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Nigerian’s cannot afford more than single digit mortgage – FMBN boss

Coalition Hails FMBN Chief Kumo For His Laudable Achievements

The Federal Government recently re-appointed Mr. Gimba Yaú Kumo as Managing Director of Federal Mortgage Bank of Nigeria (FMBN) for a second tenure of four years. In this interview from Vanguard news, he assesses the mortgage industry in Nigeria and the plan to recapitalize FMBN for better performance. Below are excerpts of the interview. How would you describe the mortgage ...

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Nigeria’s housing problem is multi-dimensional – Prof Godwin Idoro

The Head of the Department of Building, University of Lagos, Prof. Godwin Idoro, has described as multi-dimensional the problems plaguing the housing sector in the country. Idoro, who spoke at the 10th Annual Project Management Lecture organised by the department, said the problem of housing and infrastructure in country affected the low-income earners most. He said, “The situation in Nigeria ...

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Investors identify opportunities in Nigeria’s real estate sector at $400bn

The housing deficit in Nigeria, estimated at 17 million units has created immense opportunities in the country’s real estate sector, making it a preferred destination for local and foreign investors. The middle to the lower-middle class market alone needs about four million housing units, representing about 20-25 percent of the deficit and Richard Nyong, CEO of Lekki Gardens Limited, estimates ...

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Ogun compensates farmers on Kobape Estate land with N48m

In a move to meet obligations to its citizens, Ogun State Government has redeemed its pledge of adequate compensation to farmers in nine communities within the proposed land for Kobape Ultra Modern Housing Estate in Obafemi/Owode Local Government Area. About N48million was paid to 33 families as crop compensation by government officials to further demonstrate its commitment to the welfare ...

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How NIPC aids foreign investment in Nigeria

The recent drop in global crude oil price and the persistent efforts of the Federal Government of Nigeria to diversify her economy and move away from overreliance on the oil and gas sector have made Nigeria a fertile ground for investments. In spite of the attempts of both Government and indigenous companies, the telecommunication, energy, tourism and hospitality, agriculture, security, ...

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HOUSING: FMBN approves mortgage loan for RSL

Resort Savings and Loans Plc says it has secured the Federal Mortgage Bank of Nigeria’s approval for N1.5bn mortgages for more than 125 beneficiaries under the National Housing Fund Scheme. According to the mortgage bank, this comes amid the struggle by the nation to tackle the challenge of providing affordable housing for its citizens. A statement from the company quoted ...

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TECHNOLOGY: Eko Atlantic developers unveil mobile app

Messrs South Energyx Nigeria Limited, planners and developers of Eko Atlantic City, an emerging city being built on land reclaimed from the Atlantic Ocean located beside the popular Bar Beach on Ahmadu Bello Way, Victoria Island, Lagos, have devised their first mobile application that can be used on all new generation smart phones and Eko-pixtablets (Android and iOS platforms). The ...

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Lagos speeds up work to meet projects completion

In a bid to complete ongoing projects under its purview on schedules, Office of Works, Lagos state Ministry of Works and Infrastructure has doubled activities to ensure completion of the projects. Currently, schools, hospitals, courts and other public utilities are being rehabilitated while new ones are being constructed where necessary across the state. Against this background, the Office of Works, ...

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Lafarge in pact with Shelter Afrique to deliver low-income housing

Lafarge Africa Plc and Shelter Afrique, a Pan-African housing and development institution, on Monday signed a Memorandum of Understanding to facilitate housing development on a large scale for low income earners in the country. The agreement, whose implementation will commence with the development of identified sites in Abuja, is for an initial period of four years. The terms of the ...

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Upgraded Lagos City Mall attracts high profile tenants

As the upgrading of The City Mall, Onikan, nears completion, high profile companies are already taking tenancy at the Mall. Among the newest tenants are Genesis Cinemas, a leading Nigerian cinema brand, and Playzone, a fast growing family entertainment brand in Nigeria. Both companies recently signed a contract with Ibukun Efuntayo & Company, the property manager of The City Mall, ...

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