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NMRC, MFBs Raise N4.5bn for Affordable Housing Scheme

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  • NMRC, MFBs Raise N4.5bn for Affordable Housing Scheme

The Nigerian Mortgage Refinancing Company has signed an agreement with the Ogun State Property Investment Corporation, Imperial Homes, TrustBond and Homebase Mortgage Bank for the construction of affordable houses for Nigerians.

The agreement, which was consummated in Abuja, is part of measures aimed at stimulating housing development in the country.

Speaking at the signing of the Memorandum of Understanding, the Managing Director/Chief Executive Officer, NMRC, Prof. Charles Inyangete, said the partnership was a market development initiative designed to boost the capacity of OPIC to build more affordable houses for the citizens.

He said the move would provide the much needed liquidity and empower the three partner mortgage banks to give more long-term mortgage loans to potential house owners in the Ogun and Lagos environs.

This, he noted, would help to ensure that a ready and effective demand for properties developed by OPIC existed so that the funds invested could be quickly recovered and ploughed back into the construction of more houses.

Under the terms of the agreement, the NMRC boss said participating mortgage banks would provide mortgage loans to applicants who meet the company’s strict underwriting standards for the purchase of the houses built by OPIC.

As an expression of their commitment to the success of the scheme, he said the consortium of banks had committed N1.5bn each, totalling N4.5bn to the project.

Explaining the strategic role of the NMRC in the partnership, he said the company would refinance the mortgage loans given by the banks to potential homeowners.

The NMRC, according to him, will do this by buying the stock of mortgages provided by the banks, using its long term debt instruments sourced from the capital market.

Inyangete stated, “The objective is to ensure that the mortgage banks retain sufficient liquidity to provide more mortgages to more people for the purchase of OPIC properties, and in the process, help to gradually expand the circle of home ownership in the Ogun and Lagos environs.

“The partnership with OPIC, in collaboration with Imperial Homes, TrustBond and Homebase mortgage banks, marks an important milestone in the NMRC’s effort to develop the mortgage market.

“It is our belief that the business financing model that we have developed will significantly strengthen OPIC’s positioning as a potent catalyst for housing development in Ogun State.”

Also speaking at the event, the Managing Director, OPIC, Mr. Babajide Odusolu, said the partnership held great promise for the achievement of the corporation’s plans of being the dominant provider of quality and affordable housing in Ogun State.

“This partnership gives a big boost to the plans of OPIC to build and offer quality houses under a mortgage system that is affordable and convenient for aspiring homeowners to take,” he added.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others

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Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.

Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.

For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.

 

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Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director

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Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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FG Reopens Osubi Airport Warri for Daylight Operations

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FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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