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Landlords To Lose Houses in Edo

Some landlords who erected buildings on land meant for public schools are to forfeit such properties to the Edo State Government.

Governor Godwin Obaseki who reiterated his stand to demolish any property on public school land said the buildings could also be demolished without compensation.

Speaking at the 25th anniversary of the 1994 class of St Paul Anglican Grammer School, Igarra old boys Association, Governor Obaseki said many landlords that encroached on Bénin Technical College land lost their properties to the state government.

Represented by Commissioner for Education, Barr Jimoh Ijegbai, Governor Obaseki said he would either fence the properties inside the school premises or demolish them.

According to him, “Those who have encroached on school land should remove them otherwise they will be treated like those who encroached on the Benin Technical College land. It is either they removed it or it will be fenced.

“The treatment will be meted not only to those who encroached into the Anglican Grammar School Igarra land but all other government schools across the state. All those who have built should either abandon the land or they will be fenced in during the construction of the perimeter fencing of the schools.”

National Coordinator of the old boys, Mr. Bolade John said the N5 million fund has been launched to engage teachers that would teach in the school.

On his part, Chief of Staff to Governor Obaseki, Chief Taiwo Akerele who is a member of the 1994 set explained that the N5 million Fund was to start a volunteers teachers programme where teachers would be recruited to fill the gap.

Akerele said the teachers would teach the students on science subjects particularly Mathematics, Physics, Chemistry and Biology.

His words, “We use the opportunity of 25 years anniversary of leaving the school to review the challenges being faced by the school and what we can do to support while we join forces with other sets and the national body.

“It has been brought to our attention that the school has been bereft of high-quality teachers and government has not recruited teachers in recent times so, in addition to supporting for the school’s inter-house sports competition in 2018, we have launched a N5 million Fund to start a volunteers teachers programme where teachers would be recruited to fill the gap and teach the students on science subjects particularly Mathematics, Physics, Chemistry and Biology.

“We will put them on equivalent of N-Power monthly salary. We intend to grow that fund from time to time. We were able to raise N2 million from friends and well-wishers who honoured us with their presence.”

Source: thenationonlineng

EFCC Recovers N3.6bn, 10 Houses From Suspected Looters in Ilorin

The Ilorin Zonal office of the Economic and Financial Crimes Commission says it has recovered N3.6 billion and 10 houses from suspected looters.

EFCC Zonal head, Mr Isyaka Sharu, spoke on Monday in Ilorin during the annual International Anti-corruption Day rally.

“The Commission has recovered N3.6 billion from suspected looters. Two out of the recovered properties are in Ikoyi.

“One is in Lekki and the recently recovered property worth over N1 billion is in Ilorin,” Sharu said.

He said that at the eve of the last hand over, EFCC saved the state of an attempt to loot over N4 billion of its tax refund.

“Currently, the ongoing investigation into the Kwara State Internal Revenue Service led to the recovery of about N50 million.

“Effort is being made to recover the balance of about N2 billion from some notable individuals in the alleged fraud in KWRS,” Sharu said.

The State Governor, AbdulRahman AbdulRazak, said that the match against corruption was for everybody, noting that “if we do not kill corruption, it will kill all of us’’.

AbdulRazak said that corruption was detrimental to the economy and social development because it reduces the capacity to work.

“It is important to work together and fight against corruption. It is killing the people gradually, the hospitals, schools and social infrastructures,” he said.

The governor commended the anti-graft body for its efforts and support in the recovery of money, saying “when we came into power, there would have been nothing for us to work with.”

“The past administration left a huge amount of debt, and if EFCC had not saved the attempt to loot N4.8 billion, there would not have been anything to work with,” he said.

AbdulRazak said the N4.8 billion was still intact in the government cash reserve, and it would be used to work for the state economy and balance the budget for next year.

”I also thank EFCC for the recovery of N111 million from fraud cases,” he said.

NAN reports that the rally was to further create awareness for the world to unite against corruption, money laundering, and terrorism.


NIOB President, Awobodu Hails FMBN, FHF, REDAN, Seeks Partnership with Housing Sector Stakeholders

Bldr. Kunle Awobodu, the President of the Nigeria Institute of Building (NIOB) has commended the great efforts of housing sector institutions like the Federal Mortgage Bank of Nigeria for what they are doing with the NHF and other reforms in the mortgage sector to provide housing for workers.

He also mentioned the importance of other institutions like Family Homes Funds and the Real Estate Developers Association of Nigeria (REDAN) in the country’s built sector. He said they are critical stakeholders in reducing the country’s housing deficit.

Awobodu stated this while speaking exclusively to Africa Housing News on Thursday in Abuja during a courtesy visit to the leading housing sector media organisation, Fesadeb Media Group. At the meeting where he was received by the company’s CEO, Festus Adebayo, Awobodu said that building construction is a team work and that there is no way anyone can excel without working with others.

‘’That’s is why institutions like FMBN, Family Homes Funds, REDAN and others are very important to us in terms of collaboration. The Nigeria institute of building is open for collaboration with all institutions.

‘’We will provide the expertise that can help them manage their construction so that there will be value for money expended on those building because durability is a great factor that should be in consideration at the early stage of building construction. So the Nigeria institute of building is very open for collaboration with all professionals and institutions in the built environment. We have to work together to create an enviable building environment,’’ he said.

According to Awobodu, the new leadership of the Nigeria institute of building which he leads will sustain the culture of inculcating standards and conscientious practice in the institute’s corporate members.

Zillow Expects The Housing Market’s Good Times to Keep Rolling in 2020

Home sizes will shrink, the economy will steadily grow, and rent growth will be positive

The single-family housing market has been busy and bustling in 2019, thanks to lower than expected interest rates throughout much of the year. Zillow expects more of the same in 2020.

The online real estate giant recently published its predictions for housing in 2020, and the site’s economists expect 2020 to look a lot like 2019, starting with the health of the economy.

Although many experts have said throughout the year that a mild recession is possible next year, the economy has more recently showed signs of progress.

That led Zillow to now state that there most likely will not be a recession in 2020. Healthy consumer confidence and job creation are leading to growth in the economy, avoiding the dreaded R-word.

“Current conditions point to a recipe for continued economic growth, not a recession,” the report states. “Growth itself may be slower than the strong pace we’ve seen at times throughout the recovery, but growth will still occur for at least the next year.”

Another positive for next year’s economy and housing market will the continuation of this year’s low mortgage rates, Zillow said.

“Mortgage rates fell markedly in 2019 and are expected to remain low for the bulk of 2020,” Zillow said in its forecast.

“That will keep demand strong and continue to fuel decent price growth in the nation’s most broadly affordable markets,” Zillow continued. “But low rates don’t help overcome the upfront hurdle of high down payment requirements, pushing buyers in expensive areas to fan out in search of areas they can better afford.”

Although it should be noted that Fannie MaeFreddie Mac, and the Federal Housing Administration all accept down payments in the single digits, not the 20% that many borrowers expect they have to have.

Added to a steady economy, home value and rent growth will also remain steady, but slow in 2020, Zillow said.

But it isn’t sunshine and roses in every arena of the housing market. Millennials and Generation Z have entered the market, but Baby Boomers aren’t leaving anytime soon, leading to a shortage of inventory.

Since Baby Boomers want to age in place, and are backing up the market, the New Year will bring smaller single-family homes, versus the larger and older homes Boomers are living in now, Zillow said.

Zillow predicts that homes in urban areas that have amenities will become more popular than the larger homes Boomers live in.

Beyond that, Zillow actually predicts that the size of homes will shrink.

In fact, the size of new single-family homes is falling for the fourth time in five years, according to Zillow. The typical home in the U.S. has shrunk by more than 80 square feet since 2015.

Since younger buyers have less money, they can’t afford to purchase the larger, older homes that are on the market, despite low mortgage rates and the demand for houses.

From December 2019 through December 2020, home values are expected to grow 2.8%. This is down from Octobers’ annual growth of 4.7%, but Zillow says its experts still expect rent growth to continue rising in the spring.

“With the housing market stabilizing from the drama of the price recovery and the slowdown during 2019’s home shopping season, we have a rare moment of calm to reflect on what housing might look like in the year to come,” said Zillow Director of Economic Research Skylar Olsen. “If current trends hold, then slower means healthier and smaller means more affordable.”

Rent appreciation is currently at 2.3%, Zillow says. The desire to rent will continue to rise in the beginning of 2020, but settle down to lower than 2% at the end of the year.

“Yes, we expect a slower market than we’ve become accustomed to the last few years, but don’t mistake this for a buyer-friendly environment – consumers will continue to absorb available inventory and the market will remain competitive in much of the country,” Olsen said. “But while the national story is a confident one, housing in some manufacturing-heavy markets may see adversity. The struggle could be even more stark, since similarly affordable housing markets with a more balanced job profile may be 2020’s rising stars.”

Source: housingwire

Kenya: House Prices Decline Further in Nairobi Due to Oversupply

Nairobi — House prices in Nairobi are on a sharp decline, according to a new report by international realtor Knight Frank Prime Global Cities Index which focussed the last quarter of 2019.

Housing prices slid by 5.4 percent in the year to September as prime residential prices in the Capital city as buyers sought higher opportunities in a market segment still influenced by oversupply and distressed properties.

“Prevailing macro- and micro-economic conditions coupled with an oversupply in the segment have resulted in a sustained price correction, subsequently buyers have control of the market,” reads the report.

The increasing decline in houses has now placed Nairobi at position 43 out 45 cities that were covered by the index.

All prime prices for the 45 cities also dropped to an average of 1.1 percent during the year to the third quarter compared to 3.4 percent recorded in the same period last year.

Agency Head at Knight Frank Kenya Anthony Havelock said the reduction in housing prices is a trend projected to happen even in the next quarter.

“We haven’t reached the bottom of the cycle yet and we expect to see further reductions in the near-term until the macroeconomic and local situations improve. One of the major issues right now is illiquidity in the market,” said Havelock.

The report further indicates that the rising number of distressed properties in Nairobi has also affected prime residential values significantly, with lenders intensifying efforts to recover non-performing loans through the sale of collateral.

“Deals are happening but are few and far between, and at discounted rates. It will take time for the economy to rebound considering it’s also not immune to external shocks,” Havelock added.

In September, Knight Frank also reported that prime residential properties fell by 1.8 percent over the period, increasing the decline to 6.7 percent in the year to June.

Source: allafrica

Housing Deficit: Recapitalize Bank to N500 Billion, FMBN Tells FG

The Federal Mortgage Bank Nigeria (FMBN) has disclosed that it would need increment in its capital base in order to bridge the housing deficit in the country.

According to The Nation, Ahmed Musa-Dangiwa, Managing Director of the bank, represented by the Group Head (Risk Management), Mr Kabir Yagboyaju, in Ado Ekiti, Ekiti State on Tuesday at the 9th Annual Public Lecture of the Forum of Heads of Federal Government Establishments, Ekiti State Chapter, titled, “National Housing Fund: Justification, challenges and prospects,” stated that the housing deficit in Nigeria was estimated to be between 17 and 20 million.

Considering the humongous gap in housing in Nigeria, which is put at between 17 – 20 million, there is a need to shore up the capital base of FMBN,” said Ahmed Musa-Dangiwa.

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Mr Musa-Dangiwa stated the proposed capital increment of the bank’s capital base would be to the tune of N500 billion though the bank’s authorized share capital stands at N5 billion with only N2.56 billion paid up. He added that the Federal Government needed to treat the recapitalization of the FMBN as top priority.

Meanwhile, the FMBN boss disclosed that in spite the shortcomings of the National Housing Fund Scheme, it was still the most affordable housing initiative in the country, adding that it needed all the support it could get to improve the performance of the scheme.

It must be placed on record that the National Housing Fund Scheme remains the most cost-effective means for affordable housing delivery in Nigeria, the support of stakeholders especially employers and labour is needed in improving the scheme’s efficiency,” Ahmed Musa-Dangiwa said.

The FMBN was established in 1956; it was first the Nigeria Building Society (NBS) before the Federal Government, by Indigenization Act (1973) acquired the NBS and consequently renamed it the Federal Mortgage Bank of Nigeria. The bank’s major operation is to supply the mortgage markets with sustainable liquidity for the advancement of homeownership among Nigerians anchored on mortgage financing.

Source: nairametrics

NMRC Boss, Kehinde Ogundimu Charges Stakeholders on Demand Based Housing Development

The Managing Director of Nigeria Mortgage Refinance Company (NMRC) Kehinde Ogundimu has called on housing sector stakeholders especially those in the mortgage sub sector to understudy the needs of customers before rolling out their mortgage plans.

Speaking at the 3-day Mortgage Banking Sub-sector CEOs’ annual retreat organised by Mortgage Bankers Association of Nigeria (MBAN) in Lagos from November 29 – December 01, 2019, Ogindumu said mortgage stakeholders shouldn’t always be waiting for houses to be constructed before creating mortgages.

‘’I think we should start doing what is called reverse engineering. We are the closest to the customers because they come to us. Let us understand the kind of things they need. Is it micro living? Tiny apartments and things like that? When we understand what they need, we can now go back to developers to see the things we should build. We don’t have to wait until someone has built a 4 bedroom house then we say we want to look for those who will take mortgage because that is not what the millennials are looking for.

‘’Let us as an industry carry out a survey to find out the demand and how to create the mortgage. We should influence the kind of houses that are being built which suits the taste of the buyers. My challenge to us is to have that introspection and determine what the needs are and have a pipeline of products we can create mortgages for,’’ he advised.

Speaking on 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,’’ he said with digitalization, the stakeholders can disrupt the industry in Nigeria like it is done in many parts of the world.

‘’Once we can demonstrate what we can do, the customers would always be willing to accept it. For us as a sector, we need to seat back and see what we need to do to get to that next level. I think we are standing on the threshold. The only way we can gain leverage in the market is through digitalization –something fast, efficient and cheap.

According to him, the theme of the retreat is very apt because there is no success without succession. He said that as they look to the future, they should also look at empowering those coming behind.

He hailed MBAN for organising the event and recognised them as a trusted ally.

‘’We have had a good experience with MBAN. NMRC has always partnered with MBAN in every of its projects, both within and outside the country. We will always be there to support and work with MBAN,’’ he said.

Obaseki Advocates Long-Term Financing for Housing Sector

With housing deficit in the country estimated at 17 million, Governor of Edo State, Mr. Godwin Obaseki has advocated a long-term financing model that will give room for single digit interest rate in the housing sector.

This is just as experts in the estate and surveying industry reiterated the need for a robust mortgage system in the country, flexible for every citizen to own a house.

The Governor, stated this at the send fourth and investiture event organised by Knight Frank, Nigeria, for its outgoing and new Senior Partner/Chief Executive Officer (CEO), held over the weekend in Lagos.

Obaseki, stressed that the challenge facing the country was finance and high interest rate. He called for a reduction of interest rate to single-digit to support affordable housing.

“I do not think the problem is in building, but in long term financing required for off-takers.

“If we find a situation where whatever you pay as rent today could be substituted for your mortgage payment, i am sure you will own your home.

“But for us to achieve that, interest rate has to be at certain level, which is beyond the control of the state.

“Is important that household names in whatever industry – real estate or financial services – to be present in Nigeria because they help set those standards, because there is huge demand for real estate. Having a global name like Knight Frank is key and significant,” he said.

On his part the incoming CEO, Knight Frank, an independent residential and commercial property consultancy firm, Mr. frank Okosun, stated his desire to increase the level of professionalism in the company and take it to the next level in the industry.

In addition, he said the firm would focus on capacity building and train more young people to become professional surveyors.

With Nigeria’s housing deficit growing at 20 per cent yearly, according to the World Bank, he noted that reducing the figure would be his focus as the new CEO.

“Our focus is to reduce the housing deficit in the country, which can be achieved by increasing more development in all the areas of the states; putting more property in the market and ensuring that there are mortgages for the young ones to own houses,” he stressed.

The outgoing president, Chief Albert Orizu advised the new CEO to resolve clients’ complaints within the shortest time, saying people remains central to the firm’s business.

“The main problem we have is providing affordable housing because mortgages are not working very well in Nigeria and the housing cost is very high.

“There is a lot of room for the government to try as much as possible to participate more in the low income and middle income housing because that is where the main problems are, once we are able to make land available and get a good mortgage system, then it would be easier for the middle class to be able to have their own houses,” he added.

Source: Thisdayng

MBAN Retreat:Femi Adewole Calls for ‘Different Approach’ in Addressing Housing Shortage in Nigeria

The Managing Director of Family Homes Funds, Femi Adewole has called for the adoption of a different thinking in addressing the housing deficit in Africa’s largest economy.

Speaking at the 3-day Mortgage Banking Sub-sector CEOs’ annual retreat organised by Mortgage Bankers Association of Nigeria (MBAN) in Lagos from November 29 – December 01, 2019, Adewole said the current approach adopted by stakeholders in the housing sector cannot deliver the expected results except a change is made to it.

‘’The truth is, in terms of what we need to do, the results we need to get, and the level of home ownership and access to housing that we need to attain, the result that all of us are achieving is way off the mark. We have barely registered a dot. That calls for a different kind of thinking. I understand the conversations about improvement. But my little knowledge of business processes and strategies suggest that there are contexts where improvements are inadequate. You must look at a total transformation and a totally new business model, and I think that as you discuss succession, digitalization, and human capital, you need to think and ask to what end. Is it to do more of the same? Or towards a fundamental rethinking of our approach to home ownership?’’ he quizzed.

The annual MBAN retreat focused on ‘’Critical Success Factors for Continuity and Viability of the Mortgage Banking Sub-Sector in Nigeria: Mortgage Digitization, Human Capacity Development and Management Succession.’’

The Family Homes Funds boss also congratulated MBAN for the strides they have and continue to make.

‘’The fact that you are still here in what is an extremely challenging environment; carved a niche for yourself in the housing market in Nigeria; the fact that you remain a reference point in terms of consultation around policies in Nigeria is a testimony to your success and I wish you many more years.

‘’The truth is that you are making a difference in institutions that are your members and in the lives of many people; through the institutions and infrastructures that you enable to happen. Particularly I am forever grateful for the intellectual rigor and the ideas that seem to be spilling out of MBAN almost on a yearly basis. That speaks volume to the future of this association,’’ he said.

Offering goodwill from the Family Homes Funds, Femi Adewole said there is a significant amount of potential for them to work together with MBAN.

‘’With the small traction we have begun to make across the country in terms of significant investments, it provides very strong opportunity for us to work together and to advance the common cause of ensuring that Nigerians have access to housing that is both decent, secure and affordable to them. MBAN should be assured of our good will, partnership and collaboration at all times,’’ he said.

He went further to throw a couple of challenges to the association and its members on how to make the new approach for housing development possible in Nigeria.

‘’One of the things Family Homs Funds has committed itself to and I think we will like MBAN to be part of that is sponsoring some kind of centre for innovation for housing finance. We need to think of a solution that speaks to our context, culture and macro-economic circumstances, which is unlikely to change in the short term. If anything, we will probably expect a medium term deterioration and therefore the discussion must be about what transformation is needed to achieve the results that we have to in the face of urbanization. I can’t think of any better set of people to address that change agenda than the people at MBAN,’’ he said.

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

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