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FG Partners Academy to Train Real Estate Practitioners

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Nigeria Mortgage Refinance Company NMRC
  • FG Partners Academy to Train Real Estate Practitioners

As part of its sensitisation moves towards boosting the mortgage and real estate business in the country, the Federal Government through its parastatal, Centre for Management Development, and Mortgage and Real Estate Academy have concluded plans to commence the training of practitioners in the industry.

The Chairman of the institution and Managing Director of Western Atlantic Corporation Limited, Dr. Ade Akinfolurin, said the training would commence with a luncheon in Lagos on September 19.

He said the public-private partnership was designed to help stakeholders key into the opportunities in the industry.

He said, “A nation that cannot provide housing is already a failed state. The partnership with the CMD is apt considering the fact that this is an area that has not been focused on before now. The CMD has the FG’s mandate to provide capacity and we are leveraging that.

“The upcoming luncheon will flag off the entire training programme of the academy, and secure the interest of the participating public in the development of the nation’s mortgage and real estate industry. It is also meant to further instill public confidence in President Muhammadu Buhari-led administration that through the academy, a new horizon in delivery of the much needed human capacity in the mortgage and real estate industry could be achieved.”

According to him, the luncheon is to buttress the importance of the academy, taking into consideration the Federal Government’s mandate to the various stakeholders in the discharge of their responsibilities.

“Most importantly, it is a demonstration of the fact that government is desirous of genuine partnership with the private sector to develop the economy,” he said.

Akinfolurin said the first batch of trainees would be 70 with all the primary mortgage banks, state governments’ representatives, real estate developers, the Federal Mortgage Bank of Nigeria, the Nigerian Mortgage Refinance Company and the Federal Housing Authority, among others, expected to be in attendance.

Although the proposed training programme was supposed to have commenced in 2016, Akinfolurin said its take-off was postponed till September 2017 to enable the Federal Government to perfect some areas of the programme for a comprehensive coverage that would address all issues in the industry.

“It was also to ensure that the training facilities of the CMD are enhanced for these high end training opportunities. The academy will provide first-class training and workshops that are structured for the Nigerian economy; hence relevance is very key here,” he said.

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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Business

NCDMB and NEXIM Sign $30 Million Agreement to Support Oil and Gas Services Firms

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The Nigerian Content Development Monitoring Board (NCDMB) and the Nigerian Export-Import Bank (NEXIM) yesterday signed a $30 million agreement on working capital and capacity building fund to support oil and gas services firms.

Simbi Wabote, Executive Secretary, NCDMB and Managing Director, NEXIM Bank, Abba Bello, signed the funding agreement at the Abuja office of the Nigerian content monitoring agency.

Wabote said the Oil Producers Trade Section, Independent Petroleum Producers Group and Petroleum Technology Association of Nigeria had raised concerns over funding challenges confronting oil services firms, as this had made most of the companies to consider downsizing their staff.

He said, “The OPTS and IPPG had at some point raised before the NCDMB the inability of most indigenous contractors to provide services to them due to challenges of funding.

“This was especially when we got struck by the COVID-19 pandemic. I recall receiving several letters particularly from IPPG trying to see how we can support this.”

He added, “I also recall receiving similar letters from PETAN when the COVID-19 struck and most of their members had nothing to do anymore.

“This is because companies were shut down and their members were threatening on how to downsize and take Nigerians off their payrolls.

“Based on this, we then set up a committee to say how do we support these firms with the provision of working capital.”

Wabote noted the roll-out date for the fund would be July 1, 2021 and that the fund size of $30m would be boosted by matching funds of the same amount to be provided by NEXIM in naira (to be converted at prevailing official exchange rate).

“The scheme shall cover loans for working capital support and capacity building, oil service contracts, invoice discounting including acquisition of low-end equipment to service short-term contracts/service obligations,” he stated.

He said the target market comprised Nigerian oil service providers which belonged to a professional association in the Nigerian oil and gas industry and commercially viable with a business relationship with either an international oil company or a major Nigerian oil firm.

“Maximum amount that can be borrowed by a single obligor is $1m or its naira equivalent at the official exchange rate prevailing at the time of borrowing,” Wabote said.

He added, “Tenor shall be up to 12 months for working capital loans and up to three years for capacity building loans with moratorium of up to 12 months.

“The applicable interest rate shall be five per cent per annum all-in for dollar-denominated loans and eight per cent all-in per annum for naira-denominated loans and the rate shall be fixed throughout the tenor of the loan.”

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Appointments

LivingTrust Mortgage Bank Appoints Mr. Timothy Olorunsogo Gbadeyan as Company’s Secretary

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LivingTrust Mortgage bank has appointed Mr. Timothy Olorunsogo Gbadeyan as company secretary/head of legal services.

The bank disclosed in a statement signed by Ikechukwu Omuku, the Finance Officer/Head, Investor Relations, LivingTrust Mortgage Bank Plc.

The statement reads “We wish to notify The Nigerian Stock Exchange and the investing public of the appointment Mr. Timothy Olorunsogo Gbadeyan as Company Secretary/Head, Legal Services of LivingTrust Mortgage Bank Plc.

“Mr. Gbadeyan is a consummate corporate attorney with experiential background in deals advisory, real estate finance, facioring, general commercial transactions, corporate governance, company secretarial services and regulatory compliance. Until his appointment, he was the Head of Legal Services of Infinity Trust Mortgage Bank Plc.”

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Farmforte, Others Signs MoU To Strengthen and Sustain Growth in Agricultural Sector

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Farmforte Limited has signed a strategic Memorandum of Understanding with the Agricultural Fresh Produce Growers and Exporters Association of Nigeria; HYBR, a pan-African innovation firm; and ALTS, a consulting and strategy development firm.

The firm said in a statement on Sunday that the partnership would strengthen common interest cooperation and stimulate inclusive and sustainable growth within the agricultural sector, by capitalising on the synergy and comparative advantage offered by each organisation.

Speaking during the signing ceremony, Farmforte Co-Chief Executive Officer, Osazuwa Osayi, said, “Our mid to long-term strategic goals are further reaffirmed, as this partnership will facilitate the sharing of knowledge, ideas, and expertise across the agricultural sector.

“We will collectively address initiatives and approaches concerning agricultural investments, food security, and the overall robustness of the value chain.”

He said the collaboration would also unlock the full potential of the sector and place it on a renewed path for success, especially within a post-pandemic economy.

The President of AFGEAN, Tajuddeen Dantata, said, “By creating dialogue and fostering investment in the horticulture sector, this partnership will endeavor to support Farmforte in its exporting efforts by improving operational efficacy and cost-savings, while ultimately driving socio-economic growth in the country.”

The Chief Executive Officer, HYBR, Charles Ojei, said to drive inclusion, sustainability, job creation, and Nigeria’s overall economic growth, the optimisation of the agriculture value chain was critical.

“This collaboration is a fusion of the complementary capabilities of all partners to move a bigger agenda forward.”

The Managing Partner, ALTS, Akintunde Sawyerr, said, “The goal of this partnership is to support Farmforte’s vision of becoming the largest agribusiness by 2035 via scalable and world-class innovation across its enterprise.”

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