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MBAN, operators plan non-interest mortgages, lobby for intervention fund

Gearing up for a veritable funding source for the sub-sector, mortgage operators have moved to explore the suitability, applicability and the possibility of adopting the non-interest mortgages to unlock the potentials of the Sukuk model.
The operators, under the aegis of the Mortgage Banking Association of Nigeria (MBAN), agreed in a seven-page communiqué after its chief executive officers retreat in Abuja, to finalize its Uniform Mortgage Underwriting Standards for non-interest mortgages and create platforms for better education of the employees and mortgage brokerage companies on the proposed model.

Mortgage banks agreed to un-bundle the sub­sector in the main areas of mortgage guarantee and insurance as well as collaborate with the mortgage brokerage companies to deepen mortgage financing, thereby devolving some of their functions to the mortgage brokerage firms to ensure more vibrancy.
They advocated that MBAN should explore collaboration with building materials manufacturers to reduce the cost of houses and make housing affordable as well as resolved to explore viable options for cheaper sources of funds with a view to reducing the interest rate on mortgages to single digit.

Consequently, they plan a tripartite advocacy for intervention fund for the sub-sector in partnership with Central Bank of Nigeria (CBN), National Pension Commission (PENCOM) through the proposed interest rate matching fund scheme and a home grown initiative for tying mortgage to pensions, which will encourage homeownership and lower interest rate on mortgage.

The document, signed by MBAN president, Adeniyi Akinlusi and the Executive Secretary, Mr. Kayode Omotoso, noted that since infrastructure constitutes over 30 per cent of the cost of housing delivery; Federal, State and local governments should strive to provide support to estate developers by stepping up provision of infrastructure to enhance delivery of affordable housing in the country.

The association plans to embark on constructive engagement/advocacy with the governments for improved infrastructural development to drive down the cost of housing delivery, especially for the low and middle-income earners.

They further recommended that Federal Mortgage Bank of Nigeria (FMBN) and MBAN should take necessary steps to fast track the evolution of new business models that would include strategies to streamline on-line processes for access to the NHF scheme to mitigate the challenges of response time to secure approval from FMBN on National Housing Fund (NHF) loan applications. It was also agreed that both FMBN and MBAN should collaborate to create public awareness on the NHF scheme, and its critical imperative to mortgage for home ownership in Nigeria.

Read: ABUJA INTERNATIONAL HOUSING SHOW – THE LARGEST HOUSING AND CONSTRUCTION EXPO IN WEST AFRICA

The mortgage firms prescribed that MBAN and other stakeholders should explore how data gathering and extraction strategies can be incorporated in the operational strategies of each mortgage bank, to make mortgage process quick, smart and efficient and to enhance decision making and efficiency in the sub-sector.

They agreed that MBAN should collaborate with other stakeholders such as the CBN, Nigeria Mortgage Refinance Company (NMRC), FMBN and Real Estate Developers Association of Nigeria (REDAN) for the purpose of approaching the National Assembly for expedited action on amendments to the various laws affecting the mortgage/housing sub-sector; especially those related to foreclosure and improving the operations of the NHF scheme viz collection, enhanced coverage and reducing the housing deficit.

Realtors, expert urge FG to create infrastructure fund

After an initial effort by Buhari administration that eventually turned out to be a ‘false start’, a fresh call has been made for the creation of an infrastructure fund, which will lead to significant private sector investments and economic growth.
Figures obtained show that Nigeria is under investing in infrastructure. For instance, during the five years ended 2016, Ghana, Ivory Coast and Kenya invested 5.3 per cent, 6.5per cent and 7.5per cent of national income in infrastructure respective; Nigeria invested only 2.1per cent, despite its huge population, estimated to reach 550 million by 2070.

The Federal Government had two years ago, mooted plans to set up a $25 billion infrastructure fund to bridge the funding gap in infrastructure development and deepen the nation’s capital market. But till date, nothing has been heard of the arrangement.
However, experts in real estate sector and economy who met last week at the International Real Estate Federation (FIABCI) Prix de Excellence/ Dinner in Lagos believe that the government should explore non-traditional model of funding infrastructure that involves partners such as International Development Institutions (IDAs), local and foreign businesses.

Read: ABUJA INTERNATIONAL HOUSING SHOW – THE LARGEST HOUSING AND CONSTRUCTION EXPO IN WEST AFRICA

The purpose of this move is to identify important improvements and repairs to Nigeria’s infrastructure that will not only enhance the overall quality of life but will also create business opportunities for construction companies and jobs for construction workers.

In his submission at the annual forum, a former Director General/Adviser (Budget Matters) to President Olusegun Obasanjo, Mr. Bode Agusto advised that the Federal Government should create the fund, partner with the private sector for the development of projects with strong economics and huge social impact.

Under the proposed model, he wants the government to pay N0.5 trillion annually (about half of what is currently spends) into this fund, set up a strong governance process for managing this fund.

“The Fund will make, on average, an equity investment of 25per cent on each project, set up a company incorporated under the Companies Act to own the project – e.g. National Grid Plc. Others (local businesses, foreign businesses and IDAs) will own the remaining 75per cent equity and manage the company. This means that potentially, the government can invest N2 trillion annually from the infrastructure fund.

“Each company will pursue its own project, complete it and bill the public for the use of its services. They will prepare annual report and accounts, subject these to external audits, make these accounts public, hold annual meeting of shareholders, pay tax on their profit and pay dividends out of their profit after tax. The companies can also be listed on the NSE to improve their access to capital,” he said.

Speaking on theme: ‘Infrastructure Financing Options in a Challenging Economy’, Agusto said the plan will increase infrastructure spending by 250 per cent, as the World Bank estimates that a sustained 20 per cent growth in infrastructure, spending leads to a 1.8 per cent growth in the economy.

According to him, the NLNG is perhaps the best example of an infrastructure project that has employed this model. Nigeria sold 5per cent of its equity stake in the Shell JV to fund its 49 per cent equity contribution to Nigeria LNG. Three international oil companies own the remaining 51per cent. The business has thrived building six trains of LNG largely from internally generated profits and commercial loans.

“Even though this model has worked successfully in telecom and NLNG it is unlikely that we shall see it practiced on a large scale unless we provide incentives for the executive and legislature to give up some control,” he said.

Earlier, FIABCI Nigeria President, Mr. Joseph Akhigbe noted the development of infrastructure is one of the major drivers of sustainable economic development, and lack of its financing has been a major setback.

He explained that FIABCI serves as a melting pot for all professionals within the built industry; create a platform for them and provides a basis for business opportunities between real estate professionals across borders.

FIABCI Nigeria Vice President, Adele Adeniji posited that the main hindrance of infrastructure investment in Nigeria is the low rate of long-term interest from the users, even if there is adequate supply of long-term finance.

The programme chaired by Goodie Ibru attracted cream of the society.

23,000 civil servants jostle for government’s staff housing scheme

No fewer than 23,000 applications have been received from civil servants and being processed through the Federal housing Loans Board under the Federal Integrated Staff Housing Scheme (FISH).

Similarly, more than 20 developers have been selected and their 1,500 housing units of two, three and four bedrooms have been uploaded into the scheme for immediate purchase by civil servants.
This was made known by the Head of Service (HOS), Mrs. Winifred Ekanem Oyo-Ita, who also confirmed that the Federal Capital Territory has provided the land for the project in Abuja, said a home Renovation Scheme to provide funds for public servants to renovate their homes has been initiated.

Oyo-Ita disclosed that the programme has not been abandoned because it is part of government’s improved and benefit carefully put in place for workers. ‘’Yes it suffered a set back for some time, there was economic stress, government agencies fails to provide the needed infrastructure we expected, developers were now bringing their equipment at a high cost rates, we remember that the initial cost was at commercial rates, there was also friction between developers, officers and the Office of the Head of Service, but in all, we have been able to address all these challenges’’.

The FISH programme was launched in 2016 under the Public Private Partnership (PPP) initiative so allow relevant bodies namely, Ministry of Finance, Federal Capital Territory and Ministry of Power, Works and Housing assist and provide required inputs to reduce the cost of housing, thereby making then affordable .

However, a few months into the scheme, disappointments and challenges crept in, which somehow stalled continuity.

READ: ABUJA INTERNATIONAL HOUSING SHOW – THE LARGEST HOUSING AND CONSTRUCTION EXPO IN WEST AFRICA

Oyo-Ita gave the assurances in Abuja while listing her achievements in the last one year, said: “The government is totally buying-into the Public Civil Service for full implementation of the executive orders recently outlined by Mr. president stressing that the executive orders are all geared towards enhancing the ease of doing business in the country.”

The Permanent Secretary, CSO in the Office of the The Head of Service, Mr Afolayan Ayodele said that the year 2017 was an eventful one as the HOS programmes were hinged on efficient, productive, innovative and citizen-centred civil servants.

TOWN PLANNERS IN THE PLANNING AND DEVELOPMENT OF ABUJA

Abuja’s design was by an international planning consortium, but the planning aspect of its implementation is wholly by Nigerian professionals. This is enough testimony that planning in Nigeria has come of age. The success story in the development of Abuja will never be complete without mentioning the contribution of Town Planners, by extension the Nigerian Institute of Town Planners, most especially the pioneer Town Planners at the helm of affairs during the planning and the initial stages of the FCT development.

The Nigerian Institute of Town Planners (NITP) was established by its founding fathers on the 6th of September 1966, hence the celebration of its Golden Jubilee anniversary in Abuja this year, 2016. Ten years after the Institute’s establishment, in 1976, the Decree heralding the creation of a new capital city for Nigeria was signed by the Murtala Mohammed Administration. That was the first time a complete whole city of such caliber would emerge out of modern planning in Nigeria, and in the whole of Africa in the recent years. The then ten years old Town and Country planning profession in the country was thus put to task.

Today, the Nigerian Institute of Town Planners is 50, and Abuja’s creation is 40. It is on record that the pioneer Director of Land, Planning and Survey in person of Tpl. Alhaji Usman Sabo Ago, was at the same time the National President of the Nigerian Institute of Town Planners during his tenure in the Federal Capital Development Authority. While one of his sub-ordinates Town Planner Saka A Olajide was for a long time, if not the longest serving Chairman of the Abuja Chapter of the NITP.

The FCT Minister Malam Muhammad Musa Bello at the opening ceremony of the Golden Anniversary ceremony in Abuja last week stated that, the Institute is part and parcel of the Federal Capital City, whatever is done in Abuja is based on planning, and that he will be the last person to go against professional advice from the Planners. At the same occasion, while delivering his key note address, the Minister of State Solid Minerals Alhaji Abubakar Bawa Bwari who himself is a veteran Town Planner stated that, The Town Planners are the first line of defence as protectors of orderly developments in our urban areas. If they fell our plans also fail. As such, the most hazardous aspect of Town Planning as a profession is the threat to the Professionals, by Chief executives that wants to engage in the development of our cities contrary to the approved land use plans.

Planning as a profession requires operational tools, and these tools must be backed by legislation. The NITP struggled to ensure that the relevant laws were provided, in order to protect and empower the profession and the professionals while discharging their duties for the benefits of the general public. The enabling law that kick stated the production of the Abuja Master Plan and the Development Standard Regulations was the FCT Act. Legislation is again required to control the developments, in order to adhere to the approved standards. This was provided, by the signing into law the Nigerian Urban and Regional Planning Law in 1992.

There are numerous instances which led to Town Planners losing their jobs over the years, while trying to protect cities’ plans against desecration. Facility like the War College which should be outside the City is now at the City Center contrary to planning advice. Many Town Planners in Abuja and other States across the country are victims of similar circumstances. For this reason, Town Planners are considered as the endangered species.

Read more: 13 Reasons Why you Should Exhibit at the 12th Abuja International Housing & Construction Show 2018

The change agenda of this administration should support those Town Planners that are committed to the protection of our plans. The above statement by the FCT Minister is one of the most encouraging on the protection of planner’s professional ethics and practice in recent years. What remains now is for the Town Planners to play the game strictly according to the rule and never to initiate, assist or be part of any dishonourable act of the desecration of plans, even if it means losing their jobs. The opportunities outside is more than what is inside according to the statement by the FCT Minister.

It is most honourable to die while rendering service to humanity by defending our plans, than to stand while committing destruction by desecrating our beautiful plans designed for the benefits of our community for some filthy pecuniary benefits.

By  Umar Shuaibu

Over 370 vacant homes bought for social housing

More than 370 vacant houses and apartments have been bought using a €70 million fund established a year and a half ago to provide 1,600 homes for social housing by 2020.

The Housing Agency was allocated €70 million in July 2016 under the Government’s Rebuilding Ireland housing action plan to buy vacant houses for tenants on social housing waiting lists.

The agency targeted portfolios of distressed properties held by banks and investment companies, primarily private equity funds, with the aim of “bulk-buying” homes in batches to secure discounts. Most of the homes were former buy-to-let properties, but did not have sitting tenants, the agency said.

After the agency buys properties, it sells them on to approved housing bodies, which use a mixture of State and private funding to finance the purchases. The agency then uses the proceeds of the sale to replenish the €70 million fund.

To date 260 houses and 114 apartments have been bought for a total cost of €67.2 million or an average of just under €180,000 each – significantly below market prices, agency chairman Conor Skehan said.

“We can get incredible value, because we’re buying in bulk, and financial institutions, and what some people might call vulture funds, come to us, because they know they get a dead straight player. They know we’ll pay on time so we get great value on behalf of the public.”

In need of work

Just 30 of the homes have so far been sold to housing organisations, with €5.8 million recouped for the fund. However, Mr Skehan said, while formal sales have yet to be completed on most of the properties, the majority have already been handed over to housing charities and have been allocated to tenants.

READ: 13 Reasons Why you Should Exhibit at the 12th Abuja International Housing & Construction Show 2018

“These homes aren’t lying empty. In some cases they have needed work, particularly ones that were vacant for some time, but most we have passed on to the AHBs [approved housing bodies] under caretaker agreements, which allows them to get the tenants in while they sort out the financing.”

The agency hopes to have secured €20 million by the end of January in sales to the housing bodies.

Simon Brooke, director of policy with Clúid, the State’s largest housing association, has described the process as “painful” and slower than expected.

“We have yet to secure any units through the scheme. Because many of the sales involve receivers, there are legal problems to sort out. There was one estate in Tipperary we had hoped to buy but that’s now completely on hold because a legal challenge was taken against the sale,” he said.

“We would hope the scheme could move reasonably quickly, but it has been an extremely painful process, but that’s the painful thing about housing, it’s always a very slow process.”

FG should replicate agricultural programmes in housing sector – NGO

Abuja, Jan. 27, 2018 (NAN) Housing Development Advocacy Network, a Non-Governmental Organisation (NGO), has appealed to the Federal Government to replicate its laudable agricultural sector programmes in the housing sector to solve housing deficit.

The President of the NGO, Mr Festus Adebayo made the call in an interview with the News Agency of Nigeria (NAN) on Saturday in Abuja.

The official said that the Federal Government’s Anchor Borrowers’ Programme (ABP) for agricultural loan should be replicated in the housing sector.

The Anchor Borrowers’ Programme of the Central Bank of Nigeria (CBN) was introduced to assist local rice farmers with loans to boost local produce.

He recalled that the Federal Government had banned the importation of rice to protect local rice farmers, promote local rice patronage and consumption in the country.

Adebayo said the Federal Government had shown interest in promoting the agricultural sector and by this initiative.

“It has given a directive to CBN that every loan that has to do with agriculture and farming should be at one digit interest rate.

“Such laudable programme, directives and other initiatives of the government in the agricultural sector are needed in the housing and construction sector to expedite development.

“We strongly feel that the government should replicate the same in housing sector by directing every bank loan that has to do with housing to be at one digit interest rate of nine per cent.

“While that of the Federal Mortgage Bank of Nigeria (FMBN) should remain at six per cent interest rate,’’ the official said.

Read: ABUJA INTERNATIONAL HOUSING SHOW – THE LARGEST HOUSING AND CONSTRUCTION EXPO IN WEST AFRICA

Adebayo said there were a lot of unused funds, especially the pension funds and unclaimed dividends in the country that could also be diverted to enhance the housing sector.

“There is a lot of stolen money at the banks but due to the introduction of Biometric Verification Number, nobody can come around and claim it.

“Those idle funds that are not used could be diverted to the housing sector to be utilised for a period of time.’’

He, however, called for an effective mortgage system to provide enabling environment for loan seekers in order to ease the challenges in the sector.

Adebayo also suggested that the government should as well replicate its directive of stopping importation of rice by banning certain categories of building materials. Any building materials or technology that cannot aid mass production of houses to arrest our housing deficient should be banned.

“The government should do everything possible to encourage the patronage of locally building materials by banning the importation of foreign building materials into the country.

“Banning the importation of some categories of building materials will resuscitate defunct indigenous factories in the country, thereby increasing economic growth.

“On the other hand, it will create a lot of employment, especially for the youths.

“We have the potential, we have all the opportunity but the government must have the political will to drive the sector.

“A country’s housing sector that depends on imported building materials cannot produce an affordable housing,’’ he said.

The Housing Development Advocacy focuses on affordable housing advocacy and equal rights to deepen access to housing provision. (NAN)

ABUJA INTERNATIONAL HOUSING SHOW – THE LARGEST HOUSING AND CONSTRUCTION EXPO IN WEST AFRICA

Abuja International Housing Show is West Africa’s biggest housing and construction expo, a forum that brings together all real estate stakeholders to discuss and display sector trends. Since 2005, we have offered real estate stakeholders an additional medium for networking, meeting visitors who have a buying capability – face to face and sealing deals.

Over the years, Abuja International Housing Show has been able to generate not only high quality audiences and sale leads for exhibitors but also great bargains for attendees.
Vision
As Africa’s biggest housing and construction expo, we aspire to be the paragon of excellence in real estate, interiors and property development.

Mission
To be the reference point for connecting professionals and stakeholders in the rapidly growing, regional real estate and affiliated industries. The Abuja International Housing Show aims to be the de facto platform for informing, creating business, networking, and paragon of excellence within the sector.


TO REGISTER AS AN EXHIBITOR, CLICK HERE.

TO PARTICIPATE IN HOUSING FINANCE CONFERENCE, CLICK HERE.

TO REGISTER AS A VISITOR, CLICK HERE.

INTERNATIONAL VISITORS, CLICK HERE TO DOWNLOAD FORM (PDF)


Why Exhibit With Us?
• Over 90% return exhibitors Join our list of growing exhibitors to enjoy repeat business opportunities that other stake holders have enjoyed relentlessly every year.

• Affluent visitors: Abuja International Housing Show records over 40,000 affluent visitors every edition. One of our competitive strengths is filtering traffic that ensures only affluent and relevant traffic flows into the exhibition, offering our exhibitors a rich flow of visitors that they cannot get in any other homes expo in the region. The expo also receives visitors from around the globe looking for investment opportunities in the growing Nigeria Real estate market.

• Biggest Housing Show: Previous editions have recorded up to 180 exhibitors, both local and international. When you exhibit with us, you are exhibiting in the premium exhibition regionally.

READ: 13 Reasons Why you Should Exhibit at the 12th Abuja International Housing & Construction Show 2018

Who exhibits?
• Estate Developers
• Residential & Commercial Real Estate Agents
• Residential & Commercial Developers • Mortgage & investment loan providers
• Property Investment Advisors
• Insurance providers
• Industry Associations & Government Bodies
• Property Valuers – Building Support Providers
• Home Interiors and Landscaping Experts
• Home Appliances & Electronics Suppliers
• Home Networking & Communication Providers
• Energy Suppliers & Equipment Providers
• Entertainment, Travel & Leisure and MORE!!
Quick Stats
• + 15,000 : Recorded Number of Visitors
• 400 : Number of Exhibitors in 11th Edition
• 20 : Number of International participants
• +16 : Exhibitor categories
• 40 : No of local media present
• 13 : No. of International Media present
• 90% : No of return clients
• 100% : Positive feedback

Profile of Visitors

Governors
Ministers
Government functionaries
Businessmen
The organizer
The Abuja International Housing Show is a brand of Fesadeb Communications Limited, owners of Housing Development Programme on AIT & NTA, Housing Time on Raypower FM, Housing Matters on Radio Nigeria – Capital FM, a glossy, high quality Programme that focuses on the housing, real estate and interior décor industry in Africa.

For participation and sponsorship,
Send email to: abujahousingshow@gmail.com or Call: +2348166570090, +2348064589303, +2349080192526

London tops global real estate investment despite Brexit uncertainty

Commercial real estate remains resilient in the face of geopolitical tensions

– Los Angeles rises to second place for commercial real estate investment

– Gap closing between ‘Big Seven’ and the chasing pack – Shanghai, Sydney and Amsterdam surging

– Investors still cautious of cities in ‘Emerging’ economies, which struggle to reach Top 30 global rankings
DAVOS, Switzerland, Jan. 24, 2018 /PRNewswire/ — London ranked as the top city for global real estate investment in 2017 according to research published today by JLL (NYSE: JLL), indicating Brexit uncertainty didn’t hamstring real estate investment as had been feared.

The figures highlight investment in London increased by 35% from 2016 to US$33 billion in 2017, while Los Angeles shifted up to second place in the Top 30 with US$23 billion invested and New York moved into third place with US$21 billion.
The latest JLL data shows resilience in the global real estate market, despite geopolitical uncertainty. Transaction volumes reached close to US$700 billion for the full-year 2017, exceeding the robust levels of 2016.

READ: 13 Reasons Why you Should Exhibit at the 12th Abuja International Housing & Construction Show 2018

Investment activity is poised to continue its strong performance, with the weight of capital seeking to access the sector still significant and investors actively looking for new ways to deploy funds.

Richard Bloxam, Global Head of Capital Markets at JLL said: “It may come as a surprise that the London commercial real estate market has stood firm in the first full year after the UK’s decision to leave the European Union. 2018 will see a number of key decisions during the negotiations and will give us a much clearer picture of what the post-Brexit future will look like.”

Expectations for 2018

Even with an expanding amount of capital targeting real estate, JLL projects that real estate investment volumes will be 5-10% lower in 2018 as the challenges of finding available assets to purchase, combined with continuing investor discipline, are likely to constrain growth in volumes. This evolution in capital markets will accelerate the drive for investors to consider new strategies with a greater focus on entity-level deals, recapitalisations, refinancing and broader debt strategies, as well as a wider investment universe of real estate sectors and cities.
The gap will continue to close between the leading cities (the Big Seven) attracting around a quarter of the world’s investment flows over the past three years, led by London and New York, and the next tier (the Contenders), such as Amsterdam, Los Angeles, San Francisco, Shanghai, Sydney and Toronto which are rising to compete with elite cities for capital and businesses.
Established locations which are hubs for science and technology industries (Innovators), like Berlin, Boston and Seattle, will continue to strengthen their status as investment destinations.
With value increasingly difficult to find at this stage in the extended investment cycle, we could see more ‘Lifestyle’ cities enter the Top 30 such as Vancouver, Brisbane and Oslo.
Despite a widening investment universe and strong growth prospects, many ‘Emerging’ cities like Mexico City, Moscow, Manila and Mumbai need to further improve their real estate transparency to increase their attractiveness to investors, who will otherwise continue to gravitate toward cities in more mature and transparent markets.
Big Seven Cities Dominate

The global investment landscape continues to be dominated by the Big Seven1 cities – an elite group of the world’s most globalised and competitive cities – which include London, New York, Tokyo, Paris, Singapore, Hong Kong and Seoul; all seven were featured among the Global Top 10 in 2017.

The data reveals a power shift between two of the Big Seven – London and New York – and Contender Los Angeles. London took the top position as the world’s most traded city with investment volumes rebounding by 35% from 2016 lows, supported by significant activity by cross-border purchasers, in particular from Hong Kong, the U.S. and Germany. The Asian members of the Big Seven also saw investment activity increase in 2017, with major transactions by offshore investors contributing to double-digit growth in Hong Kong, Singapore and Tokyo.

Contenders Closing the Gap

Despite dominance at the top of the rankings, the overall share of global investment accounted for by the Big Seven fell to 19% in 2017, its lowest level since 2006. A lack of product and high pricing for prime assets in this group has contributed to strong investor demand in a second tier of Contenders – cities with many of the gateway functions, scale and assets of the top group, pushing to join the established elite.

In true Contender style, Los Angeles has displaced New York in the 2017 global rankings, climbing into second place, and Amsterdam saw investment volumes nearly double in 2017. Other Contenders such as Sydney, Shanghai and Toronto also saw higher levels of activity, with Shanghai registering its strongest year on record.

City Clustering Methodology

The typology is informed by over 300 global indices and benchmarks that assess the relative performance of cities including finance and business activity, investment profile, demographic diversity, innovation, infrastructure, global reach, quality of life, culture, governance and institutional framework. Other factors include core analysis of city size, GDP per capita, growth rates, industrial structure, position within the national and continental ‘system’ of cities and in-depth experience working with hundreds of city governments and leadership teams in the development of city and metropolitan strategies.

Nasarawa Governor Warns Against Encroachment On Govt’s Land

The Nasarawa State Government on Friday warned individuals and groups against encroaching on lands that belong to the state government in the interest of peace and the socio-economic development of the state.

Gov. Tanko Almakura, gave the warning when he visited Nyanya Gbagi Primary and Secondary Schools, Karu in Karu Local Government Area of Nasarawa State.

The school land is gradually being taken over by welders, panel beaters and car dealers among others.

He said that he would not fold his hands and watch individuals encroach on the government land for their selfish interests and urged them to desist from doing so in the interest of peace and development.

Almakura said his administration was committed to the development of the education sector and provision of basic infrastructure such as roads, culverts, health facilities, water and electricity among others.

READ: 13 Reasons Why you Should Exhibit at the 12th Abuja International Housing & Construction Show 2018

He vowed that the state government would sanction any individual or group, who encroached on its land so as to serve as deterrent to others.

“It is clear sabotage for people to encroach on government land for their self-interest knowing well that the land is for the purpose of locating development projects that will benefit the people.

“It is in view of this that, I want to advise those encroaching on government land to desist from doing so in their own interest, in the interest of peace and socio-economic development of the state,” he said.

Almakura also called on the people of the area and Nigerians to jealously guard government’s projects and property sited in their domain in order to ensure speedy development of the country.

Assets: Underwriters grow investment in real estate to N103bn

Nigerian underwriters have continued to experience a boom in the real estate sector as investment in industry increased by N5 billion from N98.11 billion to N103.51 billion within a period of one year.
According to the balance sheets prepared by the regulator, National Insurance Commission (NAICOM), five underwriting firms failed to pick interest in the blossoming real estate sector, while Mutual Benefits Assurance has the least investment therein with N56 million.
New Telegraph’s findings revealed that a total of 43 firms invested in various assets including real state, equipment, goodwill, government, short term investment, shares related companies, among others.
Details, however, revealed that Axa Mansard, Zenith General Insurance Company Limited, Regency Insurance Plc, Goldlink and Cornerstone shunned the real estate sector in their investment spread.

According to the breakdown, Anchor Insurance Co. Limited invested N970 million; Consolidated Hallmark, N809.22 million; Custodian and Allied, N3.08 billion; Equity Assurance, N301.40 million; Fin Insurance, N 494 million; Guinea Insurance N1.57 billion; International Energy Insurance, N2.35 billion; KBL, N2.093 billion; Law Union and Rock, N1.37 billion; Linkage Assurance, N92 million; Mutual Benefits, N56 million and NEM Insurance, N442.55 million.
Others are Nigerian Agriculture Insurance Corporation, N4.01billion; FBN, N105 million; Old Mutual General, N988.77 million; Prestige Assurance N2.28 billion; Royal Exchange Assurance, N3.74 billion; Sovereign Trust, N1.18 billion; Staco, N1.52 billion; Standard Alliance, N1.30 billion; Sterling Assurance, N1.06 billion; Universal Insurance, N1.79 billion; Saham Unitrust, N321.49 million; Wapic Insurance N539.93 million, and Unitykapital, N676.20 million.

READ: 13 Reasons Why you Should Exhibit at the 12th Abuja International Housing & Construction Show 2018

The list also includes NSIA Insurance, N1.14 billion; AIICO, N990 million; Great Nigerian Insurance, N4.56 billion; Industrial and General Insurance, N15.91billion; Lasaco, N3.34 billion; Leadway, N3.13 billion; NICON, N18.37 billion; Niger, N1.92 billion, and Ensure, N2.42 billion.
Besides, the two indigenous reinsurance firms also invested a total of N18,53 billion in real estate with Continental Reinsurance putting in N2.86 billion while Nigeria Reinsurance committed N15.66 billion into the assets.
NAICOM recently resolved to undertake a verification of the capital resources and assets of all insurance companies in the country in order to ascertain their capital adequacy for the protection of policyholders and other stakeholders.
The commission highlighted issues and requirements that will occupy its time as part of the re-launch process of the Market Development and Restructuring Initiative (MDRI) with special and intensified implementation efforts on enforcement of Compulsory Insurance; diversification of distribution channels; increase in access points for insurance services, micro insurance, Takaful insurance; improvement in data collection as well as promotion of financial literacy.

It noted that verifying the assets of the operators would enable it ensure protection of policyholders and beneficiaries of insurance contracts against unexpected losses of insurance companies, adding that the exercise had become necessary because since the last recapitalisation exercise in 2007, the business environments and the risk profile of all insurance institutions have changed.

“It will entail a verification of the assets and liabilities of all insurance companies. In preparation for this, boards are advised to ensure fairness in valuation of assets and liabilities of their companies when presenting the financial statements for the year ending December 31,, 2016.
“All Professionals that participate in the financial reporting supply chain are expected to ensure their duties in the valuation of assets and liabilities and issuance of opinion on financial reports are discharged creditably in accordance with relevant laws and professional standards,” said NAICOM.
It also lamented the level of expenses of some insurance institutions, saying it was becoming a cause for concern.
“The commission will expect each board to take definite steps to ensure reasonableness of its company’s expenses by ensuring that they are incurred wholly and necessarily for the purpose of the business. Evidence of action in this regard should feature in the minutes of board meetings,” the regulator added.

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