- Mass Housing: FG, Shelter Afrique Sign N610bn MoU
The Federal Government on Thursday signed a Memorandum of Understanding with Shelter Afrique and the Real Estate Developers Association of Nigeria for the construction of about 100,000 housing units across the country for N610bn.
It stated that a total of $200m would be used for the construction of about 10,000 houses nationwide on a yearly basis and that the project would be over 10 years.
This makes it a total 100,000 housing, units which will gulp $2bn (N610bn at the official exchange rate of N305 to a dollar) for the 10-year period.
Representing the Federal Government during the MoU signing ceremony at the headquarters of the Federal Mortgage Bank of Nigeria in Abuja, the Acting Managing Director/Chief Executive, FMBN, Mr. Richard Esin, stated that the Nigerian housing market did not require anything less than $200m annually over the next 10 years to build considerable number of houses.
He, however, stated that the projection was to build about 10,000 housing units annually, adding that over 100,000 jobs would be created across the country through the scheme.
Esin said, “The $2bn will be used for the construction of mass housing units over a 10-year period and this translates to about $200m annually. So, whatever that gives us every year is what we will take as we make adjustments for inflation, etc.
“The projection is 10,000 housing units annually, but even if we are able to get 8,000 units annually, I think it is okay. This will be done over the next 10 years and there are other things we are also doing to make sure this exercise is successful.
“The minimum number of jobs we are looking at through this exercise is about 150,000 jobs across the country.”
The Managing Director/Chief Executive Officer, Shelter Afrique, a company for habitat and housing in Africa, Mr. James Mugerwa, stated that his organisation’s shareholders included 44 African countries and two financial institutions.
According to him, Shelter Afrique provides loans, grants and credits for the development of the environment and the provision of houses for Africans, adding that Nigeria had a deficit of more than 17 million houses.
“We will commit and dedicate all the expertise to ensure that good quality houses are delivered, and these will be houses that are energy efficient, environmental friendly and comfortable. Nigeria is our biggest sovereign shareholder and this collaboration is the beginning of many other opportunities,” Mugerwa said.
The President, REDAN, Mr. Ugochukwu Chime, said the signing of the MoU was a milestone in housing delivery and appreciated the Minister of Power, Works and Housing for making the exercise happen.
He noted that it was gratifying that the FMBN was reaching out to other stakeholders in a bid to close the housing gap and stressed that previous efforts by the bank were made in isolation of critical industry players.
Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17
Tony Elumelu owned Heir Holdings Limited and its related company Transnational Corporation of Nigeria Plc on Friday announced it has completed the purchase of 45 percent stake in Oil Mining Lease (OML 17) through TNOG Oil and Gas Limited.
The acquisition includes all assets of Shell Petroleum Development Company of Nigeria Limited (30 Percent), Total E&P Nigeria Ltd (10 percent) and ENI (five percent) — in the lease.
It was further stated that TNOG Oil and Gas Limited will also have the sole right to operate OML 17.
The field presently has a production capacity of 27,000 barrels per day. Also, there are estimated 2P reserves (proven and probable) of 1.2 billion barrels and an additional one billion barrels in possible reserves — all of oil equivalent.
A consortium of global and regional banks and investors provided a financing component of $1.1 billion for the largest oil and gas financing in Africa in over a decade.
In a statement released on Friday, Shell said the completion was after all the necessary approvals have were received from authorities.
“A total of $453m was paid at completion with the balance to be paid over an agreed period. SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area,” the SPDC said.
Speaking after the completion of the deal, Elumelu said “We have a very clear vision: creating Africa’s first integrated energy multinational, a global quality business, uniquely focused on Africa and Africa’s energy needs. The acquisition of such a high-quality asset, with significant potential for further growth, is a strong statement of our confidence in Nigeria, the Nigerian oil and gas sector and a tribute to the extremely high-quality management team that we have assembled.
“As a Nigerian, and more particularly an indigene of the Niger Delta region, I understand well our responsibilities that come with stewardship of the asset, our engagement with communities and the strategic importance of the oil and gas sector in Nigeria. We see significant benefits from integrating our production, with our ability to power Nigeria, through Transcorp, and deliver value across the energy value chain.
“I would like to thank Shell, Total and ENI, for the professionalism of the process, the Federal Government of Nigeria, the Ministry of Petroleum Resources, and the NNPC for the confidence they have placed in us.”
Tony Elumelu is the Chairman of Heirs Holdings Limited, Transcorp and United Bank for Africa Plc.
Exporters Say CBN Pre-export Requirements is Frustrating Export of Goods
Exporters have said the recently introduced pre-export requirements by the Central Bank of Nigeria is creating unnecessary bottlenecks for exporters and the movement of goods out of the country.
Exporters, who spoke under the aegis of the Network of Practicing Non-oil Exporters of Nigeria (NPNEN), said the electronic Nigeria Export Proceed Form now required by financial institutions from exporters had come with so many challenges.
Ahmed Rabiu, the President, NPNEN, explained that the new policy had several requirements that often led to delays and loss of income on the part of exporters.
He said, “We acknowledge the CBN’s desire to ensure that all exports out of Nigeria are documented in order to ensure that the proceeds of such exports are repatriated.
“However, the reality on the field shows that the process is causing undue delays and consequently, encouraging corruption.”
According to them, in the new pre-export requirements, the Central Bank of Nigeria wants an export transaction to be initiated through eNXP processing on the trade monitoring system.
After which exporters are expected to have a pre-shipment inspection agent, the Nigeria Customs Service and other designated government agencies carry out their pre-export inspections.
The exporters said the pre-shipment inspection agent was expected to issue a clean Certificate of Inspection while Customs would issue the Single Good Declaration. All these they said takes time and delay goods from leaving the country on time.
Pointing to a recent report, they said about N868 billion worth of goods bound for export were stuck at the ports due to the new policy.
Speaking further Rabiu said, “For example, for the PIA to issue the CCI, the exporter is required to upload a certificate of origin as one of the supporting documents for the eNXP.
“The PIA is also required to upload the CCI to the TRMS(M) and until this is done, the Customs service will not issue the Single Good Declaration.”
He added, “After issuing the SGD, the customs is further required to upload it into the TRMS before the goods are allowed to be gated into the port and loaded on the vessel by the shipping line.”
Ardova Plc in Talks to Acquire Enyo Retail and Supply Limited
Ardova Plc, Nigeria’s leading integrated energy company, has commenced discussions to acquire Enyo Retail and Supply Limited.
According to the statement issued and signed by Oladehinde Nelson-Cole, Ag. Company Secretary/General Counsel, Ardova Plc, Enyo is one of the newest and fastest-growing retail and supply companies in the downstream sector.
It stated, “This announcement is pursuant to the acceptance in principle of AP’s offer and acquisition framework by the shareholders of Enyo, it is subject to the successful completion of a due diligence exercise and the receipt of all required regulatory approvals.”
“This announcement is pursuant to the acceptance in principle of AP’s offer and acquisition framework by the shareholders of Enyo, it is subject to the successful completion of a due diligence exercise and the receipt of all required regulatory approvals.”
Speaking on the yet to be completed deal, Mr. Olumide Adeosun, CEO, Ardova Plc, said upon completion, Ardova will retain the Enyo branded stations which will operate side by side with the Ardova brand while simultaneously leveraging on the strengths of Ardova and its group companies.
He added that the two companies are determined to conclude the deal by the end of Q1 2021.
Enyo presently operates over 90 stations across the nation and attends to over 100,000 retail customers on a daily basis.
Ardova Plc and Enyo Retail & Supply Limited promised to furnish stakeholders with more information on the progress of the deal.
Finance4 weeks ago
Central Bank Closes 42 Microfinance Banks
Finance4 weeks ago
Zenith Bank Invests Over N12 Billion in Targeted Interventions, Posts N178 Billion PAT
Finance4 weeks ago
CBN Closed All Naira Accounts of IMTOs
Cryptocurrency4 weeks ago
US Securities and Exchange Commission Goes After Ripple(XRP)
Crude Oil4 weeks ago
Brent Crude Oil Dropped 1.9 Percent Amid Fast-spreading New Coronavirus
News2 weeks ago
Heartbroken American Mistress Displays Dangote’s Buttocks in a Viral Video
News4 weeks ago
Nigeria Prefers NIN Linked SIM Cards to Health as Crowd Gathers at NIMC Enrolment Centres
News2 weeks ago
FCMB Group MD Links to Death of Tunde Thomas, Husband of Married Staff He Fathered Her Kids