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Lagos Declares 28-day Limit for Processing Building Approval Permit

Gboyega Akinsanmi

In a move to improve the state’s ease of doing business, the Lagos State Government has pegged the period within which building approval can be processed to 28 days, saying it has waved title documents as a condition for obtaining approval.

The state government has also issued a six-month notice to enable all property owners, who have built without approval regularise their approval documents, noting that it will not charge any penalty within the window of six months.

The Commissioner for Physical Planning and Urban Development, Mr. Rotimi Ogunleye, disclosed this at a stakeholders’ meeting he addressed at the weekend to sensitise the residents of Amuwo-Odofin Local Government Area, Lagos.

Ogunleye addressed the stakeholders’ meeting alongside the General Manager of the state Physical Planning Permit Authority (LASPPA), Mr. Funmi Osifuye, warning against erecting buildings without perfecting approval documents.

At the meeting, Ogunleye lamented that many residents of the state had not been obtaining approval before erecting their buildings, a practice that violated the state Urban and Regional Planning and Development Law, 2010.

Citing implication for public safety, the commissioner disclosed that the process of obtaining building approval “has been made easy. Any person with intention to erect structures within the state will secure building approval within 28 days.

“Between March 1 and August 31, we will not charge any penalty for those who had erected their structures without a building permit. We purposely created that six months grace period for landowners to obtain their building permit.”

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

Also speaking at the meeting, the general manager explained reasons for the six-month grace to enable property owners perfect their approval documents, noting that the opportunity was “to assist property owners protect themselves.”

Within the six-month window, Osifuye said property owners could approach the government with land receipt and obtain the required government permit, noting that the state government was determined to encourage residents seek building approval before erecting their structures in any part of the state.

He added that the state government “has waved registered title as condition for obtaining building approval. The law stipulated that before anyone could erect a structure, such a person must obtain development permit. The government now accepts family receipt as condition to erect structures across the state.”

Ogunleye also lamented proliferation of oil tank farms in the state, noting that the state government would probe their operations due to implication for public safety and failing to comply with environmental impact assessment guidelines.

 

He said the state government’s decision to embark on the investigation was “to protect residents from fire disasters that might emanate from the tank farms during explosions.”
He explained the decision of the state government to investigate tank farm operation, noting that it “has already embarked on the study. And soon, we will come up with a very comprehensive approach to get everything under control in Lagos.”

He said the ongoing investigation “will address the apprehension often expressed on tank farms in the state. The proliferation of filling stations has made residents express worry over it considering the inflammability of petroleum products.”

ASO Savings denies $250m equity capital

The Management of ASO Savings & Loans Plc is aware of the recent news in the print and electronic media suggesting that Milost Global Inc is set to inject $250M equity capital into ASO Savings & Loans Plc.


“We dismiss this claim and wish to state that ASO had at no time issued any notice to Nigerian Stock Exchange (NSE) as purported in the media. ASO Savings & Loans Plc has not entered into any agreement with Milost Global Inc. Members of the public are implored to disregard the false news that has pervaded the media,” the statement said.

“Any change to ASO’s business structure or operations will be duly communicated by the Bank through the appropriate channels. ASO will continue to strive to be the Mortgage Bank of choice and explore innovative ways to meet the housing needs in Nigeria.”

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

Mortgage bankers coerce governors on Foreclosure Law

In a bid to deepen mortgage penetration and promote home ownership among citizens, the Mortgage Bankers’ Association of Nigeria (MBAN) is mounting pressure on state governors to adopt its Model Mortgage and Foreclosure Law in their localities. Speaking with New Telegraph in Lagos, MBAN President, Mr. Adeniyi Akinlusi, said the establishment of the law has become necessary in order to entrench mortgage finance in the country.

He said the association had been engaging state governments and exploiting the Governors’ Forum on the establishment of mortgage and Foreclosure Law in order to make use of home ownership as a bridge for financial inclusion and insurance penetration to boost states’ internally generated revenue (IGR).

He lauded Kaduna State government for being the first to pass MBAN’s Model Mortgage and Foreclosure Law, adding that this step has propelled the state to access $250 million facility from the World Bank in support of its efforts in trying to loosen the economy.

This step, he said, would make Kaduna State’s economy liquid, guarantee attraction of capital and ensure that citizens, especially residents of Kaduna, have access to loans to buy houses. On benefits inherent in establishing a Foreclosure Law by states, Akinlusi said: “What it does is that in terms of timing and in terms of cost, it is faster for people to perfect their title. It is also cheaper in terms of cost.

READ:ABUJA INTERNATIONAL HOUSING SHOW – THE LARGEST HOUSING AND CONSTRUCTION EXPO IN WEST AFRICA
“These are things that affect mortgage rates and risk premium; it also affects the meeting time for conclusion of transactions.” Besides, Akinlusi said that passage of Mortgage and Foreclosure bill into law by state governments would have positive effects on ease of doing business. He said: “What Kaduna State government has done is call the Model Mortgage and Foreclosure Law. It is being recommended for all the state governments as well. They should take a cue from it.

“On the back of this giant steps being taken by Kaduna State government, we are engaging with other states, we are even engaging the Governors’ Forum to see how we can use home ownership as a bridge for financial inclusion, for insurance penetration, for increasing even the IGR because we know that in most of these states, what they have in common is huge informal sector.”

The MBAN boss explained that the informal sector contained 65 per cent of Nigeria’s Gross Domestic Product (GDP), adding that major concern was how to move these people into mortgage finance. Akinlusi said: “We are looking at how we can move them in because, for each house you finance, you create at least 70 jobs, 35 directly and 35 indirectly.

“This is also a big way towards reducing unemployment rate, which stands at 20 to 40 per cent.” Housing experts have identified complications in enforcing mortgage contracts and foreclosure on properties in Nigerian courts as one of the serious impediments to adequate housing delivery in Nigeria.

Other major drawbacks include limited access to housing and mortgage financing, slow bureaucratic procedures in land administration and high cost of land registration, difficulties in delivering affordable housing to low and middle income households wherein lies the greatest demand for housing, high rate of population growth, high rate of rural-urban migration and exorbitant cost of construction materials.

Buyers in focus as Lagos, NMRC, MWFL commit to building affordable housing ecosystem

Home buyers, especially first timers, are the focus of a new push and commitment by the Lagos State government, the Nigerian Mortgage Refinance Company (NMRC) and Mortgage Warehouse Funding Limited (MWFL) to build an end-to-end ecosystem for affordable housing.

Nigeria has a staggering housing demand-supply gap conservatively estimated at 17 million units which finds explanation in the affordability gap in the housing market. House prices are too high for the greater number of people which is also explained by the high cost of land, funds, building materials and even labour which is imported in some cases.

These challenges formed the nucleus of discussions at a one-day workshop in Lagos jointly organised by Lagos, NMRC and MWFL, primarily focused on providing access to affordable housing for residents of the Lagos State which has over three million housing deficit burden.

The creation of mortgages provided the compass for deliberations, as well as construction finance and interest rates. There were insights on pre-financing, financing and refinancing stages of the pathways to affordable housing just as the creation of a Fund 5 with the Pension Commission in the form of a ‘Pension Contributors’ Housing Fund’ was also highlighted.

A communiqué issued at the end of the workshop highlights some of the decisions, contributions, recommendations and approaches to building the ecosystem that will make affordable housing happen.

According to the communiqué, Gbolahan Lawal, Lagos commissioner for Housing, canvassed expanding the housing finance frontier and also advocated the need to think along the lines of addressing lender risks and costs to help market expansion as well as deal with constraints to accessing mortgages.


On his part, Sonnie Ayere, MWFL’s chairman, also assured that MWFL was positioned to bridge the funding gap through short term pre-financing of member mortgage banks for a period of six months prior to refinancing by NMRC.

Ayere described the ecosystem as one that will propel mutual benefit to stakeholders and, ultimately, the first-time home owner. He stated that a significant reduction in the high interest rate to bridge the affordability gap coupled with active contribution of both formal and informal sectors in pension funds will create an opportunity for more houses to be developed at affordable costs.

To galvanise all these contributions and bring them to fruition, the communiqué recommends that there should be concerted efforts in the housing sector to educate the populace on the numerous opportunities of becoming homeowners.

The proposal for a Fund 5 should be further explored to devise the best approach to overcoming potential hurdles while the Model Mortgage & Foreclosure Law (MMFL) should be adopted in Lagos State to strengthen investor and financier confidence in the recovery of invested funds in the event of default.

To ensure mass production of houses, the communiqué also recommends adopting a technology for producing housing units at record speed, reduced cost and time, noting that inclusion of the informal sector is critical and all avenues to shepherd in this huge demography should be devised and implemented.

Already, there are some reliefs which, the communiqué says, could be harnessed to boost the ecosystem and, ultimately, close affordability gap. “The National Pension Commission as a regulator does not object to creating an additional fund; however the commission needs to set a framework for the mechanics and the environment for this to take place”, the communiqué says, suggesting that, for a Fund 5, the regulators and operators need to discuss all the issues extensively to ensure that the proposition is workable.

The Lagos State Pension Commission explained the objectives in the state, which is to ensure that pensioners are able to own their own homes. The state’s pension law is being amended to reflect a position that allows the pension contribution to serve as equity contribution for mortgage. The state government has so far remitted over N80 billion for retirement scheme and has an arrangement to allow contributors to draw up to 25 percent of their pension contributions to part-finance their mortgages.

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

The Central Bank of Nigeria(CBN) disclosed that it has instituted a public awareness program titled ‘My Own Home’ (na me get am) where prospective home owners can approach their banks, declare their income and get advice as to the appropriate structure/home type they can subscribe to.

It was noted that several houses built are not affordable and developers are urged to conduct market feasibility to get necessary intelligence that would reflect the real needs of the people which in turn leads to the construction of affordable housing that match established needs.

The communiqué also harps on securitization as a veritable means of ensuring affordable public housing and bridging the housing deficit. The NMRC is looking to put modalities in place to ensure its funding programme can metamorphose into a full securitization model.

Important note was also taken of the Nigeria Housing Finance Program (NHFP) aimed to provide awareness. This is important to achieve a paradigm shift so that prospective homeowners focus on properties they can afford to buy. NHFP also promotes responsibility by encouraging mortgagors to be consistent in repayment of loans. The developers need to join NHFP in promoting the paradigm shift and educating the public on how to achieve a realistic target audience.

CHUKA UROKO

Abonta emerges NIESV president

The Nigerian Institution of Estate Surveyors and Valuers (NIESV), has elected Mr. Rowland Abonta as its president.

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His emergence was announced at the institution’s 48th Annual Conference held in Ibadan. The election also saw the second vice president, Emmanuel Wike emerge as the first vice president while Mr. Johnbull became the 2nd vice president.

Others elected are Bature Ali Muhammad (Secretary) include Shola Abeji (Assistant National Secretary); Monday Ahiwe (Publicity Secretary); Saheed Makinde (Assistant Publicity Secretary); Olowokere Fatima (National Treasurer) and Balogun Mutiu (Asst. National Treasurer).


Unofficial members include Isa Jatto, Agbalaya, Mark Emmanuel, Prof Muhammad Nuhu, Fadoju , Alao Emmanuel, Prof Bioye Aluko, Cosmas Ezeh, Kunle Awolaja and Victor Ayeye.

NIQS seeks stricter project monitoring to curb corruption

BPP to review contracts for building projects
Except the Bureau of Public Procurement (BPP) adopt stricter monitoring strategies of projects, the high level of corruption going on within the construction industry would remain unchallenged, quantity surveyors have said.

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The body under the aegis of Nigerian Institute of Quantity Surveyors (NIQS) made the revelation in Abuja when a delegation of the National Executive Council (NEC) of the institute led by its President, Obafemi Onashile paid a courtesy visit to the Director General, BPP, Mamman Ahmadu.

The institute noted that the limiting of BPP’s oversight to due diligence at pre-award stage of projects only and non execution of project monitoring duties at the actual execution of the projects on site is still making massive corruption to persist on government projects with attendant negative consequences on the economy.

Onashile said for BPP to make a much better impact in delivering value-for-money for the nation, it must take its oversight influence beyond the pre-award of contracts. Even throughout the construction phase of the projects that they had earlier authorized to ensure that approvals are not circumvented through the possible corrupt compromise of either quality standards or the specified sizes of such projects or both in order to reduce the actual costs without passing the cost reduction to the government.

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

The NIQS boss also called for the introduction of forensic audits for very large and complex completed projects within six years of their completion to ensure that another independent layer of scrutiny is brought to bear on the investment in the project as obtains in disciplined economy like the US.

Onashile further implored the BPP to look into the development of another alternative form of contract to the currently existing BPP form of contract, which whilst working very well for civil engineering projects is quite deficient for building projects that comes with peculiar and different administrative procedures.

While acknowledging the improvement of the BPP in fast tracking due diligence processes and ensuring faster commencement of government projects, the NIQS President called for the engagement of more quantity surveyors as staff of the agency to enable it discharge its responsibility of oversight of public procurement efficiently and effectively.

“We believe that as experts trained to provide total cost and procurement management of capital projects from conception to completion, we have vital roles to play in prudent costing of projects, procurement management and project monitoring to ensure better earned value for money,” Onashile said.

He called for collaboration between the BPP and the NIQS as well as its regulation body, Quantity Surveyors Registration Board of Nigeria (QSRBN) through availing sponsorship for cost researches being undertaken by QSRBN/NIQS in the forms of construction cost database research project and also construction costing softwares development.

In his response, Ahmadu commended the NIQS for its readiness to partner with relevant agencies of Federal Government to reduce cost of construction projects and ensuring compliance with best practices.

Ahmadu admonished the NIQS to set up stiffer penalties for any of their professional members that may be found guilty on corruption charges on any project and to bar such member from ever practicing as a professional of the Institute.

He confirmed that the BPP is already in the process of procuring the services of a transaction adviser to review and advise on the alternative form of contract that will best suit building projects.

LASG evolves template for building filling stations

Maureen Ihua-Maduenyi

The Lagos State Commissioner for Physical Planning and Urban Development, Rotimi Ogunleye, says the state government is working on a new template for building filling stations, which will soon be released to the public.

The state government had last year placed an embargo on the approval and construction of filling stations in all parts of the state till further notice.

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

The immediate past Commissioner for Physical Planning and Urban Development, Wasiu Anifowose, had disclosed that the government had decided not to grant construction permit for filling stations pending the inventory of existing ones.

Ogunleye, at a stakeholders’ interactive session in Amuwo Odofin and Oriade, explained that the government placed an embargo on building approval for filling stations to prevent fire disasters.

According to him, the increasing rate at which filling stations are springing up in the state has become dangerous.

He said, “Recently, we placed an embargo on the building of filling stations in the country. We are passionate about what is happening in our state and we do not want cases of fire incidences. We have realised that people are just building filling stations in areas that are not meant for them, which is dangerous. Filling stations owners no longer obey the rule of 400 metres distance. The proliferation of the filling station needs to be controlled.

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“We all know the flammability of products sold by the filling stations. We will inform the general public when we lift the embargo and begin to approve building plans for filling stations again. We are currently developing a procedure and an implementable code.”

The commissioner also appealed to residents of the state to seek adequate information on land and properties before purchasing them, adding that securing planning permit for land increases its value.

He also stated that residents must build in a way that would not disturb others in the state.

Ogunleye said, “Before now, people were not bothered about securing approval for their properties because of registered titles, but the Governor, Akinwunmi Ambode, has given permission for approval without registered titles. Now, with the family receipt and duty stamp by the commissioner, you will be given provisional approval.

“It is important that you get planning permit for any kind of construction you are embarking on, even if you are building with woods or irons. If you do not get approval before building, you will be penalised. We have given amnesty to land owners to come and obtain their permit between March 1 and August 31 without being punished. During this period, no one will be penalised. I urge people to key into the state government’s plan to boost investment and job creation through adequate planning.”

The Special Adviser to the Governor on Urban Development, Mrs. Yetunde Onabule, also cautioned residents of the state against encroaching on government’s land.

She said there were no vacant or free land in the state as plans had been made for most available land.

Onabule added, “We want a safe, secure, functional and useful community that can compete favourably with London, Dubai and other developed cities of the world. They achieved that because people in those countries engaged in planning. We should also plan well and obey government laws. We are the ones causing setbacks to the development of this state because we often disobey and build illegally.

“We also erect structures on drainage, under the staircase and places that threaten our safety. Lagos has plans for all the land you see. Do not think that they are free or unused; finances may just delay their usage and construction. All those places turned to roadside markets today have their own plans. They are reserved for certain purposes.”

Don’t patronise quack estate agents, Patunola-Ajayi warns Nigerians

Olufemi Atoyebi, Ibadan

The immediate past President of the Nigerian Institution of Estate Surveyors and Valuers, Dr. Joshua Patunola-Ajayi, has warned against patronising people he described as quacks, who defraud innocent people in the real estate business.

He spoke in Ibadan during the 48th Annual Conference of the institution, which ended on Saturday and during which Patunola-Ajayi completed his term of office.

According to him, there is a huge difference between real estate professionals and estate agents on the street, while expressing sadness that despite the existence of the law guiding the practice of real estate, many people still boldly go against the law.

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He said, “Many people do not know the difference between our members and estate agents on the street. Many people are doing estate agency just to survive but our own business is practised by trained individuals who are certified by the body.

“Despite the law that specifies who should practice the profession, we still have many people going against the law. Eradicating quacks in real estate is a big fight that the government must address to protect the industry and help economic development. There is a code of ethics in the profession that protects tenants and ordinary people from being defrauded. I urge people to patronise professionals in the industry to guard against being defrauded.”

While highlighting the impact of the annual conference on the economy and ordinary people, Patunola-Ajayi stated that members were provided with an avenue to develop their capacities, which would in turn benefit the nation’s economy.

He said, “The annual national conference was an opportunity to give intensive lectures to members on how to improve on their work. It was also an avenue to network and enable our members to update their skills and meet the global best practices in the profession.

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

“Among the issues addressed were potential of the real estate sector as a veritable tool for economic development and ethical concerns in infrastructural development. When we come together in a conference, we have in our hearts what positive impact we will have on the people.”

The new NIESV President, Mr. Roland Abonta, said the conference was held to address how Nigeria could take advantage of the investment opportunities in the sector.

NIQS asks BPP to improve on project monitoring

Maureen Ihua-Maduenyi

The Nigerian Institute of Quantity Surveyors has called on the Bureau of Public Procurement to adopt stricter monitoring strategies of projects as a way to curb corruption in the country.

The institute made the call in Abuja when a delegation of its National Executive Council led by the President, Mr. Obafemi Onashile, paid a courtesy visit to the Director-General, BPP, Mr. Mamman Ahmadu.

The NIQS noted that the limiting of the BPP’s oversight to due diligence at the pre-award stage of projects only and non-execution of project monitoring duties during the actual execution on sites were the reasons massive corruption persisted in government projects with the attendant negative consequences on the economy.

Onashile was quoted to have said that for the BPP to make better impact in delivering value for the nation, it must take its oversight influence beyond the pre-award of contracts to the entire phase of the projects it had earlier authorised to ensure that approvals were not circumvented through the possible compromise of either quality standards or the specified sizes of such projects, or both.

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

He stated, “Forensic audits should be introduced for very large and complex projects within six years of their completion to ensure that another independent layer of scrutiny is brought to bear on the investment in the project as obtains in disciplined economies like the United States.

“When contractors realise that forensic audit can be conducted on their projects way after the delivery by different sets of officers and that they can be called back to account for short-changes on the completed projects, this will further discourage corrupt tendencies between the contractors and the supervising Ministries, Department and Agencies of government, or consultants.”

Onashile also urged the BPP to look into the development of another alternative Form of Contract to the existing one, which he noted that while it worked very well for civil engineering projects, it was quite deficient for building projects with peculiar and different administrative procedures.

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Ahmadu, on his part, commended the institute for its readiness to partner relevant agencies of the government to reduce the cost of construction projects and ensuring compliance with best practices.

FMBN Tasks Morgage Banks On Interest Rate Harmonisation

The managing director/chief executive of Federal Mortgage Bank of Nigeria (FMBN), Arc. Ahmed Musa Dangiwa has called on Primary Mortgage Banks (PMBs) to harmonise their interest rates in order to conform to the laid down uniform underwriting standards. He also enjoined PMBs to spread their branches to cover the entire country for easy access of mortgages by Nigerians.

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

He stated this in Abuja during the monthly meeting of FMBN with Mortgage Bankers’ Association of Nigeria (MBAN) and Real Estate Developers’ Association of Nigeria (REDAN) on ways to address issues bordering on housing acquisition and mortgages. Dangiwa commended the experts for sustaining the forum even as he pleaded with members of MBAN to minimize the Turn Around Time (TAT) and refrain from delaying disbursements to developers once approved by FMBN.

He vowed to sanction defaulting PMBs adding that REDAN should produce affordable housing models and avoid unilateral changing of building designs, specifications and scope. Also speaking, the president of MBAN, Mr Adeniyi Akinlusi assured that MBAN would key into the vision of FMBN, just as he commended the bank for unveiling uniform underwriting standards for the industry. He advocated for non-interest mortgages especially for victims of insurgency in the North East for reconstruction of houses destroyed by Boko Haram. Akinlusi urged members to consider the enormity of the housing gap and work towards bridging the deficit.

On his part, president of REDAN, Rev. Ugochukwu Chime expressed satisfaction with the leadership of FMBN which he described as responsible and responsive. He sought the integration of Nigeria Mortgage Refinancing Company (NMRC), Central Bank of Nigeria (CBN) and Land Administrators into the forum, enjoining members to fully implement the provisions of the National Housing Policy (NHP). Chime underscored the importance of security in the real estate business adding that without adequate security that the sector cannot perform optimally.

He eulogised the initiative of FMBN in introducing SMS alert to National Housing Fund (NHF) contributors, describing it as ‘a game changer that speaks well about the transparency of the current leadership of the bank’. In a related event, the MD of FMBN, Arc. Ahmed Musa Dangiwa noted that the bank is facing considerable challenges particularly in the area of recapitalisation. He stated this when he received members of the Infrastructure Policy Commission (IPC) of Nigeria Economic Summit Group (NESG) who were on a courtesy visit to the bank. He pleaded with the group to assist the bank in tackling the issue since FMBN is a social housing agency that targets the provision of affordable housing to over 80 percent of the population, comprising both low and medium income earners. Dangiwa described FMBN as the last succour of the common man through its affordable mortgages and construction finance saying that it’s the only bank that issues individual mortgages loans to National Housing Fund (NHF) contributors at an affordable interest rate of 6 percent across the country. “We have the FMBN renovation loans with liberalised conditions for easy access of Nigerians and the rent-to-own product which will be launched soon is under development,” Dangiwa said. He noted that the bank issued construction finance loans to developers, cooperative societies and housing co-operations so as to increase affordable housing stocks in the country which he believed would reduce the housing deficit. He lamented that the bank is facing considerable challenges particularly in the area of recapitalisation even as he pleaded with the group to assist in tackling the issue.

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While noting that FMBN is a social housing agency that targets the low and medium income earners which constitute over 80 percent of the population, he assured that the bank is ready to partner with the group mutually. He said: “Provision of affordable housing and mortgage finance at 6 percent interest rate has been our business focus and it will also increase the financial inclusive of the group.’’ The managing director/chief executive of Federal Mortgage Bank of Nigeria (FMBN), Arc. Ahmed Musa Dangiwa has called on Primary Mortgage Banks (PMBs) to harmonise their interest rates in order to conform to the laid down uniform underwriting standards. He also enjoined PMBs to spread their branches to cover the entire country for easy access of mortgages by Nigerians. He stated this in Abuja during the monthly meeting of FMBN with Mortgage Bankers’ Association of Nigeria (MBAN) and Real Estate Developers’ Association of Nigeria (REDAN) on ways to address issues bordering on housing acquisition and mortgages. Dangiwa commended the experts for sustaining the forum even as he pleaded with members of MBAN to minimize the Turn Around Time (TAT) and refrain from delaying disbursements to developers once approved by FMBN. He vowed to sanction defaulting PMBs adding that REDAN should produce affordable housing models and avoid unilateral changing of building designs, specifications and scope. Also speaking, the president of MBAN, Mr Adeniyi Akinlusi assured that MBAN would key into the vision of FMBN, just as he commended the bank for unveiling uniform underwriting standards for the industry. He advocated for non-interest mortgages especially for victims of insurgency in the North East for reconstruction of houses destroyed by Boko Haram. Akinlusi urged members to consider the enormity of the housing gap and work towards bridging the deficit. On his part, president of REDAN, Rev. Ugochukwu Chime expressed satisfaction with the leadership of FMBN which he described as responsible and responsive. He sought the integration of Nigeria Mortgage Refinancing Company (NMRC), Central Bank of Nigeria (CBN) and Land Administrators into the forum, enjoining members to fully implement the provisions of the National Housing Policy (NHP). Chime underscored the importance of security in the real estate business adding that without adequate security that the sector cannot perform optimally. He eulogised the initiative of FMBN in introducing SMS alert to National Housing Fund (NHF) contributors, describing it as ‘a game changer that speaks well about the transparency of the current leadership of the bank’. In a related event, the MD of FMBN, Arc. Ahmed Musa Dangiwa noted that the bank is facing considerable challenges particularly in the area of recapitalisation. He stated this when he received members of the Infrastructure Policy Commission (IPC) of Nigeria Economic Summit Group (NESG) who were on a courtesy visit to the bank. He pleaded with the group to assist the bank in tackling the issue since FMBN is a social housing agency that targets the provision of affordable housing to over 80 percent of the population, comprising both low and medium income earners. Dangiwa described FMBN as the last succour of the common man through its affordable mortgages and construction finance saying that it’s the only bank that issues individual mortgages loans to National Housing Fund (NHF) contributors at an affordable interest rate of 6 percent across the country. “We have the FMBN renovation loans with liberalised conditions for easy access of Nigerians and the rent-to-own product which will be launched soon is under development,” Dangiwa said. He noted that the bank issued construction finance loans to developers, cooperative societies and housing co-operations so as to increase affordable housing stocks in the country which he believed would reduce the housing deficit.

He lamented that the bank is facing considerable challenges particularly in the area of recapitalisation even as he pleaded with the group to assist in tackling the issue. While noting that FMBN is a social housing agency that targets the low and medium income earners which constitute over 80 percent of the population, he assured that the bank is ready to partner with the group mutually. He said: “Provision of affordable housing and mortgage finance at 6 percent interest rate has been our business focus and it will also increase the financial inclusive of the group.’’ The managing director/chief executive of Federal Mortgage Bank of Nigeria (FMBN), Arc. Ahmed Musa Dangiwa has called on Primary Mortgage Banks (PMBs) to harmonise their interest rates in order to conform to the laid down uniform underwriting standards. He also enjoined PMBs to spread their branches to cover the entire country for easy access of mortgages by Nigerians. He stated this in Abuja during the monthly meeting of FMBN with Mortgage Bankers’ Association of Nigeria (MBAN) and Real Estate Developers’ Association of Nigeria (REDAN) on ways to address issues bordering on housing acquisition and mortgages. Dangiwa commended the experts for sustaining the forum even as he pleaded with members of MBAN to minimize the Turn Around Time (TAT) and refrain from delaying disbursements to developers once approved by FMBN. He vowed to sanction defaulting PMBs adding that REDAN should produce affordable housing models and avoid unilateral changing of building designs, specifications and scope. Also speaking, the president of MBAN, Mr Adeniyi Akinlusi assured that MBAN would key into the vision of FMBN, just as he commended the bank for unveiling uniform underwriting standards for the industry. He advocated for non-interest mortgages especially for victims of insurgency in the North East for reconstruction of houses destroyed by Boko Haram. Akinlusi urged members to consider the enormity of the housing gap and work towards bridging the deficit. On his part, president of REDAN, Rev. Ugochukwu Chime expressed satisfaction with the leadership of FMBN which he described as responsible and responsive. He sought the integration of Nigeria Mortgage Refinancing Company (NMRC), Central Bank of Nigeria (CBN) and Land Administrators into the forum, enjoining members to fully implement the provisions of the National Housing Policy (NHP). Chime underscored the importance of security in the real estate business adding that without adequate security that the sector cannot perform optimally. He eulogised the initiative of FMBN in introducing SMS alert to National Housing Fund (NHF) contributors, describing it as ‘a game changer that speaks well about the transparency of the current leadership of the bank’. In a related event, the MD of FMBN, Arc. Ahmed Musa Dangiwa noted that the bank is facing considerable challenges particularly in the area of recapitalisation. He stated this when he received members of the Infrastructure Policy Commission (IPC) of Nigeria Economic Summit Group (NESG) who were on a courtesy visit to the bank. He pleaded with the group to assist the bank in tackling the issue since FMBN is a social housing agency that targets the provision of affordable housing to over 80 percent of the population, comprising both low and medium income earners.

Dangiwa described FMBN as the last succour of the common man through its affordable mortgages and construction finance saying that it’s the only bank that issues individual mortgages loans to National Housing Fund (NHF) contributors at an affordable interest rate of 6 percent across the country. “We have the FMBN renovation loans with liberalised conditions for easy access of Nigerians and the rent-to-own product which will be launched soon is under development,” Dangiwa said. He noted that the bank issued construction finance loans to developers, cooperative societies and housing co-operations so as to increase affordable housing stocks in the country which he believed would reduce the housing deficit. He lamented that the bank is facing considerable challenges particularly in the area of recapitalisation even as he pleaded with the group to assist in tackling the issue. While noting that FMBN is a social housing agency that targets the low and medium income earners which constitute over 80 percent of the population, he assured that the bank is ready to partner with the group mutually. He said: “Provision of affordable housing and mortgage finance at 6 percent interest rate has been our business focus and it will also increase the financial inclusive of the group.’’

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