Connect with us

Business

FG Housing Loan Scheme: Applicants Want Probe

Published

on

Some applicants of the Federal Government Staff Housing Loans Scheme, have called for a probe of the activities of Federal Government Staff Housing Loans Board (FGSHLB), the operators.
The applicants made the call in Abuja, Thursday, saying, the activities of the board undermined the objectives of the government to provide decent housing for the citizens, especially public servants.
They accused workers of the board of manipulating the process for self-aggrand-isement at the expense of genuine applicants.
The applicants said, while those who genuinely met the conditions for accessing the loan were dropped, late applicants who bribed officials and their collaborators benefitted.
An applicant and employee of an agency of the Ministry of Information and Culture, Mr Ugochukwu Livinus,  said, he applied in 2010 and was assigned file number HB40109.
Livinus, told  The Tide that he got approval for five million naira to build a three bedroom bungalow in April, 2013 after which he was asked to pay N65, 000 as insurance for mortgage and accidental expenses.
He said, he made the payment to the board’s Central Pay Office while the approval letter was signed by the Executive Secretary of FGSHLB at the time.
He said, besides paying the N65, 000 he also committed his hard-earned money as poor civil servant to do a building plan and bill of quantity.
Livinus noted that, he did all this because of his belief in the system but since April 11, 2013, he had not received any further communication while those who applied later had been given their money.
He alleged that some officials of the FGSHLB, in collaboration with some private developers, were doing everything possible to frustrate civil servants from accessing the loan.
Livinus alleged that, some applicants, who agreed to work with private developers and officials of the board, received approvals and disbursement of funds to them soon after they applied.
Another applicant, who preferred not to be named, said, her application was approved in 2012 but she had yet to receive her money after fulfilling all the conditions.
The lady said, she has four years to retire from service but had no house.
She said that, her greatest challenge was that officials of the board claimed that original land documents which she submitted to the board were missing.
“For heaven’s sake, they should give me my land documents since it is obvious that I may not get the four million naira that was approved for me.’’
She urged relevant authorities to investigate the board, saying that, the fraud in the board was alarming.
Mrs Simbiat Adeleke and Mrs Bola Ajamgbadi also applicants, called on the government to probe the board’s activities.
She queried the board’s claim of lack of funds as the reason for non-payment of beneficiaries’ approved loans.
“How can the board claim no money as the reason for non-payment while it is recovering loans directly from the beneficiaries’ salaries?
“ This is supposed to be a revolving loan and the board got a substantial amount from past administrations.
“The board needs to render an account on how it disbursed the initial money it received and how much it has so far recovered in order to convince anybody that it lacks the funds to continue paying approved loans.
“Moreso, why should it continue to approve loans if it has no money to pay?
‘’Truly, something is wrong about the board’s activities which the government should move in quickly and uncover.’’
Meanwhile a director in one of the government parastatals, who pleaded anonymity, called for an urgent scrutiny of the board’s activities.
The director said that deduction of the second tranche of the loan approved for him in 2011 was already ongoing while he had not received the loan.
“Integrated Payroll and Personnel Information System (IPPIS) has started deducting the second instalment more than a year ago and all I hear from the board is no money, be patient.
“I believe the board does not have an efficient way of tracking repayments otherwise, they should be able to know when one’s payment is due and pay accordingly,’’ he said.
He urged the Federal Government to overhaul and probe the activities of the board, adding that the place was fraught with irregularities.
All efforts by our source to clear issues that the applicants raised with Dr Hannatu Fika, the Executive Secretary of FGSHLB, were said to have failed.

Continue Reading

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

on

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.
 Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.
According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.
Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.
“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.
The minister noted  the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.
According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.
Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.
He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.
“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.
He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.
“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.
Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.
“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.
“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.
Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.
She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.
Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).
“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.
“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.
Continue Reading

Business

Customs Impound N2.35bn Cocaine, 15 Trailers of Rice

Published

on

The Nigeria Customs Service (NCS), Federal Operations Unit (FOU) Zone ‘A’, Ikeja, has impound Cocaine Substance valued at ?2.35 billion alongside 15 trailer-loads of foreign rice and a wide range of contraband across the South-West.
This was disclosed to Newsmen during a press briefing in Lagos by Controller of the Unit, Comptroller Gambo Aliyu,
Aliyu revealed that the seizures were made over an eight-week period, underscoring intensified enforcement efforts.
According to him, operatives foiled 473 smuggling attempts within the period, leading to the confiscation of 8,794 bags of 50kg foreign rice, 22 used vehicles, 328 bales of used clothing, and 31,705 litres of Premium Motor Spirit (PMS).
He said other seized items include a Mercedes-Benz vehicle and various food products such as poultry, vegetable oil, spaghetti, and sugar.
Aliyu clarified that the rice displayed at the briefing represented cumulative interceptions made at different locations and times across the zone.
“All the rice you see here are accumulative of seizures carried out at different places, at different times, and through different interdictions,”
Beyond the economic implications, the Comptroller emphasized the social cost of drug trafficking, warning that narcotics continue to destroy families and fuel criminal activities.
“It may surprise you to know that many homes are broken due to drugs.
” Our mandate is to cut off the supply chain, and that is exactly what we are doing,”.
Similarly Customs operatives at the Gbaji outpost intercepted a 71 year-old suspect along the Lagos-Abidjan corridor with 6.35kg of cocaine concealed in a Toyota Highlander.
The drugs, comprising both powdered and crystalline forms, were valued at ?2.35 billion.
Under a special enforcement drive, codenamed “Operation Hawk,” the unit also seized 3,340 parcels of synthetic cannabis, popularly known as “Ghanaian loud,” weighing 1,540kg.
 The substances, along with three suspects, have been handed over to the National Drug Law Enforcement Agency (NDLEA) for further investigation and prosecution.
In a related operation, officers intercepted four cylinders of mercury hidden in a vehicle along the same corridor. Aliyu described the substance as hazardous and subject to international regulation.
Overall, the Duty Paid Value (DPV) of the seizures stands at approximately ?5.5 billion, reflecting the scale of enforcement activities.
 Additionally, the unit recovered ?97.7 million through Demand Notices issued on under-declared consignments.
Aliyu reaffirmed the Service’s commitment to deploying modern technology—including geospatial intelligence, drone surveillance, and real-time tracking—to strengthen border security and clamp down on smuggling networks.
CHINEDU WOSU
Continue Reading

Business

Dangote,  Nicolai Tangen To Partner In strategic sectors

Published

on

Chief Executive Officer of Norges Bank Investment Management, Nicolai Tangen ( manager of the world’s largest sovereign wealth fund) has expressed interest in partnering with Dangote Group to expand investments across Africa, particularly in strategic sectors such as power, energy, renewable energy, agriculture, fertiliser and cement.
This was made known during a meeting of Chief Executive of Dangote Group, Aliko Dangote  with Nicolai Tangen, the manager of Norwegian investment institution (with assets estimated at about $1.9 trillion) .
Also present at the meeting were Svein Tore Holsether, Chief Executive Officer of Yara International, and Terje Pilskog, Chief Executive Officer of Scatec, a global renewable energy company.
The engagement reflects growing international investor confidence in Africa’s industrial and infrastructure potential, as well as the increasing role of indigenous conglomerates such as Dangote Group in driving large-scale economic transformation across the continent.
Industry observers say the proposed collaboration could create significant opportunities for investments in critical sectors linked to energy transition, food security, industrialisation and infrastructure development.
The Norwegian sovereign wealth fund, regarded as one of the world’s leading institutional investors, has in recent years increased its focus on emerging markets, with Africa seen as a major frontier for long-term investment and value creation.
Analysts believe a partnership between Norges Bank Investment Management and Dangote Group could unlock substantial capital flows into infrastructure and industrial projects across Africa, helping to accelerate economic growth and regional integration.
Nkpemenyie Mcdominic, Lagos
Continue Reading

Trending