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FMB, Estate Developers Sign $2bn Housing Deal

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8 years ago

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The Federal Mortgage Bank of Nigeria (FMBN), SHELTER AFRIQUE and Real Estate Developers Association of Nigeria (REDAN), have signed a two billion dollar Memorandum of Understanding to provide affordable housing for Nigerians.
Signing the MoU on Thursday in Abuja, Mr Richard Esin , the Acting Managing Director of FMBN, said the MoU was the first critical journey aimed at providing affordable housing for citizens.
The managing director added that the move was in line with the Federal Government’s agenda to encourage home ownership in the sector.
He said the bank had been able to create about 734 mortgages using about N5.4 billion.
Esin said that the FMBN, SHELTER AFRIQUE and REDAN met to explore the opportunity that would come with the launch of the National Housing Model.
“In the meeting we agreed that we needed to bring in SHELTER AFRIQUE to work in partnership with the Real Estate Developers Association of Nigeria to make available some funds over the next 10 years to give impetus to the national housing model.
” By providing other members with the necessary construction finance that will be required to drive the national housing model,’’ he said.
The acting director said that the FCMB has agreed on the housing design and pricing, adding that it would be their responsibility to give confidence, by committing to providing the mortgage financing required.
He said that they have the understanding that the Nigerian market would not require anything less than $200 million annually over the next 10 years for this purpose.
“With $200 million annually into construction finance, I am sure we can generate up to eight to 10, 000 housing units annually,’’ he said.
Esin said that this scheme would create job opportunities, adding that at least 150 jobs would be generated in the activity.
The President, REDAN, Mr Ugochukwu Chime said that one of the covenant of the MoU being signed was an opportunity to get the stock market and regular format that would enable the use of naira instead of dollar
”One of the covenant of the MoU being signed was an opportunity to get the stock market and regular format that will enable us to have a naira denominated facility SHELTER AFRIQUE rather than the dollar facility’’.
He said that the MoU would promote team work, adding that it was impossible for them in REDAN to move forward without considering the skills of all those involved in housing sector.
Chime said that they have met with many artisans to see how they could contribute their quota in the delivery of affordable housing, adding that many artisans were currently undergoing training.
He called for the total recapitalisation of the FMBN, adding that over the years FMBN has being limited in their ability to deliver in their mandate because of poor capitalisation.
Also speaking, the Managing Director, Company for Habitat and Housing in Africa(SHELTER AFRIQUE), Mr James Mugerwa, said that the MoU would herald a new chapter in Nigeria’s housing sector.
He said that the MoU, also heralds provision of end- to-end solutions to the housing demand and supply challenges currently facing the country.
He said that the MoU paves the way for to SHELTER AFRIQUE to renew its support to members of REDAN on the supply side of the housing chain.
According to him, with a supply backlog estimated at over 17 million housing units, Nigeria, like other African countries requires significant investments in the housing sector.
”With more than three decades of involvement in the housing sector across Africa, SHELTER AFRIQUE is uniquely positioned to partner with REDAN and FMBN.
”In designing and providing housing and construction finance solutions to support provision of decent and affordable housing to a wider cross-section of the Nigerian population,’’ he said.
He said that it was the aspiration of SHELTER AFRIQUE that all the parties involved would commit and dedicate all their expertise and resources to ensure that good quality housing and affordability remains two key considerations in all collaboration opportunity.

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NPA Assures On Staff Welfare 

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6 days ago

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June 27, 2025

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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6 days ago

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June 27, 2025

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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6 days ago

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June 27, 2025

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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