Godwin Emefiele Says Development of Housing Market Will Grow the Economy
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has stated that the development of Nigeria’s housing market is key to growing the economy and the Gross Domestic Product (GDP). The apex bank Governor made this known at the three-day African Union for Housing Finance (AUHF) conference held in Abuja recently.
The Governor lamented that the non-availability of long term capital to boost mortgages was the major challenge militating against the country’s housing market. The CBN boss further stated that mortgages were not run by credit or short-term investment. Emefiele, was represented by the bank’s director, Dr. Ahmed Abdullahi.
CEO, NMRC, Prof Charles Inyangete, Minister of Power Works and Housing, Babatunde Raji Fashola, CEO Financial Derivatives Company Ltd, Bismarck Rewane, were some of the guests present at the conference
Culled from Punch
World Bank Asks FG to Create Affordable Housing Investment Plan
Finance specialists from the World Bank has said that Nigeria needs to boost housing development by facilitating an environment conducive for investors. One of the team members Mr. Thierno-Habib Hann, Senior Housing Finance Regional Lead at the International Finance Corporation (IFC), in a presentation, stated that housing finance can be expanded by making mortgage markets affordable.
Mr. Thierno-Habib Hann was of the opinion that Nigeria had the necessary capital to finance affordable housing programmes and does not need capital from other countries to finance affordable housing.
He also said that Nigeria needs the right mechanism and methods for turning domestic naira investments into housing. He listed other factors that could boost housing investment as appropriate support and targeted subsidy policies, the refocusing of government interventions and restructuring of failing housing banks.
Culled from Guardian
Civil Servants in Delta State Want Revival of Housing Loan Scheme
Members of the Delta State civil service scheme have laid their complaints to the office of the state Governor calling on him to urgently revive the moribund housing loan scheme to enable civil servants in the state own houses.
Chairman of the union, of civil servants in the state Mr. Tony Oki, stressed the need for proper funding saying that the scheme alleviated the burden of workers to own houses in the past. He said the hash economic had negatively impacted on their monthly take home.
He further appealed to the state government to remit the outstanding deductions to the various co-operative organizations.
Culled from Punch
FG To Build 300, 000 Low Cost Houses, Create 700, 000 New Jobs
Finance Minister, Mrs Kemi Adeosun has revealed that the ministry has adopted a housing finance strategy that would lead to the construction of about 300, 000 affordable homes to be supported by mortgages. She also revealed that the building project would provide about 700, 000 new jobs across different professions. She stated that foreclosure law and expedited legal process was needed to support the development of mortgage markets in Nigeria.
The minister stated this at the recently concluded African Union for Housing Finance. Mrs Kemi Adeosun was represented by Mr. Seye Senfuye who spoke on the need for monetary policies to support low interest rate as a means of boosting activities in the mortgage market
Culled from Punch
FG Injects N350bn to Grow The Economy
The Federal Government in a bid to stimulate economic activities says it is releasing additional N350bn for capital projects captured in the 2016 budget. The Minister of Finance, Mrs. Kemi Adeosun, said this was an intervention taken by the government to restore the economy which is currently in recession.
The minister said that the release of the additional N350bn will amount to N760bn as total capital releases made by the government. According to her the government wishes to step in and begin to spend while pushing more money into the economy. Out of the N350bn, the government would be setting aside N60bn for the implementation of the social intervention programmes.
Culled from Thisday
Nigeria to raise $1 billion in Eurobond market
Nigeria plans to raise $1 billion on the Eurobond market this year in a move designed to plug a budget deficit, said the country’s finance minister, Mrs. Kemi Adeosun on Friday.
The minister said the government had earlier this month approved the plan to issue international debt for the first time since 2013.
“The bonds are expected to go on sale in December, with the proceeds channelled into capital projects. The government will be seeking loans from the World Bank, the African Development Bank, China Exim Bank and the Japan International Cooperation Agency “said the minister
Culled from Vanguard
South Africa’s Construction Group – Murray & Roberts Sells Off Business
South Africa’s largest construction group, Murray & Roberts is to sell its infrastructure and building businesses. The exit by Murray & Roberts from infrastructure and building markets comes as continuous earnings per share fell 10% according to the company’s provisional report for the year to June. Attributable earnings in the period increased by 15% to R753m from R881m a year earlier. The exit follows government’s low spending on major infrastructure projects as there has also been concern over Chinese construction companies potentially garnering billions of rands of infrastructure work in SA at the expense of local firms.
Henry Laas, the chief executive of the Johannesburg-based company will now focus on three core sectors in future namely; underground mining, oil and gas and power and water.
However, Murray & Roberts will not close their operations in the Middle East and its investment in the Bombela Civils Joint Venture, the Bombela Concession Company and the Bombela Operating Company.
Culled from Africapropertynews
PPC’s Cement Plant Ready for Completion in Zimbabwe
PPC’s cement plant in Zimbabwe is scheduled for completion this year with the cement maker aiming to increase sales in the rest of Africa.
CEO Darryll Castle said it is business as usual on the cement site as the mill, is expected to add 700,000 tonnes to PPC’s annual capacity. Despite Zimbabwe’s economic downturn, PPC has been there since 2000, and its plants are among the best and modern in Southern Africa, serving both Zimbabwe and neighbouring export markets.
PPC has investments in Rwanda, Ethiopia and the Democratic Republic of Congo (DRC) with plans to make 40% of turnover from the rest of Africa by 2017.
Culled from Africapropertynews
Brent Mortgage Bank Introduce Mortgage Products to bridge housing deficit
A leading banking institution in the country Brent Mortgage Bank Limited has introduced three mortgage financing products to curb the housing deficit.
Managing Director of the Bank, Mr. Kola Abdul during the launching of the products, revealed that the products were designed and aimed at Nigerians living in the country and in diaspora who desire to own a comfortable but affordable house.
The products, which were code-named: BRENTO – Brent Rent to Own; BREHOP – Brent Retirement Home Plan; and BHODA – Brent Home Ownership Diaspora Account, were offered at a competitive interest rates. According to him, the first two products focused on Nigerians at home while the last was designed for Nigerians abroad.
Culled from Allafrica
Real Estate Firm Launches Rent-To-Own Initiative
A real estate investment company NatanelFlorens Limited, has launched a rent-to-own initiative known as Rent-Own-Earn. The company’s Executive Director, Marketing Services, Mr. Yinka Daramola, explained that the company is driven by the need to reduce the high rate of inability to access houses by at least one per cent in the next 10 years. Mr. Yinka further stated that the company had already acquired about 500 to 600 units of houses through the developers’ scheme and that 90 per cent were currently on lease by Nigerians.
Explaining further, Mr. Daramola, said that the rent-to-own initiative, has zero interest rate and equity contribution, with 15 to 20 years tenure. According to him, interested home buyers can start by paying rent and harmonising it for 15 to 20 years with no equity contribution, zero interest rate and the rate remains flat for the tenure of the transaction.
Daramola stated that up to 3,000 people had signed up and were awaiting assets they could own.
Culled from Punch
Court Grants AMCON Interim Judgement against CityScape
The Asset Management Corporation of Nigeria (AMCON), has been granted an interim order against Cityscape International Limited a real estate company for debts amounting to N6Billion.
The presiding judge said the order was pursuant to Sections 34, 35 and 48 of the AMCON Act 2010; Section 6 of the AMCON (Amendment) Act 2015, and the Deed of Appointment pending the outcome of the Motion on Notice filed along with the motion.
Meanwhile, AMCON has appointed Mr. Anire Kanyi, as receiver to Cityscape, Justice A.M. Anka, the presiding judge, while accepting the order on the application of counsel to AMCON, restrained the Managing Director/Chief Executive Office of Cityscape, Akinwale Akinmusire, Cityscape directors, shareholders, agents, servants, employees and or privies, from demanding, involving with or otherwise obstructing or frustrating the appointed Receiver over the assets of the company.
One of assets included in the order is the property at Buena Vista Estate, Lafiaji Town, Lekki, Lagos State, measuring 25.52 hectares.
Culled from Nigeriatoday