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Tag Archives: CBN

Five states move to adopt housing law

housing law

HOUSING LAW Five states of the federation are expected to conclude the passage of their draft housing bills into law before the end of year. Findings by our correspondent show that Ogun, Osun, Kebbi, Plateau and Edo states are at various stages of passing the law, which is expected to improve access to mortgage and homeownership for their residents. The ...

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Stakeholders raise alarm as CBN increases mortgage banks’ capital

stakeholders

Stakeholders in Nigeria’s housing sector have expressed worry over the fate of the nation’s Primary Mortgage Banks (PMBs) following the N13 billion new capital requirements set for them by the Central Bank of Nigeria (CBN). Their anxiety stems from the fact that most of the primary mortgage institutions are still struggling to cope with the previous N2.5billion capital base, which ...

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Housing deficit: N16trn from CBN, PenCom, others to boost sector

CBN

With a whopping N16 trillion from Central Bank of Nigeria (CBN), the Pension Scheme, Mortgage institutions and other related financial services organisations, Nigeria’s housing sector is set to receive a boost. Efforts are being made to allow pension contributors to access 25 per cent of the savings in their respective Retirement Savings Accounts(RSAs) for mortgage finance. In order to facilitate ...

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PenCom, CBN, others partner to bridge N16trn housing deficit

housing deficit

Plans are underway to allow pension contributors access 25 per cent of savings in their respective Retirement Savings Accounts (RSAs) for mortgage finance. The new arrangement is to enable the federal government close over N16 trillion housing deficit in the country. Vice President Yemi Osinbajo had in November 2018 hinted that Nigeria’s present housing deficit stood at a staggering 20 ...

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Former CBN governor, wife buys N15.6bn property in UK

CBN

Paul Ogwuma, former governor of the Central Bank of Nigeria (CBN) and his wife have acquired property worth £33 million (N15.6 billion), a UK investigative journalism magazine has revealed. According to the magazine, Private Eye, Ogwuma, who served as CBN governor for six years has “amassed a £33m British property empire”. In its report titled “Abuja on Thames” the paper ...

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Affordable housing: FMBN launches rent-to-own scheme for workers

rent-to-own

Amidst growing concern that the efforts of government agencies to tackling housing deficit in the country is grossly insignificant, the recent launch of the rent-to-own housing scheme by the board of the Federal Mortgage Bank of Nigeria, (FMBN) may make housing more affordable for Nigerian workers who cannot build or buy homes from their meagre income. The scheme is seen ...

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CBN lists 34 licensed primary mortgage banks

Mortgage banks

The Central Bank of Nigeria (CBN) has published the list of thirty-four (34) entities as licensed primary mortgage banks in Nigeria as at the month ended September 30, 2018. The list released by CBN yesterday revealed that eighteen (18) firms or fifty-three (53%) per cent (approx.) of the licenced PMBs operate out of Lagos (In our review of the table, ...

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CBN intends to revoke 154 microfinance banks’ licences, 28 others

licences

The Central Bank of Nigeria on Wednesday gave a notification to revoke the operating licences of 182 other financial institutions in the country. According to the list released by the regulator on Wednesday, 154 of the affected institutions are microfinance banks; six are primary mortgage banks; while the remaining 22 are finance companies. The CBN said 62 of the microfinance ...

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FMBN commences Rent To Own Pilot Scheme With 3000 Houses Nationwide

rent-to-own

The Federal Mortgage Bank of Nigeria Board has approved the implementation of the Rent-To-Own pilot housing scheme to begin with 3000 houses nationwide. A statement signed by Zubaida Umar, FMBN Corporate Communications Group Head, on Sunday in Abuja, stated that the scheme was a strategic move designed to make home ownership more accessible and affordable for Nigerian workers. The FMBN ...

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