Federal Mortgage Bank of Nigeria (FMBN) has inaugurated an electronic platform for collection of National Housing Fund (NHF) deductions from employers of labour.

Simply called the NHF e-collection platform, the device makes it possible for NHF deduction, collection and remittance to be done electronically by all designated commercial banks in Nigeria through their existing information technology structures.

A statement by the bank on Sunday quoted the Managing Director, Chief Executive Officer, FMBN, Mr. Gimba Ya’u Kumo, as saying in Abuja that once a designated NHF collection bank had issued instructions by an employer to pay monthly salaries to its employees’ bank accounts, the corresponding NHF components of the salaries would be automatically deducted and instantly channelled into a dedicated NHF collection account.

He added that a payment schedule indicating the identity of each employee and amount contributed by the employee was also automatically generated and FMBN immediately credits each contributor’s NHF contribution account with the corresponding amount remitted for that month.

Kumo said, “The e-collection platform will address a number of problems facing the NHF scheme, such as refusal of some employers to deduct their employees’ NHF contributions, failure of some employers to remit NHF contributions after deducting such contributions from their employees and failure of some employers to provide remittance schedules to FMBN. All these sharp practices enable some unscrupulous employers of labour to misappropriate NHF monies or even embezzle such funds.”

Essentially, the NHF e-collection platform, according to the statement, will help promote transparency and accountability in the collection of NHF and make it possible for more eligible Nigerians to access NHF loans for building, renovation or purchase of residential houses.

“The platform, for example, will make it easy for NHF contributors to check their NHF contributions using the NHF e-cards on any ATM machines nationwide, the amount of money they have contributed to the NHF scheme and thus be in a position to know if their employers are making the appropriate NHF remittances as and when due,” he added.

Kumo assured the general public that the NHF e-collection platform would go a long way in ensuring accountability on the part of employers as their workers could easily track remittance records based on the embedded system of instant alerts and on-line access to record of contributions that the NHF e-collection platform provides.

The FMBN boss said, “This will achieve the ultimate goal of transparency, sustainability, reliability and acceptance regarding National Housing Fund transactions for the benefit of contributors nationwide.”

Julius Berger shareholders get N2.88bn dividend

Shareholders of Julius Berger Nigeria Plc, have approved N2.88bn dividend to be paid to them for the 2011 financial period.

The approval was given in Abuja on Thursday during the company’s 42nd Annual General Meeting.

The amount represents a dividend pay-out of N2.40 per share and it is 20 per cent higher than the N2.00 paid in the 2010 financial period.

Speaking at the event, the Chairman of the Company, Dr. Mohammed Imam, said that despite the challenging operating environment, the company was still able to maintain a consistent level of turnover.

This, he said, was made possible owing to the consolidation of resources as well as the successful implementation of a diversified business strategy.

For instance, he said the company recorded a profit after tax of N4.87bn, indicating an increase of 74 per cent over the N2.79bn recorded in 2010.

He said, “While our project portfolio in 2011 remained robust, we must also recognise that there was a slowdown in project acquisition within the public sector.

“In addition, increased security concerns put pressure on investment decision of potential clients. Despite these circumstances, Julius Berger was still able to maintain a consistent level of turnover and lower operational costs.”

He said the economic reforms being carried out by the Federal Government in key sectors of the economy was an indication that the country was on the right path to achieving more stable investment environment.

On the implication of the security challenges on projects being handled by the company, he said, “I can report that Julius Berger has experienced no serious security incidents in 2011.

“Nevertheless, we cannot ignore that security issues require our company to remain vigilant. While the Niger Delta amnesty programme continues to prove effective, Boko Haram’s activities are an increasing concern.

“In the light of this, Julius Berger has implemented further risks assessment structures within our security management system, which allow for continuous review of threats and adjustment of security plans.”