Business
Real Estate Developer Decries High Mortgage Interest Rates
A front line developer in the building industry, Mr Banjo Olajide, has lamented the high interest rates in obtaining mortgages.
Olajide, who is a property development consultant, based in Port Harcourt, the Rivers State capital, noted that high interest rate was a major reason many Nigerians could not afford mortgage.
He pointed out that the impact of high interest on mortgage and Nigeria’s affordable housing delivery was a source of worry for investors and home ownership seekers, saying, “high mortgage interest rates is a bane for housing demand in Nigeria.
Olajide stated that at the present in Nigeria, mortgage loans are obtained at a range of between 15 and 25 per cent per annum, explaining that this is not included in other charges, as the commercial banks charge between 22 and 23 per cent due to high risk and payment to government agencies.
Furthermore, he said high interest rate was also the reason mortgage banks in Nigeria are not doing well, stressing that given the high interest rates, giving a loan tenure of 15 years was difficult.
He regretted that while commercial banks were declaring profits in billions and having a return on investment of over 20 percent on the average, the mortgage banks were making just three percent and reasoned that the business community does not place a premium on mortgage.
Olajide enjoined the government to look into the high interest rate and adequately address it, “so that everybody would have access to mortgage loans”
He observed that in developed economies mortgage loans are taken by firms and individuals to purchase estates or houses without the urgency of paying back immediately.
Tonye Nria-Dappa
Business
FEC Approves Concession Of Port Harcourt lnt’l Airport
Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
Business
PHCCIMA Leadership Hails Rivers Commerce Commissioner for Boosting Business Ties …..Urges Deeper Collaboration to Ignite Economic Growth
