Wammako urges recapitalsiation of FMBN

By Nnamdi Ojiego

New President of the Real Estate Developers Association of Nigeria (REDAN), Dr. Aliyu Wammako, has made a call for the urgent recapitalization and streamlining of the Federal Mortgage Bank of Nigeria (FMBN).

Wammako made the call at his investiture as the 4th President of REDAN in Abuja.

The new REDAN boss stated that the FMBN had a low capital in the area of five billion naira with other institutions pegging about eight billion according to the Central Bank of Nigeria’s indices.

He added that its inadequacy makes the provision of more homes a herculean task for real estate developers.

ALSO READ: FMBN needs 500bn recapitalisation to provide affordable houses — Umar Abdullahi

He advised the Federal Government to look into the challenges of housing development and the underlying responsibilities of the FMBN in providing affordable houses for Nigerians

Wammako said Real Estate development contributed to about 6.4 per cent of the Gross Domestic Product (GDP) of the country, and that it was very important to consider recapitalization and streamlining the FMBN for the development of the housing sector.

He commended the FMBN for having the lowest interest rate of six per cent, and advocated for cheaper mortgage rates that would further create jobs and provide more affordable houses in Nigeria.

He said the only way the housing sector would be properly and effectively developed, and the housing deficit reduced, was with the capitalization of the FMBN and that REDAN could not do anything about it.

Wammako urged the government to understand the implications of strengthening the FMBN by recapitalizing it to facilitate the demand and supply of affordable houses in Nigeria.

Vanguard News Nigeria.

The post Wammako urges recapitalsiation of FMBN appeared first on Vanguard News.

by Rasheed Sobowale via Vanguard News https://ift.tt/32OFUit Best Known Member of the Cabinet Wikipedia

Comments

UPDATED: Nigeria’s coronavirus cases reach 1,728, fatalities 51

By David Royal The Nigeria Centre for Disease Control (NCDC) says 196 new cases of coronavirus (COVID-19) have been reported in the last 24 hours, bringing the total number of confirmed cases to 1,728. NCDC also announced that seven more fatalities were recorded, bringing the total number of deaths to 51. The NCDC, in a tweet at about 11:55 p.m. on Wednesday, said the 196 new cases reported were; 87-Lagos, 24-Kano, 18-Gombe, 17-Kaduna, 16-FCT, 10-Katsina, 8-Sokoto, 7-Edo, 6-Borno, 1-Yobe, 1-Ebonyi, 1-Adamawa. The virus has spread to 34 states and the Federal Capital Territory, Abuja. Yobe, according to NCDC report, is the most recent state to record COVID-19 case in the country. According to the agency, Nigeria now has 1,370 active cases recorded as of 11:55 p.m. on April 29, while 307 infected persons have been treated and discharged, with 51 deaths recorded. READ ALSO: US says remdesivir shows ‘clear-cut’ effect in treating coronavirus “On the 29th of April 2020, 196 ...

COVID-19: Seafarers to be paid for extended services — Folarin

By Godfrey Bivbere Otunba Kunle Folarin THE National Seafarers Welfare Board, NSWB, Nigeria, has said that seafarers who have their stay on board ships extended as a result of the Coronavirus, COVID-19, pandemic would receive wages due them for the extra days. Chairman of NSWB, Otunba Kunle Folarin, stated this while responding to the fears of some Nigerian seafarers on Maritime Television’s premium show tagged Live Conversations. READ ALSO: East Libya has expelled 1,400 refugees and migrants this year — UN Folarin expressed the readiness of the Board to provide assistance to Nigerian seafarers facing difficulties at this time, stressing further that seafarers who toil to keep the economic balance deserve to be paid. The NSWB chairman asked seafarers to report all attempts by their employers to short-change them or any other ill treatment on them to the Board, noting that such matters will be addressed decisively. He explained that seafarers have a right to escalate such ...

Mayhem: How we secured Surulere from hoodlums — Lagos youth leader

#EndSARS protesters A youth leader in Surulere, Lagos, Mr Adedeji Adeoti, has narrated how young people in the area secured the community from attack by hoodlums during the recent EndSARS protest. Adeoti told the News Agency of Nigeria (NAN) in Lagos on Friday that the concerned youths had to safeguard the community because “it’s our heritage. “During the crises, we had to mobilise the youths to come out to protect the streets and its environs from the hoodlums, “We had to come out to safeguard our neighborhood from miscreants because our aged parents and loved ones are all at home and needed protection. “We had to mobilise youths in the neighborhood to chase away the hoodlums and miscreants who hijacked the peaceful protest,” said Adeoti, who’s President, Adelabu Youths Vanguard. READ ALSO: ENDSARS: Ogun Judicial Panel of Investigation receives 20 petitions in 2 weeks He urged the government to give the youth the chance to speak up and make demands for a better life and secu...

Thorian

Search This Blog