos, tagged, ‘The Big 5 Construct Nigeria’, some foreign investors looking for opportunities in the country said the real estate industry development reflected the growth in the second quarter of 2019, hence the renewed interest.

The General Manager, Sales and Operations of the United Arab Emirates-based Grannitto – Al Khaleej Ceramics, Siva Gopal,  said it had become important to do business in Nigeria, adding that despite a drop in the last quarter of 2018, the Nigerian construction and real estate industry recorded growth in the second quarter of 2019 with prediction for good numbers in the second half of 2019 and 2020.

He said, “As per the information received through various media, investment in real estate is more stable compared to any other business venture in Nigeria.

“Politicians and people with money would like to invest in the sector. Because of the dull experience in the sector in the immediate past year, the sector will offer people the opportunity to invest in it now.”

The Marketing Head, Abdullah Al Barrak Factory for Plastic Products, Mohammad Aslam, described Nigeria as a growing country with mixed economy and emerging markets.

The country, according to him, is expanding in the manufacturing, financial, service, communications, technology and entertainment sectors.

He added, “We will contribute our services towards the growth and development of the Nigerian construction market. The ABPF polycarbonate sheets have an ideal solution for a wide range of applications in construction, industrial, commercial and domestic segments.

“The PC solid sheets are an engineering plastic used extensively in the construction industry for external applications such as skylights, space frames, roofs, shades and vaults/ barrels.”

The Portfolio Director at DMG Events, the organisers of the exhibition, Muhammed Kazi, said companies from over 20 countries such as China, Egypt, France, Greece, Germany, Italy, Saudi Arabia, Turkey and the United Arab Emirates had indicated interest to invest in the Nigerian market.

“We believe this is a great success and a clear indication of the country’s growing attractiveness in the global construction arena,” he said.

He explained that new development plans were creating huge demand for international suppliers to bring their products and technologies to Nigeria and The Big 5 Construct Nigeria, which held between September 9 and 11, was a response to such demand.

Source: punchngng

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