Business
‘Use Dormant Accounts Dividends To Bridge Housing Gap’
A former Chairman of Lagos chapter of Nigeria Institute of Town Planners (NITP), Mr Makinde Ogunleye, has suggested that monies in dormant accounts and unclaimed dividends be used to finance housing development in the country.
Ogunleye, gave the suggestion in an interview with newmsen in Lagos, Wednesday.
He said that monies in these accounts could be used to bridge the housing deficit in the country.
According to him, housing associations and developers abroad are being given access to such funds to build and sell houses.
“The government has not got it right, they should give the funds to the Federal Mortgage Bank of Nigeria (FMBN) or the mortgage institutions for on-lending to people who want to build or buy houses,” he said.
Ogunleye said that the funds would help to reduce the housing deficit and encourage the private sector to develop low-cost houses.
He said that investors were not getting involved in the provision of low-cost housing because the ventures were not very profitable for them.
“Since government cannot do it alone, there should be concerted efforts in encouraging the private sector to develop more low-cost houses.
“Housing delivery is not rocket science. Housing has become standardised. This is how everybody does it.
“To talk about bridging the housing gap, it can be done by the Central Bank of Nigeria (CBN) through dormant accounts.
“Many of our banks are holding dormant accounts and the monies run into billions of naira, let these monies be used for housing development
“The Security and Exchange Commission, through unclaimed dividends, can be of great assistance.
“Some people do not claim their dividends may be because it is too small or that they do not have the time or inefficient postage system.”
Ogunleye said the housing gap could also be bridged through insurance companies, enforcement of the Employee Act of 1979 and pension funds.
He also suggested that multilateral, development agencies, faith-based and community organizations could be accessed to fund social housing.
The expert said that a model like this could create linkages between the prospective homeowners and the FMBN to access the National Housing Fund (NHF).
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.