Connect with us

NEWS

FMBN begins ‘Rent to Own’ housing scheme

Published

on

The Federal Mortgage Bank of Nigeria (FMBN) Board has approved the implementation of the ‘Rent-To-Own’ pilot housing scheme to begin with 3000 houses nationwide.

A statement signed by Mrs 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 ‘Rent-to-Own’ scheme is an innovative affordable housing product, which provides an easy and convenient payment plan towards home ownership for Nigerian’s workers.

The scheme is designed for workers to move into FMBN homes as tenants, pay for and own the properties through monthly or yearly rent payments spread over periods of up to 30 years.

Umar noted that the properties would also attract a single digit interest rate of nine per cent on the price of the property on an annuity basis to increase affordability.

“The product will cover properties with the maximum value of N15million.

“The rent-to-own housing product targets Nigerian workers who are contributors to the National Housing Fund (NHF) and will be implemented in phases. About 3000 houses are planned for the pilot phase with 3000 beneficiaries.

“To deliver on the rent-to-own housing scheme, FMBN will partner with reputable estate developers for the construction of cost-effective housing stock nationwide.

“Payments for the houses will be domiciled with the CBN through the Treasury Single Account (TSA).

“Properties that are planned for the rent-to-own scheme are Existing Estates that are funded by FMBN nationwide and non-funded estates,” She said.

Speaking on the development, FMBN Managing Director, Mr Dangiwa Ahmed, was quoted as saying that the rent-to-own was another ground-breaking initiative targeted at increasing access to affordable housing by workers in the low-medium income brackets.

“The rent-to-own housing product is designed to make sure that any worker who collects salary should be able to live in his own home and pay conveniently over periods as long as 30-years!

“This is a massive relief especially given how little workers earn.

“I am delighted that we have successfully added this product to the many other initiatives that we have made possible to make home-ownership a lot easier for Nigerian workers”.

Ahmed commended President Muhammadu Buhari for his commitment to the development of housing and the Minister of Power, Works and Housing, Babatunde Raji Fashola for his continual support on the ongoing reforms to re-position FMBN.

He added that the scheme would eliminate the burden of equity contributions by workers for housing loans, complement its existing products and help the bank to utilise abandoned estates that were to be transferred to the scheme.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

NEWS

$200m Scandal: Reps declines to reinstate contract of Atiku’s Intels

Published

on

The House of Representatives on Tuesday rejected the recommendation of its committee that the Nigerian Ports Authority (NPA) reinstates its contract with Intels, a logistics maritime operator.

The House said the company which reportedly made infractions on the Treasury Single Account (TSA) policy of the federal government, disrespected the legislature by shunning the probe instituted in 2017.

Recall that the House of Representatives had in October 2017 set up an ad-hoc committee with a mandate to investigate the process that led to the termination of the contract between NPA and Intels, a company substantially owned by Atiku Abubakar, the presidential candidate of the opposition Peoples Democratic Party (PDP) in the impending general elections.

The committee chaired by the Deputy Chief Whip of the House, Mr. Pally Iriase (APC, Edo) had laid the report of its investigations on the 12th December 2018.

During consideration of the report today, it was found out that the committee, among others, recommended that “the notice of termination of contract agreement should be formally withdrawn since Intels Nigeria Limited have complied with the Federal Government Policy on Treasury Single Account (TSA).”

Other recommendations include: “that the Nigerian Ports Authority (NPA) and INTELS Nigeria Limited should sign the new Standard Operating Procedure in the Supplemental Agreement, which should be in the best interest of Nigeria;

“That a schedule for the repayment plan for the amortization policy should be proposed and signed by both parties within one month upon the adoption of this recommendation;

“That NPA should henceforth adhere strictly to the provisions of the Nigerian Ports Authority Act in the administration and management of its operations; and

“That the Ad-lzoc Committee and the Committee on Legislative Compliance should ensure strict implementation of the above recommendations.”

But speaking against the report, Mr. John Dyegh (APC, Benue) said Intels is owing the federal government over $200million and that executives of the company also failed to appear at the hearing. He therefore called for the rejection of the report.

He said: “Intel is owing the federal government $200million and we have not seen any evidence that they have paid the money, according to the report, everyone came for the public hearing, except Intels.

“You don’t have respect for the House, for the committee, but you want benefit from the House, I urge the House to reject this generous report.”

Also opposing the report, Sodiq Ibrahim (APC, Adamawa) said “the contract was terminated on the principle of not remitting $200million, and the committee is recommending that Nigeria should go back into agreement with them?

“I think the House should step down the report, and rework it, a pro Intel report.”

In his reaction to the contributions on the report, Mr. Iriase agreed that the report should be reworked adding that the House committee with legislative oversight over NPA should join his panel to conduct a holistic investigation into the relationship between NPA and Intels.

Recall that when the motion on the contract termination was moved in 2017 the debate was politicized as some PDP members viewed it as a political attack on Atiku. During today’s proceedings however the report was rejected unanimously.

Continue Reading

NEWS

2019 elections: Danjuma raises alarm over plots to rig polls

Published

on

A former  Minister of Defence  Lt Gen Theophilus Danjuma on Tuesday raised the alarm over an alleged plot to rig next month’s general elections.

Danjuma made the allegation while inaugurating a medical laboratory at the Rufkatu Danjuma Maternity Hospital in his Takum hometown in  Taraba State.

The former Chief of Army Staff also described democracy in the country as primitive.

He claimed there was a plan to cause unrest that would make some states ungovernable in order to manipulate the elections.

Danjuma warned the people of Taraba to protect their votes to prevent electoral fraud.

The retired general said, “We must work hard for peace in addition to just registering and obtaining our Permanent Voter Cards.

“There is no need to fight one another because they will use the police and soldiers to destabilise us and rig the elections.

“It is in our best interest to ensure there is peace. Those behind this plot know that they will not win elections if there is peace. I want to call on you not to sell your votes because you will be selling your birthright if you do so.”

Continue Reading

NEWS

Interior Minister, Dambazau blasts ex-IGP Idris

Published

on

Minister of Interior Lt-Gen Abdulrahman Dambazau

The Minister of Interior, Abdulrahman Dambazau,  said the Nigeria Police Force did not get any major project from the Federal Government in the past three years because the immediate past Inspector-General of Police, Ibrahim Idris, did not relate well with his ministry.

He stated that the ministry had a cordial relationship with former IG Solomon Arase, but the situation changed when Idris took over.

The minister, who revealed this when the acting IG Mohammed Adamu paid him a courtesy call at his office in Abuja on Tuesday, commended the police boss for taking the right step to mend the strained relationship.

“I want to first congratulate you on this position you are elevated to and add my prayers that God grants you success. I also want to appreciate your coming here on a courtesy visit, recognising the significance of the Ministry of Interior in terms of its supervisory mandate to the police and other agencies including its mandate in terms of internal security and public safety,” the minister said.

“We are happy that you took this step because since early 2016, shortly after I came in as Minister in November 2015, I had a very cordial relationship with the then IGP, Solomon Arase, but when Arase left, there was the severance of relations between the police and the Ministry of Interior.

“It was not completely though because most of our dealings in terms of internal security and public safety were with the DIG Operations and because we must do everything possible to ensure that we not only carry our supervisory mandate in terms of policy but also to ensure that police as an institution does not suffer,” he noted.

Speaking further, the minister said: “We are indeed glad that you came in with an absolutely different idea regarding this relationship. Throughout three years, we have presented more than 25 memoranda to FEC that have to do with policies concerning the country, but none of them involved the police except few that came from Police Academy, Wudil.

“So, this is the kind of thing that we must be able to avoid because you need the parent ministry to represent you at the FEC. That related with us here. We need to work together with the kind of security challenges we are experiencing in this country as you mentioned. I will appreciate the idea and concept of community policing. There are so many things in terms of policy you can drive from here.

“Ours stop at making policies because the implementation is absolutely yours. We will not interfere in that area at all. We have capable and experienced hands in the ministry that can make lots of inputs, particularly in this democratic environment that you need this process. I want to reassure that this ministry will give you all the support you need to succeed.

“We will not pretend about it; there are security challenges in the country, but they must be tackled and we must put heads together to ensure we succeed in providing for Nigerians, the security they deserve. We do hope that this is just the beginning of our working together to ensure that you succeed,” he promised.

Speaking earlier, the acting IGP pleaded for forgiveness, promising that, having retraced their steps, they would not want to be left out of the activities of the ministry.

“It is really a privilege to be received today. Since my appointment as the new acting IGP, my thought was to first visit the Ministry of Interior which is the parent ministry where Nigeria Police belongs. I have not gone anywhere on courtesy call except this one and now that I have been here; I am now free to go to other places.

“We are aware of the fact that most of the policy issues concerning police operation come from the Ministry of Interior. We don’t want to be left out. We want to be deeply involved in the activities of the ministry. We want the minister to know that we are 100 per cent ready to participate in every activity of the ministry that involves security.

“We do have challenges involving security within the country. They are challenges that can be surmounted and we can easily overcome them with the full support of the parent ministry. If we were not participating in the past the way we should, we have now retraced our steps to return and do the needful for the benefit of the country and benefit of everybody. That is the reason for our coming,” he said.

In his entourage included seven deputy inspectors generals of police (DIGs) and an assistant inspector general of police among others.

Continue Reading
Advertisement

Facebook

Advertisement
Advertisement

Trending