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Beneficiaries get N23.3bn Home Renovation Loans from FMBN

The Federal Mortgage Bank of Nigeria (FMBN), has disbursed N23.3 billion under its Home Renovation Loans window to 28,363 beneficiaries.

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28,363 beneficiaries get FMBN's N23.3bn Home Renovation Loans

Ahmed Dangiwa, the Managing Director of Federal Mortgage Bank of Nigeria (FMBN), has disclosed that the bank disbursed N23.3 billion under its Home Renovation Loans window to 28,363 beneficiaries.

Speaking at a cheque presentation ceremony to members of the Lagos State Public Servant Housing Cooperative, Dangiwa disclosed that the loan beneficiaries cut across the country.

He was represented at the event by FMBN’s Executive Director in charge of Loans and Mortgage Services, Hajia Rahimatu Aminu-Aliyu.

“It is pertinent to note that a total sum of N23.3bn has so far been disbursed by the Federal Mortgage Bank of Nigeria to 28,363 beneficiaries across the country under the Home Renovation Loan window.

“Just recently, one of the most ambitious housing delivery programmes in this country, the National Affordable Housing Delivery Programme in collaboration with the Nigerian Labour Congress, the Trade Union Congress and the Nigerian Employers’ Consultative Association was launched by the bank.

“It is a programme to deliver affordable houses to Nigerian workers in every state of the federation. As we speak, the pilot projects have commenced in earnest in five states. The pilot phase is to deliver 100 houses in each of two states across the six geo-political zones of the country.”– Dangiwa

About the Home Renovation Loans: This programme is one of the several products of the bank, aimed at ensuring that contributors to the NHF benefit from the scheme.

The FMBN Home Renovation Loan was created for the purpose of renovating existing structures, at six percent for a tenure of five years maximum.

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How the funds are sourced: The funds were sourced from 2.5 percent of the basic income of Nigerian workers earning the minimum wage and who are 18 years and above.

About FMBN: The bank was established to provide long-term credit facilities to mortgage institutions in Nigeria. More so, to encourage the emergence and promote the growth of viable primary and secondary mortgage institutions to service the need of housing delivery in all parts of Nigeria.

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

1 Comment

1 Comment

  1. Joel John Achi

    March 30, 2020 at 11:25 am

    Good and stay save. Am a beneficiary of home renovation loan, working with Kaduna state government. I have been given a reward letter over two months now but has not yet receive the loan. Please, can you tell me what is going on or why the delay.

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Business

Just in: NUPENG calls off strike for petroleum tanker drivers in Lagos State

The disclosure was made in a series of tweet posts by the SSA to the Lagos State Governor.

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The National Union of Petroleum and Natural Gas Workers (NUPENG), has called off the strike action of the Petroleum Tanker Drivers (PTD) in Lagos State which started earlier today.

This is contained in the communique which was signed by the Lagos State Commissioner for Energy and Mineral Resources, Olateru Odusote and the Deputy National President of NUPENG, Solomon Kilanko, on Monday, August 10, 2020.

The disclosure was made in a series of tweet posts by the Senior Special Assistant to the Lagos State Governor on New Media, Jubril Gawat, through his official twitter handle.

Jubril disclosed that the state will set up a standing committee to discuss with the union on an ongoing basis to resolve the various issues as they arise. The state government will also review the timing restriction on movement of petroleum tankers within the next week.

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Details later…

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FMDQ says newly signed CAMA bill will make Nigeria a powerful destination of capital

The new Bill introduces some corporate legal innovations aimed at boosting the ease of doing business.

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AFEX to partner with FMDQ and Dubai Commodities Exchange

FMDQ Securities Exchange has revealed that the new Companies and Allied Matters Bill 2020, that was recently signed into law by President Muhammadu Buhari, would reposition Nigeria as a powerful destination of capital.

The newly signed Companies and Allied Matters Act. 2020 bill, repeals and replaces the extant Companies and Allied Matters Act, 1990.

While making the disclosure in Lagos on Monday, August 10, 2020, the Group Chief Executive Officer of FMDQ, Bola Onadele, said the country’s financial market and the economy as a whole would receive the long-awaited boost to encourage economic development with the new CAMA.

READ MORE: President Buhari signs amended Companies Allied Matters bill

The new Bill introduces some corporate legal innovations aimed at boosting the ease of doing business in the country. Some of such innovation are reduction in filing fee and other reforms to encourage small and medium enterprises, provisions for the establishment of private companies with a single shareholder and limited liability partnerships and limited partnerships, among others.

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According to a report from News Agency of Nigeria (NAN), FMDQ’s Onadele pointed out that the implementation of the new CAMA, would lead to a new wave of innovative developments in the Nigerian financial market and as well as improve the ease of doing business in the country.

Onadele said, ‘’With the increasing sophistication of the global financial markets comes the need for domestic markets to develop their architecture and infrastructures to support requisite advancement as well as align with international standards, and the new CAMA 2020 will position Nigeria and its capital market at par with its international counterparts.’’

“Chief of the several impactful provisions in the CAMA 2020, is the inclusion of netting and bankruptcy remoteness provisions which signal the birth of a new financial market in Nigeria.’’

“The CAMA 2020 commendably sets the tone for the actualisation of key innovations in the market, providing enabling legal backing for netting, bankruptcy remoteness and attendant regulatory frameworks for the smooth functioning of financial markets in Nigeria,” he said.

Going further, he said noted that these game-changing provisions would provide the remedy to critical legal deficiencies that were affecting the development of the financial markets.

Onadele disclosed that the netting provisions in the CAMA would address the credit risk challenges, operational and legal bottlenecks of gross settlement for spot and derivatives transactions.

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He said the derivatives market would enhance market liquidity, improve price discovery, reduce risk capital charges and transaction costs as well as increase financial markets stability.

READ: It costs more to ship through Apapa port than Ghana’s Tema port, others –SBM

Nairametrics had 3 days ago reported that President Muhammadu Buhari signed the new Company and Allied Matters Bill 2020, which was recently passed by the National Assembly. The newly signed bill replaces the extant Companies and Allied Matters Act, 1990 and introduced several corporate legal innovations geared toward enhancing the ease of doing business in the country.

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Nigeria to begin gold production in 2021 with the Segilola Gold Project

The gold produced is expected to become a part of Nigeria’s external reserve.

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Nigeria to begin gold production in 2021 with the Segilola Gold Project, Nigeria to save $300 million from importation of barite 

Nigeria is set to commence gold production in 2021 after the launch of the Segilola Gold Project in Osun state. This was disclosed by the Honourable Minister of Mines and Steel Development, Olamilekan Adegbite, while taking stock of his first year in office as Minister.

In a statement signed by his Special Adviser on Media, Ayodeji Adeyemi, Adegbite said that the project is expected to create about direct 400 direct jobs and 1000 indirect jobs along the gold value chain.

READ ALSO: Why Ajaokuta Cannot Make Steel

He added that once the project takes off, Nigeria would become a major gold producing country, a move that would hasten the diversification of the economy and reduce unemployment among the youth populace.

He noted that the government was creating an enabling environment across the gold value chain. According to him, “the international roadshows we have had in the past have borne fruits. Today we have Thor exploration in Osun State through the Segilola Gold project, which is projected to start producing in the first half of next year.”

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The minister also noted that the government has licenced two gold refineries to refine gold to the London Bullion Market Association, LBMA, standard.

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About the Ajaokuta Steel Plant, Adegbite explained that the global travel restriction caused by the pandemic had prevented the technical experts from Russia from coming over to the plant to conduct an audit of the steel plant. He assured that this would be done as soon as the flight restriction was over, and there are hopes to revive the plant before the expiration of President Buhari’s tenure.

Why it matters

The take-off of gold production in Nigeria is expected to open up an industry centred around gold production, from equipment leasing and repairs, logistic and transport. Note that gold requires a specialized means of transport, security, insurance, aggregators among others. These, according to Adegbite, would ultimately create tens of thousands of jobs across the gold value chain.

READ ALSO: Mambilla Plant: FG disburses N700 million for power project

The minister further stated that Nigeria has mined, processed, and refined gold under the Presidential Artisanal Gold Mining Development Initiative, PAGMI. The first batch of PAGMI gold was unveiled at a presentation ceremony to President Buhari on July 16, 2020.

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The gold produced is expected to become a part of Nigeria’s external reserve after being purchased by the Central Bank.

“PAGMI will result in the creation of thousands of new mining and formalized jobs, leading to poverty alleviation for many households. Under the scheme, artisanal and small scale gold miners will earn more from higher productivity, better recovery rates through mechanization of operations, and better access to reliable geological information,” he said.

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