Business
CBN, Mortgage Bankers Negotiate N3bn Capital Base
The Mortgage Bankers Association of Nigeria (MBAN) says it is still negotiating with the Central Bank of Nigeria (CBN) on a new minimum capital base for Primary Mortgage Institutions (PMIs).
Reports have it that while the CBN is proposing to increase the minimum capital base from N100 million to N5 billion, MBAN advised that it should be N3 billion.
An official of the association, who pleaded anonymity, told newsmen in Lagos on Friday that officials of the association had been meeting with the Other Financial Institutions Department (BOFID) of CBN on the issue for sometime now.
The official said that the association’s recommendation of N3 billion was to ensure that PMIs were in all parts of the country.
According to the official, most of the 98 mortgage banks currently in operation are located in Lagos and Abuja while those in the states are owned by state governments.
He said that some state governments were unable to meet the N100 million capital base and wondered what would happen if the capital base was increased to N5 billion.
“The association’s position on the N3 billion is to ensure that all members of the association benefit,” the official said, adding that some vibrant institutions had already exceeded the proposed N5 billion.
The official said that the association was also contesting the CBN proposal to reduce their scope of operation.
The association leader expressed optimism that the association’s position would be considered when the final decision on recapitalisation would be taken.
He said that negotiation with CBN would be on until the pronouncement was made public.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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