In a bid to provide affordable mortgages, the Nigeria Mortgage Refinance Company (NMRC) has signed an agreement with the Kaduna State Government and Federal Housing Authority Mortgage Bank.
The agreement, which was signed at the Kaduna State Government House, is part of the schemes put in place by the state government known as the Mortgage Blended Initiative. It is aimed at mortgage creation and refinancing at a single-digit interest rate with an initial investment of N3 billion.
According to the Governor of Kaduna State, Mallam Nasir El-Rufai, the state had enacted the landlord and tenant law that encourages, empowers and protects property owners and investors, as it had also passed into law the mortgage and foreclosure law.
El-Rufai also commended the participating institutions for agreeing to work with the state in establishing the blended rate programme.
Also speaking on the joint agreement, the Managing Director of the NMRC, Kehinde Ogundimu, stated that Kaduna State was at the forefront of housing finance transformation and was a model state in terms of ease of doing business and mortgage friendliness.
He said the creation of the blended financing initiative represented the NMRC’s value preposition under the World Bank’s sponsored housing finance strategy aimed at removing barriers in housing finance.
Ogundimu went on to add that it was also aimed at promoting the creation of an enabling environment for housing development and mortgage creation across the states in Nigeria through the adoption and passage of the NMRC’s proposed Model Mortgage Foreclosure Law.
What you should know: Model Mortgage and Foreclosure Law (MMFL) is an initiative of the Nigerian Mortgage Refinance Company which calls for the creation of a state mortgage board as a single-window clearance mechanism to facilitate accessible and affordable mortgages for residents of the state.
About the NMRC: The NMRC was established in 2013 by the Federal Ministry of Finance (FMOF), the Central Bank of Nigeria (CBN), Federal Ministry of Lands & Urban Development & Housing and the World Bank/IFC as a non-deposit taking financial institution with the core activity of refinancing mortgages.
Osborne, Ikoyi residents move against Lekki Gardens over planning laws violation
The residents accused owners of Lekki Gardens Estate of alleged flagrant and unchecked violation of officially approved building plans.
Residents of Osborne Foreshore 2 estate, Ikoyi, have moved against a property development firm, Lekki Gardens/Foreshore Waters Limited for allegedly violating the state’s planning laws; in addition to the violation of the estate’s building plan and the existing plan to stop work forthwith.
This is as the residents of the estate have appealed to the Lagos State governor, Babajide Sanwo-Olu, to order that works on all approvals for development in the estate be suspended for 3 months because of the ongoing review of the approval order.
According to a report from Thisday, the appeal is contained in a statement issued by the residents of Osborne Foreshore 2 estate, where they warned that refusal to stop further work might lead to a breakdown of law and order.
What the residents of Osborne Foreshore 2 estate are saying
The residents of the estate in their statement said, “We once again invite your Excellency to visit our estate to see for yourself how the activities of Richard Nyong will one day lead to a breakdown of law and order if this brazen disregard of planning laws of Lagos States is allowed to continue.”
They accused the developer of violating state’s planning laws in its quest to construct multi-storey structures in the expansive residential estate.
They also accused Richard Nyong, Lekki Gardens Estate and Foreshore Waters Limited of alleged flagrant and unchecked violation of officially approved building plans.
The estate management pointed out that other developers have since complied with these guidelines whereas Lekki Gardens had allegedly refused to do the same.
What the Chairperson of Osborne Foreshore Residents Association is saying
The Chairperson of Osborne Foreshore Residents Association, Mrs Chinwe Ezenwa-Mbah, had recently expressed reservations over the impact of the heavy construction by Lekki Gardens and other developers and how it is affecting the houses of other residents in the estate.
She said, “When we got our plots, we were told that the place was designed as a low population residential area. We did not know that a time would come when this area would become a commercial area.
“When you come into an existing estate and you are doing piling that is breaking your neighbour’s foundations as well as against the approved plan given to you in the name of commercial development, that is not right.”
What you should know
- It can be recalled that the relationship between Lekki Gardens and the management of Osborne Foreshore 2 Estate broke down after the latter insisted that the property developer must obey building permit laws given to it by both the Lagos State government and the resident association.
- Several other landlords and Residents of Osborne Foreshore 11, have also complained about the activities of Lekki Gardens and other developers in the area whom they accused of violating the building permit given to them by the government.
- The Lagos State Commissioner for Physical Planning and Urban Development, Dr Idris Salako had held a meeting with all the stakeholders in a bid to amicably resolve the existing dispute.
- The residents made an appeal to the Lagos State government for reversal of the wrongful classification of Osborne Foreshore Phase II from its original master plan as a low-density to a high-density residential estate.
The five-ingredient of a successful startup pitch
Every great pitch has these 5 ingredients to help you maximize your chances when fundraising for your startup.
Startups typically prepare a pitch deck to present to potential investors for funding. A pitch deck is a brief presentation that provides investors with an overview of your business. It typically focuses on showcasing your product and business model. An excellent pitch is highly essential to the success of a startup seeking funding from investors.
According to Romeen Sheeth, an angel investor who heard 200 companies pitch and invested over $1million last year, every great pitch has these 5 ingredients to help you maximize your chances when fundraising.
- Problem: Is this an issue?
- Solution: Do you have the fix?
- Market: Is this a big enough issue?
- Business: Can you make money
- Team: Do you have the human resources to do it?
The best pitches nail all 5. Good ones hit 4. Subpar hit 3 or less.
The problem statement is an explanation of why a set of circumstances is painful for a set of users. There’s one word in that sentence that is most important: painful. If your problem is not painful enough, it’s a vitamin. The best startups are pain killers.
The solution statement is an explanation of how you address the pain felt by your users. If you don’t have the right solution, you won’t get customer traction. Customers don’t buy your thesis on the pain point. They buy the actual thing that solves their pain point.
In tech, only businesses that have outsized potential get funded. To have outsized potential, you have to either be in a: (a) small, but rapidly growing market or (b) large existing market that can be resegmented. If not, the business is not venture backable.
The business model defines how you print cash. What is the key insight you’ve figured out that other people haven’t? You don’t need to reinvent the wheel on everything to be a compelling business. Just explain the secret sauce that helps you capture the value.
Everything else is academic if you can’t execute. Ultimately the investor is betting on your team’s ability to bring out the reality in the insights around the problem, solution, market, and business. Communicate why you are the best in the world to build the business.
Once you feel good about these 5, think through the connection points. Every topic that comes up in the conversation will be a function of a connection point. For example:
- Problem-Market = Industry Dynamics
- Solution-Market = Competition
- Market-Business = Unit Economics
When you pitch, always keep it simple. Understand the 5 core ingredients, think through how they relate to one another, communicate with clarity, and don’t assume investors understand your business.
Nairametrics | Company Earnings
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- Cornerstone Insurance Plc notifies stakeholders of late submission of financial statements.
- NSE approves delisting of 11 Plc shares.
- Berger Paints Nigeria Plc reports a 67% decline in Profits in FY 2020.
- MTN Nigeria raises N73.5 billion from CP Issuance to finance operations.
- Jaiz Bank proposes dividend worth N884 million for shareholders.