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FMDQ’s new strategy will help build new homes and spur investments 

The FMDQ Securities Exchange Plc said it is finalising a plan that will encourage the inflow of capital investment whilst encouraging home construction through mortgages.

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FMDQ posts scorecard for 9 months 

In a bid to encourage more investments in Nigeria’s capital market, the FMDQ Securities Exchange Plc said it is finalising a plan that will involve the construction of new homes across the country through the use of mortgages.  

Speaking to Bloomberg, FMDQ’s Chief Executive Officer, Bola Onadele, disclosed that his organisation has been working in conjunction with regulators such as the Securities and Exchange Commission, the Central Bank of Nigeria, and the National Pension Commission in this regard. The FMDQ is also partnering the International Finance Corporation to develop a blueprint that will be delivered to Nigeria’s President Muhammadu Buhari next year 

Tackling serious problems: Nigeria has very small number of mortgage loans; 50, 000 to be specific. Considering such factors as the country’s large population size, widespread poverty and increasing urbanisation, lack of adequate funding for home ownership (through loans) has resulted in housing deficit to the tune of 17 million. But that’s not all. According to Onadele; 

“The lack of housing finance is one of the reasons why our capital market has not grown as it should. We should be talking of 30-year mortgages for Nigerians. If you want 70% of the people to own their own houses, they can’t borrow at 20%.” 

[READ: FMDQ CEO outlines its plans for 2019]

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The way forward: The FMDQ expects that its proposed blueprint will capture important business-friendly policies which the Government can implement towards addressing the problems. One of such policies is the facilitation of single-digit interest rates. AOnadele explained, doing this will help encourage the inflow of both foreign and local capital.  

In the meantime, Onadele said the FMDQ is also working towards attracting more foreign investors on its own, by playing the role of a central counterparty clearing house and reducing possible risks faced by investors.  

About the FMDQ: FMDQ was registered by the Securities and Exchange Commission (SEC), as an over-the-counter (OTC) market in 2012, and launched in November 2013. It is concerned primarily with debt capital, currencies securities exchange as well as derivatives.

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[READ: NSE launches ‘X-Academy e-learning’ to provide capital market classes]

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs. He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor. Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan. If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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ENDSARS

#EndSARS: Access Bank debunks aiding military onslaught against Lekki protesters

Access Bank has dismissed rumours on social media suggesting it aided military onslaught against protesters.

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Access Bank , #EndSARS: Access Bank Debunks aiding military onslaught against Lekki protesters

Access Bank Nigeria Plc has vehemently debunked rumour making the rounds that it aided the military onslaught against peaceful #EndSARS protesters at Lekki, by allowing military snippers access its head office tower for operations. 

Backstory: Recall that Nairametrics had earlier reported on how soldiers allegedly fired gunshots to disperse #EndSARS protesters in Lekki yesterday.

In view of this development, there have been public outcries and ensuing allegations, one of which is that Access Bank Nigeria Plc aided the military onslaught.

What they are saying

In response to the allegations, the bank first reacted to the development by expressing condolence. A verified tweet by the bank read thus: “We are deeply saddened to hear about the unfortunate loss of innocent lives yesterday at the Lekki Toll. We pray that the souls of the innocent rest in peace”.

(READ MORE: Soldiers fire gunshots to disperse #EndSARS protesters.)

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In addition, the bank stated: “We wish to address the statement by Arise TV alleging that Military Snipers were allowed access to our Head Office Tower for operations at the Lekki Toll Gate area. This is absolutely untrue. The video shared on Arise TV featured an employee of the bank conducting routine maintenance at the Tower location. It is unfortunate that this was reported as a sniper without any proof. As a corporate citizen with the purpose of impacting lives positively, we will never endanger the lives of Nigerians.” 

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ENDSARS

Just in: UK High Commission shuts down visa centres in Nigeria due to #EndSARS protests

The UK High Commission in Nigeria has announced the shutdown of its VISA application centers in Nigeria.

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Just in: UK High Commission shuts down visa centres in Nigeria due to #EndSARS protests

The United Kingdom High Commission in Nigeria on Wednesday, October 21, 2020, announced the shutdown of its VISA application centers in Nigeria for the next 48 hours, with effect from today (Wednesday), due to the ongoing #EndSARS protests in the country.

This comes barely a day after the US shut down its Lagos consulate, following the outbreak of violence from the #EndSARS protests in major parts of the country including Lagos State and the FCT.

The disclosure was contained in a statement issued by the UK High Commission in Nigeria on Wednesday, October 21, 2020.

The High Commission in a brief statement, also asked applicants with appointments for Wednesday and Thursday, to reschedule their appointments from Monday, October 26th.

Due to the ongoing protest in Nigeria and for the safety of both staff and applicants, our Nigeria centres will be closed for 48 hours at a minimum. For applicants with booked appointments within this period, please you will need to reschedule your appointment for next week, from 26th October 2020.

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“We will continue to post regular updates on this page, so please keep checking back for the latest information on reopening. We sincerely apologize for the inconvenience and thank you for your understanding.”

(READ MORE:#EndSARS: Nigerian Army set to commence Exercise Crocodile Smile VI)

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ENDSARS

#EndSARS: Archbishop of Canterbury condemns Lekki shootings

The Archbishop of Canterbury has joined his voice to the condemnation of the shooting of protesters in Lagos.

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#EndSARS: Archbishop of Canterbury condemns Lekki shootings

The Archbishop of Canterbury, Justin Welby says he condemns the shooting of unarmed protesters in Lekki and urges President Muhammadu Buhari to ensure that lives are protected.

The Archbishop, who is the Chief of the Anglican Church globally disclosed this on Wednesday morning, as the  International Community reacted to videos of protesters getting shot at the Lekki tollgate.

Recall Nairametrics reported that several social media accounts revealed peaceful protesters were being shot at by the military at the Lekki toll gate holdout for the #EndSars protest.

The Nigerian Army, however,  denied deploying soldiers to attack #EndSARS protesters who assembled at the Lekki Toll Plaza.

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The Archbishop earlier said in his statement, “I condemn in the strongest terms the reported deliberate shooting of unarmed protesters in Lagos and other parts of Nigeria.

“I have urged President Muhammadu Buhari directly to ensure that lives are protected – and I say that again now.

“I mourn for Nigeria. May God save Nigeria.

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