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FMB, Estate Developers Sign $2bn Housing Deal

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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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TTP Trains Customs Agents, Freight Forwarders On Eto App 

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In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.

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NECA Holds MSME Fair To Drive Growth 

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Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
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· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
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· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
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· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.

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Over 2m Passengers Board Blue Rail Train – Commissioner 

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The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.

Nkpemenyie Mcdominic, Lagos

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