Metro
Addressing Mortgage Financing Hitch, Key to Housing Delivery – Fashola
The Minister of Works and Housing, Mr Babatunde Fashola, says addressing the issue of access to mortgage financing is the panacea to housing delivery challenge in the country.
Fashola said this at the opening of the Board/Management Retreat of the Federal Mortgage Bank of Nigeria (FMBN) on Monday, in Abuja.
The retreat is with the theme: ”Strategy Repositing for Optimised Performance, Organisational Culture Change and Informal Sector Integration’’.
According to him, one of the obstacles of access to housing is the one that impedes access to finance, and this must be removed.
“If we fail to remove this impediment, then we will be failing in the reason for setting up the bank.
“There must be something done to help people pays their rents via their salaries, especially the problem of two-three years rent payment demand by landlords in advance from tenants whose salaries come in arrears,’’ Fashola said.
He, therefore, advised the bank to collaborate with the Nigeria Deposit Insurance Corporation contributors’ fund like other commercial banks do.
Fashola added that this would go a long way to finance the mortgage of contributors since there was nowhere in the world that government does 100 per cent housing financing.
While commending the bank’s board and management for the services rendered such as home refurbishment loans and introduction of the rent to own initiative, he charged them to focus the retreat on better ways to serve the people.
Fashola said that performance and repositioning were key to setting up the bank to provide housing services to the people.
On his part, Mr Ayodeji Gbeleyi, Chairman, Board of Directors, FMBN called for the review of both the FMBN and National Housing Fund (NHF) Acts to incorporate increment in the bank’s share capital.
“Give more flexibility in determining share capital structure in line with emerging realities. There is the case to amend the NHF Act to increase the accretion of contributors to the funds through percentage increase in contributions.
“Source diversification, adoption of initiatives to attract banks and insurance companies and other prospective contributors to participate actively in the NHF scheme.
“The Land Use Act has no specifics provisions for the foreclosure of mortgages and this poses a challenge for investors, as mortgages can take undue advantage of the gap to delay the foreclosure process.
Gbeleyi said to close the gap, states should be encouraged to put in place foreclosure laws through their States Houses of Assembly, adding that only Lagos and Kaduna states had enacted their foreclosure laws.
In his address, Mr Madu Hamman, Managing Director, FMBN said the need to re-focus the direction of the bank was driven by the need to re-align its strategic targets in the light of prevailing economic, financial and social realities.
Also to re-configure the strategy document to incorporate the vision and focus of the bank’s new leadership in implementing Mr President’s mandate for affordable housing delivery to Nigerians especially those in the low and middle income brackets.
“Our collective vision for FMBN in the future is a financially viable and highly adaptive bank capable of adequately coping with the vagrancies of a world transiting, from a volatile, uncertain, complex and ambiguous environment.
“To a brittle, anxious, non-linear and incomprehensible environment as a result of the COVID-19 pandemic and other emergence and unfolding factors.
“To this end, the bank’s strategy document must become the tool for managing a constantly shifting environment as well as one for identifying and utilising opportunities that such challenges may present,” he said.
Hamman said FMBN had therefore adapted “to be the preferred mortgage institution providing reliable and affordable access to homeownership for Nigerian’’ as its corporate vision.
He said that this vision was guided by the mission statement“ to drive the delivery of accessible and affordable homeownership by providing sustainable liquidity, innovative products and services and excellent customer service’’.
Also speaking, Mr Ebilate Mac-Yoroki, President, Mortgage Banking Association of Nigeria (MBAN), said it was imperative for FMBN as one of the virile secondary mortgage market institutions to reposition itself to harness its full potential.
Mac-Yoroki said that the bank should taking cognizance of the current economic realities in the country into consideration while trying to reposition.
”A Board /Management retreat such as this will be ideal to challenge the status quo, tackle difficult issues and forge a camaraderie for the overall benefit of the entire sub-sector.
“The five-year strategy blueprint being articulated by the management demonstrates its commitment toward housing financing in Nigeria.
“In view of the critical importance of the housing financing banking sub-sector to national economic development through its linkages with the money and capital markets and its multiplier effects through spending on housing related materials,” he said.
In a paper presented by the Managing Director, Bank of Industry, Mr Olukayode Pitan, on `Institutional Turnaround for the Next Level’ advocated continuity in the management of the banks.
According to him, lack of continuity in the persons that manage the affairs of the banks is a major setback for the growth and development of the bank.
Pitan called on the bank to have a strategy informed ambition with clearly articulated and properly defined steps in order to achieve set goals.
He also advised the bank to go for long term borrowing especially from pension funds and be ready to implement any decision collectively agreed upon.
Newsmen report that some of the highlights include, health talk on `Mental Health Epidemic: The Big Effect of COVID-19 by Dr Olusola Ephraim-Oluwanuga, Consultant Psychiatrist.
She advised people to get professional help when they could not manage stress.
Newsmen also report that the high point of the event was the official launch of FMBN Corporate Statements by the minister. (NAN)
By David Torough, Abuja
The Secretary to the Government of the Federation (SGF), Senator George Akume, has urged the Code of Conduct Tribunal (CCT) to fully embrace digital technology in the administration of justice to improve case management, records administration and overall operational efficiency.
Akume made the call on Tuesday in Abuja while receiving the Chairman of the Code of Conduct Tribunal, Dr.
Mainasara Umar Kogo, and members of the tribunal’s management team during a courtesy visit to his office.He said the adoption of digital tools aligns with the Federal Government’s ongoing drive to modernise public institutions through digital transformation, improved service delivery and stronger inter-agency coordination.
“The Tribunal should continue to embrace technology to improve case management, records administration and overall operational efficiency in line with the Federal Government’s digital transformation agenda,” the SGF said.
Akume commended the tribunal for its role in promoting integrity, accountability and ethical standards in Nigeria’s public service, describing its constitutional responsibility of adjudicating breaches of the Code of Conduct for public officers as a key component of the country’s anti-corruption framework.
He said the President Bola Tinubu administration remains committed to institutional reforms, public sector efficiency and the rule of law, stressing that strong institutions such as the CCT are essential for sustainable national development, economic growth and boosting investor confidence.
The SGF also reaffirmed the Federal Government’s commitment to strengthening institutions that promote transparency, accountability and responsible public service in line with the Renewed Hope Agenda.
He called for greater collaboration among government institutions to advance integrity and accountability, assuring the tribunal of the continued support of the Office of the Secretary to the Government of the Federation within its statutory mandate.
Akume further encouraged the CCT to deepen engagement with Ministries, Departments and Agencies (MDAs) to improve compliance with ethical standards and constitutional obligations through public enlightenment, training, awareness campaigns and effective enforcement.
Earlier, the Chairman of the Code of Conduct Tribunal, Dr. Mainasara Umar Kogo, said the visit was to brief the SGF on the tribunal’s achievements over the past year.
He said the tribunal had implemented far-reaching reforms aimed at strengthening its institutional capacity and improving the delivery of justice.
These included inspection visits to all its zonal offices to assess operational needs, improve performance and address challenges affecting service delivery.
Kogo also disclosed that the tribunal had strengthened collaboration with other anti-corruption agencies and civil society organisations to enhance coordination in the fight against corruption and improve the administration of justice.
He announced that the tribunal had cleared all inherited and pending cases, leaving it with no case backlog, and pledged to sustain ongoing reforms, deepen institutional partnerships and continue delivering impartial, timely and efficient justice to Nigerians.
From Sylvia Udegbunam, Enugu
MainPower Electricity Distribution Limited (MEDL) has restored power supply to parts of Enugu metropolis, which witnessed darkness.
Some parts of Enugu metropolis, under the Band A tariff regime, during the weekend witnessed three consecutive days of blackout.
The Head, Communications of MainPower, Emeka Ezeh, disclosed this in a statement he issued on Tuesday in Enugu.
According to him, MainPower wishes to inform its esteemed customers that power supply to the Gariki Injection Substation was successfully restored on Monday.
“This is following the successful resolution of a major fault involving the indoor 11kV breaker at the station.
“The fault, which occurred on Friday, July 17, affected electricity supply to customers served by the Army and Gariki 11kV feeders.
“Consequently, normal electricity supply has now been restored to all affected areas,” he said.
Ezeh appreciated residents and customers for their patience, understanding and cooperation throughout the outage.
He noted that the company remained committed to delivering safe, reliable, and improved electricity services to its customers and residents of the state.
It would be recalled that MainPower, which is a subsidiary of the Enugu Electricity Distribution Company (EEDC), is in-charge of electricity distribution in Enugu State.
By David Torough, Abuja
As the 2027 general elections draw nearer, the Secretary to the Government of the Federation (SGF), Senator George Akume, CON, has expressed optimism that Benue State is on course to reclaim its former prominence, assuring residents that renewed efforts are underway to restore the state’s lost glory.
This comes as political heavyweights from the All Progressives Congress (APC) in the state pledged loyalty to Akume’s leadership.
Speaking when he hosted political bigwigs including erstwhile loyalists to the Governor of Benue State, Rev.
Fr. Hyacinth Alia, Akume thanked them for their support and commitment, urging them to remain united and focused on the collective development of the state.The group, which cuts across the three senatorial districts of Zone A, Zone B and Zone C, was led by a former Executive Secretary of the Nigerian Shippers Council, Emmanuel Jime.
Akume, a former Benue State Governor, said the unity and cooperation among APC stakeholders remained critical to sustaining political stability and ensuring that the aspirations of the people were achieved.
The SGF who emphasised the importance of teamwork among party members, assured the delegation that his leadership would continue to prioritise the interests of Benue people while working towards restoring the state’s economic and political relevance.
He called for continued support for the administration of President Bola Tinubu, noting that the Renewed Hope Agenda was designed to bring sustainable development and improve the lives of Nigerians.
He commended the political experience, capacity and intellectual depth of the attendees, assuring them that they were not “internally displaced politicians” but respected stakeholders with valuable contributions to make to the political development of the state.
“I know that the President, in a most unprecedented manner, has pushed a lot of money to the states and the local governments. All the tiers of government have access to the Federation Account. If we can’t develop our state, it’s not a fault of Mr. President. He is doing what he is supposed to do for the country and for the states, and Benue is no exception”, he said.
Extending an olive branch to all leaders and stakeholders, Akume assured that he harboured no resentment towards any politician in the state, urging them to unite and work collectively towards securing victory for President Bola Tinubu in the forthcoming presidential election.
Reminiscing on his time as Governor of Benue State from 1999 to 2007, he said the state attracted unprecedented development, investments and infrastructure projects under his administration, which contributed significantly to the socio-economic transformation of the state.
He noted that his tenure laid the foundation for growth and progress, adding that his administration prioritised initiatives aimed at improving the living conditions of the people and positioning Benue for greater opportunities.
The highlight of the event was the unanimous endorsement of President Bola Tinubu’s bid for a second term in office, alongside a resounding vote of confidence in the leadership of Akume. The notion was moved by a former Deputy Speaker, Benue State House of Assembly, Dan Ali, seconded by former Attorney General of the state, Barr. Joe Abaagu.
Leader of the delegation, Emmanuel Jime, expressed concern over the deteriorating state of democracy in the state, alleging that democratic values and principles had been relegated.
He urged the SGF to use his position and influence to reposition the APC in the state by restoring the party’s democratic values, principles and ideals. He appealed to Akume to champion a return to internal democracy, inclusiveness and fairness, which he described as essential for strengthening the party and rebuilding confidence among its members.
He recounts an experience from the 2003 election when he ran for the House of Representatives election where the SGF was then Governor, highlighting Akume’s empathy and leadership.
“That, Your Excellency, was the lesson that I imbibed as one of your students. The lesson of humility, and the lesson of saying to even those who are downtrodden that you have a shoulder that they can lean on, and that, Your Excellency, was the reason why we became very closely associated with your politics. Today, we have in place a situation that has turned 360 degrees”, he said.
Other political leaders at the event include Douglas Pepe (SAN), Prof. Cephas Tushima, Peter Ashiekaa and Prof USAR.
The delegation also had Qs Beetseh, Joy Liga, Chief Nelson Alapa, Patrick Idoko, Hon David Igbosa, Austin Agbada, Dr. Msoo Igbo among others.
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