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South Africa to Collaborate With Nigeria to Build Road Infrastructure

Mr Hulisani Makhuvha, of the Development Bank of Southern Africa (DBSA) has said that the bank would collaborate with the Nigerian Government to build road infrastructure in the country.

He said this while speaking with newsmen on Monday in Abuja on the sideline of a conference of Nigeria-South Africa Intergraded Road Transport Infrastructure Initiative. News Agency of Nigeria (NAN) reports that the event was to launch a road infrastructure programme for the West African region and ultimately integrate the African continent.

The event is a collaborative initiative between the DBSA and Infrastructure Concession Regulatory Commission (ICRC) on how to fashion a transport and logistics infrastructure agenda for West African region. DBSA, established to accelerate sustainable socio-economic development and improve the quality of life of the people in South Africa, is a development finance institution wholly owned by the South African Government.

Makhuvha noted that because Nigeria and South Africa were the biggest economies on the Africa continent, there was need for both countries to increase their collaboration and work together to build road network on the continent. “We are going to look at possible ways of collaborating within the Public-Private Partnership (PPP) space, working with ICRC and the Nigerian government.

“We will look at opportunities and how we can collaborate with the Nigerian government; our mandate is driven primarily by how much is required to build roads basically. “So we cannot say upfront that we are coming with investment, we need to first understand and access what projects are out there in the country and how we can participate,“ he said. Makhuvha added that this would however be guided as the bank continued with the engagements on the way forward. Earlier, Mr Chidi Izuwah, Managing Director ICRC, said the importance of a good road network in the development of ever economy could not be underscored.

Izuwah said road does not only connect and integrates, but facilitates supply chains and enhances a nations competiveness index. “Road has a transformational effect primary to technology or any other contemporary development programme. “Road creates jobs and catalyses factors of production, road appreciates land value capture for funding infrastructure,“ he said He expressed optimism that participants which were drawn from some African countries would learn from history, not just case studies of success stories but challenged successes.

This, Izuwah added would teach participants how not to structure bad projects, saying that ICRC had made some significant contributions to the delivery of PPP in the country. He further added that the event and others to come were indicative of ICRC`s drive to collaborate with the rest of Africa to make PPP delivery an integrative process. He told participants that ICRC had hosted a PPP project screening roundtable sponsored by AfreximBank to build first mover project pipeline for their project preparation.

“Am happy to announced to you that ICRC has been appointed by AfreximBank as the clearing house in Nigeria for all prospective federal and sub-national PPP projects that may require project development funding. “At the same event ICRC has screened 11 PPP projects valued at over $10 billion out of over 30 across federal and sub-national MDAs, “Izuwah said. NAN further reports that the event was organised by ICRC in partnership with Federal Road Maintenance Agency (FERMA).

Source: Vanguardng

Dutch Coy to Light 1m Nigerian Homes with Solar Power

Lumos Global BV, a Dutch company specializing in off-grid solar power, plans to light up over a million Nigerian households by 2025 as it expands in Africa’s most populous country of more than 200 million where only 60 per cent is said to have access to electricity.

The Nigerian government announced about a week ago that it awarded a share of a $75 million World Bank-funded grant to Lumos to support its business in the west African nation, as part of efforts to back quick and simple solutions to the country’s energy deficit due to an absent or unreliable electricity grid.

“The market is enormous”, Lumos Chief Executive Officer Alistair Gordon told Bloomberg by phone of Nigeria’s fast growing population. “Having some assistance with that significant capex outlay and investment through these sorts of grants is a real help.”

Lumos, which has already fitted more than 100,000 solar home systems around Nigeria, will receive a fee for each new installation from the Rural Electrification Agency, known as REA, Gordon said.
The Amsterdam-based company isn’t targeting only rural areas that are not served by the electricity grid but also towns and cities where power outages are frequent and households rely, at least partly, on generators. Lumos’ offering of solar panels and a battery enables families to spend a flat fee of around $15 per month rather than three or four times as much on kerosene or diesel, according to Gordon. The company expects to sign up more than a million households by the middle of next decade, he said.

Lumos distributes its equipment and services in Nigeria through the stores of MTN Group Ltd, the biggest mobile telecommunications operator in the country, charging a $40 joining fee and a $12 installation charge. Customers pay the monthly fee via their mobile phones or the system is shut off.
The Lumos unit runs appliances such as lights, fans, mobile phones and televisions, or – in the case of small businesses – sewing machines and hair clippers, Gordon said.
The grant for standalone systems is part of $350 million raised by Nigeria from the World Bank to increase electrification rates in rural areas. The largest portion of $150 million is dedicated to developing solar mini-grids.

“The REA knows that solar is the quickest way that everyone is going to get power as fast as they can,” Gordon said.
Nigeria is only able to send about a quarter of its total installed capacity to homes and businesses due to its dilapidated power network, much of it built in the 1980s. The government signed a deal with Siemens AG in July to rehabilitate and expand the country’s transmission grid.

Source: blueprintng

Without Reforms Nigeria will Harbour 25% of World’s Extreme Poor by 2030 – World Bank

The World Bank gave the warning in its Nigeria Economic Update launched in Abuja.

An estimated 100 million Nigerians currently live on less than US$1.90 per day. Close to 80 percent of poor households are in northern Nigeria, while employment creation and income gains have been concentrated in central and southern Nigeria.

“Economic and demographic projections highlight the urgent need for reform,” the bank noted.
Population growth is estimated at 2.6 percent, outpacing economic growth in a context of weak job creation, while per capita incomes are falling.

“The ‘cost of inaction’ is significant. Under a business-as-usual scenario, where Nigeria maintains the current pace of growth and employment levels, by 2030 the number of Nigerians living in extreme poverty could increase by more than 30 million, and Nigeria could account for 25 percent of world’s extremely poor population,” the bank stated.

In the report, the bank noted that building reform momentum is essential to mitigate risks and promote faster, more inclusive, and sustainable growth that improves living standards and reduces poverty.

Robust growth and job creation will require strengthening macroeconomic management while increasing fiscal revenues to attenuate the impact of oil-sector fluctuations and advance much-needed investments in human capital and infrastructure, it said.

This edition of the Nigeria Economic Update (NEU) discusses selected reform areas, including leveraging trade integration to harness the benefits of the Africa Continental Free Trade Area; improving basic education financing to improve human capital outcomes; monitoring the impact of conflict on household’s welfare to protect the poor and vulnerable; and leveraging digital technologies to diversify the economy and create jobs for young workers. Reforms in these and other areas would enable Nigeria to strengthen its macroeconomic resilience and promote private sector resilience.

The report titled “Jumpstarting Inclusive Growth: Unlocking the Productive Potential of Nigeria’s People and Resource Endowment” notes that Nigeria’s labour force is growing rapidly, as over 5 million Nigerians entered the labour market in 2018, resulting in 4.9 million more unemployed people in the last year.

According to the report, between the first quarter of 2017 and the first quarter of 2018, 10 states saw some positive job creation, but the number of new jobs was not enough to absorb the new entrants into the labour force. The situation improved by the third quarter of 2018 as four states (Lagos, Rivers, Enugu, and Ondo) created more jobs than the entrants to the labour market, and as a result reduced unemployment.

Marco Hernandez, World Bank lead economist, speaking at the launch of the update in Abuja, stressed that Nigeria’s economy has remained vulnerable to external and domestic risks with the absence of structural reforms. This is as the economy is confronted by the sharper-than-expected slowdown in the global economy as well geopolitical and trade tensions.

“Domestically, the main risk is associated with the degree of predictability of macroeconomic policies, the pace of structural reforms, and the country’s security situation. The economy’s sensitivity to volatile oil markets is a major cause of uncertainty and a disincentive to long-term investment,” Hernandez said.

Hernandez said that though the economy has recorded growth, it is not as fast as expected as it cannot meet the need of the nation’s population, emphasising the need for the government to help the private sector to create job.

“Building reform momentum is essential to mitigate risks and promote faster, more inclusive and sustainable growth that improves living standards and reduces poverty,” Hernandez said. “Robust growth and job creation will require strengthening macroeconomic management while increasing fiscal revenues to attenuate the impact of oil-sector fluctuations and advance much-needed investments in human capital and infrastructure.”

He further said the productivity gap between Nigeria and comparator countries reflects both its lower relative stocks of physical and human capital and the inefficiency with which inputs (capital and labour) are transformed into outputs.

Shubham Chaudhuri, World Bank country director for Nigeria, in his remark said the report is aimed at promoting ways to boost the productivity and resilience of the Nigerian economy, as well as increasing productivity which is vital to support robust growth and job creation in the country.

“Building on recent efforts, going forward we recommend actions in priority areas, including increasing fiscal revenues and improving the quality of spending to manage oil-sector volatility, investing in much-needed human capital and infrastructure, and improving the business climate to unlock private investment and tackle Nigeria’s jobs challenge,” Chaudhuri said.

“Leveraging trade integration to harness the benefits of the Africa Continental Free Trade Area; improving the efficiency of spending in education; monitoring the impact of conflict to protect the poor and vulnerable; and leveraging digital technologies to diversify the economy and create jobs for young workers are ways to boost productivity and resilience in the economy,” he said.

Chaudhuri said while Nigeria has achieved considerable progress in boosting income levels and living standards, it has not yet managed to reach a convergence path with advanced economies.

He stressed the urgent need to create jobs by effectively maximising the available resources, human capital and infrastructure as well as ensure environment conducive for entrepreneurs and investors thereby unlocking the private sector financing.

Tunde Fowler, executive chairman, Federal Inland Revenue Service (FIRS), said the report points to the need for collaboration among the state and federal governments regardless of the constituted independent nature of states.

”Nigeria has been the first market in Africa as it is a consumer economy, but we need to change this narrative and take advantage of our resources, both capital, land and human resources to create the economy we desire,” Fowler said. “The Federal Government cannot do it alone. If we have more cooperation among the federal and state governments, we would achieve more growth in the nearest future.”

Abubakar Atiku Bagudu, governor of Kebbi State, said the report which speaks to the need to ensure inclusive growth in Nigeria brings out the quantum of challenges in the country and the need to mobilise and make effective use of its resources.

“It is important for the government to promote policies that will reward the hard work of our hardworking men and women in the various sectors. This will deliver value to everyone,” he said.

Bagudu said that crisis and insurgencies recorded across the country have to do with lack of inclusion, adding that the government as well as all development bodies should promote programmes that would boost inclusion across the country.

Source: businessdayng

China Pledges to Invest in Nigeria’s Infrasrtucture, Deepen Bilateral Relations

Mrs Guo, Cui Duo, Vice President of Hebei Federation of Industry and Commerce, China, has promised to partner Nigeria through investment in infrastructure to deepen relations between both countries.

Duo said this in an interview with the News Agency of Nigeria (NAN) at the business and investment forum for investors from Hebei Province of China on Monday in Abuja.

The event titled “Attracting Investors for Nigeria’s Development” was organised by Zvecan Consulting Engineering Ltd in collaboration with Federal Ministry of Industry, Trade and Investment and China Foreign Trade Park Ltd.

Duo commended mutual relations between Nigeria and China while describing Nigeria as a `strategic partner’ to the Chinese province in terms of trade and investments.

According to her, it is key for both China and Nigeria to keep contact and to further strengthen trade cooperation between them.

Duo said, “In recent years the relationship between President Xi Jinping and President Muhammadu Buhari, have continued to foster growth in bilateral relations between China and Nigeria.

“China and Nigeria are the most populous and largest economies in Asia and Africa respectively and both countries have respect for development.

“Both countries have significant number of agreement on trade, economic and technological cooperation and have established joint status for trading and cultural exchanges.

“The main purpose of our visit is to further develop bilateral policies on the Belt and Road, to explore new platforms for cooperation and shared future between China and Africa.”

In separate interviews, Amb Maryam Katagum, Minister of Industry, Trade and Investment, underscored the need for partnership between Nigeria and Chinese investors, to boost the economic development.

The minister, represented at the event by Mrs Olukemi Arodudu, Director, Trade and Investment Promotion Department, said that the forum was to deepen bilateral relations between Nigeria and China.

Katagum said, “The purpose of the forum is to provide a platform for visitors from Hebei Province in China to meet Nigerian governments and business community with a view to forming alliances.

“It is pertinent Nigeria is one of the largest trading partners with China in Africa and we are seeking deeper cooperation on investments in critical infrastructure to sustain economic growth.

“I therefore, note that we have in our midst today, investors who have signified interest to invest in non-oil sectors like automobiles, real estate, solar-power, mineral resource development and agriculture.

“This signifies the fact that China is also ready to partner with Nigeria in our aspiration for inclusive economic growth and development.

“The gaps in the Nigerian infrastructural sectors are huge investment opportunities for the discerning investor and we are inviting our Chinese friends to consider investment in infrastructure.”

In another interview, Mr Nicholas Ogbedo, Managing Director of Zvecan Ltd said that the programme sought to encourage governments and private sectors partnership to promote nation building.

According to him, the investors’ forum is a Public Private Partnership initiative designed to alleviate poverty, diversify economy, create jobs and tackle economic challenges facing Nigerian.

Ogbedo said, “We have realized the challenges facing Africa and Nigeria in particular; when we visited China, they agreed on how they can cooperate with us.

“To solve economic problems and as well create means of economic diversification, we have 27 companies from China who are going to engage in different sectors.

“Their investment packages are in line with the Economic Recovery Plan of the Federal Government.”

NAN reports high point of the event was power point presentation on investment potentials in Bauchi, Akwa Ibom, Edo states and signing of MoU between Hebei investors and the state governments.

(NAN)

PWC: Why Banks May Reduce Mortgage Financing

If the implementation of the newly passed National Housing Fund (NHF)  Act 2019 is fully carried out, banks might be compelled to reduce  their mortgage financing to real estate sector, New Telegraph has learnt.

According to the  Director, Deals Advisory, PWC , Mrs. Bola Adigun, this is due to the new housing law,  which  stipulates compulsory  minimum investment of 10 per cent of banks’ profit before tax in the NHF.

Besides, she stated that insurance companies and Pension Funds Administrators were also compeled by the new law to make compulsory minimum investment of their profits to the funds.

 

According to the law,  she said that  penalty for non-compliance of up to N100 million was stipulated for corporates and  N10million for individuals.

 

Giving the highlights of the new NHF Act 2019 at a summit organised by the Nigerian Institution of Estate Surveyors and Valuers, Lagos branch, the PWC’s director of deals advisory said workers were expected to contribute 2.5 per cent of their gross  income to the fund,  while 2.5 per cent  levy was also on price of cement.

The implication  of these on the real estate sector,  Adigun pointed out would lead to  increase  in fund available for mortgage loans as a result of increased in inflow to the housing fund.

Apart from this, she said Nigerians might experience increase in the cost of housing  as a result of the introduction of 2.5 per cent tax on cement.

New Telegraph gathered that there had been outcry from housing stakeholders over the new law as regards extra levy on price of cement, which  has made them seeking  fresh  amendment to the law.

However,  the PWC director told New Telegraph that as at present, the law was  in public domain.

 

The PWC’s deals advisory expert  listed poor access to loan facilities, high cost of building, difficulty in obtaining property titles, huge urban population, N20trillion mortgage finance deficit among other challenges of the real estate sector.

Giving analysis of the situation, she stated that only four percent of Nigerians over the age of 15 had received loan from a financial institution in 2017; while 85 per cent of  the urban population lived in rented accommodation.

She  also decried poor budgetary allocation to the housing sector, despite huge deficit.

Meanwhile, stakeholders in the the built environment are mounting pressure on the National Assembly to expedite action on outstanding housing bills before it.

 

Some of the bills, New Telegraph gathered, had been in the National Assembly since 2004, and are yet to be passed into law.

The  housing bills for review and subsequent amendments include the Foreclosure Bill; Land Use Act of 1978; Real Estate (Regulation and Development)  Bill 2018; Federal Government Housing Loans Bill; National Housing Fund (NHF) Scheme  Act  1992; Mortgage Banks Act 1989 (subsumed in BOFIA);  Federal Mortgage Bank Act of 1993; and Trustee Investment Act 1962. Others are the Nigeria Insurance Social Insurance Trust Fund (NSITF) Act 1993; Insurance Act 2002; Pension Funds Act 2004 (reviewed 2014); Investment and Security Act 1999; Federal Housing Authority Act 1990;Climate Change Adaptation Policy;  Policy Creating the National Council on Housing for Sector Regulation; and securitsation Bill and other affordable housing policies.

 

On how to explore the current realities and fund projects, Adigun explained that typical and emerging real estate finance structures had  presented opportunities for  investors, practitioners and  other stakeholders in the industry.

She listed pre-sales (upfront payment from potential tenants); equity financing, debt financing Public-Private Partnerships and mezzanine structure (convertible debt stock) as typical  available real estate financing.

She urged investors and practitioners to explore other innovative structure for project finance, listing  Real Estate Investment Trust  (REITs), mortgages and specialised real estate She added that government efforts to revitalize the mortgage industry have positioned mortgages as a viable funding source to be explored for future real estate development in Nigeria.

According to her, Nigeria has continued to have strong fundamental factors for sizeable growth in real estate sector due  to its growing middle class, growing population and urbanisation.

Talking about inherent opportunities for investors and private partners, Adigun said: “Nigeria’s middle class outnumbers that of any other states in sub-sahara Africa,” adding that with  growing population of over 180 million, Nigeria offered enormous opportunities for real estate despite structural weaknesses in its economy.

“Nigeria has seven cities with a population of over one million people, presenting several possible markets for investors to enter,” she said.

On his part, Chairman, Lagos branch of NIESV, Mr. Adedotun  Bamigbola, stated that paltry N60 billion budgetary allocation to housing would  not make much impact considering the nation’s 17 million housing deficit.

“The issue is that the N60billion is going to make little or no impact. We still have a long way to go if we are supposed to cover from 17 million to 22 million housing deficit,” he said.

 

However, he noted that critical issues were actually funding, availability to land and technological and  skill mindset of people in the industry.

While PPP seems to be one of the way out, Bamigbola warned that government needed to understand that it was not using contractors when it comes to the issue.

“It is more or less a joint venture. You have the private sector partnership with you, so you have to give that respect to the fact that some people are bringing in funds,’ he said.

He advised on the need to rejig the nation’s legal system and create value re-orientation to solve problem associated with securing cheap funds from abroad for project development by private investors.

Source: newtelegraphng

Akinlusi Speaks on Importance of 2019 MBAN Retreat for Mortgage Sector

The President of Mortgage Banking Association of Nigeria (MBAN), Niyi Akinlusi has revealed how important this year’s MBAN CEOs retreat is for the mortgage banking sub sector.

While speaking to Africa Housing News during the 3-day Mortgage Banking Sub-sector CEOs’ annual retreat in Lagos which held from November 29 – December 01, 2019, Akinlusi said the yearly event is intended to review the industry and see what needs to be done.

‘’Yearly we come together to discuss the industry and we are always happy to have regulators participating in it as well. This year we have the CBN, NDIC, NMRC, FMBN, key stakeholders of the mortgage banking industry, secondary mortgage financial institutions and all other important stakeholders in the sub sector

According to him, this year’s retreat is about three major things. These are issues that have to do with digitalisation, capacity building and management succession.

This is what informed the theme ‘’Critical Success Factors for Continuity and Viability of the Mortgage Banking Sub-Sector in Nigeria: Mortgage Digitization, Human Capacity Development and Management Succession.’’

‘’For digitisation, we realise that because of the population of Nigeria with over 75% of Nigerians employed or self-employed in the informal sector, we must find ways to reach out to these people and it is through digitisation of our services. That’s why it is a critical area for us, particularly because we have a uniform underwriting standard for informal sector and self-employed. We must digitise our services and operations so that we can reach out to them and we can bring those people whom have been left behind in home ownership back in. For a country of 22 million housing deficit, we have a lot to do and a lot of our people are self-employed and living on their own,’’ he said.

The second issue that the retreat focuses on according to him is the issue of human capacity development.

‘’We also realise that for the sustainability of the industry, we must find a way to ensure we constantly retool and retrain our staff and let them know about the latest developments in the issue of mortgage underwriting and customer management, and of course all the latest developments through IT and AI. We need to also train our people on things like machine learning because if they don’t understand what’s happening around them there is no way they can use those tools,’’ he said.

Akinlusi also said that the issue of management succession in the sub sector is one of major concern for the retreat.

‘’We are at the critical point in our history where we must breed people to take over the industry. We must ensure each mortgage bank as part of corporate governance principle have a plan for management succession in a way that it does not disrupt the activities of the company. That is why it is an area we are discussing,’’ he said.

The event featured top rated paper presentations on a variety of topics from several leaders in the sector.

Former MBAN President Femi Johnson, Lists Major Achievements in the Mortgage Sector

The immediate past president of Mortgage Banking Association of Nigeria (MBAN), Dr Femi Johnson has stated that there has been a lot of progress in the Nigeria mortgage sub sector.

While speaking to Africa Housing News at the 3-day Mortgage Banking Sub-sector CEOs’ annual retreat in Lagos which held from November 29 – December 01, 2019, Johnson said a lot of successes have been recorded in the recent time, even though not obvious to many.

‘’We are now lending to the formal sector, the informal sector, the self-employed and even Nigerians in diaspora. Now we are doing non interest banking. We all have underwriting standards. In the years to come, there is a lot more coming in stock. CBN has come with interest rebate. We are going to leapfrog the industry from where we are now to much greater heights within the very next few years using technology to drive that process and that penetration,’’ he said.

Speaking on the theme of the retreat which is ‘’Critical Success Factors for Continuity and Viability of the Mortgage Banking Sub-Sector in Nigeria: Mortgage Digitization, Human Capacity Development and Management Succession,’’ he said a lot has happened in recent past in mortgage banking, but the way forward is adding technology to mortgage banking.

‘’We are talking about digitising mortgage banking in Nigeria. So the use of technology, property tech is coming in and we are trying to infuse a lot of banking technologies so that we can deliver better and more efficient services to our customers and clients and so that we can bring mortgage closer to even the people on the streets. So when we say digitisation we are not talking about technology that is esoteric. We are talking of using technology to bring mortgage down to the grassroots and to people that are not even literate in English language so that we can deliver mortgages to them wherever they are and in the language they are most comfortable with,’’ he noted.

The event featured top rated paper presentations on a variety of topics from several leaders in the sector.

Government Needs To Revisit Housing Provision – Knight Frank

The Senior Partner and Chief Executive Officer, Knight Frank Nigeria, Mr Frank Okosun, has asked the government to revisit housing provision in the country.

Okosun said lack of access to housing had affected many facets of the economy.

He stated that to address the problem, the government should look into mortgage issues and other challenges in the industry, and make housing available to those in need of them.

“There is a huge housing deficit in Nigeria and this has affected a lot of things. Without solving this, everything else will be affected,” he said.

Okosun spoke in Lagos during his investiture as the new Senior Partner/CEO of Knight Frank Nigeria and send off of the immediate past CEO, Mr Albert Orizu.

“Government has to look into housing. Housing delivery is poor. We need to ensure that first-time buyers have access to decent housing,” he added.

According to him, the recently inaugurated economic team should look into the human aspect of the economy by deliberately focusing on housing needs.

Okosun said without access to decent housing, the productivity of people in the working class might be low.

“The government should also try to reduce interest rate. Yes, the government is coming up with different initiatives on housing but it is not trickling down to the low-income earners. There is so much concentration on the upper class,” he added.

Orizu said mortgage remained a major problem hindering the growth of the housing sector.

He however stated that there was room for the government to come in and make a difference.

“Housing cost is high but government can participate more in the low and middle-income class where there is more need. Once they are able to make land available and provide good mortgage system, then it will be easier for people to have their own houses,” he said.

He added that houses should be affordable at lease on owner-occupier basis for millions of Nigerians.

The Chairman on the occasion, Egbert Imomoh, urged Okosun to be a good leader by ensuring he had direct impact on his partners in the firm and other stakeholders in the industry.

Source: Punchng

Sanwo-Olu Pledges to Complete Abandoned Projects

As surveyors hail governor on appointments into Housing ministry

AGAINST the backdrop of  Lagos State Governor Babajide Sanwo-Olu’s pledge to complete all abandoned housing projects, Housing  Commissioner Moruf Akinderu-Fatai has said the ministry is ready to partner  with core professionals to deliver on the promise.

He said Sanwo-Olu reposed confidence in professionals, especially estate surveyors &valuers, to deliver on his pledge.

He spoke when members of The Nigeria Institution of Estate Surveyors &Valuers (NIESV), Lagos State branch visited him.

The governor appointed Abdulhakeem Ayodeji Amodu, a surveyor into the Housing ministry as a Senior Special Assistant on Housing.

Akinderu-Fatai said: “With over 4,000 uncompleted projects, the Governor has directed that there is no new projects; we must finish the old ones and we are on top of it. We have done 492 units, we are moving to 360 units that will be ready in Igbogbo, 700 units in Sangotedo in the next six months, 600 units in Epe. We are also thinking to create two more estates in Egan by next year.”

He said the current administration continued with programme it met on ground.  According to him mortgage is not something people can easily key into.

Akinderu-Fatai said: “If we ask for 30 per cent how many can bring it but government has reduced it to five per cent in its Rent-to-Own policy, meant for first-time buyers. The idea is to pay with 33.3 per cent  of your annual salary at the rate of six per cent over the course of 10 years. Every month as you pay, you have it at the back of your mind that you are owning the house. We will continue and consolidate on the programme,” he said.

Responding, NIESV Lagos Chairman AdedotunBamgbola said: “We are here to stretch our hands of fellowship to the Commissioner, SA and SSA in order to help them fulfill the vision of the Governor for housing. We perceive that you are ready to achieve the goal. We have our people within and outside the ministry. What we can achieve collectively will boost your efforts.

We have a Research and Development Committee with members from public service, academia and private practice. We have skills in various areas, from valuation to property development to agency, to project management, and facility management. We will make ourselves available for whatever request you demand from us.”

Amodu commended NIESV for the visit and reiterated that the governor had interest in developing housing. He pledged that as a government they would ensure that affordable housing became a  reality.

Source: thenationonlineng

BREAKING: Court orders Saraki’s Ilorin houses forfeited to FG

The Economic and Financial Crimes Commission on Monday secured an order of the Federal High Court in Lagos for the forfeiture of two houses in Ilorin, Kwara State belonging to a former Senate President, Bukola Saraki.

The EFCC told the court it uncovered monumental fraud perpetrated in the treasury of the Kwara State Government between 2003 and 2011, when Saraki was the governor of the state.

Based on an ex parte application filed by the EFCC pursuant to Section 17 of the Advance Fee Fraud and Other Related Offences Act No. 14, 2006, Justice Rilwan Aikawa ordered the temporary forfeiture of Saraki’s two properties designated as Plots No. 10 and No. 11 Abdulkadir Road, GRA, Ilorin, Kwara State.

An operative of the EFCC, Olamide Sadiq, said in an affidavit filed in support of the ex parte application that the move for the forfeiture of the houses followed the findings of the EFCC after investigation and “the report of a committee set up to review sales of Kwara State Government during the reign of the Governor of Kwara State in the year 2003 and 2011.”

He said the EFCC also received “a damning intelligence report, showing monumental fraud perpetrated in the treasury of the Kwara State Government between 2003 and 2011.”

Sadiq said, “Whilst the investigation was ongoing several fraudulent transactions were discovered.

“I know for a fact and verily believe that our investigation has revealed the following mind-boggling findings, among others:

“That between 2003 and 2011, Dr Olubukola Abubakar Saraki was the Executive Governor of Kwara State.

“That whilst he held the aforementioned position, the common pattern was that after payment of monthly allocation by the Federal Government to the Kwara State Government, a cumulative sum of not less than N100m will be deposited into the Kwara Government House account.

“That upon the payment of the said N100m, same will, in turn, be withdrawn in cash by one Mr Afeez Yusuf from the Kwara State Government House, Ilorin’s account in bits and brought to the Government House.”

The EFCC said it believed that Saraki developed the two properties with proceeds of unlawful activities.

Counsel for the commission, Mr Rotimi Oyedepo, urged Justice Aikawa to order their temporary forfeiture to the Federal Government.

After granting the order as prayed, Justice Aikawa directed the EFCC to publish the temporary forfeiture order in a national newspaper and adjourned till December 17 for anyone interested in the properties to appear before him to show cause why the properties should not be permanently forfeited to the Federal Government.

Source: Punchng

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