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Nigeria To Benefit From $150bn SME Investment

SMEs

Nigeria, alongside other countries in West Africa, are set to benefit from a new funding to be raised by CBO Investment to develop small and medium enterprises (SME) in the sub region. CBO Investment Management is a West Africa investment firm based in Lagos, Nigeria and founded in 2008. The firm is managed by Managing Partners Bex Nwawudu & Chuka ...

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Diversion Of Mortgage Funds Disservice To Humanity – Experts

By Nkasiobi Oluikpe, Lagos It is a well established fact that mortgage is a fundamental requirement for housing delivery the world over. There is no developed part of the world where people are said to pay cash for housing. And like experts have mentioned variously, the only way the ostracized low income group can ever transit into being home owners is ...

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How CBN, NSITF Contribute To Nigeria’s Housing Deficit

Godwin Emefiele, CBN Governor and Sunday Thomas, DG, Nigeria Insurers Association (NIA)

By Nkasiobi Oluikpe, LAGOS When the then administration of Ibrahim Babangida adopted the National Housing Policy of 1991, it gave birth to the establishment of the National Housing Fund (NHF) which was backed up by Decree no. 3 of 1992, as a mandatory scheme to mobilise cheap and long term funds for housing development. The Fund was channeled through the ...

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Implementation: Bane Of Mortgage Policies

President Muhammadu Buhari  and Ya’u Kumo

By Nkasiobi Oluikpe, LAGOS Nigeria has been described by many as a country not lacking in policy formulation, but on implementation. Once a need is said to be detected, the governments swoop into action by constituting a committee to look into the situation. The committee begins to sit, formulates and presents a policy to the government who in turn gives ...

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High Cost Of Building Materials, Challenge To Housing Provision

President Muhammadu Buhari  and Bisi Ogunjobi, Chairman, Federal Mortgage Bank of Nigeria (FMBN)

By Nkasiobi Oluikpe, LAGOS Experts have indicated that between 50 to 60 per cent of the total construction input goes into building materials. As a result, there is an urgent need to address the high cost of these products which is said to have slowed down the growth of the mortgage system. As government makes efforts at housing delivery for ...

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Controversy Trails N24.5b Housing Bond As Mature Day Nears

• Kumo

By Obas Esiedesa, Abuja and         Nkasiobi Oluikpe, Lagos   With about a week to the maturity of date of the Series 3 Bond Guaranteed by the Federal Government of Nigeria which has an obligation to pay N24.564 billion to Note holders, controversy surrounding the payment has thrown the industry into confusion. In 2007, the administration of ...

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NMRC Holds Workshop on Public Awareness, Capacity Building

Mr. Kehinde Ogundimu, Chief Finance Officer, Nigerian Mortgage Refinancing Company (NMRC) left; Professor Charles Inyangete, Chief Executive Officer, NMRC; Mrs. Adenike Fasanya-Osilaja (President, MV Professional Solutions), and Mr. Thomas Olorundare, Director-General, Nigerian Insurers Association (NIA) at the NMRC workshop on public awareness and capacity building for mortgage sector operators in Lagos.

By Bamidele Ogunwusi Lagos   The Nigerian Mortgage Refinancing Company (NMRC) recently, organised a workshop on public awareness and capacity building for mortgage sector operators and stakeholders. Speaking at the opening of the workshop in Lagos, the Managing Director/ Chief Executive Officer (CEO), NMRC, Charles Inyangete, said the objective of the workshop is partly to sensitise and prepare the mortgage operators ...

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Mortgage finance: Creating access to informal sector

Jonathan

The past three years have witnessed a drastic improvement in housing finance in Nigeria, as it has become the key driver of economic development, political stability and forming a substantial part of Nigeria’s Gross Domestic Product (GDP). Our Correspondent, Bamidele Ogunwusi, writes; Records have shown that the demand for housing and housing finance in Nigeria is significantly growing with huge ...

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FG hails private partnership in housing finance, delivery

The Federal Government has once again hailed the private sector initiative in mortgage finance in the country, which has resulted into delivery of housing units across the country just like the  Federal Mortgage Bank of Nigeria (FMBN)/ Sky Diamond Estate in Kaduna recently inaugurated  by Vice President, Namadi Sambo. At the event, Sambo said the administration was pleased to note ...

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PMB, subscribers tango over Lagos estate

With Imperial Homes having allegedly been conferred with the ownership of Safe Court Estate, a residential estate located within a fast-growing city, Ikate- Elegushi neighbourhood in Eti-Osa Local Government Area of Lagos State, there are still squabbles on two units of the estate. Presently, there are pending two suits before a Lagos High Court over the property, the claims in ...

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Firm partners FMBN, others to build 1,000 houses

Mrs. Akon Eyakenyi, Minister of Lands and Housing

By Bamidele Ogunwusi /Correspondent, Lagos   There seems to be a renewal of hope in housing delivery in the country as more private sector participants are joining the government in providing affordable housing for the public. The latest entrant is Le Venue Property Development Company (LVPD) Limited, a member of the Le’ Venue Group, which has concluded plans to build ...

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Stakeholders identify mortgage drawbacks, proffer solution

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By Bamidele Ogunwusi  / Correspondent, Lagos    Stakeholders in the nation’s mortgage sector are not unmindful of drawbacks that has militated against the growth of the sector and they have also identified efforts at redressing these drawbacks. Making a salient contribution on the vexed issue of mortgage in the country, the Managing Director, UACN Property Development Co Plc, Mr Hakeem Oguniran, ...

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Rebased GDP: Challenges of mortgage sector

mortagage

One of the major highlights of the recent rebasing of the Nigerian Gross Domestic Product (GDP), now valued at $510, was the revelation of the performance of the various sectors of the national economy and their impact or contribution to the overall performance of the economy. Our Correspondent, Bamidele Ogunwusi examines the contribution of the mortgage sector to the nation’s ...

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NMRC will soon start impacting mortgage market – Expert

Managing Director of TrustBond Mortgage Bank formerly known as  Intercontinental Homes, Mr Adeniyi Akinlusi, has given thumbs up to the establishment of the  Nigerian Mortgage Refinance Company (NMRC), a special mortgage refinancing vehicle which was launched early this year. Akinlusi, whose firm has secured a national licence to operate all over the country and has also invested substantially on NMRC,  ...

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NMRC will soon start impacting mortgage market – Expert

Managing Director of TrustBond Mortgage Bank formerly known as  Intercontinental Homes, Mr Adeniyi Akinlusi, has given thumbs up to the establishment of the  Nigerian Mortgage Refinance Company (NMRC), a special mortgage refinancing vehicle which was launched early this year. Akinlusi, whose firm has secured a national licence to operate all over the country and has also invested substantially on NMRC,  ...

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Stakeholders identify mortgage drawbacks, proffer solution

Stories by Bamidele Ogunwusi  /  Correspondent, Lagos    Stakeholders in the nation’s mortgage sector are not unmindful of drawbacks that has militated against the growth of the sector and they have also identified efforts at redressing these drawbacks. Making a salient contribution on the vexed issue of mortgage in the country, the Managing Director, UACN Property Development Co Plc, Mr ...

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SMEDAN to partner Globacom on e-commerce platform for MSMEs

The Small and Medium Enterprises Development Agency of Nigeria, (SMEDAN) and Communication giant, Globacom, have agreed to partner on ways to alleviate cumbersome nature of transacting business between SME operators and their customers. Based on this, the Gloworld SME Cluster Unit will come up with various platforms and e-commerce solutions that would enhance the efficiency and effectiveness of MSMEs in ...

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Tackling confidence question in mortgage sector

There is no doubt that the nation’s mortgage sector has gone through phases. The sector in the last three decades has also experienced the good, the bad and the ugly.  But lately, there seems to be a ray of hope with the emergence of the Nigerian Mortgage Refinance Company (NMRC). Our Correspondent, Bamidele Ogunwusi, examines the big question of what ...

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Mortgage banks partner developers on affordable housing

By Bamidele Ogunwusi  / Correspondent, Lagos   Three leading primary mortgage banks in the country, Abbey Mortgage Bank, Imperial Homes and TrustBond have entered into an ambitious partnership with four developers in the country, Gran Imperio Group, Ocean Springs Estates Limited, Vestril Limited and White Oak Real Estate Limited to develop 93 hectares of land into an affordable housing project. The ...

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NMRC targets new payroll system for mortgage refinancing

By Bamidele Ogunwusi  / Correspondent, Lagos   The Nigeria Mortgage Refinance Company (NMRC) has stated that it requires the full implementation of the Integrated Personnel and Payroll Management System for civil servants in order to conform to the eligibility criteria for mortgage refinancing as a total of 66,402 applicants are seeking slots in the 10,000 homes to be constructed by the ...

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Ogun revives Gateway Savings

While some state governments have found it difficult to keep their mortgage firms in business, the Ogun State Government has recapitalised  Gateway Savings and Loans, a primary mortgage bank jointly owned by Gateway Savings and loans, with equity of 57 per cent and Ogun State Property Investment Corporation (OPIC) and Ogun State Housing Corporation which both owned 43 per cent ...

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NDIC sets corporate governance, risk management agendas for banks

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By Bamidele Ogunwusi  /Correspondent, Lagos   Nigeria Deposit Insurance Corporation (NDIC) has urged operators of Primary Mortgage Banks (PMBs) to embrace good corporate governance and sound risk management practices to avoid creation of huge toxic assets that could put insured deposits at risk. Chief Executive Officer of NDIC, Alhaji Umaru Ibrahim, gave the advice  in Lagos at the NDIC sensitisation ...

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Group says Nigeria needs effective mortgage system

In view of the reality where Nigeria lacks creation of mortgages that will assist desirous Nigerians to own their own houses effortlessly, the Financial Derivatives Council has warned that Nigeria may not come out of the housing quagmire if it’s mortgage banking is non-functional. The Council said Nigeria cannot expect to make remarkable progress in residential real estate without a ...

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FMBN, NMRC will operate without rancor – Kumo

Gimba Ya’u Kumo is the Managing Director of the Federal Mortgage Bank of Nigeria (FMBN). He  spoke recently to journalists, including our Correspondent, Bamidele Ogunwusi, on the Banks’ potentials to change the face of mortgage sector in the country and make it more appealing to Nigerians; as well as functions of the bank and the Nigerian Mortgage Refinance Company (NMRC). ...

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Mortgage loans: NMRC advocates full implementation of IPPIS

Just in line with its readiness to begin full operations, Nigeria’s newly established secondary mortgage institution, the Nigerian Mortgage Refinance Company (NMRC), has advocated complete implementation of the Integrated Personnel and Payroll Management System (IPPIS) by civil servants in order to conform with the eligibility criteria for NMRC refinancing. As part of its role to develop the mortgage market by ...

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