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FMBN begins ‘Rent to Own’ housing scheme

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The Federal Mortgage Bank of Nigeria (FMBN) Board has approved the implementation of the ‘Rent-To-Own’ pilot housing scheme to begin with 3000 houses nationwide.

A statement signed by Mrs Zubaida Umar, FMBN Corporate Communications Group Head, on Sunday in Abuja, stated that the scheme was a strategic move designed to make home ownership more accessible and affordable for Nigerian workers.

The FMBN ‘Rent-to-Own’ scheme is an innovative affordable housing product, which provides an easy and convenient payment plan towards home ownership for Nigerian’s workers.

The scheme is designed for workers to move into FMBN homes as tenants, pay for and own the properties through monthly or yearly rent payments spread over periods of up to 30 years.

Umar noted that the properties would also attract a single digit interest rate of nine per cent on the price of the property on an annuity basis to increase affordability.

“The product will cover properties with the maximum value of N15million.

“The rent-to-own housing product targets Nigerian workers who are contributors to the National Housing Fund (NHF) and will be implemented in phases. About 3000 houses are planned for the pilot phase with 3000 beneficiaries.

“To deliver on the rent-to-own housing scheme, FMBN will partner with reputable estate developers for the construction of cost-effective housing stock nationwide.

“Payments for the houses will be domiciled with the CBN through the Treasury Single Account (TSA).

“Properties that are planned for the rent-to-own scheme are Existing Estates that are funded by FMBN nationwide and non-funded estates,” She said.

Speaking on the development, FMBN Managing Director, Mr Dangiwa Ahmed, was quoted as saying that the rent-to-own was another ground-breaking initiative targeted at increasing access to affordable housing by workers in the low-medium income brackets.

“The rent-to-own housing product is designed to make sure that any worker who collects salary should be able to live in his own home and pay conveniently over periods as long as 30-years!

“This is a massive relief especially given how little workers earn.

“I am delighted that we have successfully added this product to the many other initiatives that we have made possible to make home-ownership a lot easier for Nigerian workers”.

Ahmed commended President Muhammadu Buhari for his commitment to the development of housing and the Minister of Power, Works and Housing, Babatunde Raji Fashola for his continual support on the ongoing reforms to re-position FMBN.

He added that the scheme would eliminate the burden of equity contributions by workers for housing loans, complement its existing products and help the bank to utilise abandoned estates that were to be transferred to the scheme.

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JUST IN: FG suspends Nigeria Air indefinitely – Minister

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The Minister of State for Aviation, Hadi Sirika, on Wednesday, announced the suspension of the planned national carrier, Nigeria Air.

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I will contest Lagos governorship election – Jimi Agbaje

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The governorship candidate of the Peoples Democratic Party (PDP) in the 2015 gubernatorial election in Lagos State, Mr. Jimi Agbaje, on Wednesday, September 19, finally announced that he has an ambition to lead the state on the platform of the same party in 2019.

There had been speculations on whether Agbaje, who narrowly missed the chance to govern the state in 2015, would still seek election.

Agbaje reportedly told journalists in Lagos that he would seek election in the state in 2019.

“It is true that initially I did not want to re-contest, but I had so many people urging me to run,” he said.

Agbaje, the 2015 governorship candidate of the Peoples Democratic Party (PDP) in Lagos state, on Monday, September 3, urged the party to conduct free, fair and credible convention to avoid rancor ahead of the 2019 elections.

A statement by Fidelis Soriwei, a spokesperson of Seriake Dickson, quoted Agbaje as having stated this when he paid a condolence visit to the state governor, Seriake Dickson, in his Toru Orua country home.

The visit was to condole the governor over the death of his mother, Goldcoast Dickson, who died of lung cancer at the University of Texas MD Anderson Cancer Centre, Houston, Texas, in the United States at the age of 72.

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Lagos APC members protest James Faleke’s re-election bid

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Some members of the ruling All Progressives Congress, APC, in Ikeja Federal Constituency, Lagos State, on Monday staged a peaceful protest against the re-election bid of Rep. James Faleke.

Faleke, member representing Ikeja Federal Constituency in the House of Representatives is positioning himself for re-election in 2019 elections. He had in 2016 gone to contest the deputy governorship seat in Kogi, his state of origin.

The protesters, who chanted different solidarity songs against Faleke, a two-term member of the House of Representatives, said that he had not represented the constituency well.

They carried placards with inscriptions such as “Faleke, go back to Kogi, Ikeja say no to you”, “90 Shops in Kogi, Go back to your Kogi”.

Others read: “16 years of representing Ikeja with no constituency benefit”, “Dear Tinubu, the People of Ikeja, Ojodu, and Onigbongbo say no to Faleke” among others.

One of the leaders of the protesters, Solomon Johnson, said that there were so many capable and vibrant youths, men and women that could represent the constituency.

Johnson, a leader in Ikeja APC said that the protest was to tell the leadership of the party that the residents would not support the re-election of Faleke to the House of Representatives.

“He has been in power in the last 18 years and we feel he has done enough,” Johnson said.

According to him, since the lawmaker has gone to contest Kogi Deputy Governorship Election in 2016, the legislative seat should be given to another individual in the person of Mrs Toke Benson.

He urged Faleke to concentrate on strengthening APC in Kogi rather than seek re-election by transferring his voter register back to Lagos.

“It will be a slap on the people of Ikeja Federal Constituency if Faleke is forced on residents, we have able youths that can represent the constituency and we have found Mrs Toke Benson.

“Since the party is interested in promoting women participation, Toke Benson is qualified, she is a lawyer and well known. Enough of impunity. Give us Toke Benson and we will deliver Ikeja for APC,” Johnson said.

Another leader of the protesters, Hope James said, “The entire people of Ikeja want a change. The attention of Faleke has been in Kogi. Our people have not been benefiting from that office.”

James, one of the APC stalwarts from Onigbongbo Local Council Development Area, alleged that the lawmaker had not been representing the constituency well.

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