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Mortgage banks propose one-year job insurance scheme

Fresh efforts are underway to seek pragmatic and contemporary solutions to the challenges in the mortgage sub-sector, following plans by the operators to extend loss of job insurance scheme, which will cover mortgage default up to a year.

The scheme is already in place and covers up to six months. Mortgage insurance, which is widely used in other countries and is compulsory in Nigeria, allows mortgage providers to protect themselves for potential losses suffered as a result of a borrower defaulting by insuring part of the loan.

Mortgage Banking Association of Nigeria (MBAN), president, Dr. Femi Johnson who spoke at the the bi-ennial general meeting/elections, said the housing finance sector represents a growth reserve for the Nigerian economy as it has immense potentials to boost economic growth.

According to him, “the opportunity for growth lies in the challenges inherent in the sector; burgeoning housing deficit could translate to productivity and profitability, rapid urbanization creates a continuous demand for housing and by extension Finance, high population of the young and middle aged guarantees the proliferation of new households whose demand for housing ensures the sustainability of the sub-sector.”

He said that the the housing finance sub-Sector is capable of growing the Nigerian GDP by 70-80per cent of its present size. “Investment in housing construction would accelerate growth in other sectors of the value chain. Thus, increasing the stock of affordable housing would accelerate the growth of the middle class, deepen the Nigerian market and increase aggregate demand,” Johnson said.

MBAN out going president, charged the association to engage with the regulatory agencies, and other concerned parastatals on the provision of intervention funding for the Sub-Sector like has been done for other sectors.

“We need to put in place robust operational guidelines to enhance profitability of mortgage banks, especially with respect to loan margins, diaspora lending, foreign exchange denominated and matched lending, and  loan loss provisioning.

“The association need to develop and implement a Mortgage Banking Tariff that is different from the regular banking tariff, and mortgage banks need to be allowed to develop housing microfinance products and mortgage-related consumer and commercial loans.”

Meanwhile, the association has elected members of the National Executive Council for a period of two years. The managing director, TrustBond Mortgage Bank Plc,    Mr. Adeniyi Akinlusi was elected  president, while  Mr. Akintayo Oloko of Safetrust Mortgage Bank Limited, vice president.

Other elected officials include, Mrs. Ruby Okoro, Delta Trust Mortgage Finance Limited, Deputy President (East); Mr. Babangida Umar, Jigawa Savings & Loans Limited Deputy President (North); Mr. Richard Olubameru, Haggai Mortgage Bank Limited, Deputy President (West).

Others are Mr. Remi Olatunbode, Jubilee-Life Mortgage Bank Limited, treasurer; Mr. Olabanjo Obaleye, Infinity Trust Mortgage Bank Plc,Publicity Secretary  and Mrs. Olamide Ipadeola, Gateway Savings & Loans Limited, Legal Adviser.

Originally published in The Guardian

Afriland Properties PLC Increases Assets by 10% in 2016; Distributes 125M Bonus Shares to Shareholders

Afriland Properties Plc. has announced total assets of N16.7 billion for the year ended December 31, 2016, representing 10% increase compared to the corresponding period in 2015.

This was stated by the Board of Directors during the Company’s Annual General Meeting which took place at the Banquet Hall of Lagoon Restaurant. The Board also proposed a total of N125m bonus shares to Shareholders.

The Company posted a profit before tax (PBT) and profit after tax (PAT) of N0.54 billion and N0.31 billion respectively. These represent 69% and 74% reduction respectively when compared to prior year.

While addressing the Shareholders, the Managing Director/Chief Executive Officer, Afriland Properties Plc, Mrs. Uzo Oshogwe stated that the difficult economic climate negatively impacted the performance of the real estate industry. Despite these extremely challenging conditions, we still kept the Company on a stable trajectory.   Although the operating environment remains challenging, the Board and Management of the Company are very confident that the strategic initiatives that are being implemented are set to yield better results for the Company. We remain cautiously optimistic about the various measures being undertaken to stimulate the economy and we are closely monitoring Government policy measures to ensure that we take advantage of them for an improved performance in the year ahead”.

In her remarks, the Chairman of Afriland Properties Plc, Erelu Angela Adebayo, noted that “The 10% increase in our assets is attributable to revaluation gains on various upgraded investment properties. Afriland Properties Plc. remains committed to increasing Shareholder value and boosting returns. Each Shareholder will receive one bonus share for every 10 ordinary shares of 50 kobo each held as at the qualifying date, totaling N125M. We are  prepared and strategically positioned to take on the opportunities that will be created in the sector.

We will also continue to strike a good balance between our obligations of rewarding shareholders and the need to retain earnings to finance future reinvestment in the Company’s operations”.

TUC lauds FG, FMBN on 10 percent mortgage waiver

The Trade Union Congress (TUC) has commended the federal government for the waiver of the initial payment of 10 per cent housing equity on mortgages below N5 million from housing offtakers.

TUC President Bobboi Kaigama  gave the commendation in Abuja.

The federal government recently approved that henceforth mortgages below N5 million would not attract the initial payment of 10 per cent equity from offtakers.

According to him, this is to demonstrate its commitment to the provision of affordable housing to Nigerians, especially the low income earners.

Bobboi noted that the waiver was a welcome development, especially in this period of economic recession in the country.

“The government is using the same fund contributed by workers to build houses for them, if it can also give out houses at much lower rate it will be a nice development because it is workers’ contributions.

“The federal government has no contribution in the fund and the worker’s representatives do not have a say on how the funds are being managed,” he also noted.

Commending the effort of the government, he said it needed to do more in the course of delivering houses to Nigerians.

The TUC president, however, said the number of houses that have been delivered to workers since the constitution of the National Housing Fund (NHF) programme was not impressive compared to the percentage of workers contributing to the fund.

He, therefore called for an urgent review of the NHF law, adding that the representatives of Nigerian workers should be on the board of the Federal Mortgage Bank of Nigeria (FMBN).

Originally published in Daily Trust

Nigeria’s real estate sector to record 5.39 per cent growth

Notwithstanding the negative growth recorded in 2016, the real estate sector is expected to grow at an average rate of 5.39 per cent between 2017-2020.

The growth, experts said, would however depend on the supports from private and public investments, agricultural revolution, favourable oil prices, increase in volume of oil production and capable political leadership.

This is the forecast of Real Estate Industry Outlook 2017 presented by Cromwell Professional Services International (PSI), a real estate research and advisory body in Lagos, hinted that the sector will record a flat or modest recovery from the sector’s decline in 2016.

Cromwell revealed that the real estate market was less vigorous in 2015-16 due to the country’s macro-economic and socio- political challenges, which led to suspension of some planned real estate development projects, slow down in growth of rents, inflation of construction materials and labour costs.

The Country leader, Cromwell (PSI), Sola Enitan explained that Nigeria remains a major driver of growth for the real estate industry going by its population currently estimated at over 180 million and with the yearly average growing rate of three per cent.

Other major growth drivers identified include rising urbanisation, growing middle class, increasing investment from local participants that include Pension Funds and Mutual funds; growing number of High Net Worth Individuals (HNWIs) investing in real estate, and targeted intervention by the Federal Government in the housing finance sector.

Enitan also identified increased Foreign and Domestic Investment (FDI) as another significant driver of growth for the real estate industry expressing hope that in the long term, the industry is expected to experience an increasing entry of foreign investors, increased joint venture arrangements and development of secondary cities in Ibadan, Owerri, Abeokuta, Enugu and Kano.

To him, if the new bills pending in the national assembly like the Infrastructure Development Bill, Engineering Registration Act (Amendment) Bill 2016, Nigeria Industrial Development and Zones Bill 2016, Nigerian Assets Management Agency Establishment and Regulatory Bill 2016 and the HB 521 National Housing Fund Act (Amendment) Bill 2016 are successfully passed into law in 2017, they will impact positively on the real estate industry.

Speaking also on the outlook for the six -geopolitical zones, the organisation’s head of strategy, John-Paul Iwuoha stated that findings from trends across Nigeria revealed a real estate market weakened by socio- economic challenges.

He however noted that some states and regions have remained resilient.

“The Market Analysis for Lagos State shows one of the highest property values in Nigeria and one of the widest variances in value from one location to another within the same state/territory. The effects of the economic recession have affected the prime and luxury segments of the property market. However, overall property values remained robust, especially in the mid-market segments.

“The Federal Capital Territory also has one of the highest property values in Nigeria and one of the widest variances in value from one location to another within the same state/territory.

“The effects of the economic recession have adversely affected property values in the FCT with high vacancy rates, especially in the prime real estate segment. This is especially obvious in the poor year-on-year return for 2016”, he noted.

According to him, market analysis, in the North West, the real estate market prices have stayed relatively flat. Kaduna’s prices continue to suffer from protracted ethno-religious conflicts while in the North East, the instability, destruction and human displacement caused by the Boko Haram conflict has led to a slump in real estate market prices.

Iwuoha stated that in the Southeast property prices will continue to experience steady appreciation buoyed by increasing market participation while market analysis for South-South shows that the real estate market prices will likely continue to experience moderate growth in 2017.

For South-west, property prices in that zone, he said have remained resilient in the face of economic challenges.

10 Tips for a Powerful To-Do List

Your to-do list can be your biggest asset but can also be a liability, if not properly managed. The aim is to stay productive, efficient and effective at the end of the day.

Here are 10 Tips for a Powerful To-Do List:

  1. Consciously prioritize – Categorizing tasks into low, medium, high, and top priority tells you what needs to be done first.
  2. Set the urgency – When does the task need to be done? Today, tomorrow, a week from now, a month from now. Tasks that need to be done today would be higher on your list than those that need to be done in a week
  3. Determine the effort involved – Sending a quick email to a friend or co-worker is easier than creating a report. The differences in effort for these tasks are important to note. Categorizing a task as easy, average, hard, or brutal really gives you insight. For example, complete brutal tasks if you have a ton of energy and feel productive, and easier tasks when you feel you’re having an off day
  4. Use technology to help you – Time management software is a great way to stay organized. There are a ton of options out there, and a lot are affordable or free. I recommend only using one or two. Too much technology can actually make you less productive.
  5. Assess spontaneous tasks critically – Here’s how it plays out. Someone contacts you and says,”You need to do this now! It’s urgent.” Is it really? Or is that person just trying to put themselves at the top of your to-do list. Be sure to critically assess the importance whenever you’re given a spontaneous task. Run it through the priority, urgency, and effort test. That way you can be deliberate about what gets added.
  6. Segment projects into tasks – One of the most valuable skills on this planet is the ability to take a project and break it into manageable tasks.
  7. Review and edit the list throughout the day – The to-do list is a living, breathing document that can change at any moment. It is a direct reflection of who we are because it controls what we do. Review it throughout the day and edit it as needed.
  8. Review and assess progress – You should schedule a time at the end of the day to assess your task list. Why did a task take longer than you thought? Why was a task so easy then you thought it would be hard? This self-evaluation helps you understand your workflow.
  9. Include calendar events – Cross-referencing your to-do list with your calendar will help you find the time gaps where you can get stuff done.
  10. Make time for your life– Be sure to add fun activities and hobbies to your to do list. For example, I add rock climbing to my list because I love it. You should do the same for what you love to do.

Source : timemanagementninja.com

 

Uzo Oshogwe, MD/CEO, Afriland Properties Plc, Joins GRI Advisory Board, Chairs First Lagos Club Meeting

The Managing Director/CEO of Afriland Properties Plc, Uzo Oshogwe, has been named to the GRI Club Africa Advisory Board, a global group of real estate leaders with the foremost aim to strengthen global networks while holding high level debates with other global investors.

While chairing the first ever Lagos club meeting which was held at Radisson Blu in Lagos, she stated that though there have been huge challenges in West Africa real estate industry recently, the market has not bottomed out.

Other topics discussed at the gathering were investment opportunities in Anglophone vs Francophone West African countries, real estate recovery plans as well as markets that offer good returns on investment.

The GRI club meeting holds in Frankfurt, London, Milan, Madrid and other countries across Europe covering specific themes, sub-sectors or micro-markets.

Uzo is an exceptional leader who has played an integral role in redefining Africa’s real estate with over 20 years’ working experience, mainly in Information Technology, Banking and Real Estate. She also holds a professional certificate in Real Estate Management from Harvard Business School.

See more photos below:

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Top 3 Construction Trends in 2016

Change is indeed constant. Although combining yesterday’s rules with today’s trends might be a tough task, technology is constantly evolving and changing the landscape of many industries.

The construction industry is rapidly shifting to meet the needs of the modern society. This can be attributed to the urge for smarter homes as well as sensitivity to the effects of global warming.

In construction, the materials used play a vital role in the quality of your end product. It is one of the most important decisions you will have to make.  The doors, electrical systems and equipment, surface finishing, furnishing, metals, carpentry, windows, you just have to be certain on the sustainability of these materials.

As the world moves from the conventional way of building houses but still strives to maintain the same if not a better experience, here are the top 3 construction trends in 2016.

Solar Energy

Installation of solar panels on the roof a building generates free power at no cost. The reason for rise in popularity is quite obvious, the cost of electricity continues to soar. Making it one of the top trends in 2016.

solar panels

Green Buildings

This is also known as green construction or sustainable building. The need for energy efficient and environment friendly processes throughout a building’s life cycle keeps growing;  from siting to design, construction, operation, maintenance, renovation, and demolition.

It also has a low impact on the earth.

Green Building 2

Modular Designs

Modular designs and the use of prefabricated building materials are not new in construction but it is gaining popularity again. It is a faster and smarter method of building and has become hot in the industry.

Modular buildings are usually stronger than conventional constructions because each module is engineered to independently withstand the rigors of transportation and craning onto foundations.

modula design 2

Senate pledges speedy passage of national building code

To forestall increasing cases of building collapse in the country, the Senate has promised a speedy passage of all necessary legal frameworks on the revised National Building Code.

Senate President, Bukola Saraki gave the assurance, while declaring open the public hearing by the Senate Committee on Lands, Housing and Urban Development on “The Need to Prosecute Building Laws Violators”.

The Upper Legislative Chamber according to Saraki, who was represented by the Senate Leader, Senator Ahmad Lawan, would also employ more aggressive oversight scheme.

He noted that the forum would help the legislature to “provide a platform to undertake a detailed and thorough investigation with the engagement of all the relevant stakeholders with a view of finding possible and lasting solution to these preventable housing disasters.

“Working together we will all rid our country of this menace, if not in its entirety but bring to the barest minimum the occurrence of these disasters and also very importantly purge the construction industry of all forms of unsafe and negligent acts in the construction processes”.

Lawan added that Nigerians had in recent times endured unacceptable incidences of building collapse, which have sadly claimed the lives of a number of our citizens, lamenting that “many cases of building collapses have been recorded with about many lives lost, yet very few people are held responsible”.

He, however said that cases of building collapses were not peculiar to Nigeria, but added that across the world building development practitioners are working hard to reduce these incidences to the barest minimum, saying “rate of occurrence and the intensity of damage are low in the advanced nations where strict controls, enforcement of the codes and high ethics of professionalism are made imperative.

“In our country, the principal causes of these collapses are non-compliance to the building laws, use of unskilled artisans, poor supervision, inferior materials, ignorance, lack of maintenance, misuse of structures, conflicts among professionals and corruption.

“The lack of enforcement of our building laws and flagrant violations is directly connected to the exacerbation of this problem. It could also be said that the non-adherence to this laws may also be linked to the other problems we see now with the constant infernos being recorded at market places across the country and other public places and other housing disasters.

Earlier, chairman of the committee, Senator Barnabas Gemade, stressed the need to prosecute building law violators in the country, saying that “the incessant building collapses in the country had given the government and Nigerians sleepless nights due to the huge loss of lives and property”.

Originally published in The Guardian

FG plans N13b civil servants housing fund

Determined to cushion the effects of accommodation challenges facing workers, the Federal Government has announced plans to create a N13 billion housing fund.

Although the details are still sketchy and at its early stage, it was gathered that the office of the Head of Service of the Federation is sourcing for the huge sum, which would be deployed to the Federal Government Staff Housing Loans.

Under the scheme, the N13 billion will be made accessible to beneficiaries, mainly civil servants, while those seeking for loan of N5 million will not pay equity contribution, and others above N5 million is expected to pay 20 per cent of N8 million housings and 30 per cent for N15 million.

The Executive Secretary of Federal Government Staff Housing Loans Board, Dr. Hannatu Fika who made this known at the monthly lunch of Bureau of Public Service Reforms (BPSR) in Abuja, regretted that workers had misused housing loans in the past and largely responsible for the failure of execution of government’s housing project.

In a separate development, the original landowners of Centenary City have appealed to the authorities of Federal Capital Territory (FCT) to return their land to them without further delay.They made the demand due to irregularities of the project. The land was taken from them, without compensation or re-allocation papers from the FCT authorities.

The landowners who made these known when House Committee on FCT investigating the project on oversight visit, said they had gone far with the work on the site when the government revoked their allocation and failed to compensate them.

A representative of the land owners, Felix Osuji told the Committee Chairman, Herman Hermbe that his firm alongside with others got the allocation papers for the land in April, 2011 from the former FCT minister, Senator Bala Mohammed, which 75 titles were issued on Centenary City.

“We submitted our plan. We’ve developed 200 houses at different levels of completion. But in January 2013, I went to the site and a paper was handed over to me by our security man that our property was taken over,” he said.

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