By Abimbola Johnson-Idemeto
When Ahmed Dangiwa, an architect, took over as Managing Director/Chief Executive of the Federal Mortgage Bank of Nigeria(FMBN) a year ago, his main focus was to ensure some of the objectives of the National Housing Fund(NHF) achieved within the shortest possible time. Some of these objectives are: to mobilize funds for the provision of affordable housing in Nigeria; supply loans for building, purchasing and improving residential housing; incentivize capital market investments in property development and provide long-term loans to mortgage institutions for on-lending to contributors to the Fund.
And on the anniversary of his one year in office, the House of Representatives gave him a huge present. The house asked the Federal Government to recapitalize the Federal Mortgage Bank of Nigeria to the tune of N500bn. It said this was necessary to make the bank more vibrant and responsive to its functions for effective housing delivery in the country.The bank currently has a capital base of N5billion.
This recommendation followed the work of the house committee on housing investigated the non-compliance with the National Housing Fund Act and the inability of the government to deliver housing to the citizenry.
The committee, which is chaired by a member of the All Progressives Congress from Katsina State, Mr. Ahmed Baba-Kaita, had observed that a major shortcoming was the failure of contributors to the Fund, including the Central Bank of Nigeria, commercial banks and insurance firms, to perform their duties.
The committee recommended that such contributors should be compelled to provide funds for the NHF as provided in the Act. The committee also recommended that the FMBN be given necessary government support in areas like guarantee, recapitalization and allocations to empower the bank for maximum productivity.
There are several bills before the National Assembly seeking to reposition the FMBN and the mortgage industry in the country, which have been starved of necessary funding over the years. The house committee on housing organized a public hearing last year to get stakeholders’ input into the bills. The public hearing was well attended largely due to the sensitization and mobilization done by the management of FMBN.
During the hearing on a bill for an act to establish the Institute of Mortgage Brokers and lenders of Nigeria (IMBLN) and a bill for an act to repeal the Federal Mortgage Bank of Nigeria Act, Cap F16, 2004, stakeholders in the mortgage industry called for the repeal of the existing Act establishing FMBN to give room for its comprehensive re-establishment and strengthening of its board.
They made strident calls for the recapitalisation of the FMBN from the current N5 billion to at least N1 and the inclusion of the critical stakeholders who are contributing to the National Housing Fund as members of the board.
They also sought for the establishment of the regulation of the sector’s activities to instill professionalism. The stakeholders maintained that the establishment of regulatory institute in the mortgage industry will help to instill professionalism, eliminate fraudsters, remove speculators, provide regulatory framework, entrench sanity and decency, provide training programmes for practitioners in the sector, among others.
On the repeal of existing FMBN Act and the re-enactment of an Act re-establishing and strengthening the management and board of the bank, they stressed that it will embolden the bank to carry out its functions unimpeded.
They specifically called for the recapitalisation of the FMBN from the current N5 billion to at least N1 and the inclusion of the critical stakeholders who are contributing to the National Housing Fund as members of the board.
These have also been the position of Dangiwa when it comes to taking the mortgage sector to the next level. He was in the vanguard of those calling for the establishment of Institute of Mortgage Brokers and Lenders of Nigeria to provide standards and professionalize the estate business.
Apart from supporting the repeal of the FMBN Act , he also proposed that the share capital of the bank should be increased to N500 billion to improve its liquidity. Lack of liquidity had prevented the bank from performing its role as the apex mortgage bank in the country. Contributors to the NHF have complained of inability to access housing loans, and this is because deductions from the fund are not remitted as and when due by the relevant institutions.
But since coming on board, the Dangiwa led management had made several initiatives to grow the customer base of the bank to improve its liquidity.The objective is to expand its coverage to capture the potential 50 million-market sizes and contribute significantly to the target of creating one million new mortgages on an annual basis, while maintaining the single-digit interest rate.
It is also targeting the market below the lower medium income bracket; increase mortgage sector contribution to national Gross Domestic Product (GDP), meet the changing mortgage landscape and remain relevant in the face of other mortgage financing developments in the Nigerian Housing Sector.
It is the hope of the current management of the bank that FMBN would become wholly owned by the Federal Government instead of the current arrangement which makes the CBN and the Nigeria Social Insurance Trust Fund shareholders of the bank. It is inexplicable how regulators in an industry could also be owners of an institution they’re supposed to regulate.
When the National Assembly eventually passes the Bill re-establishing FMBN, it will not only enhance its liquidity, but will remove unnecessary interventions from the Ministry of Finance and eliminate incident of having another agency carrying out the function of the FMBN or managing the National Housing Fund. This will no doubt eliminate the administrative bottlenecks that have hindered the efficiency of the fund.
It is a credit to the professionalism and commitment of the management of FMBN that it is able to rally stakeholders towards finding common solutions to the myriad of problems confronting the housing sector. It is almost unbelievable that stakeholders such the Nigeria Labour Congress, Trade Union Congress, Real Estate Developers Association of Nigeria, Council of Registered Builders, Nigeria Institute of Estate Surveyors and Valuers, Federal Government Staff Housing Board, Council of Registered Builders of Nigeria, among others, would spearhead a common cause to salvage the housing sector.
Johnson-Idemeto wrote in from Abuja
Uduaghan: 64 garlands for an indefatigable achiever
By Julius Akpovire-Enyeh
When great men celebrate, even the stars bow in solemn hallow. As the immediate past governor of Delta State and the All Progressives Congress candidate for Delta South Senatorial District, Dr. Emmanuel Eweta Uduaghan celebrates his 64th birthday today (October 22, 2018), the periscope is focused on a man who has given his all to create peace, tranquility and progress for his people and the Niger-Delta region as a whole.
Gradually, the former governor is stepping into the septuagenarian club, healthy, hearty, resolute and focused. As he ages, it is never a dull moment for a man who has spent the greater part of his life to render selfless service to humanity.
Describing Uduaghan as a child of circumstances with a great destiny is like stating the obvious. It is often said that some were born great, while others attained or achieved greatness. For Uduaghan, it is a combination of being born great and working hard to attain greatness.
At 64, Dr. Uduaghan has packed in that relatively old age, a record of achievements that is the envy of his peers. Born on October 22, 1954 in Abigborodo – Warri North Local Government Area of Delta State, his parents Chief Edmund D. Uduaghan and Mrs. Cecilia Uduaghan, may not have imagined the great heights their then little child was destined for. But as the legendary Professor Chinua Achebe would say, a chick that will grow to be a cock is known the day it was hatched.
That wise saying became manifest in the boy, Emmanuel, when he enrolled in Baptist Primary School, Mosogar in Ethiope West Local Government Area of Delta State, between the years 1961 and 1966 marking the commencement of his intellectual quest that saw him pass through the famous Federal Government College, Warri, between 1968 and 1974 and the prestigious University of Benin (UNIBEN) where he studied medicine and graduated with a Bachelor of Medicine and Surgery (MBBS) degree and a Diploma in Anesthesia.
Uduaghan began work in 1983 at the Delta Steel Company, as a medical officer. From 1989 to 1994, he worked in a number of hospitals including Westend Hospital, Warri; Benoni Hospitals, Benin City and Shell Hospital, Ogunu, where he was a Consultant Anaesthesiologist. In 1994 he set up a private medical practice. He has held positions in the Nigerian Medical Association in Warri, Bendel State and Delta State. He was also active in the Junior Chamber International (Jaycees) leadership development organization. A founding member and Chairman of the All Nigeria Congress Association for the Warri South Local Government Area in Delta State, a founder and executive member of the Grassroots Democratic Movement (GDM), and a foundation member of the Peoples Democratic Party (PDP).
A former Commissioner for Health, a former Secretary to the Delta State government and a two-term governor of the ‘Big heart state’. For those familiar with activities in Delta State, you will agree with me that one thing that is synonymous with the name, Uduaghan is development. As commissioner for health, Dr. Uduaghan improved the pay of medical staff and upgraded infrastructure.
For eight years that he was at the helm of affairs of Delta State, the state experienced massive development in all the sectors. His achievements are endless. He succeeded in turning the fortunes of the state around with the available resources. Dr. Uduaghan’s developmental strides speak volumes. Most of his legacies are still being enjoyed in the state presently.
Uduaghan distinguished himself in all the sectors he served. He is arguably one of the most successful politicians the Niger Delta have produced in recent times. His influence and popularity were not earned through a walk in the park, rather by the dint of his determination to make his people happy. His story is a very loaded one, his development efforts also extended to the Niger Delta region even though he was the governor of a state. He was deeply involved in negotiations with Niger Delta agitators and militants alike which let to peace in the region. Of course, where there is peace, there is development.
If one counts every infrastructure dotted all over the state, a greater percentage of them would definitely bear his finger of approval.
Even his ardent critics concede to him that his sojourn in office garnered stellar propensities that have till date remained a yardstick for measuring performance in that resource – rich state.
Uduaghan, a man of peace and a man of the people is married to another achiever and distinguished professional, Her Excellency, Mrs. Roli Uduaghan. Their marriage is blessed with two children.
As this enigma celebrates his birthday today, I join other teeming Deltans and Nigerians to wish him a happy birthday and pray that God grant him more strength to carry on’. Amen.
Happy birthday sir!
*Julius Akpovire-Enyeh is a Delta born journalist.
Before you crucify Primate Ayodele, By Lukmon Akintola
Those who know Primate Babatunde Elijah Ayodele would acknowledge that he is one of the finest prophets of God.
As far as prophesy is concerned, Ayodele, has been the most consistent, prophesying on both local and international fronts.
His prophesies that have come to pass are countless and as such it would be a waste of time reeling them out. However, for the sake of those just familiarizing themselves with the servant of God who leads the flocks of Inri Evangelical Spiritual Church both home and abroad, his prophesies includes demise of Oba Adeyinka Oyekan, death of General Sanni Abacha and the return of Olusegun Obasanjo as President.
Others are the reorganisation of the Special Anti-Robbery Squad (SARS), the travails of the Lagos state governor, Akinwunmi Ambode, a loss in profit by social media platform Facebook, and attacks on camps of Internally Displaced People (IDP). Also, he did prophesied about about the sack of erstwhile Minister of Finance, Kemi Adeosun, and the death of Punch Newspapers Chairman, Gbadebowale Adeborin
His annually released collection of divine signals titled ‘Warnings To The Nations’ is verbosed on his prophesies, and till date remains one of the best collector’s item and reference point of call any day or time.
However, in recent times a misconception about a certain prophesy by the man of God involving the Senate President, Senator Bukola Saraki, has necessitated clarifications.
The spirit of God is necessary for the understanding of prophesies in some cases, while at other times common sense would suffice. One prophesy which has been consistently heard from Primate Ayodele remains his prophesy that “Only Saraki can up seat President Muhammadu Buhari if given the right support by Peoples Democratic Party (PDP)“. While there is no denying that the man of God had said this, there is the need to understand the meat of the prophesy. Primate Ayodele severally said “Only Saraki can up seat President Buhari if given the right support by the Peoples Democratic Party (PDP). He however didn’t make mention of the fact that he (Saraki) would win the PDP primaries, something which is currently being confused by a lot of people who have been trying to misconstrue the prophesy. Indeed, you have to win the primary election to be able to contest for the President.
While it might be easy to confuse both positions, they are indeed very clear cut and separate issues. There is a clear difference in the statement that “Only Saraki can up seat President Buhari if given the right support by PDP” and his winning the primaries. While the confusion has been ragging on for a while, it would make more sense if in February when the Presidential election hold Atiku Abubakar, the PDP candidate defeats President Buhari in the polls. Then, the talking point would be that the man of God was wrong in his prophesy and that someone other than Saraki had up seated President Buhari.
However, claims that because Saraki lost the primaries to Abukbakar, thus Primate Ayodele’s prophesy is wrong is like trying to tag the north and south pole as the same.
The need to be precise and on point when when analyzing cant be overemphasized, but at this point, it is very important to clarify that the the chance to crucify Primate Ayodele would only come after the general election. For now, please let Primate Ayodele be.
* Akintola wrote from Lagos? Nigeria.
A.B.C Orjiako, Shebah Petroleum and creditor banks: Getting the facts right
Facts emerging in the on-going case between Shebah Exploration and its creditor banks which has been reported by few media channels since a Thisday newspaper publication of Sunday October 14, 2018 have provided actual insights.
Further investigations into recent reports reveal that actual facts are at variance with contents of the publication.
In the said publication, the writer made references to an ongoing legal matter involving Shebah Petroleum, its owner Orjiako and some of their creditor banks.
Sources knowledgeable about the matter indicate that the story contained some misrepresentations leaving the facts of the matter at variance with the contents of the publication.
Contrary to the publication, it was the banks: Afrexim bank, Skye bank (now Polaris) and Diamond bank who filed the action at the Lagos high court, where they registered the judgement of the English Court. So, any suggestion that the judgement was registered in Nigeria with the knowledge of the defendants is false.
The fact of the matter is that Shebah Exploration, Allenne Ltd and Dr Orjiako merely filed defensive action against the registration of the summary of the English court’s judgement.
Now to the issue of payment; contrary to the insinuation that Shebah had only paid back about $6.1million, the fact is that Shebah has been working to negotiate and settle with the creditor banks and meet its obligations in respect of the facility. Going by evidence filed at the Federal High Court Lagos, Shebah has paid back over $68 million in principal and interest to the creditor banks and is committed to full resolution of the issues of the loan.
Another fact that was glossed over in the report is that creditor banks suffered a huge setback when they made an attempt to obtain a Mareva injunction (freezing order) and failed as the presiding judge ruled against the creditor’s application on 25th September, 2018 according to the records of the court.
SEPCOL is a foremost indigenous player in the oil and gas industry in Nigeria, which became the first indigenous company to operate an offshore shallow water block with an FPSO, following the acquisition of 40% working interest in OML 108 from ConocoPhillips in 2004. SEPCOL was producing and meeting its obligations until 2014 when it suffered inconclusive workover program due to inadequate funding and collapse of oil prices. Consequently, the creditor banks called the facility on the company after two and half years tenure. The default in the facility was further triggered when the lenders declined a $50m repayment offer from a reputable Nigerian bank that offered to join the syndication with an additional facility in the sum of $200m
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