Business
‘Bridge National Housing Deficit Through Co-operative Scheme’
The Federal Government has been advised to encourage co-operative housing scheme as a means of reducing the national housing deficit.
Head of Civil Engineering, Federal University of Agriculture, Abeokuta Prof. Olubayo Olateju, gave the advice in an interview with newsmen on Saturday.
He said government’s support of the scheme would also provide low income-earners decent and affordable accommodation.
“Co-operative housing scheme is the process where individuals or families work together to directly construct their own homes in a co-operative fashion.
“Members purchase building materials in bulk and co-operate with other members of the co-operative in the construction phase.
“I will advise government to look into creating an enabling environment for housing co-operation.
“The government should also ensure that this housing cooperation thrive if it hopes to achieve any of the nation’s developmental goals,” Olateju said.
He lamented the fact that the mortgage system which is supposed to be geared towards helping the low income-earners in the country is virtually non-existent.
The professor said the poor design of the nation’s mortgage systems makes it near impossible for regular income earners to access.
“With the present mortgage system in the country, it is impossible for a low income earner to be able to afford a decent affordable housing,” he said.
The Professor of Engineering noted that the structure of wages completely excludes the low income-earners who earn between N200,000 and N400, 000 per annum from enjoying the benefits of existing mortgage plans,
“What this means is that such a worker, even after 15 years of service, can never be eligible for a mortgage loan.
“To become eligible for a mortgage, an employee must be in the higher income category of Grade Level (GL) 12 and above.
“But, even then, can such an income afford him a decent and affordable house?’’ he asked.
Olateju said system intervention in housing by mortgage or housing loan were usually replete with problems, such that the beneficiary most often regrets seeking intervention.
“The only system intervention that I believe will help low income-earners get decent and affordable accommodation in this country is through co-operative housing,” he said.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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