The Nation Newspaper

Category: Building & Properties

  • Mortgage costs fall by £1,700 in four weeks

    A mortgage rate war among banks has reduced the cost of a typical home loan by £1,700 in just four weeks, figures show.

    Dozens of new deals have been unveiled since the turn of the year, offering borrowers lower rates and cheaper fees. The latest round of cuts made by First Direct, allows borrowers to lock into a 2.89 per cent rate for a decade – a record low for such a long period.

    The announcement follows similar moves this week by HSBC, Barclays and Norwich & Peterborough building society.

    Calculations for The Telegraph showed families who remortgaged a £200,000 loan would be as much as £1,689 better off over the next half-decade compared to a month ago. Costs are being driven down by fierce competition between lenders and indications that the Bank of England will keep interest rates low for longer. Mortgage brokers are predicting even cheaper deals to come, with two-year rates tipped to fall below one per cent and five-year deals below two per cent “within weeks”.

    Mark Harris of broker SPF Private Clients, said: “Lenders are keen to advance more money this year and they’re cutting their prices to attract customers. Banks will hope to make money by selling customers other products such as current accounts and credit cards.” Aaron Strutt, of Trinity Financial, another broker, said: “For fixed rates to go below 1 per cent would be extraordinary, but that now looks likely to happen very soon.”

    The best new deals since January include a 1.19 per cent two-year fix from HSBC for someone with a 40 per cent deposit, down from 1.29 per cent before. For someone with an 80 per cent deposit the best two-year rate has fallen from 1.98 per cent to 1.79 per cent, following a move by Marsden Building Society to undercut the Post Office.

    The cheapest five-year rate is First Direct’s 2.28 per cent, which was one of a number of cuts made on Friday. The biggest savings from the mortgage rate war were for people with a 10 per cent deposit, figures from broker London & Country showed.

    A month ago, borrowers could get a five-year loan from Skipton Building Society for 3.99 per cent with a £1,055 fee. The cheapest rate is offered by Norwich & Peterborough, which charges 3.84 per cent with a fee of £1,285. Over the course of the loan, the borrower will repay £1,689 less.

    The calculations showed every type of borrower taking a mortgage today would be better off than in January. The rate reductions would give them at least an extra £200 over the course of their loan, regardless of the size of their deposit. Mr. Harris said banks were able to offer cheaper deals partly because the outlook for interest rates had changed.

    The Bank of England voted to hold interest rates at 0.5 per cent for the 71st successive month. Economists said falling inflation, driven by the slump in oil prices, had reduced the urgency for rate rises. Martin Beck, an economist at the EY ITEM Club, the respected financial forecaster, said: “We are of the view that there won’t be an interest rise in 2015.”

     

    • Culled from The Telegraph
  • ‘How we plan to close housing deficit’

    ‘How we plan to close housing deficit’

    The federal housing authority says it is re-engineering for better efficiency in delivering affordable houses. But how will this be achieved, given the ‘failure’ of the authority over four decades? FHA’s managing director Prof. Mohammed Al-Amin shared his re-engineering plans with select journalists. MUYIWA LUCAS was there.  

    Concerted efforts are now being made to resolve the over 17 million housing deficit in the country. One of these efforts is the re-engineering of the Federal Housing Authority (FHA), a government agency whose impact has not been felt by Nigerians over the last 40 years of its existence. The Minister of Lands, Housing and Urband Development, Mrs. Akon Eyakenyi, while dissolving the management of the FHA last December, noted that the Authority has failed to meet its statutory responsibilities to an acceptable level over the years.

    Now, the FHA, under a new leadership of Prof. Mohammed Al-Amin, a professor of urban planning and environment, may be having a refocus, aimed at achieving feats it has failed to realise. But how far can Al-Amin take the FHA?

     Doing things differently

     Al-Amin agrees that there is a 17 million housing deficit in the country, a situation that makes his coming at this time critical. He said that he has not brought anything new, but just to do things in “other different ways.” This, he explains, would mean turning things around by making housing delivery, housing accessibility, affordability and availability a reality. “This is to be done simply by re-engineering the system that bring about housing delivery in the country; re-engineering the workforce; the mode of housing delivery; the resource allocation; prioritising the deliverables, as well as injecting new spirit into partnership,” he said.

    He explained that the deficit is not just a factor of production but also the factor of demand. For instance, Al-Amin explained that there is a huge difference in the country’s population in the last 40 years compared to what it is now. He explained that when there is a high population, especially one growing at about 3.7 per cent per annum, then definitely which ever system of housing finance is in place, if not properly positioned, there will always be a deficit.

    The FHA boss noted that it has been an old model of several years back for a country to just rely on an agency or a group of individuals to provide housing to its citizens- a system he said is now archaic because globally, housing delivery is not something that is run by one person or one agency. “It involves a lot of collaborations, partnerships. So my first priority is to ensure that the safety of operations particularly how we relate with housing financiers, housing contractors, housing market as well as the housing demand and supply is re-engineered in the sense that what is required for the system to do is aided by the necessary resources- both human and financial, that are required. So, that is precisely what I have come to do to make sure that any placement, any arrangement, anything that is put in place to assist the system is now re-vitalised to work, so that at the end of the day we will close the deficit and ensure that the accessibility is high.”

    He said the new FHA under his leadership, has put so many things in place, including reach out campaigns and advocacies for so many cases of housing delivery starting for the housing finance, to the nature of houses and the type of materials for housing construction to even small things in housing- like maintenance culture. “So it is something that requires the concerted effort of both government and non-governmental organisations to be able to close the gap between housing delivery and housing demand,” he said.

    Doubts on FHA’s statistics

     Prof. Al-Amin told The Nation that the statistics being bandied of the FHA building 40, 000 housing units in the last 40 years is questionable. For him, the FHA has put up more than this number of units because apart from the direct construction done by the Authority, other housing units have been put up through its various partnerships with the private sector, including the facilitations of most of the various State governments housing projects. “There is the hand of the FHA in one stage or the other of most housing projects in this country. If you put just the resources, materials and otherwise, it is tantamount to hundreds of thousands of houses. People are not talking of the partnerships, the facilitations that we do, either in giving money to off-takers to process housing or injecting our technical know-how in sites, serving as a go-between for prospective house owners and financiers to make sure finances come down,” he explained, assuring that the FHA is working very hard and certainly that statistics will soon change for better.

    Social housing and partnerships

     Al-Amin is of the opinion that the private sector is interested in more or less the profit that comes into their system; therefore, he explained, FHA’s partnership with the private sector is now being reviewed. “We have a special task team that comprises of professionals and experts that are studying the partnership system to come out with a template for both commercial and social housing because the partnership that you go into with the private sector on commercial housing, shouldn’t be the same that you go with the private sector on social housing. Social housing involves houses for low income, houses that are very much affordable of which a lot of Nigerians belong,” he said, adding that the partnership system that  was in place before his appointment focused more on the commercial system.

    Al-Amin however admitted that government cannot go into social housing alone, hence, the need to have partnerships. But having such partnerships, he reckons, the FHA has to be able to come up with new realities, which requires that other private sector social housing driven companies be invited. “We can partner with  several government organisations, unions, trade union, trade organisations and others in this area. This will then enable us to fashion out a way of bringing down whatever the interest rate is to a single digit and also to negotiate with government of all levels to come into the provision of infrastructure in the housing because most of the cost or the high percentage of the cost that translates into the final market cost of a house is being risen by the cost of infrastructure that is being built into it. So, the new model of partnership we are talking about is bringing government, our agency and other organisations that are related to it then we negotiate with either of the tiers of government, federal, state and local in the infrastructure provision,” Al-Amin said. He is hopeful that as soon as infrastructure provision and housing delivery is taken care of, the prices of houses will crash quickly, leading to a rapid and easy house ownership for Nigerians.

    FHA’s commercialisation vs social housing

    According to Al-Amin, the reform that is being talked about in the FHA is in line with the fact that there will be a shift away from the previous practice because it is not sustainable, to a practice where citizens of a country get value for their money. Therefore, he explains, the FHA reforms will be one that will strengthen the system- the operations and staff currently in the authority. “What commercialisation is all about is bringing private sector into your operations. You can build 500 houses in two years but, there is an opportunity where six developers can come from outside and help to develop 30,000 houses in the same period. So, why don’t you open your arms, commercialise the system that is bringing about investors that are doing the same thing because the commercialisation does not negate the principle of social housing,” he argued.

    Continuing, he said that “Social housing is a mandate that is enshrined in the constitution of this country and every citizen is entitled to a decent shelter. So, social housing is embedded in this reform we are talking about; essentially, this is what we are looking for. What the reform is all about is to open up a system where investors could come, bring their own money, bring mass housing, and sell at government controlled price since government will inject its resources into infrastructure and maintenance.” The FHA boss said that apart from this model making houses available, affordable, and accessible, it will also generate a lot of employment opportunities, which the FHA can capitalise on to provide jobs for at least half of the unemployed youths population in the country because housing starts from marketing of the undeveloped land, to the erection of structures, to furnishing, to selling, maintenance, infrastructure and all of that, which require people to work on.

    Rent-to-Own scheme

     Al-Amin said the rent-to-own idea is not new in the FHA, which he said pioneered the initiative 20 years ago. “We build houses; we allocate to users; they pay rent on a system of owning it or on a system of perpetual rent. It depends on what you tick in the form that we will allocate,” he explained, adding that several Nigerians have owned houses through the rent-to-own housing scheme of the FHA. He disclosed that the Authority is also to introduce other models of not only rent-to-own, but rent to own the investment.

    Initially, he further explained, FHA’s mandate was to build houses and give it out to people. But the new policy, he revealed, is not only to build, but also to acquire land, provide site and services scheme- lay the road, drainage, electricity, water, amongst others, then allocate the plot of land and give buyers different options of the type of structures to be built. “We are trying as much as possible to liberalise the way Nigerians access houses; it is not going to be business as usual where you have to be connected to somebody in Abuja or the Parliament; any Nigerian can walk into our authority or in future our agencies and get what they require,” Al-Amin said.

    PMIs vs housing delivery

     The PMIs, he explained, are institutions that were created through the enabling law, and through the facilitation of government. Though the PMI’s are private sector driven, they are to create and provide mortgage for interested persons across the country. Therefore, he said, they need to have the financial, technical and reach out strength to be able to deliver to the clients and customers. He said for over 30 years, FHA has had its own PMI known as FHA Homes Limited, which is primarily meant to market the product produced by FHA, as well as create mortgages for intending off-takers.

    “So the issue of the recapitalisation of the PMIs actually does not affect our system because we have a primary mortgage institution that is operational just like the other private sector institutions that have to go through the system of recapitalisation as well as capacity demands that our primary institution had to go through and ensure that we came out with the requirement and fully licensed by the authority, that is, the Central Bank of Nigeria and other agencies that are responsible for that,” he explained.

  • PMB consortium pools resources for housing delivery

    The recapilisation exercise in the primary mortgage banks appears to be yielding dividend. Last week,  Homebase Mortgage Bank Limited, joined a consortium of PMBs in a gigantic project that will berth the construction of over 5,000 housing units in the GrandLake Estate scheme, located at Abraham Adesanya, Lekki-Ajah corridor, in Lagos State. Prior to last week, two national mortgage banks – Imperial Homes Mortgage Bank Plc and Trust Bond Bank Plc, had kick-started the private sector initiative to increase the nation’s housing stock through a joint finance arrangement for the emerging residential community in Lagos.

    The GrandLake Estate is being promoted under a joint venture the Grand Imperio Group (GIG), a firm of real estate developers, alongside Ocean Springs Estates Limited and Vestril Limited. It is already structured into phases for ease of delivery. A total of 554 housing units would be delivered under the first phase within two years.

    Under the scheme, which has been described as an “ideal price point” for emerging middle class in the country because of the affordability, the financiers are open to work with and finance other developers, who wish to come on board for various kinds of concepts and designs to fit into the entire Grand Lake concept.  Such developers should have capacity to take at least 10,000 sqm to 20,000 sqm of the landed property. The scheme will also feature site and serviced plots for residential and commercial developments offering three different plot sizes to suit a potential buyer’s requirement.

    Prices and payment options are adjudged to be flexible, as subscribers to the scheme will benefit between five to 20 years payment structure from any f the partnering consortium. However, a one-off payment will attract three per cent discount. While 1 bedroom bungalow is going for N7,950,000; 2-bedroom would cost N10,950,000; 3-bedroom goes for N13,950,000; and the 4- bedroom bungalow is N17,950,000. A serviced plots of 600 sqm sells for N18, 000, 000 at N30, 000 per sqm while plots in the commercial zone are pegged at N45, 000 sqm.

    The ambitious project is on completion will boost of such facilities like spectacular ambience, detailed finishing, security and recreational facilities.  Also striking in its design is a unique man-made lake with a relaxation centre to complement the magnificent landscape. The units comes with air conditioning, PABX system, CCTV, Stone coated roof tiles, swimming pool, bar and lounge, astroturf football pitch, gym, good quality finishes, fully fitted kitchen and recreational facilities.

    The managing director and Chief Executive Officer, Homebase Mortgage Bank Limited, Dr. Femi Johnson, said the partnership is a good beginning for the sector and the economy, especially as uncertainty now trails the oil sector. Johnson said the synergy is an indication of better days ahead.

    “This is the first time mortgage banks are coming together to pull resources especially after the capital raising and restructuring of the sector. People can now saying I am 4,900 percent more capitalised than I was before the recapitalisation,” he said.

    I think this not enough and I think people should partner with others so to pool capital to be able to do something beyond our individual capability. This is an example for other people and when something starts to roll, it will gather momentum,” he said.

    Johnson, who is also the President of the Mortgage Banks Association of Nigeria (MBAN), said Nigeria Mortgage Refinancing Corporation (NMRC) was fully backing the novel initiative, adding that, the houses that would be created from the partnership will conform to the standard of NMRC.

     

  • Lafarge, Shelter Afrique partner on affordable housing

    Cement manufacturer and building solutions provider, Lafarge Africa Plc, yesterday signed a memorandum of understanding with Shelter Afrique, a Pan-African housing and development institution, for the purpose of facilitating access to affordable housing for low income earners in Nigeria. The agreement which will commence with the development of identified sites of 20 acres of land at the Federal Capital Territory, Abuja, will be for an initial period of four years. Under the terms of the MoU, the areas of cooperation between the two organisations include provision of assistance to define the best construction technologies for use in affordable housing and micro-finance projects as well as supply of cement and concrete products for projects.

    The housing scheme, targeted to be a social housing initiative, will be in three categories of social, middle, and middle-higher categories.

    The Group Managing Director /Chief Executive Officer, Lafarge Africa Plc, Mr. Guillaume Roux, at the signing ceremony said that the initiative is in furtherance of the company’s objective of complementing government’s efforts to boost national development through improved infrastructure, industrialisation and economic growth. He noted that Lafarge’s commitment to bringing more housing and better solutions to contribute to building better cities in Nigeria will be enhanced with the implementation of this agreement, which he said, represents a new major step in its affordable housing programme.

    Roux said Shelter Afrique was chosen as partners on the project because of its record in developing houses in Africa. “The idea was to choose a firm that has the most experience in executing such projects in the continent, which will also drastically reduce the cost of construction to an affordable level for Nigerians,” he said.

    Besides, says Roux, the project is in continuation of his firm’s affordable housing programme scheme tagged “Ile Irorun” which was started in October 2013. So far, over 6, 000 people have been impacted by the scheme through more than 1,000 constructions. “This partnership with Shelter Afrique is in furtherance of our earlier efforts to address the needs of Nigerians for decent and sustainable housing. Lafarge brings its expertise to offer affordable housing solutions to populations with low purchasing power, and since 2013, the programme has provided access to decent housing for 250,000 people in 18 countries. Lafarge’s objective is to facilitate access to affordable and sustainable housing for 2 million people by 2020,” Roux said.

    Similarly, Mr. James Mugerwa, Managing Director, Shelter Afrique at the occasion said that his firm, with this initiative, has once again, shown that it is always keen on building strong partnerships and finding efficient ways to deliver affordable housing, which he observed to be a shared vision with Lafarge, and also a show of joint commitment to Nigeria, which he said is a very important market for affordable housing and a key player in the region.

    For Mugerwa, Nigeria is a very important market for the firm, which makes this initiative both economically and socially viable. “We want to show that one can still build affordable houses and still make profit without aiming for 30 to 40 per cent profit margin. When the houses are built in large numbers and made affordable with small profit margin, the volume sold will make good economic return on the investment in the long run. But we are happy that we are housing Africans,” he said, adding that with the project, the teeming Nigerian population will begin to benefit from affordable housing.

    As part of the partnership, Lafarge will provide such inputs as mixed concrete, and other building solutions, while Shelter Afrique will provide the technical expertise and other inputs for the project.

  • ‘How to grow viable property market’

    How can  an efficient, viable and sustainable real estate market be developed to galvanise investments in the sector? This was the thrust of a seminar by stakeholders in Lagos.

    The seminar titled: Creating investment grade real estate assets in Nigeria, attracted domestic and international investors, developers, pension fund administrators, real estate consultants and Securities and Exchange Commission (SEC), Federal Inland Revenue Service (FIRS), the Nigerian Stock Exchange (NSE), and National Pension Commission (PENCOM) officials. It was organised by Stanbic IBTC.

    Chief Executive Officer, Stanbic IBTC Capital Limited, Yewande Sadiku; Head, Real Estate Finance (West Africa), Stanbic IBTC, Adeniyi Adeleye; Director, Real Estate, Actis, Funke Okubadejo; Asset Manager, Stanlib Africa Direct Property Development Fund, Nnema Byrd; and Director, Java Capital, Andrew Brooking; who facilitated the sessions, took participants through  several topics on asset valuation, land acquisition and zoning considerations,  structures and characteristics, regime in Nigeria, among others.

    Sadiku said: “The forum is part of Stanbic IBTC’s overall strategy to facilitate the establishment of an efficient and viable real estate investment trust (REIT) regime in Nigeria.”

    Adeleye, who gave the keynote presentation, highlighted the apparent illiquidity of the REITs, explaining that the predictable and sustainable rental cash flow is one of the most important elements of the vehicle which is primarily designed to pool rental assets.

    “Well-structured rental obligation with regular collection cycles from credible tenants creates sustainable rental cashflow, which is the most important driver of the underlying property value as well as the quality of REITs – which is a portfolio of such properties. This is counter intuitive to the market norms that tend to have an over-weighted attention on indicators such as contractor, high construction cost, property appearance, and perceived building quality,” she said.

    Other speakers identified some key areas that must be given priority attention to incorporating investment grade real estate assets into REITs in Nigeria to include: the review and alignment of securities regulations, resolution of tax regulations for equitable administration of value in the real estate sector, amongst others. Also identified was the requirement for intervention inland transfers and urban planning processes to create an improved enabling environment, which will continue to support the creation of new real estate assets, as well as instituting an efficient and speedy judicial process.

    Participants pointed out that a strong demand for real estate assets  makes the country an attractive prospect for investible funds in real estate. They, however, called for a structured REIT market, one that is efficient and liquid, as a way to attract another classification of local and foreign investors.

    Other participants at the forum were Actis, Persianas Group, and Resilient  Africa, which organised a roundtable for key industry stakeholders and regulators in Lagos.

  • Nigerite finds magic cure for building collapse

    Roofing  giant, Nigerite Plc may have found the magic cure for building collapse.

    It has unveiled a N2 billion dry construction technology known as Kalsi to address the problem.

    Speaking at the event, Nigerite Managing Director Nigerite Plc, Mr. Franks Le Bris, said with the solution, the chances of building collapses were nil because it is an engineered process, adding that with its deployment, there is no way standards can be changed.

    This he said, is premised on the deployment of a better construction technology, which does not give room for cheating.

    Kalsi, Le Bris said, is a major component of the Dry Construction System (Dryco).

    “Kalsi gives a lot of mileage in that regard because you cannot cut corners with it,” Lebris said.

    Besides, with this technology, he believes that durable and affordable housing for all may soon be achieved if the federal, state and private property developers embrace the new building and construction technology.

    He said the firm had in the last two years been working on the development of an entirely novel and friendly solution in the built industry, by showingcasing the Kalsi technology to building professionals and contractors as a viable alternative to the traditional wet construction method with blocks, bricks and concrete.

    Nigerite has spent about N2 billion on dry construction facilities, and also held over 200 trainings for artisans and industry professionals, he added.

    Nigerite’s Head, Dry Construction Business Unit, Mr. Wale Ogungbe, explained that Dryco has the least construction challenges because it has a software that considered the wind load, water load, among other factors.

    Ogungbe said the facility has been tested and trusted in other parts of the world, such as Indonesia, Europe, Asia and South America.

    Besides, testing of the product has proved that it leaves little or no casualty in the event of natural disasters, he said. “Nigerite has put all measures in place, from raw materials, machinery, personnel and training to introduce this avante garde building solution to the market in the second quarter of 2015. To say the least, we have all it takes to take the built industry to the next level, Ogungbe added.

    Nigerite’s Dryco solution uses Kalsi boards, which are high performance autoclaved cement boards, Siniat plasterboards, that is, high quality Gypsum boards, galvanised steel framings and other component finishing accessories. Kalsi boards are manufactured from cement, quartz sand, cellulose, natural calcium silicate and water. The boards are processed by autoclave- a drying process under high pressure and temperature for durability and dimensional stability. The board comes in 1.22m x 2.44m and 1.22m x 3.00m and thickness from 6mm to 20mm.

    Explaining the comparative advantages of dry over wet construction, Head, Department of Estate Management, University of Lagos (UNILAG), Prof Timothy Nubi, said the method will lead to reduction in wastes, offer design freedom with comprehensive technological and infrastructure costs,  adding that in construction, building products and processed materials are transferred to the building site, which means less technical, logistical and infrastructure costs.

    Le Bris explained that the company is not shifting from a roofing solution company for which it has been known, but rather expanding into a new area called “complementary building solution or dry construction”, adding that it is a move from manufacturing roofing solution to building solution.

    He said with the capital expenditure put at 24 per cent of recurrent expenditure, and the falling crude oil prices, the industry is under pressure to come up with a cost efficient system of construction.

    Laudable as this product may be, experts, however,  said the cost of using it for construction is still  high.This is because dry construction is about five per cent more affordable than the traditional brick and mortar for  housing; but on the long run, it is cheaper. However, in mass housing (estate projects), dry construction is a huge money saver.

  • Firm plans 1,000 housing units yearly

    An estate firm,  Gran Imperio Group (GIG), plans to deliver about 1,000 upscale housing units yearly.

    The developer has delivered Jacob Mews, NorthPointe I, II III and SouthPointe Phase I, consisting of 299 housing units. This does not include units located on the developer’s Inagbe Grand Resort, a unique tourist centre, it is developing with the Esinmikan family in Lagos.

    Also, construction has reached advanced stages in its sites, at Lakeview Park 1, II, Mid-land Court, SouthPointe II, Golden Leaf Estate, Y’hello Estate, promoted under the ‘EssentialHomes’ brand name.

    The development of the Lake View Park 1, a site and service scheme strategically located on the Lekki-Epe Expressway adjacent Victoria Garden City (VGC) with 194 residential plots and over 30,000sqms commercial plots, has been completed.  Phase two, a residential community on the Lafiaji Road, Lekki, with a lake, has 160 residential plots of various sizes and an area earmarked for commercial activities.  At the moment, 20 buildings are being constructed in this place.

    Still, under construction are 24 units of terraced town houses in Midland Court on Northern Foreshore road, off Chevron Drive, Lekki Peninsula, Lagos, a premium residential community which offers spectacular ambience, detailed finishing, security and recreational facilities in an appealing environment.

    This, according to the Managing Director of Gran Imperio Group, Mr. Adeyeye Ogunwusi, would be delivered by April 30, 2015.

    The SouthPointe II and Lakeview Park II, which comprises 79 units including 32, 30 and 17 units of three, four bedrooms and town houses, and is billed to be delivered in April 2015.

    GIG has also entered into a joint venture with the British-America Tobacco (BAT) to develop the Golden Leaf Estate on Lafiaji Road, Lekki. Upon completion, the 1.9 hectares estate will provide 380 units of various types, including detached houses, terraced bungalows and detached duplexes. For ease of execution, the project has been divided into different zones.

    Y’hello Estate in the same area is a residential community offering 800 units of exquisitely finished terraced bungalows, town houses and flats with air conditioning, good quality finishes – kitchen, recreational facilities and a commercial area. Like the Golden Leave Estate, this project is a joint-venture between GIG and MTN.

    According to GIG’s Managing Director, Mr. Adeyeye Ogunwusi, the  economy cannot grow without opening up the cities. “The economy needs diversification and the only thing that can sustain it is housing,” he said.

    At present, three mortgage institutions are partnering GIG on the project to deliver housing units at  friendly prices. The representative of Imperial Homes, one of the mortgage banks working with GIG, Mrs. Ronke Akinyele, expressed delight at the feat achieved so far.

    “We started together. We are taking mortgage to the next level and that is why we are cooperating with others to ensure that we improve the country’s housing stock,” she said.

    The Company Secretary, Trust Bond Mortgage Bank, Mr. Mark Okoye, said his company had faith in GIG and because it is a people- centred project, they would be supported all the way.

    A house in the GIG housing scheme costs between N7.95 million and N30 million.

  • Fed Govt to partner stakeholders on desertification

    Fed Govt to partner stakeholders on desertification

    The Federal Government has called on stakeholders to support the Great Green Wall (GGW) Programme to prevent desertification, drought and climate change in the North.

    Director-General, National Agency for Great Green Wall Mr. Goni Ahmed made the appeal during a courtesy call by representatives of the World Bank and  Reducing Emission from Desertification and  Forest Degredation ( REDD)+ in Abuja.

    In the statement, the agency’s Information Officer, NAGGW, Larai Daze, quoted Ahmed as saying that without stakeholders’ support, the North could experience debilitating levels of out migration.

    He explained that the NAGGW was a holistic and an integrated approach aimed at reducing emission from desertification and forest degradation.

    Ahmed said the agency needed assistance in the rehabilitation of  nurseries, establishment of shelter belt,  sand dune stabilisation, agro-forestry, farmers’ managed natural regeneration, integrated water and natural resources management.

    Others include transboundary ecosystem management, sensitisation and awareness, development of alternative sources of energy, gender mainstreaming, scientific expertise and research, capacity building and knowledge sharing.

    Earlier, the leader of the World Bank delegation, Mrs. Haddy Sey, said the visit was to facilitate the World Bank’s collaborative initiative on reducing emission from desertification and Forest degradation in developing countries.

    She also said the programme supports processes and promotes meaningful involvements of all stakeholders, including people living in the dry lands.

    The GGW is a Pan African initiative launched by the Federal Government aimed at preserving the north from desert encroachment.

    It is being implemented in 11 frontline states. They are Gombe, Bauchi, Kano, Jigawa, Katsina, Zamfara, Kebbi, Sokoto, Borno, Yobe and Kebbi.

  • How human capital pushes growth, by surveyors

    How human capital pushes growth, by surveyors

    Nigeria has been armed to leverage on its huge human capital to compete with other countries.

    Speakers at the 10th Annual Adekunle Kukoyi Memorial lecture, organised by the Lagos State chapter of the Nigerian Institution of Surveyors (NIS), argued that with such human capital the country should not be a push over.

    According to Mr. Gbenga Alara, who represented the Chairman of the chapter, Mr. Hassan Elias, to date, there are no alternatives to human capital as means to development.

    “With the collection of resources, knowledge, skills, talents, abilities, experience, intelligence, training, judgment and wisdom possessed individually and collectively by individuals in our population, I am convinced that we could accomplish the goals of being a great nation and people,” he said.

    The guest lecturer, Mrs. Paulina Adebusoye, who spoke on the theme: Improving human capital in a competitive world, said in recent years, the country had experienced sustained economic growth as exemplified by the per capita income and the rebased Gross Domestic Product (GDP). This recent growth, she reckons, has to be sustained by an ever-rising level of productivity if the country is to reduce the level of poverty ravaging the country and at the same time ensure high levels of prosperity for its citizens in future years. Therefore, Adebusoye said, to achieve sustained growth and development, there is the need to focus on education at all levels.

    She listed the other pillars that could make the country competitive to include infrastructure, health and primary education, institutions, good market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication and innovation.

    “The bottom line is that business, government, civil society and ordinary citizens would do well to keep in mind that it is not primarily the number of people that is important but what they are capable of, their level of education, and their health because on these depend the wealth of the nation. While a large population is good for creating a large market of consumers, the fact that over half of the population are dependents requiring large resources to provide education and health services and employment is a source for concern,” Adebusoye submitted.

    Dignitaries at the lecture did not fail to extol the virtues of the late Kukoyi, who was described as a “firm believer in the Nigerian surveyor.”.

  • £15m Royal South York wastage

    A dilapidated mansion in South York is now the last symbol of Prince Andrew’s failed marriage to Sarah Ferguson and has been left to decay seven years after the prince sold it for £15million.  To make matters worse the grand country house gifted by the Queen to her second son as a wedding gift is now under the Heathrow flight path where planes pass over it every few minutes.

    The 12-bedroom Sunninghill Park in Berkshire, which is only around 30 years old, is a shadow of its former splendour and now has broken windows and boarded-up entrances.

    Dubbed SouthYork because it resembles Southfork, the ranch-house in TV’s Dallas, the Duke of York sold it to Kazakh businessman, Timur Kulibayev in 2007. He paid more than £3million above the £12million asking price but since then it has become close to derelict and could be demolished after the local council gave permission nine months ago. The Duchess of York lived on there with daughters Beatrice and Eugenie following the divorce in 1996, but moved out in 2006 and joined Andrew at his home, Royal Lodge, in Windsor Great Park.

    It was sold a year later but has become an expensive ruin and worse it is now being bombarded by noisy Jumbo jets coming in to land at Heathrow.  The new flight-path is part of a trial started by the National Air Traffic Services in August which lasted five months. The experiment is also to be repeated this year. Neighbours told how the latest blight on the once grand mansion saw planes cruising over every two minutes, as low as 5,000 feet, with noise levels of 78 decibels being recorded.

    ‘It’s terrible – huge jumbo jets fly right over our rooftops and it’s so, so noisy,’ said one neighbour, who declined to be named.

    • Culled from MailOnline