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Tag Archives: Mortgage Bank

Experts outline positive measures for Nigeria’s mortgage market

mortgage market

Although mortgage market and financing has continued to be a source of worry for operators in the nation’s housing delivery, investors and industry players have projected a positive future. Currently, Nigeria’s mortgage banks charge between 19 and 24 per cent. And this could go higher, depending on the risk volume, which has affected the real estate’s potential as a goldmine ...

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Court dismisses mortgage bank’s bid to regain forfeited property


A federal High Court in Lagos has dismissed an application by Safetrust Mortgage Bank to regain its high-rise property, Safetower Estate, located in Ikate Lekki, Lagos. In an application filed before Justice Sule Hassan, the developer had urged the court to vacate its earlier order of forfeiture of Safetower to EFCC, pending the completion of investigation by the Economic and ...

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FHA plans to invest N9 billion in Abuja mass housing


The Federal Housing Authority (FHA) said it would invest N9 billion in the ongoing construction of its Abuja Mass Housing Project of 550 units of houses, located in Zuba, Abuja. Prof. Mohammed Al-Amin, Managing Director of FHA, made this known on Friday while fielding questions from journalists after an inspection of the Zuba pilot scheme construction site, Abuja. The News ...

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Expert urges FG to provide long-term funds to mortgage institutions

mortgage institutions

Mr. Olayinka Omotosho, Chairman, Royal Institution of Chartered Surveyors (RICS), has appealed to the Federal Government to provide long-term funds to mortgage institutions to enhance their scope of operation. Omotosho reported on Monday in Lagos that affordable housing could only be achieved through effective mortgage system, which was not available in the country. He said the conventional banks offering mortgage ...

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Aregbesola appreciates Omoluabi Mortgage Bank’s prowess


Osun State Governor, Ogbeni Rauf Aregbesola has lauded the managerial prowess of the Board and Management of Omoluabi Mortgage Bank Plc., for recording astronomical growth across all lines in the 2017 financial year. The governor described the performance in the year under review as heroic, noting that the bank has made tremendous progress, resulting in payment of dividends to shareholders ...

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Shareholders urge FG on ease of land acquisition process, fees


In a renewed move to attract more real estate investors and encourage effective property documentation in the country, shareholders are seeking Federal Government’s intervention to ease land documentation process and fees charged on documentation. National Chairman, New Dimension Shareholders Association, NDSA, Mr. Patrick Ajudua, made the appeal at the just-concluded 12th Annual General Meeting of Infinity Trust Mortgage Bank, ITMB, ...

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Aso savings and partners kick off Kaduna millennium city project


In line with its vision to be the mortgage bank of choice, ASO Savings & Loans Plc. is partnering with Environmental Engineering and Construction Limited and Realines Global Konsult Ventures Ltd to bring to reality the planned Kaduna Millennium City. ASO savings is totally financing the multi-billion Naira project. Kaduna Millennium City is an 11.8 Hectare Land located within the ...

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Mortgage bank loans to real estate soar but housing deficit lingers

real estate

Mortgage and commercial banks’ lending to the real estate sector has continued a steady growth in the last three years despite the downturn in the economy, a sectorial breakdown of banks’ credit to the private sector has shown. Banking credit to private sector data sourced from the National Bureau of Statistics (NBS) and a survey of developers showed that the ...

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Governor Udom Emmanuel resuscitates mortgage bank in Akwa Ibom

Akwa Ibom

The Akwa Ibom State Governor, Mr Udom Emmanuel has assured that he is committed to the full resuscitation and recapitalization of state owned mortgage bank, Akwa Savings and Loans Limited. Emmanuel who made the assertion at the commissioning of the new headquarters of Akwa Savings and Loans limited in Uyo on Friday said he had directed his hon commissioner for ...

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CBN enlists 34 mortgage banks and 4 commercial banks to stimulate housing finance

mortgage banks

Following plans to introduce a public private partnership scheme that seeks to increase access to housing finance, the Central Bank of Nigeria (CBN) has selected 34 primary mortgage banks and 4 commercial banks to stimulate housing finance for low-income earners in the formal and informal sectors. The banks will join nine other micro finance banks in the ‘My Own Home’ scheme, ...

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