Experts canvass cooperative housing financing system
Industry leaders have argued that to significantly reduce estimated 22 million housing deficit, there is an urgent need to start a cooperative housing financing system to deliver affordable houses in the country.
Family Homes Funds, Shelter Afrique seal deal to improve housing
As the nation’s housing crisis continues to worry about the authorities, Nigeria’s largest Social Housing Fund - Family Homes Funds (FHF) has signed a Memorandum of Understanding (MoU) with pan-African housing finance institution, Shelter Afrique towards building more affordable homes in the country.
‘Pension funds as equity will boost mortgage finance, housing, others’
Industry regulator, the National Pension Commission (PenCom), has said there will be a significant development in Nigeria’s housing sector if contributors devoted a percentage of their Pension Fund Assets (PFA) under management as equity injections for residential mortgages.
Akwa Ibom to partner FMBN in workers’ low-cost housing
Akwa Ibom State Governor, Mr. Udom Emmanuel, has pledged to work with the management of Federal Mortgage Bank of Nigeria (FMBN), to ensure that low and medium-income workers in the state own houses at retirement.
Mortgage firms jittery over plan to increase banks’ capital base
Like a heavy cloud, a deep sense of disquiet now hangs over the mortgage sector, following new proposal by the Central Bank of Nigeria (CBN) to increase the capital base of banks. The CBN Governor, Godwin Emefiele, had recently laid out his five-year policy thrust that includes recapitalising the banking industry, so that banks can…
FMBN disburses N132.5m housing loan to Lagos workers
Apex mortgage institution, Federal Mortgage Bank of Nigeria (FMBN) has disbursed a total of N23.3billion under its (HRL) Home Renovation Loan scheme. Out of this, N132.520 million has been given to members of Lagos State Public Servant Housing Cooperative. FMBN Managing Director, Ahmed Dangiwa who made this known during the presentation of the symbolic cheque…
Family homes funds target 500,000 new homes, 1.5 million jobs
A new special purpose investment vehicle - Family Homes Funds (FHF) plans to support the development of over 500,000 homes and 1.5million jobs for the low income earners by 2023. FHF have the Nigerian Sovereign Investment Authority and the Federal Ministry of Finance Incorporated as founding shareholders. Through International recruitment firm – PriceWaterHouse Coopers, the…
NMRC up-scales housing finance, raises debt issuance to N440 billion
To deliver on its mandate of making housing finance more affordable and accessible, the Nigeria Mortgage Refinance Company Plc (NMRC) shareholders have approved the up scaling of the company’s debt issuance programme from N140 billion to N440 billion. The shareholders gave their nod at its Annual General Meeting held at the Eko Hotel, Victoria Island…
CBN to test-run Nigeria’s mortgage guarantee scheme
A Pilotfeasibility study for the establishment of a mortgage guarantee scheme, which provides credit loss protection to lenders in case of borrower default, is underway. Tentatively christened Nigeria Mortgage Guarantee Company (NMGC), Central Bank of Nigeria (CBN) is promoting the scheme in collaboration with World Bank and other stakeholder partners under the Nigeria Housing Finance…
On mortgage refinancing loan for civil servants
Although the sources of the loans to be refinanced for the civil servants and terms of the loan refinancing arrangement were not disclosed, the programme is aimed at improving the living conditions and welfare of the work force...