Business
Banks’ Growth Will Reflect In Real Sector – CBN
A Deputy Governor at the CBN, Alhaji Suleiman Barau, says the apex bank will ensure that the growth recorded in the banking sector is transmitted to real sector.
Barau made the pledge in Lagos on Friday while delivering a paper on “Balancing Global and Local Regulatory Requirements” at the 4th Annual Eurofinance Conference in Lagos.
Barau, who was represented by the Deputy Director, Banking Supervision, Mr Steve Nwadiuko, said that the CBN planned to use the Basel III programme to impact positively in the real sector.
Reports say that Basel is an international framework on risk management in banks.
The CBN adopted Basel II in June 2004, while the apex bank is soon to begin implementation of Basel III.
According to Barau, Basel III will improve banks’ liquidity and cash adequacy, help Nigerian banks to meet international risk requirements as well as improve their global competitiveness.
He said that Basel III would lead to the development of many financial products due to higher levels of competition among local and international banks.
“One of the advantages of Basel III adoption is that it will lead to higher credibility and trust in our banking system.
“And all these pluses will be to the advantage of our real sector where more cash will be available for its advancement,” he said.
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FG Fixes Uniform Prices for Housing Units Nationwide, Approves N12.5m For 3-bedroom Bungalow ……..Says Move To Enhance Affordability, Ensures Fairness
“The approved selling prices are as follows: One-bedroom semi-detached bungalow, N8.5 million; two-bedroom semi-detached bungalow: N11.5 million and three-bedroom semi-detached bungalow, N12.5 million,” the statement added.
Minister of Housing and Urban Development, Ahmed Dangiwa, stated that priority in the allocation of the housing units would be given to low and middle-income earners, civil servants at all levels of government, employees in the organised private sector with verifiable sources of income, and Nigerians in the Diaspora who wish to own homes in the country.
The Permanent Secretary in the ministry, Dr. Shuaib Belgore, explained that several payment options have been provided to make the houses affordable and flexible. These include outright (full) payment, mortgage, rent-to-own scheme, and installment payment plans.
The ministry further announced that the sale of the completed housing units across the northern and southern regions will soon commence.
“Applications can be made through the Renewed Hope Housing online portal at www.renewedhopehomes.fmhud.
The ministry, however, clarified that the approved prices apply strictly to the Renewed Hope Housing Estates which are funded through the ministry’s budgetary allocation, as against the Renewed Hope Cities in Karsana Abuja, Janguza Kano, Ibeju Lekki, Lagos which are being funded through a Public Private Partnership (PPP).
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