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Banks, Insurance Firms Investing Poorly In Housing  – FMBN

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The Federal Mortgage Bank of Nigeria (FMBN), has said that banks and insurance companies have failed to make the required investment in the National Housing Fund (NHF) scheme since the enactment of the Act .
Managing Director of FMBN, Ahmed Dangiwa, said this in his presentation at the office of the bank in Abuja, while playing host to the Senate Committee on Housing, recently.
The committee visited the bank as part of its oversight function on ministries , departments and agencies of government.
Dangiwa told his guests that the potential of the investment by banks and insurance firms in the fund was significant to addressing the financial housing needs across the country.
He said in 2016 alone, Deposit Money Banks had a combined loan of N15tn, which would have attracted not less than 50 per cent of N1.5tn investment in the NHF schemes as 10 per cent of the banks’ loan portfolio.
The mortgage bank boss further stated that only two states of the federation, Kano and Oyo, were yet to rejoin the NHF scheme by way of deductions and remittances required from the states’ local government employees.
Dangiwa said the bank intended to expand its NHF contributor base from the current five million by seeking the integration of the informal sector.
It said the bank would adopt strategic cooperative societies, which majority of the informal sector groups belong, as it would enable the bank to mobilise operators in that space and grant them access to FMBN’s products and services.
The FMBN boss also pleaded for the support of the National Assembly to revisit the bill for the N500bn recapitalisation of the bank .
He said in 2018, the National Assembly passed the bill to review the FMBN and NHF Acts respectively, adding that the President withheld assent to the bill in 2019.
He said: “The support of the Senate Committee is required for a review of the bills and further consultation and inputs from stakeholders to ensure the re-presentation of the bills for the president’s assent .
“One of the bills provides for a new capital structure for the bank and a new capital base of N500bn, which will improve corporate governance by inclusion of labour representatives on the board.
“It will also empower the bank to exercise the power to raise funds from the local and foreign capital markets”.
The Chairman, Senate Committee on Housing, Senator Sam Egwu, assured the bank that the National Assembly would support FMBN on the issue of compliance by banks and insurance companies.
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Minister Constitutes Tech Committee On Aviation Ties With Angola

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Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, has constituted a technical committee to work with the Angolan Embassy on deepening aviation ties with Nigeria.
Special Assistant on Media and Communications to the Minister, Mr. Tunde Moshood, in a statement, said the committee would oversee logistics and help solidify plans for the Minister’s visit and potential areas of collaboration.
This development is coming after Keyamo received the Angolan Ambassador to Nigeria, Jose Bamoquina Zau, and his Deputy, Nelson Paulo Kafikiri, in Abuja.
The statement revealed that the Angola’s Minister of Transport, Dr. Ricardo Viegas de Abreu, was keen to build a synergy between both nations and was eager to tap into the wealth of experience of Nigeria’s aviation leadership.
According to the statement, “The visit is aimed at strengthening aviation ties between Nigeria and Angola, particularly as Angola embarks on a new era for its aviation industry.
“The Angolan delegation brought positive updates on the progress of Angola’s aviation sector, specifically highlighting the recent overhaul of its airport infrastructure.
Ambassador Zau informed Keyamo that the new airport, set to serve as a strategic hub for the region, will be officially inaugurated in one month’s time.
In delivering a message from the Angolan Minister of Transport, Ricardo de Abreu, the Ambassador conveyed the Minister’s warm greetings and underscored Angola’s eagerness to foster collaboration with Nigeria.
He expressed interest in exploring a bilateral air services agreement and other mutually beneficial opportunities within the aviation sector.
Ambassador Zau also extended an official invitation from Minister Ricardo de Abreu for Keyamo to attend the grand opening of Angola’s new airport next month.
He emphasised that both nations stand to gain from deeper cooperation, particularly in aviation business and infrastructure development.
In response, the aviation Minister expressed appreciation for the visit and congratulated the Angolan government on its impressive strides in aviation infrastructure.
He affirmed his commitment to attend the upcoming event and signalled Nigeria’s readiness to work closely with Angola to enhance air connectivity and explore new business opportunities.
“To ensure seamless coordination ahead of the event, the Aviation Minister has constituted a technical committee to work with the Angolan Embassy’s team.
“The committee will oversee logistics and help solidify plans for the Minister’s visit and potential areas of collaboration.
“The meeting underscores the continued commitment of both nations to expand their aviation sectors and work towards a prosperous and mutually beneficial relationship”, Moshood stated.

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NIWA Wants Deeper Private Investment In Blue Economy

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The National Inland Waterways Authority (NIWA) has called for deeper private sector participation in the blue economy initiative to harness greater benefits from it, for national development.
The Authority also commenced moves to improve security across the nation’s Waterways, in a bid to attract private investment into the Blue economy.
Managing Director of NIWA, Mr. Bola Oyebamiji, who disclosed this to newsmen during the tour of Wari and Onithsa area offices, said NIWA is determined to revamp the nation’s economy by consolidating on Public/Private Partnerships (PPP) initiatives.
“This initiative is part of our deliberate plans to open up new opportunities to maximise full economic potentials of the nation’s waterways.
“The PPP is the way to go but we need people or investors, who have genuine intentions and purposes to enable us align with President Bola Tinubu’s Renewed Hope Agenda for economic recovery”, he said.
The agency’s boss tasked the staff to live up to expectation by working harder in revenue generation that could open rooms to better their welfare.
He warned the staff against indolence and laxity since he was committed to staff welfare and revenue generation
According to him, there is need for the staff to be disciplined and committed by rededicating themselves to the growth and development of the Authority.

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Discount Airfares: Qatar Airways, Access Bank Extend To Dec

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The Qatar Airlines, in its efforts to further ease financial burden of air passengers, has extended its discount partnership deal with Access Bank till December 2024.
Access Bank customers, who book their flights online using Qatar Airways’ website in this deal, enjoy up to 12 percent discount on both business and economy classses.
The Bank’s customers, using the promo code “ACCESS”, can book flights to any destination in the world and travel.
Qarta Airline, in a statement through the Vice President–Africa, Hendrick du Preez, stated that the partnership reiterates the Airways’ commitment to streamline travel within and across African markets by delivering first-rate services and offerings to passengers.
“As we are in the summer season and passengers tend to want to travel to spend time with loved ones, our priority at Qatar Airways remains broadening opportunities to travel for our passengers in the African market.
“Although Africa stands as the most underserved market, we strongly believe in the power of partnerships like these in transforming travel within the continent.
“We are proud to partner with respected pan-African financial institutions like Access Bank to provide innovative incentives for passengers and customers”, he stated.
This is coming on the heels of Qatar Airways’ recent expansion of routes across the African continent along with increased flight frequencies in various locations.
Also in the release, Access Bank’s Executive Director for Corporate and Investment Banking, Iyabo Soji-Okusanya, expressed enthusiasm about the partnership.
“Our team is delighted to collaborate with Qatar Airways to bring exceptional travel benefits to our valued customers. This offering aligns with our commitment to enhancing the overall experience for those who choose Access Bank and continue to do so every year.
“By providing exclusive discounts on Qatar Airways flights, we aim to make travel more accessible and enjoyable for our customers”, Soji-Okusanya said.

Corlins Walter

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