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CBN, Others Unveil New Homeownership Scheme

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Roofers work on new homes at a residential construction site in the west side of the Las Vegas Valley in Las Vegas
  • CBN, Others Unveil New Homeownership Scheme

A new scheme targeted at providing improved access to housing finance to aspiring homeowners has been unveiled by stakeholders in the industry.

The scheme, known as My Own Home and domiciled with the Central Bank of Nigeria, is also expected to among other things provide awareness, education and practical tips to assist prospective homeowners in need of long-term housing finance.

The public-private partnership scheme, according to the stakeholders, has the support of the World Bank, the Federal Ministry of Finance, the Federal Ministry of Power, Works and Housing, Federal Ministry of Justice, Mortgage Banking Association of Nigeria, as well as primary mortgage banks through equity stake taken in the Nigeria Mortgage Refinance Company.

At the launch of the scheme in Lagos, recently, the CBN’s Housing and Mortgage Finance Consultant on the Nigeria Housing Finance Programme, Mrs. Adenike Fasanya-Osilaja, stated that the initiative would provide mortgages, mortgage guarantee and insurance as well as housing microfinance to every Nigerian in need of a home.

She said the NMRC had already started addressing housing finance issues by refinancing long-term mortgages, which was a major problem for the primary mortgage market in the country.

“Every Nigerian has a right to own a home through mortgage. There seems to be a fear of taking mortgages but this programme seeks to dispel the style of building block by block. Nigerians should go to their banks and ask questions because this is a scheme to help every Nigerian who needs a home,” Fasanya-Osilaja said.

According to her, the initiative will provide housing finance to Nigerians who are up to the age of 21 and meet the borrowing requirements of a mortgage originating bank or a housing microfinance bank.

She said it would also provide mortgage literacy and education, the occupation or literacy level of an aspiring homeowner notwithstanding.

She however noted that the scheme would not provide ready-made houses but was designed to jumpstart the housing finance market.

“Once it starts, the banks will take over to give loans, which will help aspiring homeowners. All they need to do is ask participating mortgage originating banks or housing finance institutions for requirements to participate,” she added.

According to her, the programme is not run by the government and will not be affected by any change in leadership.

She said, “It is an industry-driven programme and the industry will remain the same irrespective of government and political parties in power. The scheme does not have its base in social housing and so sustainability is assured; it does not discriminate on the basis of income.

“If you are able to pay your rent, then, you can subscribe to the scheme. It is a paradigm shift for homeownership in Nigeria and we will spread the initiative to all parts of the country.”

The scheme, she stated, would have a tenor of 15 years to 25 years, depending on the age of the borrower, their income and desired tenor and would be available to eligible applicants with insufficient or no equity contribution.

The President of MBAN, and Chief Executive Officer of Trustbond Mortgage Bank Plc, Mr. Nyi Akinlusi, said the scheme was a major project involving both the primary and secondary markets.

He said, “Economic growth is propelled by housing because it creates jobs. This scheme will create a total change. When there is a market boom, there will be capital inflow and with all the relevant stakeholders working together, we can have the Nigeria of our dream.

“The scheme will promote social stability among the millennial as everyone will be engaged in doing one thing or the other, have a source of income and be able to buy a house.”

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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Banking Sector

Access Holdings Plc Plans $1.8 Billion Capital Raise

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Access bank

Access Holdings Plc, the parent company of Nigeria’s leading bank, Access Bank Plc, has unveiled ambitious plans for a $1.8 billion capital raise aimed at fueling its expansion efforts over the next four years.

The strategic move comes as Access sets its sights on becoming one of the largest lenders on the African continent.

During a conference call with investors in Lagos, executives outlined the company’s intention to raise $1.5 billion, or the naira equivalent, through the issuance of shares, bonds, or other financial instruments.

Also, Access aims to generate up to 365 billion naira ($257 million) by selling shares to existing investors.

Bolaji Agbede, acting group chief executive officer, clarified that the current fundraising initiative primarily involves a rights issue.

The capital infusion is earmarked to support Access’s ambitious growth plan, which commenced last year.

The bank intends to expand its footprint into new markets, including Morocco, Egypt, and the United States, as part of a broader strategy to double the share of assets outside its home market by 2027.

With operations spanning 22 countries, including the United Arab Emirates and the UK, Access Bank is positioning itself for significant international growth.

The recent appointment of Bolaji Agbede as acting group CEO follows the passing of co-founder and former CEO, Herbert Wigwe, adding a layer of significance to the bank’s future direction.

Access’s acquisition of National Bank of Kenya Ltd. underscores its commitment to expanding its presence in East Africa’s largest economy.

As Access Bank charts its course for expansion, the $1.8 billion capital raise signals its determination to seize opportunities in a rapidly evolving financial landscape, both domestically and across the African continent.

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Finance

OPEC+ Production Cuts and Geopolitical Tensions Propel Oil Price to Over $87

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Crude oil - Investors King

Oil price surged past the $87 price level on Thursday on the back of production cuts by OPEC+ nations and escalating geopolitical tensions.

Brent crude oil, against which Nigerian oil is priced, rose by $1.39 or 1.6% to $87.48 a barrel, its highest level since October 27.

OPEC+, the alliance of major oil-producing nations, has remained resolute in its commitment to curtail output, effectively tightening the supply of crude in the market.

Despite calls for increased production to alleviate soaring prices, the alliance has opted to maintain its course, further buoying the market sentiment.

Simultaneously, geopolitical tensions have added fuel to the fire. Attacks on Russia’s energy infrastructure, particularly by Ukraine, have sparked concerns over potential disruptions to the global oil supply chain.

Despite diplomatic efforts to deter such actions, the situation remains precarious, contributing to market anxieties.

Analysts suggest that these price surges may have long-term implications for global economies, particularly for oil-importing nations heavily reliant on stable energy prices.

Furthermore, the impact of rising oil prices on inflation and consumer spending patterns remains a point of contention among economists and policymakers.

As the world watches with bated breath, the trajectory of oil prices hinges on a delicate balance between geopolitical developments, OPEC+ policies, and the broader economic landscape.

For now, the $87 threshold serves as a stark reminder of the volatility and interconnectedness inherent in the global energy markets.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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