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The Federal Mortgage Bank of Nigeria (FMBN) has issued an off-taker guarantee of N100 billion for the construction of 100,000 housing units

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The Federal Mortgage Bank of Nigeria (FMBN) has provided an off-taker guarantee of approximately N100 billion to a consortium of developers constructing 100,000 housing units nationwide.

During a courtesy visit by Ekiti State Governor Biodun Oyebanji, FMBN Managing Director Shehu Osidi emphasized the bank’s commitment to partnering with individuals and state governments to provide mortgage financing to eligible applicants.

Osidi explained that the FMBN is a mortgage institution that finances homeownership for citizens. However, due to the limited availability of affordable housing, the bank has expanded its operations to include construction financing.

He affirmed the FMBN’s willingness to continue financing construction projects in states provided that affordable off-takers are secured for the completed units.

While reiterating that the FMBN is a major partner in Presidents Tinubu’s pronouncement to turn the country into a major construction centre, by the massive construction of houses across the country that will also create employment and grow the economy, the managing director said all FMBN mortgage financing are affordable, explaining that his Bank is the only financial institution in the country that provides mortgage financing at a single digit.

“Affordability is a function of two variables and so it is relative. All of the houses that are financed by the FMBN are affordable. I say this because the essence of establishing the Bank is to provide mortgage financing to Nigerians at six percent which is the lowest you can find anywhere in the country. The Commercial Banks are doing between 25 to 28 per cent interest, while the FMBN is offering mortgages at six per cent. Our construction finance window is at 9.5 per cent. We are the only bank in Nigeria that finance construction at single digit as well as provide mortgages at single digit. Affordability is possible and its relative, it depends on the type of house you want to build”.

“We have different types of loans. We have a window for what we call the self-employed Nigerians, based on their income. If they agree on what they want to contribute to the national housing fund on a monthly basis and have contributed for about six months, they become eligible to apply for our mortgage loans.

They can access mortgages mortgages depending on their affordability. We also have an individual construction loan window where an individual who has a CofO approaches the Bank to take a loan to build a house by himself”, he said.

Earlier, Ekiti State Governor Biodun Oyebanji, represented by Special Adviser on Bureau of Housing and Mortgage Development Dr. Gboyega Oloniyo, emphasized the state government’s high priority for providing shelter to its residents. He highlighted their partnership with the FMBN to deliver housing units to end-users who have contributed to the Federal Housing Fund over the years.

Governor Oyebanji acknowledged Ekiti State’s significant housing deficit and pledged to construct approximately 2,000 housing units to address this challenge.

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Lagos schedules meeting with owners of distressed buildings.

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The Lagos State Government has said it would soon arrange a meeting with developers/owners of distressed buildings on how best to address the redesign and remodelling of such structures by November.

This was disclosed recently by the Commissioner for Physical Planning and Urban Development, Oluyinka Olumide, at a function in Alahusa, Lagos.

Olumide said the prevalence of distressed buildings in different parts of the state was worrisome and needed the urgent attention of all stakeholders.

He said, “The Ministry of Physical Planning and Urban Development as mandated by the Lagos State Urban and Regional Planning and Development Law, 2019, as amended, was willing to extend its responsibility for approving the remodelling of existing buildings to provide technical assistance to developers and owners of distressed buildings, especially on the design and remodelling of such buildings.

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FG threatens contractors over Enugu-Onitsha road delay

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The Federal Government has instructed the contractors responsible for the 107km Enugu-Onitsha road dualization to expedite the project.

This directive was given by the Minister of Works, Senator David Umahi, during a meeting with MTN, the Enugu State Government, and the contractors, RCC Ltd and Nigercat Ltd, on Friday.

According to a statement released on Friday, the minister said he is disappointed over the slow pace of work on the project, he said, “Let me express my disappointment over the slow pace of work on that project. It is one of the worst roads in this country.

“Everywhere we have diversion; diverting from the one that RCC and Nigercat had completed, the contractors are not kind enough to even put stone based on the diversion points.”

He added, “So, by the reason of the launching of our Operation Free our Roads, it is now a violation of the policy on the side of the controllers and directors of the Federal Ministry of Works where we have vehicles falling on any project that is ongoing or where there are potholes on our roads.”

He also blamed the sufferings of road users on the lack of commitment and insensitivity of the contractors.

“The public must know that the President’s intention is not for them to suffer while trying to fix the roads, and it is their right to insist that contractors should fix the roads that they are engaged on,” he said.

The Minister commended the Enugu state government for their resolve to fund the construction of a 20 KM section of the road and expressed hope that MTN would execute the second phase of the project.

He noted, “Why the Enugu State government is intervening is because of the slow pace of work by the contractors and because of funding issues. The essence of tax credit is for funds to be made available. And so, I don’t see RCC going to keep their promise to finish this project in 6 months.

“My advice to MTN is to look for another contractor within that axis if they want to get the job done. Division of labour is even the best. While they are doing the road, and if Nigercat is doing a good job, you can give them greater scope to do if you want to finish that job.”

He warned contractors that the Federal Government would not accept phased handovers of projects and has phased out Variation of Price in contract administration.

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Ekiti state government mediates land dispute between traditional ruler and family in Epe-Ekiti

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The Ekiti State government has intervened to resolve a longstanding land dispute between the Elepe of Epe-Ekiti, Oba Ayodele Adesoye, and the Atolagbe family. The government cautioned against the misuse of modernization as an excuse to disregard traditional customs.

In line with the community’s traditions, the government has ordered the release of resources, including palm trees at Oko Oba Farmland, to Oba Adesoye for his administration. This decision ensures the continued adherence to age-old practices.

Ekiti State Deputy Governor, Chief (Mrs) Monisade Afuye, announced the resolution in Ado-Ekiti. The decision was made after considering the Elepe’s claim to Oko Oba Farmland based on historical evidence.

Mrs. Afuye acknowledged the Elepe’s right to be the custodian of Oko Oba Farmland, citing longstanding traditions that support his claim. The decision reflects the importance of respecting historical practices and ensuring their preservation.

The deputy governor, however, told the monarch in clear terms that other princes and princesses from all the three ruling houses should be allowed to farm on the land without payment of royalty.

Mrs Afuye appealed to the community to comply with the government’s position to restore unity, peace and orderliness to the beleaguered community.

Oba Adesoye expressed gratitude for the government’s decision and pledged to foster peace and unity between the throne and the community, aiming to accelerate Epe’s development.

Representing the Atolagbe family, Dr. Yemi Agbeleoba acknowledged their willingness to cede Oko Oba Farmland to the monarch. However, he emphasized the need for all three ruling houses to participate for a lasting and traditional solution.

Agbeleoba expressed appreciation for the government’s directive, believing it will contribute to resolving the long-standing conflict.

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