(This is a co-created content by Mrs. Zubaida Umar, The Group Head, Corporate Affairs, FMBN.)
The Federal Mortgage Bank of Nigeria (FMBN) has delivered record-breaking achievements in the past four years as a vital institutional tool of the President Muhammadu Buhari Administration in the delivery of affordable housing to Nigerians nationwide.
The achievements are a result of Mr. President’s clear vision for the development of the Nigerian Housing Sector, apparent by his appointment of a competent and reform minded Board of Directors and Executive Management Team for FMBN under the leaderships of Dr. Adewale A. Adeeyo, OON and Arc. Ahmed M. Dangiwa, fnia, ficen respectively
It is noteworthy that the Bank’s historic strides in the past fouryears (2015-2019) have found direction under the Buhari
Administration’s broad agenda, which is in tangent with its corporate mandate to, amongst others, advance affordable
home ownership through the supply of sustainable long-term liquidity to the Nigerian mortgage market; promote a viable primary and mortgage market and; the management of the National Housing Fund (NHF) – a contributory savings scheme designed to mobilize long-term funds from Nigerian workers, banks, insurance companies and the Federal Government to advance concessionary loans to NHF contributors.
Across all corporate performance indicators including loan disbursements, delivery in housing stock, funds mobilization, mobilization of new contributors to the NHF Scheme, available loan products, refund of NHF contributions, the Bank surpassed previous records of achievements.
Some of the significant areas of performance improvement are highlighted below.
N147.3 billion Mortgage Loan Disbursement Under the four years of the Buhari Administration, FMBN disbursed the total sum of N147.3 billion for affordable housing finance through National Housing Fund (NHF) Scheme. This comprises
- Estate development loans totaling N66.3 billion for the construction of 1,726 housing units;
- NHF Mortgage loans totaling N36.6 billion granted 5,030 beneficiaries;
- Home renovation loans totaling N22.7 billion granted To 27,618 beneficiaries; and
- Ministerial Pilot Housing Scheme loans totaling N21.7 billion for the construction of 1,619 housing units.
Remarkably, the total loan disbursement of N147 billion between 2015 – 2019 represents over 70% of total loan portfolio of N210.6 billion advanced by the Bank since commencement of the NHF Scheme 24 years ago. This translates to an annual average of N36.75 billion (or more than 600% increase) during the Buhari years compared to an annual average of just N6 billion in previous years!
Refund of NHF Contributions to retirees
In a move that marks a radical departure from the perennial problem of delayed refund of NHF contributions to retirees, in the last four years FMBN recorded over N23 billion as pay-out of NHF contributions to 181,436 qualified contributors.
This accounts for 70% of the cases of the cumulative of 257,396 refund applications successfully processed and 82% of the cumulative sum of N28 billion refunded since the NHF Scheme was established. The significant improvement in the rate of NHF refund arose from the review of the Bank’s internal processes and Management’s commitment for improved efficiency in service delivery to Nigerian workers who are its customers.
Easing Access and Affordability for NHF Loan Products
In an historic move aimed at at breaking longstanding financial barriers to homeownership by low- and medium-income earners in Nigeria, the FMBN reduced the equity requirement for NHF contributors wishing to access NHF mortgage loans. With effect from 2018, the following are the more affordable and accessible equity requirements for NHF mortgage loans:
- Mortgage loans of N5million and under attract zero (0%) equity contribution, a downward review from the 10% previously required as loan own payment; and
- Mortgage loan of over N5million to the maximum amount of N15million now attract a flat equity contribution rate of 10%, down from the 20% and 30% previously mandatory to access the loan facility.
The drastic downward review of equity requirement for accessing the NHF mortgage loan has made it more accessible and affordable to Nigerian workers within the low- and medium-income brackets. The implication now is that workers who contribute to the National Housing Fund (NHF) consistently and are up-to-date are eligible for up to a N5 million loan without having to put down a single kobo as equity while those seeking for loans above N5 million to N15 million will only put down 10% as equity.
Introduction of FMBN’s ‘Rent-to-Own’ Homeownership Scheme
In a strategic effort designed to make homeownership more accessible and affordable for Nigerian workers, the FMBN recently introduced the ‘Rent-to-Own’ Homeownership Scheme. The scheme offers an easy and convenient payment arrangement towards homeownership for Nigerian workers. It makes it possible for a Nigerian worker to instantly move into an FMBN-owned housing property as a tenant and conveniently pay towards ownership of the property in monthly or annual installments over as long as 30 years at an interest rate of just 9%!
According to Arc. Ahmed Dangiwa, the Managing Director/Chief Executive, The rent-to-own housing product is designed to make sure that any worker who collects a 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.”
Leveraging on Technology
Another notable achievement of the FMBN during the first tenure of the Buhari Administration is the launch of FMBN Digital Platforms. The Digital Platforms have ushered in a new era of
transparency and accountability in the operations of the National Housing Fund (NHF) by empowering contributors with
real-time access to information on their NHF accounts. Key components of the FMBN Digital
Platform Solutions Suite of services include the following:
- The *219# USSD Short Code service via GSM Mobile networks
- The NHF Mobile Apps available on android & iOS platforms
- The online Self-Service Kiosk via the Bank’s web portal
- SMS and email notification services to NHF customers.
The platforms enable contributors to receive instant notifications of NHF contributions on the go, update NHF personal records, check NHF balance of contributions, register and retrieve NHF numbers, request for statements of account, calculate home affordability and mortgage payments, and obtain latest NHF-related information from the FMBN Bulletin Board online service.
The greater transparency, clearer disclosure and convenient access to records of contributions from the comfort of homes and offices or while on the go via personal computers or mobile phones has boosted confidence in the NHF scheme.
As affirmed by the Managing Director, Arc. Dangiwa, “On resumption of office, we audited the system and discovered that most employers under-remit deductions, remittance schedules of deductions are not provided, contribution records are not updated or maintained in passbooks and most contributors do not know the status of their contributions. Having critically evaluated the issues, we decided to automate the process to give contributors unfettered access to information pertaining to their contributions and the policies associated with the Scheme for greater efficiency, transparency, accountability and service delivery.”
Implementation of the National Affordable Housing Delivery Programme for Nigerian Workers
In a move aimed at strengthening stakeholder participation and confidence in the operations of the National Housing Fund (NHF), the FMBN in conjunction with the Nigeria Labour Congress (NLC) Trade Union (TUC) and the Nigeria’s Employers’ Consultative Association (NECA) embarked on the National Affordable Housing Delivery Programme for Nigerian Workers. The Housing Programme aims at a structured and sustainable approach to affordable housing delivery for Nigerian workers nationwide.
About 2,800 housing units are to be delivered in fourteen (14) sites across the six geopolitical zones of the country in addition to Lagos and Abuja, in batches of a minimum of 200 units per zone. House types include finished semi-detached bungalows as well as 1-, 2- and 3- bedroom flats.
The Buhari Years (2015- 2019) represent a period of unprecedented transformation, high-performance and impact at the FMBN in the pursuit of its mandate of deepening access to housing finance, providing access to affordable housing for low- and medium-income earners. This is a result of the visionary policy direction and strong support the Bank has enjoyed under the Buhari administration.
The stellar results and increased impact of the Bank are helping to change the longstanding narrative from negative to better corporate performance, improved transparency, greater efficiency and service improvement.
As the Buhari administration restrategizes for a second term in office, the FMBN remains poised to sustain the momentum of reform, high performance and impact with the objective of driving delivery of affordable housing and promoting the development of a more vibrant mortgage finance market in the country.
Wema Bank, Dana Airline in alleged money laundering scandal
One of the nation’s topflight banking institutions, Wema Bank and Dana Air, owners of Sri Sai Vandana Foundation, a Non-Governmental Organisation (NGO) have been fingered in a money laundering crime and may be prosecuted by the anti-graft agency.
According to a source, the airline’s inflight donation collected between 2014 and 2018 without following due process is the bane of contention.
“The EFCC will take it up. We will investigate and prosecute the crime element once prima facie is established,” the acting spokesperson of the Economic and Financial Crimes Commission (EFCC), Tony Orilade said.
Dana started Nigeria’s Sri Sai Vandana Foundation in 1995 and commenced the inflight donation in partnership with the Sickle Cell Foundation of Nigeria. But after the airline suffered a major crash in Lagos in 2012 in which 153 persons died, it ceased the collaboration, ‘re-strategised’, and solely ran the inflight donations.
Reports also reveal how Dana through Sri Sai Vandana Foundation, got the inflight donations between January 2014 and October 2018, raking in millions of naira deposited into the Wema Bank account number 0121291839 without due registration with the Corporate Affairs Commission (CAC), a prerequisite for complying with the Special Control Unit against Money Laundering (SCUML) regulations.
The EFCC official stated that the company will be sanctioned and that when there is a vacuum that is when we will lift the veil.
He further explained that by ‘lifting the veil’ he simply means “The company cannot run without humans. So, it is when everyone denies being members of the company that we go after the individuals.”
In line with the Money Laundering Prohibition Act, it is mandatory every Designated Non – Financial Institution, DNFI, to register with SCUML in order to legally operate in Nigeria.
Contravening the SCUML guidelines have some specific penalties, including “suspension or revocation of license, fines or imprisonment or both,” according to Sections 15 to 17 of the Money Laundering (Prohibition) Act 2011 (as amended).
It stipulates a maximum of 14 years jail term for an individual but, in the case of a corporate organisation, the law says such organisation would pay “a fine of not less than 100 percent of the funds and properties acquired as a result of the offense committed” and would also have its license withdrawn.
Precisely, the law defines the unlawful act listed in subsection (2) of the Act to include “corruption, bribery, fraud, counterfeiting, and piracy of products…or any other criminal act specified in this Act or any other law in Nigeria.”
As such, Wema Bank officials involved in Dana’s account opening process may as well be prosecuted by the anti-graft agency, as soon as SCUML forwards its findings to the EFCC.
Sanwo-Olu’s Chief of Staff, Tayo Ayinde dumps wife, …Marries millionaire’s sister
Barely one year after the crash of his marriage, popular Lagos politician, Mr. Tayo Akinmade Ayinde has found love again. He is romantically involved with Doyin Ojora, a popular society lady. Ayinde, who presently serves as the Chief of Staff to Governor Babajide Sanwo-Olu of Lagos state, was the Director-General of the Babajide Sanwo-Olu Independent Campaign Group between 2018 and 2019.
This newspaper gathered that Ayinde ended his marriage to his first wife, Titilola, shortly before Sanwo-Olu’s gubernatorial project kicked off. Sources disclosed that Ayinde decided to end the marriage to Titilola and send her packing, for the flimsiest of excuses, which continue to elude the couple’s close friends. Not satisfied with his decision to call it quit with his first wife, Ayinde, reportedly, denied her access to their children.
Close sources disclosed that Ayinde’s decision to end his marriage with Titilola, has refused to sit well with his close friend. They can’t seem to fathom why he would dump the woman, who started from the scratch and made a lot of sacrifices to make him what he is today.
Sources revealed that Titilola almost went into a state of depression when all efforts she made to reconcile with her family was frustrated by her estranged husband. Left with little or no option, the 49-year old lady left Nigeria and relocated to the United States, where she currently resides.
Meanwhile, Ayinde has since found love in the bosom of Doyin Ojora, a party-loving society girl. The two have since consummated the affair and now carry on as husband and wife. Doyin is in her late 30’s, and she is the niece of Otunba Adekunle Ojora, the boardroom businessman. She once worked with Ayodeji Joseph, during his tenure as Chairman of Apapa Local Government. Later, she was appointed as a caretaker of Apapa Local Council.
Ayinde, who hails from Ikorodu, Lagos State was born on the 24th of August, 1964 at Alausa, Ikeja, Lagos. He is an alumnus of Havard Business School, Boston, USA and University of Cambridge, United Kingdom. Ayinde is a former security and intelligence personnel. He had previously served as chief security detail to the former Governor of Lagos State, Asiwaju Bola Tinubu from 1999 to 2007.
A source close to the chief of staff, however disclosed that he and his estranged wife have been separated for about 3 years and they finally divorced last year. “It was as a result of irreconcilable differences, he’s a good man who has right to live well.
This was one of the issues that counted against him when he contemplated contesting for the governorship, Aswaju told him that “koni yawo nile,( he doesn’t have a wife) so, if he decides to do that now,is it wrong? The source said.
SOURCE: First Weekly Magazine
Crisis rocks Nigeria Centre for Disease Control as D-G refuses to leave after tenure
There is apprehension in the Abuja head office of the Nigeria Centre for Disease Control (NCDC), as a result of the decision of the Director-General (D-G), Dr. Chikwe Ihekweazu, to remain in office after the expiration of his tenure.
Despite the order from the Permanent Secretary of the federal Ministry of Health, Alhaji Abdullahi, who is the overall boss of the ministry in the absence of a minister, that Ihekweazu should vacate office based on the content of his appointment letter dated August 1, 2016, he has bluntly refused to obey the instruction.
A presidency source, who is in the know of what is going on in the agency, declared that the Permanent Secretary has made an official complaint against the D-G to the Secretary to the Government of the Federation (SGF), Boss Mustapha.
The presidency source said: “There is a complete loss of confidence in the D-G and the top officials no longer hold meetings with him”.
Aside the fact that this action may affect the integrity of President Muhammadu Buhari, it may also affect the mandate of the agency to effectively respond to the challenges of public health emergencies.
The source declared that the Presidency is already shopping for a replacement “and this will be announced soon”.
The top four directors in the agency are Dr. Joshua Obasanya, Mrs. Olubunmi Ojo, Mrs. Nwando Mba and Mr. Y.Y. Abdullahi. Of these four, Obasanya is the most senior.
There are also Deputy Directors such as, Dr. John Oladejo, Mrs. Elsie Ilori, Dr. Priscilla Ibekwe, Dr. Chinwe Ochu and Dr. Olufemi Ayoola “and I can tell you for free that these top officials don’t see eye to eye with the D-G again”.
One of the junior officials in the ministry declared: “Our D-G has vehemently refused to vacate office, despite the instruction from the Permanent Secretary”.
He said Ihekweazu assumed office on August 1, 2016 based on a letter signed by the then SGF, Babachir David Lawal.
With Ref. No. SGF.6/XXI/356 and entitled APPOINTMENT OF NATIONAL COORDINATOR/CHIEF EXECUTIVE OFFICER OF THE NIGERIA CENTRE FOR DISEASE CONTROL AND PREVENTION (NCDC), the letter reads:
“I am pleased to inform you that the President of the Federal Republic of Nigeria, Muhammadu Buhari, GCFR, has approved your appointment as National Coordinator/Chief Executive Officer of the National Office for the Nigeria Centre for Disease Control and Prevention (NCDC).
“The appointment took effect from 25th July, 2016 and your emoluments and other conditions of service are as provided under Certain Political, Public and Judicial Office Holders (Salaries and Allowances etc.) (Amendment) Act, 2008.
“I am to add that your tenure terminates at the end of this Administration unless otherwise decided by Mr. President.
“Please accept my congratulations and best wishes on your appointment”.
The source declared that Ihekweazu “pressed all the buttons” to ensure a renewal of his tenure in May and April but a fresh letter was not given to him.
“He should have left office since May 29 but he has been using delay tactics. I can tell you that the morale is down in our office. All our ogas (directors) don’t attend meeting with Dr. Ihekweazu again.
“I remember the last meeting they had with him was about two days after the inauguration of President Muhammadu Buhari for another term on May 29.
“The D-G should have left office on May 28 but he told them that he would leave office Tuesday of the following week. Twenty four hours to the day, he called them again and announced that he would leave office the following Thursday. All of a sudden, the next thing we saw was a letter from the D-G, informing all directors, heads of departments and members of staff that he would go on one-week leave from June 13 to 21”.
The letter, dated June 11, 2019, reads:
“Dear Colleagues, I will be proceeding on annual leave from the 13th to 21st of June, 2019.
“During this period, Dr. Joshua Obasanya will act in my capacity as Director-General.
“I am very grateful for the hard work and support from you all in the first half of this year. It has been an extremely busy period but with a lot of success and remarkable achievements.
“The prospects of what we can achieve in the next half of the year are very exciting. I look forward to more progress on this journey.
“Once again colleagues, thank you very much for your support.
Dr. Chikwe Ihekweazu”
The source said the paragraph ‘The prospects of what we can achieve in the next half of the year are very exciting. I look forward to more progress on this journey’ is already causing ripples in the agency as it is believed that Ihekweazu does not want to vacate office, despite the expiration of his tenure.
The source alleged that the D-G “is still signing cheques and awarding contracts, backdating them to May 27”.
“There is a serious lacuna in our office. The sit-tight syndrome is already affecting our operations here. There is also the allegation of nepotism against the D-G. Since the D-G resumed from the one-week leave, I have not seen our ogas (directors) in his office. Now, we hear all kinds of rumours.
“There is tension everywhere. One of the ogas (directors) told me that they will not have any meeting with him. Honestly, since the Permanent Secretary advised the D-G to leave, I wonder what he is still doing in the office”.
Established in 2011, the core functions of NCDC include prevention, detection and control of diseases of public health importance.
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