Following plans to introduce a public private partnership scheme that seeks to increase access to housing finance, the Central Bank of Nigeria (CBN) has selected 34 primary mortgage banks and four commercial banks to stimulate housing finance for low-income earners in the formal and informal sectors.
MBAN, operators plan non-interest mortgages, lobby for intervention fund
Gearing up for a veritable funding source for the sub-sector, mortgage operators have moved to explore the suitability, applicability and the possibility of adopting the non-interest mortgages to unlock the potentials of the Sukuk model.
Four states adopt NMRC’s draft mortgage foreclosure law
Hopes of realizing the mortgage-backed housing dream brightened recently, following the adoption of the Nigeria Mortgage Refinance Company (NMRC) pioneered draft model mortgage foreclosure law by four states in the country.
Stakeholders urge repeal of FMBN Act
Stakeholders in mortgage industry have called for the repeal of the existing Act establishing Federal Mortgage Bank of Nigeria (FMBN) to give room for its comprehensive re-establishment and strengthening of its board. They also sought for the establishment of Institute of Mortgage Brokers and lenders of Nigeria (IMBLN) for the regulation of the sector’s activities…
Lagos High Court hears suit on Ikeja mortgaged property
Legal battle over the soul of the landed property situate at 5, Oduduwa Street, GRA Ikeja, Lagos between the Administrators of the Estate of the late Samuel Iyiola Omotoso, Ecobank Nigeria Plc and Registrar of Titles, Lagos State resumed today,....
Bad loans push Shelter Afrique to $2.16m loss
Troubled mortgage lender Shelter Afrique has reported a $2.16 million net loss for the six months ended June, compared to a net profit of $1.65 in the same period a year ago on the back of increased provisions for bad loans.
Real estate pros advocate stratified sector for affordable housing prices
They spoke at the 2017 yearly Real Estate Unite summit in Lagos, according to them, there is still huge opportunities for the real estate industry if the right things are done.
Experts back cooperative model for housing financing
They spoke at the Lagos Development Envison Lab (LAGDEL) hosted by the Arctic Infrastructure and the Heinrich Boll Stiftung Nigeria in which young professionals in the built environment and youth from different low-income communities in Lagos were pre selected.
Controversy trails plan to sell Nasarawa property in three states
The party further alleged that attempt by Governor Almakura and his commissioner of Finance Ayuba Dogara to liquidate the Nasarawa Investment and Property Development Limited is not in accordance with the company and allied matter act.
Court reverses suspension of FHA Homes MD
The National Industrial Court sitting in Abuja has reversed the suspension of the Managing Director of FHA Homes Limited, Roland Igbinoba.
Mortgage industry’s low profitability level discourages investors
The Federal Mortgage Bank of Nigeria (FMBN) is the custodian of NHF while Primary Mortgage Banks (PMBs) are the conduits through which the funds are disbursed to individual beneficiaries.