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FMBN Disburses N23.3bn Home Renovation Loans

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FMBN
  • FMBN Disburses N23.3bn Home Renovation Loans

The Federal Mortgage Bank of Nigeria has disbursed a total of N23.3bn under its Home Renovation Loans window, its Managing Director, Mr Ahmed Dangiwa, said.

Dangiwa stated that the amount was disbursed to 28, 363 beneficiaries across the country.

Speaking at a cheque presentation ceremony to members of the Lagos State Public Servant Housing Cooperative, where he was represented by the Executive Director, Loans and Mortgage Services, FMBN, Hajia Rahimatu Aminu-Aliyu, he stated that the bank remained committed to providing opportunities for Nigerian workers who contributed to the National Housing Fund.

Dangiwa said, “It is pertinent to note that a total sum of N23.3bn has so far been disbursed by the Federal Mortgage Bank of Nigeria to 28,363 beneficiaries across the country under the Home Renovation Loan window.

“Just recently, one of the most ambitious housing delivery programmes in this country, the National Affordable Housing Delivery Programme in collaboration with the Nigerian Labour Congress, the Trade Union Congress and the Nigerian Employers’ Consultative Association was launched by the bank.

“It is a programme to deliver affordable houses to Nigerian workers in every state of the federation. As we speak, the pilot projects have commenced in earnest in five states. The pilot phase is to deliver 100 houses in each of two states across the six geo-political zones of the country.”

According to him, the Home Renovation Loan is one of the several products of the bank, aimed at ensuring contributors to the NHF benefit from the scheme.

He stated that the FMBN Home Renovation Loan was created for the purpose of renovating an existing structure, at six per cent for tenure of five years maximum.

Under the HRL window, on Friday, the bank gave out cheques worth N56.84m to members of the Lagos State Public Servant Housing Cooperative through the FMBN Ikeja office.

Dangiwa said the bank remained determined to provide affordable mortgages to Nigerian workers as part of its initiatives to complement President Muhammadu Buhari’s housing sector reforms.

“The over N56m released through FMBN Ikeja office, would assist beneficiaries to put their abode in a suitable manner,” he said.

He said the funds were sourced from 2.5 per cent of the basic income of Nigerian workers earning the minimum wage and who were 18 years and above.

He said, “The overall objective is to provide cheap source of loanable funds to nurture and sustain the mortgage industry and eventually facilitate affordable home-ownership for the low and medium income group in the country.

“Section 14 (2) of the National Housing Fund Act Cap N.45 of 1992 stipulates that a contributor to the Fund can access a loan from the Fund for the purpose of building, purchasing or renovating of existing houses. In order to achieve this, FMBN has developed concessionary loan windows to enable Nigerians access mortgages for homeownership.”

Dangiwa, however, stated that the realisation of the mandate had been hampered by several challenges which included lack of access to land.

“Some of these challenges are inadequate funding for the housing sector, inaccessibility of mortgage loans due to lack of proper title to landed properties. Others are low income of prospective borrowers which affects affordability, cumbersome procedures for obtaining Governor’s consent to land transactions which is also costly,” he said.

He, however, applauded the commitment and cooperation of members of Lagos State Public Servants Housing Cooperative.

The State Coordinator, FMBN Ikeja office, Mrs Margaret Sowande, said the cooperative was receiving the HRL for the third time and that the bank was ready to do more.

“Today’s N56.84m was released to 68 beneficiaries in the third batch,” she said

Sowande urged all Nigerians above 18 years, working in the public and private sectors to register with FMBN and subscribe to the National Housing Fund.

The President of the cooperative, Mr Samuel Okedara, said N132.52m had been disbursed to 157 members in the three batches as of May, 2019.

He added that in 2017, N28.50m was disbursed to 37 members of the cooperative, while N47.43m was disbursed to 52 beneficiaries in 2018.

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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Dangote Commits $700M To Sugar Production In Support of Backward Integration Policy

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Dangote Sugar Refinery Plc

The management of Dangote Sugar Refinery Plc has said it is committing over $700m to its sugar projects to support the Backward Integration Policy of the Federal Government to make Nigeria self-sufficient in sugar production.

According to a statement issued on Sunday by Dangote Industries Limited, the company disclosed this to visiting members of the Nasarawa House of Assembly on Friday.

The company noted that Nigeria was one of sub-Saharan Africa’s largest importers of sugar, second only to South Africa with an annual import of over $337m.

The Dangote Sugar management however assured the lawmakers that with the completion of its sugar projects in Nasarawa and Adamawa under the BIP, the nation would be saved more than half of the forex expended on sugar imports annually.

It added that the investment would also lift its people as other people-oriented infrastructures would come with the sugar projects.

The state lawmakers commended the Dangote Group for the choice of the state for the project and the accelerated pace with which the project was being executed, despite occasional delays arising from communal disagreements.

General Manager for the BIP, Dangote Sugar, John Beverley said when the factory was fully operational, it would have the capacity to crush 12,000 tons of cane per day, while 90MW power would be generated for both the company’s use and host communities.

He also disclosed that some 500km roads in all would be constructed to ease transportation within the vicinity. He solicited the support of the lawmakers in controlling the menace of land encroachment by settlers and itinerant farmers.

The Speaker of the Nasarawa State House of Assembly, Ibrahim Abdullah, and his team members, who were conducted around the company’s 78,000 hectares BIP in Tunga Awe Local Government Area commended the company for the project.

Abdullah noted that it would not only open up opportunities in the state but in Africa as a whole, and said the lawmakers were ready to partner and support the company towards the realisation of the sugar project through the relevant legislation.

When phase II of the project is completed, according to the company, it will make it the largest sugar refining plant in Africa.

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French Trade Advisors pledge Massive Investment In Lagos Free Zone

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The Conseillers du Commerce Exterieur (French Foreign Trade Advisors) has expressed readiness to invest massively in the Lagos Free Zone (LFZ) being developed by the Tolaram Group as they endorsed the zone as the ideal industrial destination for French businesses in Nigeria.

This was made known on Thursday, April 15, 2021, during a visit to the Lagos Free Zone. The delegation led by the Ambassador of France to Nigeria, His Excellency Jerome Pasquier accompanied by his Economic Advisor, the Consulate General of France in Lagos and the Conseillers du Commerce Exterieur comprising of CEOs of several French businesses in Nigeria.

Speaking during the visit, the Ambassador of France in Nigeria, His Excellency Jerome Pasquier explained that the aim of the visit of the Conseillers du Commerce Exterieur to Lagos Free Zone (LFZ) was to discover the opportunities in the Lagos Free Zone and the Lekki Port project, which is expected to have a huge positive impact on businesses in Nigeria.

Pasquier commended Tolaram Group, the promoter of the zone, for the foresight of integration of Lekki Port into the master plan of the Lagos Free Zone (LFZ), which would serve as the gateway for import and export from the zone thereby giving businesses in the zone a competitive edge.

The Ambassador also commended the Lagos Free Zone (LFZ) for its Master Plan for the zone which includes world-class infrastructure that is in line with its vision to be the preferred industrial hub and investment destination in West Africa.

“I am impressed by the huge size of the Lagos Free Zone project. We are very happy that the French companies will be deeply involved in this Lagos Free Zone project. It is really impressive to see how ambitious this project is. The French Minister was in Nigeria yesterday and I explained to him that Nigeria is a country where we can have big projects. For us, this project means big opportunities and that explains why we need to be here. We are happy to be here and work with Tolaram Group”, he added.

It is noteworthy to mention that the first French company to be established in the Lagos Free Zone is the terminal operations arm of CMA – CGM which has established a subsidiary within the Lagos Free Zone and is the appointed operator for the container terminal operations scheduled to commence at Lekki Port next year.

In his remarks, the Chief Executive Officer, Lagos Free Zone (LFZ), Mr. Dinesh Rathi assured the Ambassador of France and the Conseillers du Commerce Exterieur that the zone remains the best destination for investment in Nigeria and the West African sub-region given the seamless integration with Lekki Port and the world-class infrastructure provided by Lagos Free Zone.

Explaining the configuration of the zone, Rathi disclosed that the clustering is planned in line with the international best practices of Work, Live, and Play. He stated that the land-use plan of the Lagos Free Zone allocates 70 percent area towards industrial developments, 20 percent towards logistics and support services while the real estate will cover the remaining 10 percent.

He also stated that Lagos Free Zone (LFZ) has simplified the process of business entry and operation in the zone in line with the Federal Government of Nigeria’s Ease of Doing Business policy.

“We have made it very easy for the business to berth and take off at zone by making our process less cumbersome and friendly, we are open for business 24/7 and willing to help investors to settle in very fast,” he said.

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AIICO Refutes Claims of Non-Remittance of Pension Assets to PTAD

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AIICO Insurance Plc has refuted claims of non-remittance of pension assets to the Pension Transitional Arrangement Directorate (PTAD).

This was disclosed recently in a statement by Segun Olalandu, the Head, Strategic Marketing and Communications Department.

It stated: “The attention of the Management of AIICO Insurance Plc. has been drawn to a recent report in the media on allegations of non-remittance of pension assets to the Pension Transitional Arrangement Directorate (PTAD).

“AIICO Insurance Plc. hereby wishes to inform the public that all pension assets due for remittance have been duly transferred to PTAD since the year 2017, in full compliance with the directive. Both parties are presently engaged in a reconciliation exercise to conclude the process. We implore the public to disregard any information that may suggest otherwise as there is no basis to that effect.”

Mr. Segun assured that AIICO Insurance Plc. remains a responsible corporate citizen of Nigeria and will continue to engage the best practice in all its business activities and operations in line with extant laws and regulatory provisions guiding its practice.

AIICO Insurance is a leading composite insurer in Nigeria with a record of serving our customers that dates back over 50 years. Founded in 1963, AIICO provides life and health insurance, general insurance, and investment management services as a means to create and protect wealth for individuals, families, and corporate customers.

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