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FMBN Lifts Ban on Estate Development Loan

The Managing Director/Chief Executive, Federal Mortgage Bank of Nigeria, Mr. Gimba Ya’u Kumo, has disclosed that the bank is planning to lift the embargo placed on estate development loan.

He, however, said this would be subject to the ability of the developers to meet the stipulated timelines for the repayment of the loan.

The bank had stop the disbursement of the loan to enable it remove the lacuna observed in the process of disbursement.

The loan is given to estate developers to build residential housing estates at an interest rate of 10 per cent per annum and for tenor not exceeding two years.

Kumo stated the plan to lift the embargo when the new executive management team of the Real Estate Developers Association of Nigeria paid a courtesy visit to the bank in Abuja on Thursday.

A statement by the FMBN said the lifting of the embargo was part of its efforts to deliver quality houses that Nigerians would be proud of as the bank continued in its efforts to reduce the housing deficit.

Read more on the Punch website

Originally published here

Chief Financial Officer (CFO)

Job Opportunity – Chief Financial Officer (CFO)

Afriland Properties Plc is a property management, investment and development company, offering end-to-end services along the real estate value chain, from management to joint-venture investments.

With a portfolio size of over N10 billion and one of the largest land banks in Nigeria, Afriland is pioneering the opportunities presented by an institutional approach to real estate, serving niche markets throughout Africa.

At Afriland, our vision is to be Africa’s leading real estate company, creating long term value for all stakeholders. Our mission is to deliver world-class developments by leveraging global best practices, strategic partnerships, excellence, and innovation.

We are looking to hire a dynamic Chief Financial Officer (CFO) to oversee the Finance function of the organization.

Role Summary

The CFO will work directly with the MD/CEO to provide strategic support and guidance to the company on all finance related matters.

Role Responsibilities

  • Build real estate financial models for evaluating projects.
  • Oversee cash –flow planning and ensure the availability of funds
  • Oversee financing strategies and activities, as well as banking relationships
  • Develop & utilize forward-looking, predictive models and activity based financial analysis to provide insight into the organization’s operations and business plans
  • Co-ordinate the development and monitoring of budgets
  • Organizing and overseeing the Company’s Annual General Meeting (AGM) and other shareholders meeting.
  • Preparation of Board Papers
  • Develop financial business plans, models and forecasts
  • Run investment analysis
  • Participate in corporate policy development and the development of short, medium and long term financial plans, and projections
  • Where required, represent the company to financial partners; investors, institutions, auditors, public officials e.t.c
  • Remain up to date on company audit best practices
  • Oversee the accounting department to ensure proper maintenance of all accounting systems and functions
  • Ensure maintenance of appropriate financial procedures
  • Ensure legal and regulatory compliance regarding all financial functions
  • Assists Human Resources in the design, implementation, and timely calculations of wage incentives, commissions, and salaries for the staff
  • Implement financial policies and procedures
  • Train the Finance Unit and other staff on raising awareness and knowledge of financial management policies and procedures
  • Participate in ad-hoc projects and performs other activities as assigned

Education/Experience Requirements 

  • BSc or MSc in Accounting, Finance or Business.
  • Certified Public Accountant or Certified Management Accountant designations preferred, ICAN, ACCA
  • Strong financial modelling skills. Similar experience within the real estate industry is an added advantage.
  • Strong Investment and cash flow analysis skills. Similar experience within the real estate industry is an added advantage.
  • Experience in deal structuring and transaction management
  • 10+ years of financial experience and management experience.


  • Excellent written and oral communication skills.
  • Demonstrated leadership ability, team management and interpersonal skills
  • Excellent analytical and abstract reasoning skills plus excellent organization skills
  • Proficiency with automated financial and accounting reporting, and Microsoft Office applications
  • Ability to work cooperatively and collaboratively with all levels of employees, management, and external agencies to maximize performance, creativity, problem solving, and results.
  • Strong understanding of finance, accounting, budgeting and cost control principles
  • Ability to analyze financial data and prepare financial reports, statements and projections.
  • Ability to equilibrate priorities, highly detail oriented, organized in work and good working knowledge of federal and state financial regulations

How to apply 

Qualified and interested candidates should send CV to stating ‘CFO for Afriland’ in the subject header.

Application deadline: Friday , April 24, 2015.

Only shortlisted candidates will be contacted.



On the 20th of Dec 2013, at the Lagoon restaurant, the court- ordered meeting of the shareholders of Afriland properties was convened to adopt the merger between Afriland Properties Plc and Heirs Real Estate, with Afriland Properties PLc being the surviving entity.

A poll was taken and the motion was adopted for the merger. As a result of the share capital of Afriland Properties was increased from N500,000,000 (Five Hundred Million Naira), comprised of 1,000,000,000 (One Billion) ordinary shares of 50 Kobo each, to N675,000,000 (Six Hundred and Seventy Five Million Naira) comprised of 1,350,000,000 (One Billion Three Hundred and Fifty Million) ordinary shares of 50 kobo each.

It is believed that the merger will provide the following benefits and opportunities to shareholders and other key stakeholders of the company:

  • Increase Afriland Properties capital base, thereby enable the company to grow its income and take on substantial real estate investments.
  • Enable Afriland Properties to leverage on the real estate investment of Heirs Real Estate.
  • The merger will provide long term assets with a robust and diversified real estate portfolio with steady income stream.
  • The merger will provide additional revenue streams with no duplication and higher operating efficiency.


Heirs Holdings, LSDPC to Turn Falomo Shopping Complex into World Class Mall

Heirs Holdings, a pan-African investment company, chaired by Mr. Tony Elumelu, Tuesday signed an agreement with the Lagos State Development Property Corporation (LSDPC), for the redevelopment of the iconic Falomo Shopping Mall located in Ikoyi, Lagos State.

The mall will be redeveloped into a shopping mall, an office complex and world class residential apartments that will serve the needs of the burgeoning populace in Lagos State and beyond.

Speaking at the site tour, the Managing Director of LSDPC, Mr. Biodun Oki, said: “The Falomo Shopping Mall’s redevelopment is long overdue. Our partnership with Heirs Holdings is in line with the state government’s urban redevelopment project and it bodes well for the state, the country and for the citizens.

“Once this project is completed, we can all look forward to a new and improved landscape that will stimulate business activity in this area and beyond.

“Involving the private sector in our redevelopment agenda is the model for all future projects.”

Speaking on the plan to remodel the shopping complex, the chairman of Heirs Holdings said: “Redeveloping one of the country’s most iconic malls is part of our commitment to drive development and move Nigeria forward through our business activities.

“In addition to financial services, oil and gas, and power, real estate and hospitality is another of our core sectors because it plays a critical role in a nation’s development. In particular, real estate development contributes not just visually but economically to the country’s progress.

“We have other development projects in the offing. This include the Transcorp Hotels in Ikoyi, Lagos and Port Harcourt, which will commence this quarter now that we have secured the land.

“We are also expanding our existing property in Abuja and this is just the beginning of the mega plans we have to transform the Nigerian skyline.”

The Falomo Shopping Mall redevelopment project is a private-public sector agreement between Heirs Real Estate Limited, a wholly owned subsidiary of Heirs Holdings, and the Lagos State Development Property Corporation (LSDPC).

Heirs Holdings is a pan-African proprietary investment company that deploys capital in projects that will yield value on the long term.

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