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Former Nigerian Bank MD Jailed for Fraud

A Lagos State High court has sent a former Managing Director of New Prudential Mortgage Bank Limited, Adetunji Abudu, to two years imprisonment for N195m fraud.

A statement signed by Nigeria’s anti- graft agency, EFCC, on Thursday, said Mr Abudu was arraigned on a four-count charge before Justice I.N. Buba.

The EFCC said the trial began on April 12, 2016.

It said his offense is contrary to the Banks and Other Financial Institutions Act (BOFIA) 2004, Section 18(8) and punishable under Section 18 (11) of the BOFIA LFN 2004.

According to the commission, Mr Abudu obtained a N35 million loan and another N110 million loan without authorisation while being the Managing Director of the bank.

It added that the former New Prudent Bank boss also approved the setting off of a N50 million loan granted to Total Access Concept Limited by Addoser Micro-finance Bank, which was also not authorised in accordance with the bank’s policy and in contravention of BOFIA 2004.

The defendant pleaded not guilty to the charges preferred against him by the prosecution, thereby leading to his full trial.

In the course of the trial, the lead prosecution counsel, A.B.C. Oziokor called seven prosecution witnesses and tendered several documents that were admitted in evidence by the court, while the defence presented five witnesses.

Both parties consequently adopted their written addresses, after the closure of the case.

Ruling

Delivering his judgment on Justice Buba found the defendant guilty on counts one, two, three and four, as charged.

The judge further held that “The court has considered the fact that the convict is a first-time offender, a family man, and a breadwinner.

“The court will be lenient, given that the convict is a first offender. But this will also send the right signal that it is this type of attitude that has led our financial institutions into trouble.

“This is a matter the convict should not have allowed going through the rigors of a criminal trial, having been given the opportunity to refund the money. But he still remained obstinate.”

The judge, therefore, sentenced the convict to two years on counts one, two, three and four, without an option of fine, with effect from the day of the judgment.

The sentences are to run concurrently.

The convict was ordered to make restitution to the complainant, in accordance with Section 321(a) of the Administration of Criminal Justice Act, ACJA, “if the properties released cannot meet up the amount of exposure to the complainant.”

Source: premiumtimesng

Lagos Orders Contractors to Comply With Building Guidelines

…Declares zero tolerance for substandard structures

Lagos State government has advised contractors in the state to comply strictly with the guidelines set out for construction of houses or be blacklisted.

Speaking during the inspection of state owned Housing schemes at Igando and Egan, the Lagos State Permanent Secretary, in the Ministry of Housing, Mr. Wasiu Akewusola, warned contractors wanting to deviate from the housing construction guidelines given by the State Government  to think twice as government will not hesitate to penalise erring contractors.

Akewusola in an interview with the press noted that such deviations and variations in quality and measurements will not only compromise the structural reliability of the building on the long run but would affect its durability.

The Permanent Secretary also reiterated the  government mission “to provide and hand over high quality and safe shelters that are habitable to end users.” He noted that the state government would not tolerate any contractor who cut corners for profit at the detriment of the people who will live in the houses.

Akewusola also urged all government contractors in the built environment to abide by the set standards as failure to do so could attract total demolition of such structure and withholding of payments until necessary adjustment or correction  is made to meet the laid down standard and/ or blacklisting of erring organisations.

He reminded the contractors that Lagos State is known for high quality building  construction and will not in any way give the citizenry anything short of that.

He also charged contractors  to engage the services  of core professionals in order to deliver standard products. “I enjoin you to employ only experts in the construction sector in order to deliver solid and durable structures at the end of the day”, Akewusola said.

He added that the state will scale up its monitoring  activities to ensure that all contractors comply with set standards and deliver projects within the agreed time.

The Permanent  Secretary disclosed that the state housing scheme at Igando would be handed over to allotees soon and that the State will move on to complete other ongoing housing projects in line with the promise made by Mr. Babajide Sanwo-Olu to the people of the state.

He said,” We will continue to press forward  until the challenge of deficit in availability of homes in Lagos State is fully addressed as pledged by the Governor”.

Source: sunnewsonline

Sanwo-Olu to name 496-flat Igando Garden Estate after Jakande

Contemporary political leaders have valuable lessons to learn from personal life and leadership qualities of Alhaji Lateef Jakande, Lagos State Governor, Mr. Babajide Sanwo-Olu, said recently while paying glowing tribute to his and first civilian governor of the state.

The Governor who spoke on the occasion of 90th birthday of Jakande held at Havens Event Centre in GRA Ikeja, said Jakande’s legacy in leadership and governance remained a reference point in contemporary history, despite leaving government more than three decades ago.

The event, which was jointly organised by Lagos State Government and Jakande’s family drew high-profile dignitaries which included the Vice President, Prof. Yemi Osinbajo, SAN, former Lagos state governor and National Leader of All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu, his successor, Mr. Babatunde Fashola, SAN, Ogun State Governor, Mr. Dapo Abiodun, Lagos Deputy Governor, Dr. Obafemi Hamzat, former Ogun State Governor, Aremo Olusegun Osoba, former Lagos Military Governor, Prince Olagunsoye Oyinlola. Others were Gen. (retd), Alani Akinrinade, former Lagos Deputy Governor, Mr. Femi Pedro, and Senator Ibikunle Amosun, among others.

Describing Jakande’s personal life as “selfless and exemplary”, Sanwo-Olu said the former governor’s achievements became the pathway for progressive governance in the country.

He said: “Lagos, under the Jakande, became a pillar of support not only to neighbouring states, but also to faraway states, including Borno State, where he made landmark contribution. This goes to show that the progressive mind of Jakande has been with him ever since.

“It’s something that all of us needs to copy. I wish today’s leaders could borrow from this example, which shows us how states can collaborate for greater development and opportunities. Alhaji Jakande did it 40 years ago as Governor of Lagos State and scored several firsts.”

Sanwo-Olu said Jakande’s name had become a national symbol synonymous with development and progressive politics. Despite his towering achievements in office, he said Jakande’s simple life stood him out as “fine politician and selfless leader”. He said: “Jakande is a national name that is synonymous with development, either in provision of potable water, quality education and housing.”

Sanwo-Olu announced that the state government will be naming its 496-flat, Igando Garden Estate after Alhaji Jakande as a mark of honour.

Tinubu had earlier described Jakande as a “foremost progressive man in Africa”, saying his loyalty to the cause of progressive politics and the late Chief Obafemi Awolowo, earned him “unmatched respect”.

Source: sunnewsonline

Flood: FCTA expresses concern as water level rises in River Niger

Authority of the Nigerian Federal capital territory administration, FCTA, has pointed out that information available from the Nigeria Hydrological Services Agencies, NIHSA, from its daily monitoring of flood water level of River Niger at Lokoja revealed that water level since 8th July 2019 has exceeded the level recorded in 2012 and 2018 after a comparative analysis of same period.

The Director General FCT Emergency Management Agency, Mr Abas Idris stated this during the Emergency Stakeholders Forum on flood mitigation and response Coordination organised by the Agency in Abuja Nigeria’s capital.

The Director General stated that recent flood incidents in the FCT and greater threats of further occurrence as alerted by flood forecast agencies give serious cause for concern especially to stakeholders on whose shoulders the responsibility of prevention, response and mitigation lies.

” This information is coming on the heels of its 2019 Annual Flood Outlook which declared 74 Local Government Areas in the country as having a high probability of experiencing flood, while 600 Local government Areas are under threat of flood”, said the DG.

The DG disclosed further that given the proximity of the FCT to Lokoja and the increasing water level of River Niger, the consequences are predictable, especially looking back at the 2012 flood incident.

Mr Idriss who expressed concern that residents and communities continue to take sensitisation messages against such practices with a pinch of salt added that they will succeed in stemming out public acts that heighten flood risks, half of the challenges pertaining to flooding in the FCT would be solved.

He revealed that, the forum would provides them with another opportunity to inject new ideas not only to cope effectively with the impending flood but to reduce to the nearest minimum recurrent flood incidents in the FCT.

“In the course of our deliberations, there is the need for a critical review of past flood incidents and our approach to prevention, response and mitigation. This is necessary in order to further strengthen those areas where we delivered and improve on others where there were lapses “, he explained further.

Meanwhile, the FCT Permanent Secretary, Sir Christian Chinyeaka Ohaa vowed that the administration will continue to remove structures constructed in violation of relevant laws and further complicate flood risk within the city and its environs.

The permanent secretary also said that so far one hundred and fifty of such structures have been removed in furtherance of the ongoing exercise to clear instructions of waterways, in line with the Abuja city plan.

Ohaa commended the FCT Emergency Management Agency for its aggressive flood awareness campaign across the Area Councils, and also for taking proactive measures by organizing the forum.

He assured the Stakeholders that the administration will consider closely resolutions reached at the forum with the view to implementing them in line with the extant government policies.

” It is my expectations that your deliberations will not only come up with watertight preventive and response strategies against the impending flood but also proffer durable solutions to the issue of recurrent flood in the Federal Capital Territory”, he added.

According to him, “in line with your mandate as Secretariats, Departments or Agencies, you must be focused, committed and unrelenting in implementing programmes that are in the overall interest of public safety “.

“I say this in reference to recurring flood incidents in some parts of the Federal capital territory, largely due to violations of Town Planning Laws and Land Use Act”, Ohaa explained further.

The Permanent Secretary stressed that despite repeated sensitisation and awareness programmes, many residents still dump waste in drainages and other prohibited locations, which result in construction or blockage of waterways.

Ohaa reiterated his unflinching commitment and support to policies and programmes in pursuit of public safety including flood prevention and mitigation.

He noted that the forum would present an opportunity to objectively assess and review their performance in previous flood incidents with the view to identifying and strengthening areas of weaknesses.

Source: von

Flood: FG Places FCT, 15 states on Red Alert

The Nigeria Hydrological Services Agency (NIHSA) has placed states on red alert asking them to expect more flooding during the rainy season. The warning was directed to 15 states namely Niger, Lagos, Edo, Imo, Abia, Jigawa, Adamawa, Delta, Rivers, Cross Rivers, Oyo, Enugu, Kebbi, Nasarawa, Bauchi and the Federal Capital Territory.

Speaking during a press briefing yesterday in Abuja, Director- General of the agency, Engr. Clement Nze, said there is high probability that the 36 states of the federation including the FCT would witness different levels of flooding this year.

“River flooding as well as coastal flooding is expected to come into place as the nation approaches the peak of raining season,” he warned, adding that the agency had sustained the Annual Flood Outlook (AFO) to avoid the catastrophe experienced in 2012.

He said this is because flood from the upper reaches of the Niger Basin comprising Guinea, Mali, Niger, Burkina Faso, Cote d’Ivorie, Benin, Chad and Cameroon would be arriving Nigeria in about a month’s time. Nze noted that the agency has been closely monitoring the many flooding incidents taking place across the country as it has led to the the loss of lives and properties.

He said it was unfortunate that the flooding incidents were manifesting just as predicted by NIHSA, lamenting that the relevant stakeholders, individuals and state governments have failed to heed the warnings issued before the of flooding in the country. He said this has resulted “in avoidable flooding incidents leading to loss of lives and property, disruption of economic activities and loss of several hectares of agricultural lands.”

“Therefore, states and local governments should endeavour to remove structures built within the floodplains, clear blocked drainage, culverts and other waterways,” he said. Nze called for the need to put more drainage systems, avoid building houses in areas that will block the flow of water and provision of dams to control flood to come into the country when other neighbouring country release water their dams.

He said the flood might translate to disaster if there are no facilities on ground to manage it. Only recently, houses in four estates in Lokogoma District of the FCT were submerged after several hours of downpour. The flood led to the death of a director at the FCT High Court, Mr Tony Okecheme, around Galadimawa roundabout when his vehicle was trapped. Many residents spoken to yesterday said flooding in the district has become perennial, even as authorities have identified poor drainage system as the cause.

Some of the affected residents said houses in EFAB, Bethel Jubilation, Ipent and PENGASSAN estates were affected by the flood and that property worth millions of naira were destroyed. A resident of EFAB, Habeeb Abdulkadir, said 38 houses were affected by the flood in June, “and this one has gone further down the estate, it has affected more than 38 houses. It is really devastating. It is worse than the last one; the damage is increasing.

This time it fell fences, removed windows, cracked walls, removed electricity poles. So much devastation for one day, but no life was lost.” Our correspondent in Bauchi State reports that an expert on water hygiene and environmental sanitation Hajiya Addaji Mohammed has identified lack of intensive campaign as the major problem that puts the state among those prone to flood.

Addaji told Daily Trust that putting Bauchi State on flood red alert by NIHSA is a welcome development even as she expressed concern that the people may not change their attitude. “People still build houses on flood-prone areas, they don’t want to leave the place and they also don’t want to give water its way.

If you didn’t give water its way, it will continue to wreak havoc to the people residing on water ways and valley areas,” she said. She advised the Bauchi State government to evacuate residents whose houses are situated on waterways and valley areas, and partner with reliable non-governmental organizations to sensitize the people in all the nooks and crannies of the state for maximum impact. It was reported that many residents of Gwallaga, Dindima and Liman Katagum live in perpetual fear as the rainy season remains.

“Any time we see sign of rainfall, we become scared because we don’t know what will happen. Our houses may end up being submerged or our roads would be blocked,” one of the residents said. Mallam Altine Mohammed of Sabon Kaura Village also said “We are living in constant fear. You can see even in Bauchi metropolis flood used to submerge cars and properties.

The authorities need to construct more drainage and culverts and create ways for the water so as to ease people’s sufferings.” Effort to speak to the state chairman of State Emergency Management Agency SEMA failed, but the Bauchi State Governor Bala Abdulkadir Mohammed had during a visit to sympathize with the victims of flood disaster caused by heavy downpour in Dindima village of Alkaleri and Liman Katagum of Bauchi Local Government Area, promised to assist the people.

Represented by the Speaker of the State House of Assembly, Abubakar Y. Suleman, the governor directed the State Emergency Management Agency to take immediate action. While at Dindima the village head, Malam Sale Ubandoma, told the governor that over 100 houses and farmlands were affected, while one person died as a result of the flooding.

Last year, the National Emergency Management Agency (NEMA) said a national disaster was declared over the flooding, with no fewer than 100 people killed in 10 states. Last year, in Niger State, for instance, over 10,000 were displaced by flood across 23 of 25 LGs of the state, with officials putting the number of death at 55.

Source: dailytrust

Single-Digit Interest Rate on the Way for First Home Buyers Seeking N5m Mortgage Loan

Access to housing finance is getting increasingly less stressful and ‘cheaper’ for home buyers as both public and private sector operators are working on reviewing high interest rate which is a major challenge to mortgage affordability in Nigeria.

While the Federal Government through the Federal Mortgage Bank of Nigeria (FMBN) is now offering zero equity on loans below N5 million to all contributors to the National Housing Fund (NHF), plans are in progress for primary mortgage banks (PMBs) to offer mortgage loans at 9.9 percent interest rate to any first-time home buyer seeking N5 million loan for the purpose of owning a home.

A mortgage banking operator who disclosed this to BusinessDay on condition of anonymity explained that the 9.9 percent interest rate is being perfected by the Central Bank of Nigeria (CBN) which, he said, will be subsidising the rate in favour of home buyers.

“The Nigeria Mortgage Refinance Company (NMRC) will continue to go to the capital market to raise funds and will also continue to refinance our loans,” the operator explained. “What is going to happen is that if, for instance, we get our funds from either the NMRC or CBN at 15 percent interest rate, we will be required to lend to first-home buyers at 9.9 percent and CBN will off-set the balance.”

The operator admitted that 9.9 percent, which is an upper single-digit rate, is still very high, but noted that it was a good start on the journey towards addressing the affordability issue in the mortgage system which constitutes a huge golf between many Nigerians and homeownership.
To the operator, what the mortgage industry needs today is reduction in interest rate and not recapitalisation as is being considered by the CBN.

“Capital adequacy is not the problem of the industry today. If the industry is not growing, it is not because of capital, because we have enough capital from the earlier recapitalisation and refinancing by the NMRC. The interest rate needs to be reduced so that more people will take loans. That way, the industry will grow,” the operator said.

Other industry operators and real estate stakeholders see the problem of the industry beyond recapitalisation.

Whereas Paul Onwuanibe, CEO, Landmark Group, blames lack of clarity for the industry’s slow growth, Adeniyi Akinlusi, CEO, Trustbond Mortgage Bank, looks at the structure of the industry.

“The structure of the mortgage industry is a problem; there is high interest rate and this is coming on the back of economic condition,” noted Akinlusi, who is also president of Mortgage Bankers Association of Nigeria (MBAN).

He stressed that “recapitalisation is not the main challenge, considering that mortgage banks do not give loans from shareholders’ funds but funds from deposits”.

Kehinde Ogundimu, MD/CEO of NMRC, shares the view that recapitalisation is not the main challenge of the mortgage industry, recalling that his company, as at December 2018, had refinanced mortgage loans originated by the lending institutions totalling N18 billion.

He explained that refinancing was in line with the company’s mandate to promote affordable home-ownership in the country by leveraging funding from the capital market to deepen liquidity in the primary and secondary mortgage markets.

Typically, mortgage interest rate in Nigeria hovers between 7 percent and 10 percent for FMBN mortgages and 15-25 percent for commercial mortgage institutions, making the country one of the highest in the world.

In advanced economies, the mortgage industry makes significant contribution to economic development with single-digit interest rates. But high inflation rate and the attendant high mortgage rate help to reduce housing demand and developers’ investment appetite.

This explains why Nigeria has one of the world’s lowest mortgage to Gross Domestic Product (GDP) rate at about 0.6 percent, which is far behind Ghana’s 2 percent, South Africa’s 30 percent and US and UK’s rates of 60 percent and 70 percent, respectively.

Source: businessdayng

Federal Government Announces $75M for Affordable Housing in B.C.

The federal government will invest $75 million to fund 1,500 affordable housing units in B.C.

The funding, to be made available over the next five years starting this month, will fund construction of 1,000 supportive housing units and 500 units for women and children.

In making the announcement Tuesday in Victoria, Jean-Yves Duclos, federal minister of Families Children and Social Development, said B.C. is facing a housing crisis that threatens the ability of vulnerable Canadians to feel secure. Duclos said the funds should start flowing relatively quickly

B.C. NDP MLA Spencer Chandra Herbert, who was representing the province at the announcement, said the funds will go to support affordable housing the province is building.

“So what this does is unlock additional dollars to build more homes on top of what we are already building,” he said.

Chandra Herbert said in the last two years the province has built or is currently building 21,000 affordable housing units as part of its $6.6-billion Homes for B.C. housing program. The intention is to build 114,000 affordable units by 2028.

It is unclear where the extra units, fueled by the $75 million investment, will be built.

Chandra Herbert said that will depend on which projects apply to access the funds. “It’s a first-come, first-served basis,” he said.

Victoria Mayor Lisa Helps said she hopes some of that funding will find its way to projects in Greater Victoria.

“It’s fantastic to see the federal government investing more money into B.C. The need is great,” she said. “The CRD housing needs assessment shows that by 2038 we will need 34,000 rental units in the region, a vast portion of those are for people on fixed incomes, including women fleeing violence and people coming off the street who need support to get their lives back together.”

She said this kind of money could go a long way to helping the hidden numbers of vulnerable people who are one or two turns of bad luck away from finding themselves on the street.

Duclos said the federal government, which is in the midst of its 10-year, $55-billion national housing strategy, made a point of ear-marking at least a third of that program for the most vulnerable.

 

“With investments like this one we recognize women and children face unique barriers to housing,” he said, noting they are more likely to be low income, work part-time, have caregiving responsibilities and may be dependent on a partner.

“This [investment] gets us closer to our goal to ensure at least one-third of the national housing strategy investment dollars will be supportive of the unique needs of women and their children and closer to our goal of reducing chronic homelessness by 50 per cent,” he said.

Makenna Rielly, executive director of the Victoria Women’s Transition House, said she was thrilled to hear the federal government is providing more money, but she warned the province still has a problem. “There is so much need. There are so many remote places in the province not being served, where people don’t have enough options.

“We have to realistic about how much more is needed.”

Rielly said services for women and vulnerable women and children in B.C. have lagged behind other provinces and in many cases are chronically underfunded. She said they had a “yahoo moment” in 2018 when the province announced $734 million over 10 years to support women and children fleeing violence and abuse.

Rielly said their 18-bed facility, like others around B.C., is almost always full and still there’s an unknown number of women and children hidden from the system sleeping on friends’ couches and in basements, avoiding abuse and violence in their own homes.

She said she hopes the new funding will go to more projects such as the one they are working on — a partnership with B.C. Housing, funded by the 2018 money — to establish transitional housing and programming for women on the West Shore.

“To break the cycle, families need to have safe and secure shelter, counselling and most importantly a home,” she said.

Chandra Herbert said the government understands transition housing for women in need is at a premium in B.C. “It’s hard to get a bed,” he said, adding that can mean some vulnerable women are forced to leave a transition house too soon, or stay in an abusive situation longer because the alternative is homelessness.

Source: timescolonist

4 California Leaders Endorse Senate Bill Aiming to Address Housing Crisis

Lt. Gov. Eleni Kounalakis, Controller Betty Yee, Treasurer Fiona Ma and Insurance Commissioner Ricardo Lara were among those who announced their support for the bill, which outlines a targeted, pro-housing approach to addressing California’s housing crisis.

The More HOMES Act would encourage cities to promote housing development near public transit hubs and job centers. It would also end apartment bans and legalize multifamily homes while protecting renters and adding provisions for affordable housing, according to the press release.

“(The More HOMES Act) is the most impactful attempt to date to deliver more homes to Californians while ensuring that every jurisdiction across the state absorbs a fair share of the burden,” Kounalakis said in the press release.

Based on data from academic and private-sector researchers, California currently has a shortage of 3.5 million homes, equal to the housing shortages of the other 49 states combined. According to the press release, while California’s population has tripled since the early 1960s, its housing production has declined by almost two-thirds, and it ranks as the second-lowest state in the country in per capita housing units.

According to the press release, the More HOMES Act would create new incentives for housing construction within half a mile of existing transit stations in California’s cities in hopes of reducing pollution and commute time. Cognizant of renters and sensitive communities, the bill also includes protections against displacement in those development areas.

“As we build the millions of new homes we know we need, we need to ensure that we avoid endless and environmentally destructive sprawl,” Wiener said in the press release. “We should focus new housing near jobs and transit.”

Recent wildfires in California have served as an environmental catalyst for public debate over the housing crisis. The decimation of communities living in areas with high fire risk over the past few years is a “clear sign” that California’s leadership needs to examine the process and the location of housing development, Lara said in the press release.

Lara added that a current lack of affordable housing options in cities pushes people to rural areas, where they face higher environmental risks in general.

In terms of the economy, leaving the housing crisis unsolved will eventually pose a threat to fiscal stability, Yee said in the press release.

“If policymakers do not act in a stable economy to address our housing challenges, housing costs could continue to rise even amidst lay-offs and furloughs,” Yee said in the press release. “With less revenue to spend on important state programs, policymakers will be confronted with difficult choices between housing assistance and other critical social safety net services.”

The More HOMES Act is backed by a number of organizations advocating for affordable housing and community equity, such as Habitat for Humanity.

Additionally, the bill currently has bipartisan support in California’s Legislature, along with endorsements from local mayors and city council members — including San Francisco Mayor London Breed and Oakland Mayor Libby Schaaf.

“California’s severe housing shortage is harming millions of Californians,” Wiener said in the press release. “It’s time to stop kicking the can down the road and instead do what Californians want us to do: address our housing crisis now.”

Source: dailycal

Housing Development Advocacy Group Salutes Senate Chairman on Housing, Sam Egwu, Seeks for Collaboration on Outstanding Housing Bills

Housing Development Advocacy Group of Nigeria has commended the appointment of Sam Egwu as Chairman Senate Committee on Housing, and have expressed their willingness to work with the chairman on the passage and review of several outstanding bills bordering on the sector in the National Assembly.

The newly appointed Chairman of Senate Committee on Housing, Distinguished Senator Sam Egwu has been described by stakeholders in the housing sector as a worthy choice whose experience can bring about the needed change in the sector and inspire confidence.

Many believe that his credible performance as former governor and his immense support for the Ebonyi State Property Development Corporation can offer reasons to believe in a new dawn where affordable housing will be a major priority of the government, especially the national assembly.

Speaking with Housing News,Festus Adebayo of Housing development advocacy network said that as chairman of committee on housing, Senator Sam Egwu is definitely in a familiar terrain.

‘’In my conversation with him, I can confirm that he is the right person that can bring housing stakeholders together in order to produce the kind of change we have always yearned for in the sector. He has performed very well in this sector in the past and is coming on board with very useful experience. And we have always clamoured for the appointment of those fit for the job,’’ he said.

Adebayo said that he is confident that Senator Egwu will promptly look into outstanding bills that will facilitate real estate investment in Nigeria.

‘’Housing Development Advocacy Network is committed to working with him especially in the area of legislation. We are ready to work with him to fast track the passage of foreclosure bill into law to legally resolve default issues in the sector. Also the review of land use act of 1978, Federal Government Housing Loans Board bill (FGHLB), the National Housing Fund (NHF) Scheme Act 1992, Mortgage Banks Act 1989 (subsumed in BOFIA), Federal Mortgage Bank of Nigeria (FMBN) Act 1993, The Trustee Investment Act 1962, The Nigeria Social Insurance Trust Fund (NSITF) Act 1993, The Insurance Act 2002, The Investment and Security Act 1999, The Federal Housing Authority (FHA) Act 1990, Securitization Bill amongst many others,’’ he said.

With a housing deficit in the region of 17 million and above, stakeholders believe that a decisive policy action is long overdue, and with Sam Egwu on board in the senate, the expectations remain high, but at least many believe he can be trusted to deliver.

Also, through oversight functions, Senator Sam Egwu is expected to help facilitate and make it easy for local and international investors to bring a new spark into the sector where financial investments can meet the mounting real estate and affordable housing needs in Nigeria.

By Ojonugwa Felix Ugboja

Buhari to Swear in Ministers August 21

President Muhammadu Buhari is scheduled to swear in ministers-designate on Wednesday 21st of August, 2019.

This was contained in a statement issued by Babatunde Lawal, Permanent Secretary, Cabinet Affairs Office in the
Office of the Secretary to the Government of the Federation.

Before the inauguration of the cabinet, the ministers-designate are expected to go through induction retreat at the Presidential Villa on Monday and Tuesday 19th and 20th of August.

The retreat was earlier scheduled for 16th to 17th of August.

The statement reads “The Secretary to the Government of the Federation, Boss Mustapha, invites all ministers-designate, head of the civil service of the federation, federal permanent secretaries and top government functionaries (specifically invited) to a 2-day induction retreat to be presided over by his excellency, Muhammadu Buhari, President of the Federal Republic of Nigeria to the retreat earlier publicized has been rescheduled as follows:

“Date: monday, 19th – Tuesday, 20th august, 2019, Time: 9:00am daily, Venue: State House Conference Centre, Presidential Villa, Abuja.

The objectives of the retreat, he said, included “Build a strong platform for synergy and teamwork, Sensitize appointees on the status of the implementation of policies, programmes and projects of government from 2015-date

“Acquaint the appointees with the roadmap for delivery of government’s priorities and next level agenda (2019-2023)

“deepen the understanding of participants on best practices in conducting government business

‘The swearing-in of all ministers-designate by the president shall hold as follows: “Date: wednesday, 21st august, 2019, Time: 11:00am, Venue: Federal Executive Council Chambers,
Presidential Villa, Abuja.”

The statement said attendance at both events is mandatory and strictly by invitation.

Source: thenationonlineng

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