Business
Lagos Allocates Housing Units, Soon
Four thousand, two hundred and nineteen housing units under the Lagos State Home Ownership Mortgage Scheme in 12 locations across the state will be allocated before the end of the year.
Governor Babatunde Fashola made the disclosure recently, while rendering account of his stewardship in the last six years on a live television programme.
According to him, the houses are located in Sangotedo with 540 units; Ogba, 270 units; Shitta, 36 units; Ilupeju, 60 units; Mushin, 73 units; and Agbowa Phases 1 and 2, 660 units.
He said others currently ongoing included 540 units at the Ajara Housing Estate; Ibeshe Housing Scheme, 720 units; Iponri, 144 units; Oyingbo Phases 1 and 2,48 and 120 units, respectively; and Badia in Ijora, 1,008 units.
Fashola said allocations would be made through public raffle draws that would ensure that those who regularly paid their taxes would be among the beneficiaries.
He said, “We are almost done. What we are trying to avoid first is the need for anybody, any member of the public, to be a relation or friend of any member of people in government in order to get a house. We want to eliminate that.
“We have prepared forms, we have set up a Lagos Mortgage Board, we are recapitalising Lagos Building and Investment Company to give mortgages, we have set up arbitration rules and we have gone through the mortgage document. We have prepared the draw rules; it is going to happen by draws, which will be made public.
“We have set guidelines for those who will be eligible, those who pay their taxes; so, it will not do to rush to go and pay the tax overnight because we built it with taxpayers’ money. We expect that it is only fair that those who have been paying faithfully must get priority for something at this point.”
The governor said winners of the houses would be able to pay over a period of 10 years after parting with 30 per cent of the value of the houses as equity.
“Affordability is that we will not ask you to pay cash once and for all. The sense of affordability is that, as I have always said, there is no low cost cement sold to government, there is no low cost iron rod. We borrow at the same interest rate, our contractors charge us the import duties and all of the cost attendants of bringing in the raw materials to build the houses,” he said.
Speaking on flooding, the governor said residents of the state must begin to accept the situation of perennial flooding as a natural phenomenon, which they must live with as the state was below sea level, urging everyone to make adequate preparation for the rainy season.
Fashola said, “One good way to explain this, because we, perhaps, don’t understand sufficiently or don’t accept our situation that we are living below sea level, is that we are living inside water, and to keep this city dry and to keep the water flowing, it is just a feat of engineering, which first the credit must go to my predecessors for all of what they have done and the current generation of the team that I work with, for what we are adding onto it.
“When the rain is intense, the capacity of our drains, as the hand basin, to flush off everything at the same time, is certainly not there because it is going into the lagoon, but the lagoon is also filling up as the land is filling up. As soon as the rain subsides, the hydraulic activity takes over; so, within a few hours, it is gone.”
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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