Connect with us

Business

Consultant Makes Case For Rivers Mortgage Institutions

Published

14 years ago

on

A property consultant in Port Harcourt, Mr. Benjamin Oti, has urged the Rivers State Government to take advantage of opportunities given by the Central Bank of Nigeria (CBN) for Primary Mortgage Institutions (PMIs) in Nigeria to recapitalise, to float a state-owned PMI.

Oti who was reacting to the extension of time given by the CBN for the recapitalisation of PMIs across the country in an interview with The Tide in Port Harcourt, stated that the idea of the CBN on the recapitalisation, and the extension of time so given is a welcome development.

According to him “The idea of recapitalisation is to ensure that depositors money is safe. It is also to have solidity of funds to finance developmental project.”

He said “Recapitalisation will enhance funds availability for housing development because there will be more money. It will enable the mortgage banks to give time to developers to develop property, let them out and pay back, and this is so because it takes longer time to accomplish housing development.

Under the present CBN offer, Oti stated that a state, local government or even some well established companies can take a PMI policy and own a mortgage institution that can enable it undertake housing development that will benefit its workers.

The property expert therefore called on the Rivers State Government to take advantage of the offer and float a PMI for the state, or make the PABOD Finance and Investment Company to fit into the category of a primary mortgage institution.

He said if the PABOD Finance is upgraded to a PMI, it will go a long way to provide the needed funds that could be used to finance housing development for workers in the public service in Rivers State, among others.

The principal consultant of Ben Oti & Co opined that such efforts should not just be left unmonitored, but that government should monitor the progress that will be made, when such institution is established.

He also advised government to ensure that housing development be a continuous exercise, and should have a specific target to deliver every year, so as not to create a lacuna.

It would be recalled that the CBN has extended the deadline for recapitalisation given to PMIs across the country from December 2012 to April 2013.

 

Corlins Walter

Related Topics:
Continue Reading

Business

Kenyan Runners Dominate Berlin Marathons

Published

3 days ago

on

September 22, 2025

By

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.

 

Continue Reading

Business

NIS Ends Decentralised Passport Production After 62 Years

Published

3 days ago

on

September 22, 2025

By

The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
Continue Reading

Business

FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

Published

3 days ago

on

September 22, 2025

By

The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
Continue Reading

Trending