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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.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Goya Foods Takes Legal Action to Assert ‘Goya Olive Oil’ Trademark Ownership

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Goya Foods

“Goya Olive Oil” trademark in Nigeria, Goya Foods Incorporated has initiated legal proceedings against the Registrar of Trademarks under the Federal Ministry of Trade and Investment.

The case, numbered FHC/ABJ/CS/883/2023, was brought before the Federal High Court in Abuja.

Goya Foods, a prominent producer and distributor of foods and beverages across the United States, Spanish-speaking countries, and Nigeria, seeks to enforce a longstanding consent judgment issued by the court in December 2006.

The judgment directed the Registrar to rectify the Trademarks Register to reflect Goya Foods Incorporated as the rightful owner of the “Goya Olive Oil” trademark, without any further formalities.

The lawsuit, exclusively revealed to sources, underscores Goya Foods’ determination to safeguard its intellectual property against alleged infringements.

According to court documents, Goya Foods obtained the consent judgment against Chikason Industries Limited, which was accused of marketing “Goya Olive Oil” in Nigeria, thus infringing on Goya Foods’ registered trademark.

Legal counsel for Goya Foods, Ade Adedeji, SAN, emphasized the necessity of rectifying the Trademarks Register to protect their trademark interests effectively.

Despite appeals to the Registrar, the requested rectification has not been implemented, prompting Goya Foods to escalate the matter through legal channels.

The case has been adjourned to September 27, 2024, for further proceedings, highlighting the complexity and significance of trademark disputes in the global marketplace.

Goya Foods remains committed to upholding its brand integrity and securing its proprietary interests amidst the evolving landscape of international trademark law.

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IOCs Accused of Blocking Direct Crude Sales to Dangote Refinery

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Dangote Refinery

Dangote Industries Limited (DIL) has accused International Oil Companies (IOCs) of obstructing direct crude oil sales to its refinery and forcing the company to use costly middlemen.

This development comes after a statement by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) suggested a “willing buyer-willing seller” dynamic was in place as mandated by the Petroleum Industry Act (PIA).

Devakumar Edwin, Vice President of DIL, countered NUPRC CEO Gbenga Komolafe’s claims, stating that IOCs consistently make it difficult for local refiners by pushing sales through international trading arms, which inflate prices and bypass Nigerian laws.

“These middlemen earn unjustified margins on crude produced and consumed within Nigeria,” Edwin stated.

He noted that only one local producer, Sapetro, has sold directly to DIL, while others insist on using trading arms abroad.

Edwin detailed the financial impact, citing instances where DIL was charged a $2-$4 premium per barrel above the official price.

In April, DIL paid $96.23 per barrel for Bonga crude, which included significant premiums, compared to a much lower premium for West Texas Intermediate (WTI) crude.

While acknowledging NUPRC’s support in resolving some supply issues, Edwin urged the regulatory body to revisit pricing policies to ensure fair market practices.

“Market liquidity is essential for fair pricing. We hope NUPRC addresses these issues to prevent price gouging,” he stated.

This dispute highlights ongoing challenges in Nigeria’s oil sector, where domestic refiners struggle to secure local crude amidst complex market dynamics.

The outcome of these negotiations could significantly impact the refinery’s operations and broader industry practices.

The situation underscores the need for transparent and efficient crude supply systems to bolster Nigeria’s refining capacity and economic growth.

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Dangote’s $20 Billion Refinery to Begin Petrol Sales Next Month

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Petrol - Investors King

Aliko Dangote announced on Monday that his long-awaited $20 billion refinery complex will commence petrol sales starting next month.

The announcement came during a press briefing held at the refinery site in Lagos, where Aliko Dangote, Africa’s richest man, detailed the project’s progress and future plans.

“We are proud to announce that the Dangote Refinery will begin selling petrol from August,” Dangote stated confidently.

“This milestone marks the culmination of years of meticulous planning, construction, and overcoming numerous challenges.”

Dangote’s refinery, touted as the largest single-train refinery in the world, is designed to process 650,000 barrels of crude oil per day once fully operational.

The facility aims to not only meet Nigeria’s domestic demand for refined petroleum products but also contribute significantly to export markets across West Africa.

“We have entered the steady-state production phase earlier this year, and now we are ready to begin commercial sales,” Dangote explained. “Initially, we will focus on petrol production, with plans to expand our product range as we ramp up to full capacity.”

The refinery’s launch is expected to alleviate Nigeria’s longstanding dependence on imported refined products, thereby boosting the country’s energy security and reducing foreign exchange outflows associated with fuel imports.

Beyond petrol sales, Dangote revealed ambitious plans to list both the refinery and its associated fertilizer plant on the Nigerian Exchange Group (NGX) by the first quarter of 2025.

This move aims to attract broader investor participation and unlock additional value for shareholders.

“We are committed to transparency and accountability in our operations,” Dangote emphasized. “Listing these subsidiaries on the NGX will not only strengthen our corporate governance framework but also enhance the refinery’s financial sustainability.”

Challenges and Future Prospects

Despite celebrating the imminent commencement of petrol sales, Dangote acknowledged challenges encountered during the project’s execution, including delays in securing land for a petrochemical facility in Ogun State, which incurred substantial costs.

“We faced bureaucratic hurdles that resulted in significant delays and financial losses,” Dangote lamented. “Nevertheless, we remain steadfast in our commitment to advancing Nigeria’s industrial capabilities and contributing to economic growth.”

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