Nairametrics
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
  • Economy
    • Macro-Economic News
    • Get Data
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
  • Economy
    • Macro-Economic News
    • Get Data
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries Real Estate and Construction

Real Estate Developers express fear over selection process of CBN’s N200 billion Housing Fund

Abiola Odutola by Abiola Odutola
November 4, 2021
in Real Estate and Construction
Real Estate in Lagos
Share on FacebookShare on TwitterShare on Linkedin

Real Estates Developers have expressed fears regarding the transparency of the selection process of the Central Bank of Nigeria’s N200 billion Housing intervention programme targeted at low-income earners.

They tasked the apex bank to ensure genuine developers with sincere intentions benefit from it in the public’s interest.

This was disclosed by the Chairman, South West, Real Estate Developers Association of Nigeria (REDAN), Bamidele Onalaja, according to Punch.

READ: Nigeria invest $9.4 million in Shelter Afrique; emerge as the second largest shareholder 

He explained that he doubts the workability of the price tag of N2million on the housing units except in places such as Gombe, Jigawa and others but not in major cities across the nation.

Back story: Nairametrics reported when the CBN approved the sum of N200 billion as mortgage finance facility to the Family Homes Fund Limited (FHFL) and targeted at low-income earners.

READ: Lagos says defaulting allottees of housing schemes in Lekki, Ikeja, others to lose houses

According to a circular, which was issued by the CBN and seen by Nairametrics, this financing initiative is to be implemented in collaboration with the Family Homes Fund Limited as the lead developer, as it is introduced to support the Federal Government’s Economic Sustainability programme.

READ: Real Estate: Still not out of the woods

This fund is to fast track the construction of 300,000 homes in the 36 states of the federation and the Federal Capital Territory and to create up to 1.5 million jobs in 5 years

Onalaja, who is also the Managing Director, RevolutionPlus, advised Family Homes Fund Ltd to ensure they give only to those who were qualified with a track record of providing affordable housing.

READ: Delivering mass housing as a path to Nigeria’s economic recovery

He said, “Land acquisition is a major issue but it is not impossible. In states such as Jigawa and Gombe, a one bed may be possible excluding land.”

On the criteria for qualification, Onalaja stated that a developer should have genuine land with title while the CBN would provide a consultant.

Explore the Nairametrics Research Website for Economic and Financial Data 

He said the association was elated because the facility type was a term loan to enable FHF to finance the construction of social housing units for low-income earners for a three-year tenor from the date of disbursement.

According to a statement issued by the association on Sunday, the fund is to fast track the construction of 300,000 homes in the country, in addition to creating up to 1.5million jobs in five years.

READ: UAE firm partners DBillions to address housing shortages in Lagos

However, he lauded the initiative, adding that if sincerely applied, it would achieve the long dream of affordable housing by the public.

“In that regard, the programme will deliberately aim to revitalise local manufacture of construction materials. If the government is able to effectively handle their side of the bargain, then the whole programme will run through,” he added.

READ: Bill to regulate real estate scales through 2nd reading in Lagos Assembly

Related

Tags: Business NewsCBNNigeria NewsReal Estate Developers Association of NigeriaReal Estate FundsREDAN

Leave a Reply Cancel reply

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

Access Bank
Bankers Committee
Flowmono

Bfpeer
Mega Millions
FCMB
Ikeja Electrics
Zenith CEX
Kwakol Markets
First bank





    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Terra Founder, Do Kwon proposes Terra Hard Fork to save network
    • Energy crisis pushes Nigeria’s core inflation rate to a 5-year high
    • Electricity update: Nigeria’s peak generation falls to a 1-month low of 3,599MW

    Follow us on social media:

    Recent News

    Terra Founder, Do Kwon proposes Terra Hard Fork to save network

    Terra Founder, Do Kwon proposes Terra Hard Fork to save network

    May 17, 2022
    The impoverished Nigerian consumer

    Energy crisis pushes Nigeria’s core inflation rate to a 5-year high

    May 17, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Ranking & Reviews
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
    • Economy
      • Macro-Economic News
      • Get Data
    • General News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com