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CBN Reacts to Exchange Rate Policy Change, says Naira Not “floated”

The Central Bank of Nigeria (CBN) has finally responded to the report of change in Nigeria’s exchange rate system, dismissing the report that naira has been “floated”.

According to information obtained on the Central Bank’s twitter handle at the early hours of Wednesday, the apex bank stated that “NO change” has been made on Nigeria’s exchange rate structure.

Also, contrary to the central bank’s homepage on Tuesday which stated that the official rate was “market-determined”, the bank quickly reverted back to its original form on Wednesday, by providing details of the official bank exchange rate value.

What you should knowNairametrics first reported on Tuesday that CBN may have accepted to float the exchange rate, judging from the information contained on the Bank’s website. The website has reflected this change since May, leading some analysts to opine that the CBN may have surreptitiously decided to float the naira.

As stated earlier, Nigeria operates multiple exchange rates structure, with the Central Bank’s official exchange rate currently selling for N306.95/$1. However, that is just the official bank rate which most Nigerians and businesses do not access.

Hence, the parallel market (bureau de change) is the most patronized for individuals, travellers and even businesses. In the parallel market, price is specifically determined by market forces of demand and supply.

Meanwhile, the CBN established the Investors’ & Exporters’ FX (I&E) window in 2017, a continued effort to deepen the foreign exchange (FX) market and accommodate all obligations.

A twist in the news on FX:  The Central Bank has quashed report of floating naira, but this may be a signal the CBN is trying to test run the possibility of floating the naira. On Tuesday, a new exchange rate was introduced at the Nigerian Ports. Analysts are of the opinion this may be another FX window in view.

The new exchange rate was reportedly introduced at the Lagos Port and the Nigeria Customs Service (NCS) was said to have commenced immediate implementation. Sources disclosed that all transactions and cargoes that were cleared at the port on Monday were already paying N326 per dollar.

Reactions: Nigerians on Twitter have reacted to the purported move by the Central Bank to have floated the naira.

Source: nairametrics

Buhari Names Abuja National Stadium After MKO Abiola

Buhari made this pronouncement during his speech at the Democracy Day celebration on Wednesday at the Eagle Square, Abuja.

June 12 was on Monday officially declared as Democracy Day as a mark of honour to Abiola, the acclaimed winner of June 12, 1993 presidential election.(NAN)

 

Steel company

Sell Ajaokuta Steel Company, MAN, others Tell FG

Manufacturers and experts have said privatisation of Ajaokuta Steel Company will yield better dividends than the facility being run by the government.

They spoke with our correspondent in separate interviews, maintaining that government-run business had never turned out to be a profitable venture but one that was prone to corruption and waste.

As such, they canvassed the sale of the national asset but urged the government to do such in a transparent manner.

A business and investment consultant, Dr Vincent Nwani, pointed out that the government was not supposed to run business.

He said, “Ajaokuta needs to be run as a business and not as a government agency or non-profit organisation. It needs to be transferred to the private sector for proper management.

“The steel mills in Japan and other places worldwide are not run by the government but by private companies and they are very successful.

“The pending court case on Ajaokuta should be resolved and the facility should be given to private investors in a transparent and competitive manner.”

Nwani emphasised that steel industry everywhere in the world was the bone of development.

“If our steel mill is well managed, it will service the local industry and save us huge foreign exchange spent on importation and there will be multiple benefits derived including job creation and economic development,” he said.

Another expert and a professor of economics at the University of Uyo, Leo Ukpong, agreed that a private entity would reactivate the steel company and run it successfully.

He said, “Government-run business has a history of corruption and lack of continuity in cases where another administration takes over and quickly abandons the agreement entered into by his predecessor.

“The demand for steel is very high both domestically and globally. This would serve as an incentive to any private investor who will see the prospect of profit and market in the investment.”

For the President, Manufacturers Association of Nigeria, Mansur Ahmed, it is important that the steel company is converted to a profitable entity and one sure way of doing this will be to involve private investors.

He stressed that the investors must be the right kind of private investors who could turn the facility into a profit-making one.

He said even if it was done with the involvement of the government on a public private partnership basis, the private investors must be given a free hand to operate, adding that such investors were usually many.

Ahmed said it was imperative this be done soon because there was a huge demand for steel in Nigeria.

Earlier, the former President, Nigerian Metallurgical Society, Prof Benjamin Adewuyi, urged President Muhammadu Buhari to ensure the completion of the steel complex during his second tenure.

Adewuyi who gave the advice in an interview with the News Agency of Nigeria said Buhari should ensure that the moribund steel company became operational in his second tenure to boost the economy.

He explained that the project when completed, arms, ammunition, and cars, among others, that were now being imported could be manufactured in the company.

He said, “Ajaokuta has the capacity to produce cars, arms for the military among others and can also provide massive employment for the youth.

“We are only deceiving ourselves that we are manufacturing cars locally. Without Ajaokuta steel functioning, we cannot manufacture our own cars.

“We have many brilliant youths among us that cannot carry out any innovation because we lack the materials they require, Mr President should revisit Ajaokuta Steel Company and kickstart the project.”

Source: Punchng

N39m Completed Onitsha Prisons Skills Acquisition Center to be Equipped with N6.9m

About N6.9 million would be required to equip all the departments of the modern skills acquisition center built by the Onitsha Catholic Archdiocese for the inmates of the Nigerian Prisons Service, Onitsha, Anambra State.

The N39 million skills acquisition center which was completed and commissioned in December, last year, was designed to have up to six departments, including tailoring, shoe mending and making, carpentry, computer studies and engineering.

The Metropolitan Archbishop of Onitsha Ecclesiastical Province and Archbishop of Onitsha Catholic Archdiocese, Most Rev. Valerian Maduka Okeke who disclosed this during a pastoral visit to the Onitsha Prison inmates, promised that all the machineries required to equip the center would be procured on or before October, this year to enable the training proper kick off.

Archbishop Okeke who also disclosed that he was assisted and encouraged by donations from good spirited individuals and groups, including the state government and and other Christian faithful, noted that with N3 million already donated by Governor Willie Obiano on behalf of the state government, N1 million pledged by Obiano’s Chief of Staff, Primus Odili, another N1 million pledged by the state Commissioner for Lands, Nnamdi Onukwuba and N500,000 pledged by Hon.

Edward Ibuzo, member representing Onitsha North II Constituency in the state House of Assembly, the October date for the completion of equipping the center and kick off of training proper would be guaranteed.

The cleric noted that he decided to initiate the skills acquisition center to ensure that prison inmates left the prison at the end of their prison terms armed with various manpower skills to become useful to themselves and the society, adding that he did not initiate the programme to attract accolades, praises, publicity, popularity or make money, but as part of his own contribution towards the shaping of the society.

He therefore charged the inmates to dedicate themselves in acquiring skills while serving their jail terms, adding that it was certain that some of them were innocent of the accusation that brought them into the prison, adding that it is the responsibility of the federal government to build such a center but that the church cannot wait for eternity.

He expressed joy that some other Catholic Bishop in other Dioceses, including Hassan Kukah of Sokoto, Onaikan of Abuja, Adewale Martins of Lagos have started visiting prisons in their respective Dioceses, adding that the federal government should equip other prisons and public schools for our youths.

He disclosed that since the number of inmates in the prison custody were about 1,107, he decided to visit them with 10 bags of rice cooked with one cow and another live cow, toiletries, toilet soaps, tooth brush, laundry soaps, baked cake and biscuits and other consumable items that will go round all the inmates.

In his speech, Primus Odili, Obiano’s Chief of Staff who represented Obiano at the visit, handed over the N3 million cash donation from Obiano and commended Archbishop Okeke for his efforts to give the inmates sense of belonging, adding that government would continue to partner with the church to keep all the prisons in the state tidy, as part of efforts to give the inmates hope.

Anambra state Comptroller of Prisons, Emmanuel Nwakaeze, in his brief remarks, commended Archbishop Okeke for relocating the Basilica of the Most Holy Trinity to the prisons for sake of the inmates, adding that some human rights groups who visited some prisons in the country, adjudged Onitsha as the best in the country because of Archbishop Okeke’s regular visits and renovation of dilapidated structures inside the prison.

The Chaplain of the prison Chaplaincy, Rev. Fr. Bartholomew Okpalaugo commended the Archbishop for visiting the prison three times in a year and urged him not to relent, while Rev. Fr. Richard-Mary Umeike of the Maria Consolata Society, described Okeke as his role model and a prison apostolate, adding that what the Archbishop is doing is practical christianity which is worthy of emulation by all and sundry.

Source: vanguardngr

Japan’s Housing Market Remains Healthy

The average price of existing condominiums in Tokyo rose by 3.04% during the year to Q1 2019, from y-o-y rises of 0.61% in Q4 2018, 0.22% in Q3 2018, 3.89% in Q2 2018 and 4.59% in Q1 2018. During the latest quarter, existing condo prices increased 2.96%.

Likewise the average price of new condos in Tokyo rose by 3.9% y-o-y in Q1 2019, an improvement from an annual decline of 0.53% in the previous quarter but a slowdown from a growth of 13.56% a year earlier.

Demand and supply rising 

Existing condominium sales in Tokyo rose by 3.8% to 10,313 units in Q1 2019 from a year earlier, according to The Land Institute of Japan, while sales of existing detached houses in Tokyo increased 7.4% y-o-y to 4,948 units over the same period. Likewise, dwelling starts in Japan rose by 5.2% to 215,611 units in Q1 2019 from a year earlier.

Rents, rental yields: poor yields at 2.66%

Tokyo apartment costs are high, at around $16,322 per sq. m.

Japan: typical city centre apartment buying price, monthly rent (120 sq. m)
Buying priceRate per monthYield
Tokyo$1,958,640$4,3462.66%

Recent news: The Japanese economy saw a surprise 2.1% y-o-y growth in Q1 2019, up from an expansion of 1.6% in the previous quarter, thanks to increased government spending. The economy is expected to expand by 1% this year, from annual growth of 0.8% in 2018, 1.9% in 2017, 1% in 2016, 1.4% in 2015, and 0.4% in 2014, amidst the backdrop of uncertain global trade environment caused by the Trans-Pacific trade war, which is heavily impacting China – Japan’s leading trade partner. The impending sales tax hike from 8% to 10% in October 2019 is also expected to weigh on consumer spending this year.

Source: globalpropertyguide

Opportunities for builders, buyers as AIHS attracts 400 exhibitors, 20,000 participants

Opportunities are now open for home builders, buyers, building materials suppliers and manufacturers as the 13th edition of the Abuja International  Housing  Show (AIHS)) beckons with over 400 housing products exhibitors and 20,000 participants from 15 countries across the world.

AIHS, easily the largest gathering of housing sector professionals and other stakeholders in West Africa, is an annual event organised in Abuja by Fesadeb Communications Limited—a real estate-focused communications outfit.

The  show is not just a housing, business and investment event, but also a choice destination for those seeking relevant and up-to-date information on housing, construction, mortgage, investments and real estate management.

In a statement obtained by BusinessDay at the weekend, the organizers revealed that over 20, 000 participants had confirmed participation in the show, adding that  over 400 local and international housing products exhibitors were also expected to showcase their latest products and innovations.

“As a truly international event, participants will cut across, at least, 15 countries of the world, including USA, UK, UAE, South Africa, Kenya, Ghana, India and China. There will be a high level delegation of international diplomats and foreign ministers of works and housing including Ghana’s Samuel Atta Akyea,” Festus Adebayo, the chief executive officer of Fesadeb Communications, said.

The show also anticipates about 30 local and international speakers who will be sharing their knowledge and experience based on the theme of the event—‘Driving Sustainable Housing Finance Models In The Midst of Global Uncertainty’, which will be serving as a testament on how housing finance models continue to be an invaluable experience for building professionals in Nigeria and across the globe.

The organizers assure participants of fine outing as they will be witnessing elite conferences and special sessions like the CEO Forum, Housing Finance and PropTech Conferences, Not Too Young to Own a Home and Women in Housing Convention.

Among the international speakers at the event to be declared open by Vice President Yemi Osinbajo are Lew Shulman, Debra Erb, Kecia Rust, Anders Lindquist and Robert Hornsby whose impact in the global housing environment are immeasurable.

It is expected that the vice president would be supported at the event by the governors of Lagos, Kaduna and Edo states who will also be coming as  guests of honour. Presidents of all housing and construction professional bodies, and corporate CEOs are also expected at the event.

Over the years, AIHS has been endorsed by top public and private sector stakeholders as the number one place for innovation showcase, professional networking, exhibition and making of sales. The show is sponsored by major business and corporate institutions like Echo Stone, Nigerian Mortgage Refinancing Company (NMRC), Family Homes Funds, Federal Mortgage Bank of Nigeria (FMBN), Royal Ceramics, Mixta Africa, Cosgrove, Brain and Hammers, Solignum and many more.

“This year’s edition represents opportunity for all. From investors to home buyers, mortgage seekers, companies, career persons, and even students; there are innumerable opportunities for all to realize age-long desires of moving into the next level,” Adebayo assures.

Source: businessdayng

 

Nigerians Set Agenda for NASS as New Senate President, Speaker Emerge Today

As the inauguration of the Ninth National Assembly and election of Presiding Officers hold today, Nigerians have called on the bicameral legislature to immediately revisit the Electoral Act (Amendment) Bill, Petroleum Industry Governance Bill, and constitution amendment bills.

They also listed other critical bills which the federal lawmakers should prioritise to include the Industrial Development (Income Tax Relief) Amendment Bill, Stamp Duties (Amendment) Bill, National Housing Fund Bill and National Transport Commission Bill.

Those who spoke to BusinessDay on the matter also called on the Assembly to be patriotic and review jumbo allowances which continue to raise concern, considering the fragile state of the nation’s economy.

They also want the lawmakers to immediately revisit critical bills which the Eighth National Assembly (2015-2019) was unable to pass or which were rejected by President Muhammadu Buhari.

In an interview with BusinessDay on Monday, Eze Onyekpere, lead director, Centre for Social Justice, called on the National Assembly to immediately draw up a legislative agenda which will contain what it intends to achieve in its lifetime.

Today will witness the election of four principal officers – Senate President, Deputy Senate President, Speaker of the House of Representatives and Deputy Speaker.

As of the time of filing this report, 13 lawmakers-elect have indicated interest to vie for the four positions.

They include seven senators-elect in the Senate out of which two are running for the seat of the Senate presidency and the remaining five for the position of deputy Senate president.
In the House of Representatives, five members-elect are contesting for the seat of speakership and one for deputy speakership position.

As of the time of filing this report, aspirants for position of Senate President include the Majority Leader in the Eighth Senate, Ahmad Lawan (APC, Yobe) and his predecessor, Ali Ndume (APC, Borno).

Those aspiring for the seat of Deputy Senate President are Ovie Omo-Agege (APC, Delta), Robert Boroffice (APC, Ondo), Kabiru Gaya (APC, Kano), Orji Uzor Kalu (APC, Abia) and Francis Alimikhena (APC, Edo).

In the House of Representatives, the five contestants for speakership are Femi Gbajabiamila (APC, Lagos), Umar Bago (APC, Niger), John Dyegh (APC, Benue), Olajide Olatunbosun (Oyo, APC), and Emeka Nwajiuba (Accord, Imo). Ahmed Idris Wase is the only contestant for the seat of deputy speaker as of the time of filing this report.

Johnson Chukwu, managing director, Cowry Assets, said he expects a better harmony between the two arms of government without compromising the tenets of separation of power, while also enacting legislations that would promote free enterprise.

“They should ensure that there is a balance between the three arms of government. That the separation of power is sustained because that is the basis on which democracy is built. Secondly, they should come up with legislation that will encourage free enterprise,” Chukwu said.

Recall that both the leadership of the APC and President Buhari had made public their preference for Lawan as Senate president and Gbajabiamila for House of Representatives speaker. While some pundits have argued that the emergence of the adopted candidates would eliminate the executive-legislature rift that characterised the Eighth National Assembly, others however, believe this would make the legislative arm of government a rubber stamp of the executive.

“If the rubber-stamped candidates emerge, do you expect problem? They will be rubber-stamping everything (for the executive). But then, if candidates who we did not expect to emerge are elected, the road would be stormy and rough,” Onyekpere added.

Ralph Agama, a constitutional lawyer, charged the incoming Assembly to focus on the rejected bills like the Petroleum Industry Governance Bill, Electoral Act (Amendment) Bill and other economic priority legislations which President Buhari had declined assent to.
Industry experts say Nigeria has lost $50 billion worth of investment in the oil and gas sector as a result of the non-passage of the PIGB.

The investment, which was lost in the last 20 years, would have culminated in additional crude oil production of 1.5 million barrels per day for the country.

Solomon Gbenga, national youth leader of the Young People’s Party (YPP), urged the incoming Assembly to rework the Electoral Act and ensure autonomy for local governments.
“I want the lawmakers to work on some new bills. The Electoral Act should work. We need new electoral system such that it is going to help us grow new election laws because what we have is only to favour some set of people. If the Electoral Act is passed accordingly, everything is going to work in favour of Nigerians and not just for some individuals,” Gbenga said.

Apaa Wombo, lecturer, Department of Political Science, University of Mkar, Benue State, also advised the new Assembly to step up oversight functions, deliver on constituency projects and work independently with less interference from the executive.

Concern mounts on marginalisation of South East 
While choosing the principal officers, the federal lawmakers have been advised to accommodate all sections of the country in the leadership net to avoid lopsidedness, which could also breed allegation of marginalisation.

Speaking with BusinessDay Monday, Guy Ikokwu, a Second Republic politician, wondered: “If you don’t have a National Assembly whose leadership is inclusive then who are they debating for, because it departs from democratic norms?

“The current situation shows that Nigeria is not moving in the right direction every region should be carried along in the running of the country.”
He further blamed the leadership of the APC for the current situation, adding that it was not a good sign for the country.

“The APC leadership should blame themselves for whatever happened in the National Assembly. It shows that Nigeria is a failed state; every part of the country should be carried along not only in the National Assembly but in the appointment of security chiefs which is not the case now,” Ikokwu added.

Orji Uzor Kalu, a newly elected senator from Abia State in the South East, had said recently that his decision to contest for the deputy Senate president position was because it would be unfair for the region to be totally shutout in the leadership of the National Assembly.

Kalu further stated that the move was to ensure that Southeast region gets full representation.
“Let me be honest with you even if the party asks me not to run, I will run on the floor of the House, this is one position I have to run for because you cannot leave the Southeast alone, you can’t leave them behind,” Kalu said.

“We are in the process of doing the right thing and the East will be given a place in the scheme of things. I am asking that the east should be given the Deputy Senate President. There is a high level of discussions about that and I’m sure that by partisan it would be a law in the House,” he added.

Olisa Agbakoba, Senior Advocate of Nigeria (SAN), equally pointed out that the decision of the leadership of the APC was a breach of the constitution and federal character commission, stressing that the move may not lead to unity in the both chambers.

“What have happened is not good, it does not lead to legislative harmony, the constitution says the process of appointing people must include ethnic consideration it is a breach of the federal character and section 14 of the constitution,” Agbakoba said.

“I don’t know how the APC expect legislative harmony and inclusion with this arrangement, and they expect the Southeast to be happy? I though they said their government would be inclusive, except they are telling us they are still campaigning; we are talking about governance,” he added.

Source: businessdayng

FMBN Scorecard 2015- 2019: The Buhari Years of Historic Transformation in the Delivery of Affordable Housing to Nigerian Workers

This is a co-created content  by Mrs. Zubaida Umar, The Group Head, Corporate Affairs, FMBN.  The Federal Mortgage Bank of Nigeria (FMBN) has delivered record-breaking achievements in the past four years as a vital institutional tool of the President Muhammadu Buhari Administration in the delivery of affordable housing to Nigerians nationwide.

 

The achievements are a result of Mr. President’s clear vision for the development of the Nigerian Housing Sector, apparent by his appointment of a competent and reform minded Board of Directors and Executive Management Team for FMBN under the leaderships of Dr. Adewale A. Adeeyo, OON and Arc. Ahmed M. Dangiwa, fnia, ficen respectively.

It is noteworthy that the Bank’s historic strides in the past four years (2015-2019) have found direction under the Buhari Administration’s broad agenda, which is in tangent with its corporate mandate to, amongst others, advance affordable home ownership through the supply of sustainable long-term liquidity to the Nigerian mortgage market; promote a viable primary and mortgage market and; the management of the National Housing Fund (NHF) – a contributory savings scheme designed to mobilize long-term funds from Nigerian workers, banks, insurance companies and the Federal Government to advance concessionary loans to NHF contributors.

Across all corporate performance indicators including loan disbursements, delivery in housing stock, funds mobilization, mobilization of new contributors to the NHF Scheme, available loan products, refund of NHF contributions, the Bank surpassed previous records of achievements. Some of the significant areas of performance improvement are highlighted below.

N147.3 billion Mortgage Loan Disbursement Under the four years of the Buhari Administration, FMBN disbursed the total sum of N147.3 billion for affordable housing finance through National Housing Fund (NHF) Scheme.

This comprises

  • Estate development loans totaling N66.3 billion for the construction of 1,726 housing units;
  • NHF Mortgage loans totaling N36.6 billion granted 5,030 beneficiaries;
  • Home renovation loans totaling N22.7 billion granted To 27,618 beneficiaries; and
  • Ministerial Pilot Housing Scheme loans totaling N21.7 billion for the construction of 1,619 housing units.

Remarkably, the total loan disbursement of N147 billion between 2015 – 2019 represents over 70% of total loan portfolio of N210.6 billion advanced by the Bank since commencement of the NHF Scheme 24 years ago.

This translates to an annual average of N36.75 billion (or more than 600% increase) during the Buhari years compared to an annual average of just N6 billion in previous years!

Refund of NHF Contributions to retirees

In a move that marks a radical departure from the perennial problem of delayed refund of NHF contributions to retirees, in the last four years FMBN recorded over N23 billion as pay-out of NHF contributions to 181,436 qualified contributors.

This accounts for 70% of the cases of the cumulative of 257,396 refund applications successfully processed and 82% of the cumulative sum of N28 billion refunded since the NHF Scheme was established.

The significant improvement in the rate of NHF refund arose from the review of the Bank’s internal processes and Management’s commitment for improved efficiency in service delivery to Nigerian workers who are its customers.

Easing Access and Affordability for NHF Loan Products

In an historic move aimed at  at breaking longstanding financial barriers to homeownership by low- and medium-income earners in Nigeria, the FMBN reduced the equity requirement for NHF contributors wishing to access NHF mortgage loans.

With effect from 2018, the following are the more affordable and accessible equity requirements for NHF mortgage loans: Mortgage loans of N5million and under attract zero (0%) equity contribution, a downward review from the 10% previously required as loan own payment; and Mortgage loan of over N5million  to the maximum amount of N15million now attract a flat equity contribution rate of 10%, down from the 20% and 30% previously mandatory to access the loan facility.

The drastic downward review of equity requirement for accessing the NHF mortgage loan has made it more accessible and affordable to Nigerian workers within the low- and medium-income brackets.

The implication now is that workers who contribute to the National Housing Fund (NHF) consistently and are up-to-date are eligible for up to a N5 million loan without having to put down a single kobo as equity while those seeking for loans above N5 million to N15 million will only put down 10% as equity.

Introduction of FMBN’s ‘Rent-to-Own’ Homeownership

Scheme In a strategic effort designed to make homeownership more accessible and affordable for Nigerian workers, the FMBN recently introduced the ‘Rent-to-Own’ Homeownership Scheme.

The scheme offers an easy and convenient payment arrangement towards homeownership for Nigerian workers. It makes it possible for a Nigerian worker to instantly move into an FMBN-owned housing property as a tenant and conveniently pay towards ownership of the property in monthly or annual installments over as long as 30 years at an interest rate of just 9%! According to Arc. Ahmed Dangiwa, the Managing Director/Chief Executive, The rent-to-own housing product is designed to make sure that any worker who collects a salary should be able to live in his own home and pay conveniently over periods as long as 30-years!

This is a massive relief especially given how little workers earn.”

Leveraging on Technology

Another notable achievement of the FMBN during the first tenure of the Buhari Administration is the launch of FMBN Digital Platforms.

The Digital Platforms have ushered in a new era of transparency and accountability in the operations of the National Housing Fund (NHF) by empowering contributors with real-time access to information on their NHF accounts.

Key components of the FMBN Digital Platform Solutions Suite of services include the following:

  • The *219# USSD Short Code service via GSM Mobile networks
  • The NHF Mobile Apps available on android & iOS platforms
  • The online Self-Service Kiosk via the Bank’s web portal (www.fmbn.gov.ng/nhfmobile) and
  • SMS and email notification services to NHF customers.

The platforms enable contributors to receive instant notifications of NHF contributions on the go, update NHF personal records, check NHF balance of contributions, register and retrieve NHF numbers, request for statements of account, calculate home affordability and mortgage payments, and obtain latest NHF-related information from the FMBN Bulletin Board online service.

The greater transparency, clearer disclosure and convenient access to records of contributions from the comfort of homes and offices or while on the go via personal computers or mobile phones has boosted confidence in the NHF scheme.

As affirmed by the Managing Director, Arc. Dangiwa, “On resumption of office, we audited the system and discovered that most employers under-remit deductions, remittance schedules of deductions are not provided, contribution records are not updated or maintained in passbooks and most contributors do not know the status of their contributions.

Having critically evaluated the issues, we decided to automate the process to give contributors unfettered access to information pertaining to their contributions and the policies associated with the Scheme for greater efficiency, transparency, accountability and service delivery.”

Implementation of the National Affordable Housing Delivery Programme for Nigerian Workers

In a move aimed at strengthening stakeholder participation and confidence in the operations of the National Housing Fund (NHF), the FMBN in conjunction with the Nigeria Labour Congress (NLC) Trade Union (TUC) and the Nigeria’s Employers’ Consultative Association (NECA) embarked on the National Affordable Housing Delivery Programme for Nigerian Workers.

The Housing Programme aims at a structured and sustainable approach to affordable housing delivery for Nigerian workers nationwide. About 2,800 housing units are to be delivered in fourteen (14) sites across the six geopolitical zones of the country in addition to Lagos and Abuja, in batches of a minimum of 200 units per zone. House types include finished semi-detached bungalows as well as 1-, 2- and 3- bedroom flats.

Conclusion

The Buhari Years (2015- 2019) represent a period of unprecedented transformation, high-performance and impact at the FMBN in the pursuit of its mandate of deepening access to housing finance, providing access to affordable housing for low- and medium-income earners.

This is a result of the visionary policy direction and strong support the Bank has enjoyed under the Buhari administration. The stellar results and increased impact of the Bank are helping to change the longstanding narrative from negative to better corporate performance, improved transparency, greater efficiency and service improvement.

As the Buhari administration re-strategizes for a second term in office, the FMBN remains poised to sustain the momentum of reform, high performance and impact with the objective of driving delivery of affordable housing and promoting the development of a more vibrant mortgage finance market in the country.

Source: Dailytrustng

Infrastructure Gap: Union Urges Private, Public Partnership

THE National Union of Shop and Distributive Employees (NUSDE) has advised the Federal Government to provide the enabling environment for active public-private partnership (PPP) to bridge the huge infrastructure gap in the country.

Its President, Comrade Innocent Jaja, said infrastructure problem in Nigeria persists due to lack of active PPP in the area.

He said the government should allow the private sector to drive the construction sector for maximum provisions check infrastructural deficit.

“All that government needed do is to provide the enabling environment that will aid the activities of the private operators.

“There are millions of decayed infrastructures in major cities of Nigeria; they are not available for Nigerians to use because they were built by profit-making government official.

“Government alone cannot provide the needed infrastructure such as roads, schools, houses, markets and others. There is need for full partnership between government and private sector, through a well-programmed PPP scheme.

‘‘This means leaving roads and housing infrastructure delivery in the hands of the private sector, while government provides the enabling environment.”

Jaja expressed the hope that the active partnership of the private sector on roads infrastructure delivery would have great impact on the nation.

He noted that for the PPP scheme to work effectively in addressing Nigeria’s infrastructure desire, government at all levels should go further and formulate acceptable policy frameworks.

The labour leader added that government in this context should grant positive incentives to private sector developers, especially import duty waivers on construction materials, provision of infrastructure and credit facilities through effective mortgage system and tax relief, among others.

Source: thenationonlineng

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