Housing News

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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

Experts Urge FG to Develop $47.7b Ceramics Market

Alarmed by Nigeria’s huge dependency on importation of ceramic wares and products put at about $900 million, experts in the sector have tasked the federal government to maximize the availability of the natural raw materials in the country to re-jig the economy and participate actively in the $47.72 billion ceramic global markets.

Despite the potential of the sector to offer about five million jobs for the teeming unemployed population, Nigeria’s ceramic production capacity is still at its lower ebb, occupying the second position in Africa after Egypt and eight in the world.

Ceramics are used in building products with the potential to last for about 150 years, production of sanitary and table wares, electric porcelain and insulator, automobiles, among others.

Currently, findings reveal that the average production capacity for ceramics, is put at 40,000 – 45,000 sqm per day for the eight manufacturing companies combined in ceramics production in Nigeria with the Chinese accounting for about 100 percent investment in six out of the eight ceramic tile companies while the Indian operates with the support of an investment for the remaining two tiles companies.

While there is an abundance of its raw materials in the country ranging from quartz, feldspar to clay, experts say Nigeria still has about 11 million shortfalls for ceramics demand.

Speaking to newsmen during the launch of a ceramic foundation in Lagos, the president, Oaikhinan Ceramics Foundation, Prof. Eguakhide Patrick Oaikhinan expressed concerns about the challenges facing domestic ceramics industry in the country, stating that government has neglected the industry.

For him, some of the inhibiting factors against the sector include, the non-inclusion of ceramics education, engineering and technology in Nigeria’s education system, low domestic participation in the industry which has been dominated by the Chinese, the lack of modern production technology and facilities as well as absence of basic infrastructures like, regular power supply, water and roads.

Oaikhinan declared that prior to 1980s Nigeria’s domestic ceramic industries such as Richware Ceramics (Lagos); Modern Ceramics (Umuahia); Nigergrob Ceramics (Abeokuta); Ceramic Manufacturer (Kano) and Quality Ceramics (Shagamu), and others, were working optimally.

However, he disclosed that the industries are producing below-installed capacity because of the lack of professionals with generic and technical skills in the ceramics manufacturing business. He further said that the absence of avenues for people that are interested in ceramic manufacturing businesses to pursue their ambitions has dipped growth in the sector.

“The country lacks the knowledge of the chemical and mineralogical compositions, and non-existence of raw material processing plants to feed the local ceramic industries. There are nine operating ceramic manufacturing industries in Nigeria. Eight of them are for tiles and one for sanitary ware and they operate under various capacities. Out of the nine operating ceramic manufacturing units, six are with Chinese investments only and the others with Indian investment support.”

The sheer pace of technological change, he said has caught the ceramic industry in Nigeria unawares and the absence of adequate skills is an element of weakness for it, both now and looking to the future. This, he noted has led to the failure of many in our nation. ‘We cannot produce quality ceramic products locally’.

Prof. Oaikhinan who has also introduced a foundation for ceramic development in Nigeria urged the federal government to create employment opportunities through adequate funding of Research and development (R&D) that would enhance the manpower development needed.

The former Director-General of Nigerian Chambers of Commerce, Industry, Mines and Agriculture, (NACCIMA), Dr. John Isemede who also spoke at the forum, advised major stakeholders in Nigerian project particularly the government, to empower the youth for social responsibility as the nation moves into the year 2020.

Isemede lamented that the greatest problem facing the nation today was the absence of the skill sets for the youth population to thrive. He charged the three tiers of government to, therefore, build their capacity in the fields of agriculture, petroleum and solid minerals for the future generation to prosper.

“People in government should be given target to develop the capacity for the value chain ceramics sector, in agriculture and the oil industry among others. Government should invest in agriculture and education and build up volunteers to develop the managers of the economy for tomorrow”, he said.

For the coordinator, Raw Materials Research and Development Council (RMRDC), Waheed Tokunbor, setting up a foundation to develop human capacity and skill sets will help in promoting job creation, deliver youths from criminal tendencies and economic development in the ceramic industry.

Source: guardianng

Stakeholders Advocate Reduction in Housing Deficit, Better Mortgage System

Edo State Governor, Godwin Obaseki and other critical stakeholders in the real estate sector have advocated a reduction in housing deficit and better mortgage systems for middle-income earners in the country.

They argued that the problem bedeviling the industry is providing affordable housing and mortgages for would-be homeowners.

Giving instances in his state, Obaseki, who said the citizens are lucky to have the whole component required for affordable housing system, however, blamed the real challenges on financing and high-interest rates.

Obaseki spoke during the investiture of Frank Okosun as the new Senior Partner/Chief Executive Officer (CEO) of Knight Frank, Nigeria and send forth of the outgoing CEO, Chief Albert Orizu, in Lagos.

According to Obaseki, the main challenges are not in building but on financing, particularly, the long-term financing required for all states to venture into property developments.

“How do we reduce the interest rate to the level where it is a single digit so that people can afford it. For us to achieve that, low-interest rates must be made available. That is beyond the control of the state but the financial sector,” he said.

The incoming chief executive, Knight Frank, Frank Okosun, pledged to reduce the housing deficit by increasing more developments in all areas of the state, putting more properties in the market, and ensuring that there are mortgages for young startups.

Okosun, also pledged to continue to increase the level of professionalism in the organisation, and train more young people to become good surveyors for the industry.

He said the challenges in the housing sector could only be only be achieved if the government will provide the enabling environment, level playing ground, so that the people can invest in real estate.

According to him, the government has huge role to play to create affordable housing for everyone.

In his remarks, the outgoing chief executive, Knight Frank, Orizu, called on the government to participate more in the low and middle-income housing.

Source: guardianng

Lagos’ Suenu Family Takes Over UAC Property in Abebe Village

Sequel to an agreement reached between the Suenu Chieftaincy family and its tenant, United African Company (UAC), a land measuring about 6.531 acres in Abebe village in Surulere Local Government Area, Lagos State has been taken over by the family.

The agreement on the land inhabited by Olam Nigeria Limited, Nigerian Ropes Plc, and other international companies came as an out-of-court settlement, which was made a consent judgment by Justice A. M. Lawal of Lagos State High Court.

The family represented by Chief Omogbolahan A. N. Durosimi, Qudus O. Suenu, Shakirudeen Yussuf Samisideen O. Ogungbadero, and Mohammed M. Durosimi had sometimes in 2015, instituted a suit marked LD/1170GCMW/2015, against U.A.C. Nigeria Plc and Registrar of Title, Lagos State, over the large portion of the land.

However, terms of settlement between the parties, Justice Lawal in his judgment delivered on March 13, 2017 but signed on July 12, 2019, held: “by virtue of terms of settlement dated January 24, 2017, the claimant and the first defendant agreed to settle the issue raised in the suit on the conditions stipulated in said terms and which terms were pronounced upon by this Honourable Court as the judgment of the Court on July 10, 2017”.

The family on September 23, 2019, in a motion exparte, approached Justice Mojrenike Obadina’s court for the enforcement of the judgment.

In granting the exparte motion, Justice Obadina held: “upon the application dated September 23, 2019, coming before this honourable court to be heard on behalf of the claimants/judgment creditors/applicants.

“And upon reading the affidavit in support of the motion of Samisideen Olaseni Ogungbadero, Secretary to Suenu Chieftaincy Family, sworn to and filed o at the High Court Registry, on September 26, 2019, and after hearing G. C. Nwosu of counsel to the judgment creditors/applicants, it is hereby ordered as prayed, leave is granted, the applicants to executed the judgment of the Honourable Court delivered in this suit on March 13, 2017. “Order is granted issuing warrant of execution of the said judgment”.

Prior to the execution of the judgment, the judgment executor, Otunba Tomori Williams, while speaking with neswmen narrated how Suenu Chieftaincy’s family became the owner of the land in the 19th century, which was given to them by Olooto Royal family-friendly filters I was on.

He also narrated how the part of the land was leased to U.A.C upon approaching the family in 1947 and 1952. Adding that after sometimes UAC, which had been unhindered possession till today, stopped, failed and refused to pay the statutory leasehold agreement to Suenu Chieftaincy family.

Williams explained that following the failure and refusal of UAC to pay statutory leasehold agreement on the land, forced Suenu Chieftaincy family to approach the court and instituted the suit. But stated UAC entered an out-of-court settlement with the family and agreement eventual became the judgment of the court, which he was empowered to execute.

He also stated that the said property in question is not a subject of any other litigation, as Suenu Chieftaincy Family has been unhindered possession through the people they leased it to, primarily, UAC, Nigerian Properties company and others.

Source: Guardianng

FMBN Grants Home Renovation Loans to 506 Beneficiaries in Adamawa

Five hundred and six persons in Adamawa State have benefitted from the home renovation loan of the Federal Mortgage Bank of Nigeria. Governor of Adamawa State, Ahmadu Umaru Fintiri, who witnessed the presentation of cheques to the beneficiaries, applauded the management for the scheme, adding that it will go a long way in reducing the economic challenges of citizens in the state.

Fintiri said building of 2000 houses is one of his priorities, as he has noticed a shortage of houses in the state.

Speaking earlier, the Managing Director and Chief Executive Officer of FMBN, Arc. Ahmed Musa Dangiwa, represented by the Executive Director, Loans and Services, Mrs. Rahinatu Aminu-Aliyu, said the bank was instructed to provide affordable mortgages to citizens through the National Housing Fund scheme.

He said the fund is sourced from 2.5% of the basic income of citizens who are 18-years and above to enable them renovate, build and purchase houses.

He applauded the Fintiri-led administration for its commitment to creating an enabling environment for civil servants in the state to benefit from the Home Renovation Loan.

Source: dailytrustng

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