Connect with us

Business

FMBN Disburses N23.3bn Home Renovation Loans

Published

on

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.

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.

Continue Reading
Comments

Business

APM Terminals in Talks with Government for Terminal Upgrade in Apapa

Published

on

apapa

APM Terminals is engaging in discussions with the government for a significant upgrade at its Apapa terminal.

Keith Svendsen, the Chief Executive Officer of APM Terminals, disclosed the company’s ambitious plans aimed at accommodating vessels with deep drafts and large ship-to-shore cranes.

The upgrade is part of APM Terminals’ long-term vision to bolster import and export opportunities in the country, create employment, and diversify local opportunities.

Svendsen emphasized the importance of fortifying existing port infrastructure, especially in Lagos, to manage increasing trade volumes effectively.

“While greenfield terminals like Lekki and later on Badagry would support economic growth in the long run, the more urgent requirement is in our view to upgrade the existing port infrastructure,” Svendsen commented.

The proposed upgrades seek to facilitate smoother operations, providing seamless connectivity through road, rail, and barge networks to mainline shipping.

Svendsen highlighted the unique position of the Apapa port in offering access to international markets for Nigerian importers and exporters, leveraging not only road but also rail and waterways, utilizing barges.

APM Terminals has been a pivotal player in Nigeria’s maritime sector for close to two decades. The company’s commitment to the nation’s economic growth is underscored by its proposed investment of over $500 million, subject to a long-term partnership with the government.

The Apapa terminal is a vital gateway for trade, handling a significant portion of Nigeria’s container traffic.

Furthermore, APM Terminals’ operations in Lagos and Onne collectively manage about half of the containers in Nigeria, demonstrating their pivotal role in the country’s logistics landscape.

The proposed upgrades signify APM Terminals’ dedication to supporting Nigeria’s economic reforms and attracting international investments.

The company has already invested over $600 million since its inception in Nigeria in 2006, directly employing approximately 2,500 Nigerians and indirectly contributing to employment for about 65,000 individuals.

“At APM Terminals, we believe strongly in the prospects for the Nigerian economy and the long-term opportunities that the current economic reforms and invitation for international investments will generate,” Svendsen affirmed.

As talks between APM Terminals and the government progress, stakeholders are optimistic about the positive impact of the proposed terminal upgrades on Nigeria’s maritime sector and overall economic development.

Continue Reading

Business

Uber Rolls Out Flex Pay Feature: Daily Earnings for Nigerian Drivers

Published

on

Uber

Uber has rolled out a feature in Nigeria that promises to revolutionize the way drivers receive their earnings.

Dubbed “Flex Pay,” this innovative initiative allows Uber drivers across the country to access their earnings daily, a significant departure from the previous weekly payment system.

The announcement came during a recent media briefing led by Tope Akinwumi, Uber Nigeria’s country manager.

Akinwumi expressed the company’s commitment to supporting its drivers by introducing Flex Pay, which aims to help drivers meet their financial obligations more promptly and efficiently.

With Flex Pay, drivers now have the flexibility to access their earnings directly through their mobile wallets on a daily basis.

This move is poised to bring about a host of benefits for drivers, offering them greater financial stability and control over their finances.

In addition to the introduction of Flex Pay, Uber also unveiled a set of new features designed to enhance the driver experience on the platform.

One such feature is the ability for drivers to see upfront details about a trip request, including the destination and expected fare.

This added transparency empowers drivers to make more informed decisions about which trips to accept, ultimately improving their overall experience on the platform.

Speaking about the new features, Akinwumi emphasized Uber’s commitment to prioritizing the needs and feedback of its driver-partners.

He highlighted the company’s ongoing efforts to innovate and develop solutions that enhance the driver experience and ensure their satisfaction with the platform.

“We are constantly listening to feedback from our driver-partners and striving to provide them with the tools and support they need to succeed,” said Akinwumi.

“The introduction of Flex Pay and other new features is a testament to our commitment to empowering our driver-partners and enhancing their experience on the Uber platform.”

The implementation of Flex Pay marks a significant milestone for Uber in Nigeria, demonstrating the company’s dedication to driving positive change and innovation in the ride-hailing industry.

As drivers begin to benefit from daily earnings and increased transparency, Uber is poised to strengthen its position as a leading provider of flexible earning opportunities in the country.

Continue Reading

Appointments

Exxon Mobil’s $1.28 Billion Asset Sale to Seplat Energy Set for Approval, Ending Two-Year Wait

Published

on

exxonmobil

After a prolonged two-year wait, Exxon Mobil’s anticipated $1.28 billion asset sale to Seplat Energy is poised for approval by Nigeria’s oil regulator.

The deal, which has been in limbo since 2022, could finally see the light of day following recent communication from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Gbenga Komolafe, the chief of NUPRC, revealed to Reuters on Thursday that the regulatory body is on the verge of giving its consent to the transaction.

Komolafe disclosed that Exxon Mobil and Seplat Energy are scheduled to attend a pivotal meeting on Friday, during which they will discuss the final steps towards approval.

He expressed optimism, stating, “Subject to the outcome of the meeting, consent… could be given in less than two weeks from the date of the meeting.”

According to Komolafe, NUPRC will present the companies with two mutually exclusive options, the acceptance of which would pave the way for the deal’s approval.

While he didn’t delve into specifics, he emphasized that Nigerian law mandates provisions for decommissioning, host community development, and environmental remediation.

“We don’t want our nation to carry unwarranted financial burdens arising from the operations of the assets over time by the divesting entities,” Komolafe asserted, underscoring the importance of responsible asset management.

The $1.28 billion sale holds immense significance for Nigeria’s oil industry, which has faced challenges stemming from underinvestment and security concerns in recent years.

With oil majors like Shell and TotalEnergies divesting from onshore shallow water operations due to security issues, regulatory approval of the Exxon-Seplat deal could inject much-needed capital into the sector.

Analysts view the impending approval as a potential catalyst for improved oil output in Nigeria. Moreover, it could serve as a positive signal to investors, paving the way for similar deals in the future.

The regulatory clearance of Shell’s asset sale to Renaissance in January has further bolstered expectations regarding the viability of such transactions.

As Nigeria looks to revitalize its oil sector and attract investment, the imminent approval of Exxon Mobil’s asset sale to Seplat Energy marks a significant milestone, bringing an end to a prolonged period of uncertainty and setting the stage for renewed growth and stability in the country’s vital energy industry.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending