Category: Property

The Mortgage Bankers Association of Nigeria (MBAN) has described Federal Government’s approval of the guidelines, which allow pension funds account holders to access 25 percent of their balances for mortgage purposes as a major solution to the nation’s housing deficit.

MBAN, in a statement by its President, Mr. Ebilate Mac-Yoroki, and Executive Secretary, Mr. Kayode Omotoso, was reacting to the approval of guidelines by the National Pension Commission (PenCom), allowing Retirement Savings Account (RSA) holders to access 25% of their savings for residential mortgage.

It however charged the Federal Government to take the next step of firming up the effectiveness of the financing initiative by setting up and operationalising the Nigeria Mortgage Guarantee Company (NMGC), a credit enhancement platform, which it said is already being finalised by the FSS2020, a department of the Central Bank of Nigeria (CBN).

PenCom on Friday announced the approval of the guideline, which allows eligible RSA holders to approach their Pension Fund Administrators (PFA) to gain access to 25% of their pension savings, strictly for mortgage purposes.

The body also lauded President Muhammadu Buhari and PenCom for taking a decision that will make it easier for working-Nigerians to become home owners.

It commended the initiative that resulted in the approval, saying it is one of the landmark steps and decisions for which the Muhammadu Buhari-led administration will be remembered, praising the Director-General of PenCom, Mrs. Aisha Dahir-Umar, for her role in the approval.

According to the statement, Mac-Yoroki described the approval as an elixir for the staggering housing deficit, as well as positively impact the economy generally.

It expressed delight at the fruition of a move it claimed to have initiated as an advocacy issue with PenCom, and later further escalated by other stakeholders in the sector.

“We are indeed glad and elated that this novel idea has finally become a reality. It commenced silently as an advocacy issue with PenCom that originated from MBAN, which thereafter was escalated to full advocacy issue by stakeholders on the platform of the former Nigerian Housing Finance Program (NHFP).

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“However, all the continuous efforts were in the last few months finally coordinated with PenCom by FSS2020 and MBAN, which culminated into the broad guidelines issued by PenCom on the idea.

“The Mortgage Bankers Association of Nigeria wishes to commend the federal government, under the watch of President Muhammadu Buhari, the Central bank of Nigeria (CBN) and particularly the National Pension Commission (PenCom), for this landmark approval. This is another reason for which the President’s name will be remembered positively.

“The estimated over 28 million units of housing deficit is staggering indeed and will be requiring trillions of naira to offset. This new approval, though not all that might be needed to solve the problem, will be a giant step towards bridging the housing gap for many Nigerians, whose major setback has been financing.

“With granting of the approval that allows Retirement Savings Account (RSA) holders to access 25% of their balance towards payment of equity for residential mortgage, government will be solving more than just the problem of housing, but will also be giving the economy a boost as many mortgage-related sectors, like construction and banking, will receive more vigour.

“As an association, which is directly concerned with the mortgage market, MBAN will, in its usual approach, be doing everything necessary to support government in ensuring that the primary target of giving the approval, which is eliminating the housing gap and creating an easy environment for beneficiaries to acquire their dreamed homes, is achieved to the adequately.

“This step by government will have a rippling impact on our nationhood and the achieve the sort of reform we have hoped for in the work place, either private or public. For instance, it will rejuvenate the work ethics and culture across the sectors because, as they say, a man or woman who has solved his housing question is a more productive employee,” the statement reads.

On how the approval will achieve its designed potential, the statement explained: “Its breadth and depth would only be fully achieved with the setting up and take-off by the Nigeria Mortgage Guarantee Company (NMGC), a credit enhancement initiative that is currently being finalised by FSS2020, NMRC, MBAN/mortgage banks, for Nigerians to take the fullest advantage”.

It also appealed to the Federal Government to give incentives to local companies in the business of manufacturing building materials like tiles, wires, cement, doors and other building accessories, saying it will help in the reducing the cost of buildings, just as it will positively affect the economy.

Pic caption: Mr Ebilate Mac-Yoroki, President of the Mortgage Bankers Association of Nigeria (MBAN)
Attachments area

Sterling Homes has expanded its operations beyond the shores of Nigeria.

According to the company, it will be spreading its tentacles globally to assist in reducing the gap in housing deficit and providing sustainable real estate development, starting with the launch of its new office in Rwanda.

The CEO of Sterling Homes Dr Kunle Adeyemi stated this in a chat with reporters in Lagos.

He said: “Empowering the African real estate industry with our innovative real estate solution is what Sterling Homes is poised to achieve, and that’s what we’ve done since our entry.

“We are excited about this new development and believe that extending our services to Rwanda would not only increase our customer base but also make room for increased access to homeownership for the average citizen and create better living experiences for the people of Rwanda.

“Our expansion is in line with our mission of creating and building communities where people can thrive. We have continued to prioritize our client’s comfort and we are focused on offering real estate solutions to enable people of all classes in Rwanda to have access to affordable and quality housing that will make them feel safe, important, and loved.

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“Since 2014, we have kept to our word of transforming the real estate sector in Nigeria with our land and housing projects which have created a safe haven for over 1,000 families, retirees, return-seeking investors (both local & international), and professionals.”

The project manager Arch Kola Afeni gave more insights into the company’s developments which he regarded as a “stepping stone for greater things to come.”

He said: “Rwanda is an investor-friendly climate with untapped opportunities, we are confident in the services we provide and we are very positive about the outcome. We have an outstanding track record in Nigeria and we believe Rwanda will be no exception.

“Our experience in Nigeria, as well as the positive impact, achieved so far has strengthened our commitment towards turning housing dreams into reality by providing affordable homes with a core focus on innovative designs that resonate with luxury, comfort, and ease.

“Some of these projects include D’avalon, Haviah court, Victoria Court, Majesty Court, Jewel Garden, Havilah Park & Gardens, Moriah Parks & Gardens, Barachel Parks & Gardens and so much more. Sterling homes ltd aims to provide top value to its customers in terms of quality, pricing, and excellent service in order to make homeownership a reality for many.”

The Real Estate Developers Association of Nigeria (REDAN) has admitted Esso Properties Limited into its fold.

The development came barely a month after the opening of its Lagos Mainland operations at Festac Town, Lagos.

The company with estates in Lagos and Awka, Anambra States with plans to expand to Enugu, Owerri, Asaba and the Federal Capital Territory, Abuja before the end of the year, didn’t have any difficulty with being admitted as a full REDAN member.

Its Managing Director and Chief Executive Officer, Dr. Smith Ezenagu said the latest achievement was a testament to the company’s development plan which it has followed assiduously.

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Ezenagu said: ‘’We are thrilled to join Real Estate Developers Association of Nigeria which is the apex body of Real Estate Developers in Nigeria. The REDAN provides us a fantastic opportunity to benefit from and collaborate with similarly focused, innovative and leading Real Estate and Development companies in Nigeria on best practices, setting of industry standards and ensuring regulatory expectations are met.’’

Esso Properties Limited which has four offices namely Shapatti and Ikota (Lagos Island), Festac Town (Mainland) as well as Awka, Anambra has tailor-made estates in Lagos and Awka.

Chairman of Cubana Group, Obi Cubana, has revealed announced a partnership with Zoe New Dawn Nigeria Limited for the development of a mixed housing project in Abuja.

The partnership is designed to provide about 10,000 units of residential assets for low and middle-income earners, civil servants and others who are desirous of quality accommodation for residential purposes.

In a statement in Abuja ahead of the official ground-breaking ceremony of the Hill City Community housing project scheduled for September 1, Obi Cubana said: “The partnership between Casa Cubana, owned by the Cubana Group, and Zoe New Dawn Nigeria Limited will offer prospective subscribers global standard residential assets that will guarantee a live, work and play benefits in a well-developed, highly urbanized district of the Federal Capital Territory, Abuja”, he said.

“Affordable housing is a major concern for most residents of Abuja and the new Smart City, Hill City Community housing project is carefully planned and designed to address the challenges of access to quality housing at affordable flexible ownership terms. It will also be built by young Nigerians who will be engaged through direct means.”

Obi Cubana noted it is another way for him to contribute to humanity through creating employment while bridging the prevailing housing gap.

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Speaking on the inspiration for the housing project, Obi Cubana said he was determined to create jobs for youths while solving the problem of affordable housing for the majority of Nigerians who are seriously negatively affected by housing shortages across the country.

He further hinted that similar projects are being planned for Enugu, Lagos and Akwa, Anambra state.

According to him, the Hill City Community housing project in Abuja is carefully located in a secured environment with proximity to the Abuja Airport and other major destinations within the Federal Capital city.

In the development of the project, architects, engineers and other consultants will be recruited through an open engagement process where everyone who is innovative, creative, competent and passionate will be engaged in the new smart city development.

The 2022 Real Estate Discussions & Awards (REDA) organised by Thinkmint Nigeria and Thinkmint Europe is slated to hold on August 30-31 are the Balmoral Convention Centre, Federal Palace Hotel, Victoria Island, Lagos.

The theme of the event is ‘recovery’ while Bruce Haswell, Project Director, Turner and Townsend will deliver the keynote address with Akwa Ibom Governor Emmanuel Udom as special guest of honour.

With the conference, exhibition and awards running into its fourth year, the REDA Conference has proven to be the region’s largest real estate event attracting the most senior investors, developers, operators and professionals, providing the perfect platform to do deals across the region.

The two-day event is an accumulation of bespoke networking opportunities, learnings, and transactions through the extensive range of discussions, networking receptions, investors forum, award ceremony and a dedicated exhibition area to gain the most traction for company and brand.

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The Managing Partner of Thinkmimt Nigeria Imelda Usoro-Olaoye stated the event is a stand-alone opportunity to discuss current trends, share industry experiences, enjoy insightful debates, showcase real estate products/investment opportunities and acquire high ROI real estate developments from leading real estate companies.

Highlighting the numerous investment opportunities in the country, she stated that the conference will host 70 speakers from top real estate organisations proudly supported by Purple, Yahshud, Homework Group, Federal Housing Authority Mortgage Bank, Elan Orris Real Estate and Sabre works Services.

In furtherance of its role in revolutionising the real estate sector in Africa, Wisdom Kwati Smart City has launched another residential estate in Namtari, Adamawa.

The estate is estimated to deliver over 15,000 housing units.

The project is a sustainable smart housing estate intentionally planned to reduce the effect of climate change by using renewable energy and ensure availability of affordable residential homes of the highest standards to Nigerians.

Speaking on the launch of the project, the Chief Executive Officer of the Karabow Group, Mr. Wisdom Kwati, stated the company is poised to reduce the housing deficit in the country by delivering urbanized and modern cities across Nigeria.

He said: “I am proud of our work on this project, and my sincere thanks to the Adamawa state government and his Excellency Governor Ahmadu Umaru Fintiri. They not only trusted in our ability but showed a great sense of belief in our resolve to redefine the quality of living in the state and home living experience by building energy-efficient and eco-friendly homes.

“We do not just believe in housing that meets subscribers’ needs, but also believe in examining the challenges at every point in the housing value-chain and providing credible answers which meet the needs of residents.

“Wisdom Kwati Smart City is transforming the landscapes of urban and rural communities and placing Nigeria at the forefront of development in Africa.

“Our development project in Adamawa is among the most desired sophisticated projects in the Nigerian real estate sector. When it is completed, it will be a significant part of the state’s success story.

“To achieve this, we will be making use of contemporary technology to foster the provision of quality houses, with the sublime natural environment, at affordable prices to the population.

“We have also taken a step on sensitising the urban population on the need for a good sense of maintenance culture for the sustainability of the project.

“This project will greatly increase the revenue, employment, and commercial status of the beneficiaries. We are known to provide quality and affordable houses of the highest standard, cutting across various classes and we will not let our clients down.”

Reflecting on the company’s sterling performance, Wisdom stated that the company, which commenced the construction of over 10,000 units of housing projects in Abuja and Lagos, is set to spread its tentacles to other parts of Africa starting with Ghana.

He also revealed the company’s plan to provide a self sustainable affordable smart housing project which will be located in the 36 states across Nigeria to reduce the housing deficit in the country.

He said: “As a matter of corporate policy and due consideration for quality and safety of investment, Wisdom Kwati Smart City went for the very best of contractors while assembling project partners for its development strategically located in Adamawa. Very soon, we will be launching our housing project in Ghana and providing affordable housing across the 36 states in Nigeria.”

“We are working round the clock to ensure more and more Nigerians own properties at the best of deals. Our purpose is to build communities and fuel great innovations within the Nigerian and African property market. The resilience and sustainable performance and growth of our company over the past years is largely attributed to these.”

Real estate company, Prince Luxury Group, has unveiled a new logo and visual identity in Lagos.

The new look is the first update for the real estate brand since the organisation was founded in 2015.

The rebrand follows a deep-dive review of its market perceptions. While still holding onto the trademarked and copyrighted old logo, the new visual identity featuring a completely redesigned package to help it stand out from the crowd, bringing in five pointed star with the unique customised shaped letters P-L-G in predominant red on white or white on red.

The change aims to create differentiation from the company’s logistics and beverage sister
companies, GoGo express Limited (Gogox) and Bonaqua Bottled Water Limited (Bonaqua).

The company said its rebranding is an extension and visual representation of PLG’s “refreshed strategy”, amid vision 2030 premised on leading and creating value to Nigeria and Africa at large.

Chairman and CEO, Prince Luxury Group, Prince Omoha Nduka, said the rebranding
exemplifies PLG’s commitment to stand out and continually redefine the way people live, with a view to developing the nation as well as creating values for their shareholders.

“The original identity just wasn’t conveying the wonderful products story, or appearing premium enough for the group, This rebrand will help shift public perception of the PLG brand and also influences its market and growth,” Nduka said.

The Prince Luxury Group is a conglomerate with portfolios in real estate, logistics and stock investments in Nigeria and Hong Kong.

Sterling Homes has empowered no fewer than 50 widows with start-up resources, shop rental payments and cash gifts in celebration of its 12th anniversary.

The real estate development company made the donation and resource presentation last week at their corporate head office in River Valley Estate, Lagos as part of week-long activities.

The firm also allocated land to subscribers of its housing estate in Eleko, Ibeju-Lekki and handed over of keys of bungalows to homeowners of its housing estate in Mowe, Ogun State.

The resources, including grinding machines, gas cookers, entrepreneurship capital, rent payment, food and clothing items and medical bills payment were distributed to over 30 randomly selected widows from across Lagos state according to their communicated needs.

The widows, who were filled with excitement and gratitude, displayed their appreciation with a promise to make judicious use of the resources given to them.

Sterling Homes CEO, Dr Kunle Adeyemi said that the initiative was a way of giving back to society from the successful achievements of the leading real estate firm.

According to him: “Today Sterling Homes is celebrating 12 years of greatness and we are so thankful to God. Our goal of satisfying our customers and giving back to society has always been the driving force. Today we want to spotlight the plight of widows in communities by empowering them to create their own stability.

“Losing a husband or a partner can be an incredibly saddening experience. But for too many women in Nigeria, becoming a widow can also be the beginning of a whole new set of problems and hardships,” Dr. Adeyemi Shared.

“We asked for the nomination of indigent widows after which we screened the received nominees to ensure that those who need these items are chosen and empowered. We have been able to empower 30 widows today and we believe that it’s not going to end today. More empowerment is coming. At Sterling Homes, we recognise the importance of giving back, whether it’s volunteering, raising money for a charity or food drive, this is who we are.”

Adeyemi urged private organisations to deploy corporate social responsibility and support the needy and less privileged in the country.

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He said: “At Sterling Homes we encourage our staff to truly evaluate their own desire to have an impact in the world from how they lead their day-to-day life to how they treat others; in ways that they can contribute to improving their country and community. I also want to encourage private organisations to give back to the community that made them because as little as a percent, can go a long way to change the environment and condition of the underprivileged in the country.

One of the beneficiaries, (name withheld) expressed happiness for the kind-hearted gesture the company has shown. She said: “I didn’t pay any money to qualify for this. God bless Sterling Homes for wiping away my tears. The only money I spent was my transportation to this place and now I’m going back home with money to start my business. I say thank you to them.”

Another beneficiary, whose daughter’s medical bill of over N100,000 was cleared by the company, thanked the organisation for coming to her aid as a widow who had been suffering for years without help from anybody.

She said: “My daughter is my only child and her illness got me scared and worried, we had tried herbal treatment to her ailment and it wasn’t working, she was admitted to the hospital when her illness got worse and I have been running around looking to loan money from friends before I got the call from Sterling Homes, they paid all the medical bills, gave me NGN50,000 for my Shea butter business, and still gave me foodstuff. I can only say God has smiled on me through them.”

The Federal Government is committed to the provision of housing to all segments of Nigerians, MD/ CEO of Federal Housing Authority ( FHA) Senator Gbenga Ashafa has said.

He spoke during the unveiling of Express View Estate, a partnership between Federal Housing Authority Mortgage Bank (FHAMB) and Mixta Africa in Lugbe, Abuja.

Answering questions from reporters on the much-bandied 17 million housing deficit in Nigeria, Ashafa while applauding the efforts of President Muhammadu Buhari government in addressing the nation’s challenges, noted that there is no actual empirical data to back the housing deficit figures as claimed.

Making reference to the position of Minister of Works & Housing, Babatunde Fashola on the much-touted figure, Ashafa said: “What the Minister of Works and Housing have been saying right from onset was that we have not been able to come up with specific deficit figure. However, if you look at the project we are embarking on now, are we going to count the units as part of the houses in existence? What about the number of unoccupied houses everywhere, are we counting them?

“If you go round, you will see a lot of unoccupied houses, due to the cost put on them by the developers and the negative effect of the present economic realities”.

On the efforts of Buhari’s administration in tackling the housing deficit, he said: “We know we have a lot of work to do but the Buhari administration is doing a lot to ensure that we reduce the Housing deficit in the country.”

He added: ”In all the States of the Federation, Federal Ministry of Works and Housing have been able to complete some estates, while others are nearing completion.

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”It is part of the promise and manifesto of our party and promise of President Muhammadu Buhari. So, we are presently providing a number of houses for the low, medium and upper-income earners depending on the need and locations”.

He announced the 764 units of a mass affordable housing scheme in Zuba, Abuja would soon be completed and ready for commissioning.

Express View Estate is a partnership with MIXTA AFRICA sitting on about 1.5 hectares of land, the project is expected to deliver about 58 terrace duplexes of 3 bedrooms, serviced with Standard Infrastructure.

Congratulating MIXTA Africa on their choice to partner FHA, Ashafa expressed hope that they would deliver a functional Estate while he promised a sustained partnership with the company.

Managing Director FHA Mortgage Bank, Hayatudeen Awwal, expressed delight at the choice of MIXTA
Africa for the project.

Executive Director Legal for Mixta Africa, Ugochukwu Ndubuisi, said the partnership was a welcome development as Mixta Africa takes pride in building communities.

“We have built properties in Lagos, Port Harcourt and now, we are in Abuja and we will use the Express View Estate project in Lugbe to showcase our capability. We will complete this project on time and move to other ones,” he said.