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Tag: FMBN

  • Labour, FMBN seek end to feud over NHF deductions

    The management of the Federal Mortgage Bank of Nigeria (FMBN) and  the leadership of Trade Union Congress (TUC)  have met in Abuja to discuss contributions of federal civil servants to the National Housing Fund (NHF) being held by the FMBN.

    The meeting, held behind closed doors, was at the instance of the FMBN.

    The meeting, The Nation gathered, was aimed at finding a lasting solution to the disagreement between labour FMBN over NHF deductions from federal civil servants.

    Labour’s position is that 50 percent of federal civil servants’remittance to the NHF should be transferred to the Federal Government Staff Housing Loans Board (FGSHLB). It said this would serve its members interest better than FMBN’s.

    TUC President Bobboi Kaigama, who spoke for labour after the meeting, agreed that while the FMBN and the board were established to render services to their contributors, it was improper to undermine the other party.

    Although FMBN is committed  to workers’welfare, the Board takes more interest in its contributors’ welfare, he said.

    “We cannot encourage robbing Peter to pay Paul. Funding should be provided to ensure the survival of the two institutions. The operational scope of the FGSHLB is different from that of FMBN. However, there are challenges and we are prepared to face the challenges. We will call on the government to fund the FGSHLB. We are also urging the Federal Government to pay up their shareholdings in FMBN,” Kaigama said.

    Kaigama’s position may be understood. Since 2000, labour had been kicking against workers’ contributions to the NHF because the benefits were not guaranteed.

    According to the labour union, as at 2006, about 1.8 million workers were registered from 17,132 employers, under the NHF, with a contribution of about N6 billion. Regrettably, labour claims only less than N280 million was disbursed to 446 contributors as loans.

    Besides, between 1993 and 2006, labour further claimed, about N20 billion was contributed by workers into the NHF without much benefit. This situation, labour maintained, has closed the doors against the FGSHLB believed to have been operating a social welfare scheme by providing houses for Federal Government workers since 1924.

    It is believed in labour circle that by transferring 50 per cent of federal civil servants’ contributions in NHF to the board, more workers would benefit.

    “We do appreciate that there are problems but we cannot address those problems by creating more confusion. So, we, in the NLC and TUC, being leaders of the members of the FGSHLB, will trash out  areas of disagreements,” Kaigama said.

    He called on the government and other institutions that were supposed to contribute to the FMBN to do so, adding that this would strengthen the mortgage institution further.

    “As it is, the Federal Government and the Central Bank have not been paying up their share capital in the bank. FMBN is workers’fund. So, we want the Federal Government to bring in their  funds. The law establishing the FMBN says there are parts of the interest of the insurance companies that should be invested in the bank yearly through the FMBN; these things are not being done,” he added.

    Also, FMBN Managing Director Ahmed Dangiwa said there was the need to recapitalise the bank. He said its officials had been meeting to ensure that workers got the benefits of their contributions.

    “Before now, we have not been having it very well, but we are assuring workers that with the new management team in place, they will be better off in terms. We are pretty sure that things will be resolved,” he added.

    He refuted claims that the “Home Renovation Loan” initiative of the FMBN was initiated to douse tension from the aggrieved subscribers. The scheme, which includes the Rent-to-Own initiative, Dandiwa explained, was implemented through the FMBN Project Department.

    “Home Renovation Loan was one of the products we developed and we have disbursed over N10 billion to over 12, 000 beneficiaries across the country. This is apart from other loans, which we have given out to over 18, 000 beneficiaries worth over N78 billion disbursed. So, it can’t be anybody’s initiative aside from FMBN,” he said. He added that the bank is thinking of introducing hostel-development loan programme for universities and other institutions.

    Indeed, the last may not have been heard of this unfolding drama. Labour is seeking an amendment to the FGSHLB Act at the House of Representatives to ensure that federal public servants get benefits from their contributions. If it succeeds, experts believe the monopoly of the FMBN in the sector would be broken.

    The NHF Act, which became operational in 1993, compels workers to contribute two and half per cent of their salaries to the fund. It also empowers the FMBN to manage the funds  contributed by workers.

    At a Public Hearing organised by the House of Representatives Committee on Public Service Matters on March 27,  the Legal Services Director, Office of the Head of Service of the Federation, Mr. Emmanuel Omonowa, said: “In view of the fact that contributions to the NHF are being done by federal public employees, 50 per cent should be ordered in the Act to be amended, to be paid to the loans board.”

    He argued that before the deductions were given to the primary mortgage institutions to build houses that civil servants could not buy.

    He lamented that contributors, who should be helped  to own a house, could not afford same and they could not get their contributions back. This, he said, should not be allowed to continue so that there would not be a case of senior citizens retiring with heart attacks.

    A representative on the FGSHLB,  Mr. Ejiofor, also said the anomaly should be corrected.

    He explained that contibutors to  NHF were mainly federal employees.

    He said: “You use the funds of federal employees to fund mortgage owners or mortgage system, in which the workers themselves cannot pay the terms. That is the critical issue. Most state governments’ workers are not in the scheme and we are saying that federal public employees, who are the main contributors, must benefit more. Does the NHF give annual returns?”

    The FGSHLB, he stressed, is for federal public employees, and as such, the bulk of their contribution, should go to them. He added that by taking the contributions of poor workers to fund mortgage institutions, who in most cases, provide housing schemes for the rich, is an aberration.

  • ‘Banks, insurance firms owe NHF N6.7 trillion’

    The refusal of banks and insurance companies to comply with the laws on funding the National Housing Fund (NHF) contributed largely to its failure, the Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Ahmed Dangiwa has said.

    The two sectors have failed to remit N6.7 trillion to the Fund since its inception contrary to the law setting it up, it was revealed yesterday.

    The country is currently facing a housing deficit of 17 million units while FMBN is unable to meet the 720,000 housing units it is required to provide yearly to meet the Sustainable Development Goals  (SDGs)

    The House of Representatives has however pledged to collaborate with key stakeholders, including the private sector to achieve the 2019 government target for eight million houses.

    Speaking at a public hearing on NHF bills organised by the Ahmed Kaita-led Committee on Housing, Dangiwa laid the blame of the failure of the NHF to impact on Nigerians on the doorsteps of the banks and insurance companies.

    According to him, the law setting up the Fund mandated banks and insurance companies to invest in it, a law they failed to obey since inception

    He said: “Available statistics from the Central Bank of Nigeria (CBN) and National Insurance Commission (NAICOM) indicated that between 2011 and 2016, total loans and advances by commercial banks and the quantum of life  and non-life funds from insurance companies amounted to N66.996, trillion

    “At 10 per cent investment of their loan advances with the NHF, about N6.7 trillion should have been invested in the fund by the banks and insurance companies over the period.

    “In 2016 alone, alone, the CBN pursuant to 11 (1) of NHF Act, ought to have credited the Fund with N1.553 trillion by March 2017.

    “At an average of N6.5million per housing unit, this amount could have provided 300 housing units in each in the 774 Local Government Areas in the country.

    “The failure to make the remittance has deprived Nigerians the opportunity of owning their houses.”

    In his presentation, President, Nigeria Labour Congress (NLC), Ayuba Wabba,  said there must be sanctions for noncompliance with the law.

    While insisting  that failure of commercial banks to contribute to the fund impeded the progress of the scheme, the NLC leader said: “The major issue has been the interest rate that is now available with our commercial banks.

    “This has been a serious burden and cannot be called a mortgage.

    “There should be sanctions where people fail to comply with the Nigerian law. While we support the idea of penalty for offenders of the NHF Act, we do not support the scrapping of Federal Housing Scheme board.

    “This is because we also used the issue of social dialogue to get funding from Federal Government. During former president Musa Yar’Adua’s administration, we got about N10b into the federal housing scheme where all the workers including the paramilitary benefited.

    He said there is a need for effective fiscal policy that will enable workers to afford houses in the country

    “For us to address the issue of housing deficit we must have an agreeable interest rate that both citizens and workers are able to afford.

    “If not the houses will be built and not affordable.

    Wabba called on the Federal Government to intervene to provide the necessary funds required to drive the housing scheme in the country”.

    Earlier, Speaker Yakubu Dogara, who was represented by Depury Minority Whip, Binta Bello called for increased private sector participation in the provision of houses as part of efforts geared toward addressing the estimated 17 million housing deficit.

    He further revealed that the proposed amendments would make housing laws more encompassing and introduce the necessary changes, as existing schemes have not been very successful.

    “The National Housing Funds (NHF) scheme was designed to assist public servants own homes while saving a percentage of their income. The private sector employees were also captured under the Act. Similarly, the government – through mortgage institutions – is expected to provide loans to real estate developers to build low cost houses for the people.

    “Unfortunately, both programmes have not yielded the desired results as Houses are still not within the reach of the generality of Nigerians. Indeed, the provisions of the National Housing Fund Act and Federal Mortgage Bank of Nigeria Act are observed more in breach by most stakeholders mandated to perform one responsibility or the other under the laws. The proposed amendments capture virtually everybody including self-employed persons.

    “Let me assure you of the determination of the House to collaborate with all stakeholders in ensuring supply of safe and affordable homes and provision of viable legislative frameworks that will lead to private sector participation and ownership in order to reduce these deficits. The bills being considered today will have far reaching effects on many institutions and stakeholders and these stakeholders should pay attention to the issues and offer workable solutions.”

  • Senate urges FMBN shareholders to pay up equities

    Senate urges FMBN shareholders to pay up equities

    The Senate Committee on Lands, Housing and Urban Development has urged shareholders to pay up their equities in order to actualise the planned recapitalisation of the Federal Mortgage Bank of Nigeria (FMBN).

    A statement issued in Abuja on Tuesday by FMBN Managing Director, Mr Ahmed Dangiwa said the Chairman of the Committee, Sen. Barnabas Gemade made the call while on an oversight visit to the bank.

    Gemade listed the shareholders to include the Federal Government, Central Bank of Nigeria (CBN), and Nigeria Social Insurance Trust Fund (NSITF).

    He observed that the CBN had vital role to play in making the FMBN function effectively by exercising its statutory roles, especially in the areas of funding and regulation.

    “There is no way FMBN can address the plethora of daunting challenges in the mortgage industry without being supported by the CBN and the Federal Government.

    “The N5billion capital base of the FMBN is abysmally low and the shareholders should hasten up by increasing the capital base to reflect current realities.

    “CBN should sanction commercial banks that defaulted in remitting 10 per cent of their loan portfolio to FMBN as investment to the development of a virile mortgage industry as required by the law.’’

    He promised that the committee would also ensure amendment of both the FMBN and National Housing Fund (NHF) Acts to make the bank function effectively.

    Read also: Senate plans to pass 2018 budget this month

    Gemade said N100 billion was approved in 2017 budget as intervention fund to support mortgage activities in the country.

    He directed the bank to follow up the matter with its supervisory ministry, adding that the Ministry of Power, Works and Housing should contact the Federal Ministry of Finance to secure release of the fund.

    In his remarks, Dangiwa said the bank had not received budgetary allocation from the Federal Government since its establishment.

    “Therefore, we rely solely on income generated from contributors under the NHF scheme to finance our activities,” he said.

    He lamented that the current N5 billion capital base of the bank was grossly inadequate, in view of the magnitude of its mandate to bridge the housing finance gap in Nigeria which was in the region of trillions of naira.

    According to him, FMBN has commenced strategic partnership with the Nigeria Inter-Bank Settlement System (NIBSS) Plc for the management of mortgage–related transactions to reduce loan repayment default to the barest minimum.

    NAN

  • FMBN tasks World Bank against parallel housing schemes

    FMBN tasks World Bank against parallel housing schemes

    In order to avoid duplication of responsibilities, the Managing Director, Federal Mortgage Bank of Nigeria (FMBN), Architect Ahmed Dangiwa, has called on the World Bank to put an end to the creation of parallel housing finance schemes in the country.

    Dangiwa said FMBN is the statutory body mandated to manage housing mortgages, thus, need for the World Bank to partner with the mortgage institution rather than duplicating efforts of the FMBN.

    He disclosed this while receiving World Bank team led by Mr. Simon Walley in the Bank’s Corporate Headquarters, Abuja.

    The MD urged the World Bank to build confidence in the FMBN and improve its capacity in the provision of affordable housing.

    In a statement issued on Tuesday in Abuja by FMBN Unit Head, Public Affairs and Event Management, Mr. Kaoje Ahmed, Dangiwa expressed concerns stressing that except there is a change of strategy, the current approach would deprive the sector of needed synergy and slow down the expected growth in the housing industry.

    He expressed resolve of the FMBN new management team to engage stakeholders and development partners for mutual cooperation.

    Dangiwa, who described World Bank as a critical stakeholder stressed the need for partnership to sustain and deepen their relationship. He stated that it became imperative to providing affordable housing for low and medium income earners, who constitute a bulk of the nation’s population.

    In his address, Walley said the visit was to seek possible ways to developing the housing sector.

    He said the World Bank identified FMBN as key player in the nation’s mortgage industry following previous meetings in the past to grow the sector.

    The team lead commended FMBN for new initiatives and products designed to improve housing finance. He listed the cooperative housing loan window and advised the FMBN to exploit it to the fullest.

  • FMBN disburses N2.3b housing renovation loans

    FMBN disburses N2.3b housing renovation loans

    The Federal Mortgage Bank of Nigeria (FMBN) says it has disbursed N2.3 billion to 3,104 beneficiaries under its housing renovation loans scheme nation wide.

    Its Managing Director, Ahmed Musa Dangiwa who spoke yesterday in Sokoto while flagging off the state’s disbursement exercise of N243.1 million to 263 benefiting  civil servants in the state service, assured that the bank will live its mandate.

    Represented by an Executive Director of the bank, Hajiya Rahinatu Aliyu, he said the bank’s cardinal responsibility was to facilitate and ensure that low and middle cadre income earners in the civil service own housing property as one of the basic necessities of life.

    “The essence is to address the constraints of mobilisation of funds to ensure Nigerians have houses,” Dangiwa said.

    He said each of the beneficiaries would be entitled to N1 million loan under the arrangement.

    This is in line with the Federal Government’s agenda to provide houses to civil servants nation wide,” he added.

    Dangiwa noted that owning a house was one of the constraints faced by civil servants particularly on how to mobilise funds to achieve the need.

    “The FMBN is there to bridge the constraints via a responsive arrangement and approach to allow Nigerians access and own houses as well renovate both existing personal and family homes through loans,” he said.

    He commended Governor Aminu Waziri Tambuwal for his sense and passion for workers welfare and well being by ensuring the flag off of the disbursement exercise.

    Hajiya Aliyu who led a team of FMBN officials to Sokoto for the exercise appealed to the state government to make provision for land as well review its mortgage transaction fee to favour the activities of the bank in the state.

    In his remarks,  Tambuwal commended the purposeful initiative of the bank for the laudable scheme which he noted would guarantee the shelter needs and welfare of workers.

    While congratulating the beneficiaries, he said the loans would be deducted on monthly basis from their salaries within the period of one year.

    Three beneficiaries, Abdullahi Auta, Abubakar Dan Hassan and Musa Hamisu were issued FCMB cheques of N1million each at a symbolic presentation by the governor.

     

  • FG repositions FMBN to ensure affordable housing delivery -Minister

    The Minister of State for Power, Works and Housing, Mustapha Shehuri, has commended the Federal Government’s decision to strengthen and recapitalise Federal Mortgage Bank of Nigeria (FMBN) with N500 billion.

    A statement signed by Mr Olatunji John
Principal Information Officer of the ministry, stated that the government’s gesture would further reduce the housing deficit in the country.

    The Minister had visited the Executive Governor of Nasarawa State, Alhaji Tanko Almakura in continuation of his inspection of ongoing works on the National Housing Programme (NHP) in the North-Central geo-political zone.

    According to the minister, this gesture will go a long way to make mortgage facilities accessible to Nigerians.

    Almakura, represented by the Deputy Governor of the state, Mr Silas Agara, thanked the Federal Government for the collaborative effort through providing land for the NHP project in the state.

    Almakura appreciated the Federal Government for initiating the programme, adding that it would have a multiplier effect on nation’s economy.

    According to him, it will create employment, enhance expertise on professionals in the built industry and create local content market.

    He assured the Minister that the state would continue to partner with the ministry to ensure the successful completion of the project.

    The 76-unit Housing Estate comprises of four units of one-bedroom, 48 units of two-bedroom and 24 units of three-bedroom apartments.

    He expressed satisfaction with the location and the level of works done so far.

    Also, the Minister inspected the construction work which is at various levels of completion at the 80-unit NHP project site in Makurdi, Benue State, where he met with contractors, artisans, food vendors, masons and labourers.

    While stating his mission in the state, the Minister expressed appreciation to the government for providing land for the construction of the housing programme.

    Shehuri noted that in spite of the present economic situation of the country the administration was resolute in fulfilling its campaign promises to Nigerians including that of housing.

  • ‘FMBN, REDAN, Shelter Afrique to create $2b affordable housing fund’

    ‘FMBN, REDAN, Shelter Afrique to create $2b affordable housing fund’

    Some stakeholders have agreed to pool resources to tackle the housing problem headlong. This is by ensuring  improved access to credit facility and reducing development costs for low-income housing.

    The Federal Mortgage Bank of Nigeria (FMBN), Real Estate Developers Association of Nigeria (REDAN) and a pan-African finance institution, Shelter Afrique have joined forces to create a $2 billion affordable housing fund.

    The money, will be disbursed at $200 million yearly to developers, to help in financing the construction of a targeted 10,000 homes over the next decade.

    Activities to be generated from the construction works are expected to  create more than 150,000 jobs.

    “We agreed that we needed to bring in Shelter Afrique to work in partnership with REDAN to make available some funds over the next 10 years by providing REDAN members with the necessary construction finance that is required to drive the national housing model,” the Acting Managing Director of FMBN, Richard Esri, explained.

    Recently, the Federal Government announced it would waive an initial 10 per cent payment on mortgages below N5 million or $15,700, being administered by the FMBN. This is targeted at future homeowners planning to take out mortgages in the low-to-mid price range. According to the Centre for Affordable Housing in Africa, the average cost of a mortgage is $18,000, with interest rates at around 19 per cent as of last September. This move comes on the heels of the establishment of the Family Homes Fund by the government, last September.

    Aside from helping to develop more houses, the injection of the $2 billion fund is to keep mortgage rates in affordable housing schemes at well under the average 23 per cent, with a target of 9.99 per cent and payable over 20 years. Under this arrangement, prospective buyers are required to make an initial deposit of 10 per cent of the house value to qualify for these home loans; 70 per cent of the mortgages are expected to go to houses priced between N2.5m ($7, 900) and N4.5m ($20,000).

    Financed through the Sovereign Wealth Fund, Federal Government bonds and Bank of New York, the scheme will work as a public-private partnership (PPP). It is also expected to promote the development of primary mortgage institutions, which tend to have a narrow banking licence and are generally reliant on wholesale funding, making them more vulnerable in times of financial or economic crisis.

    These changes will come as welcome news to many Nigerians, with half of the population living on less than $1 a day. Furthermore, the minimum wage is currently around $60 per month, meaning home ownership is often out of reach for those in the low- to middle-income wage bracket.

    The Centre for Affordable Home Financing in Africa reports that a standard mid-level apartment in an urban area in the country can cost as much as $100,000, with rent averaging around $5, 000 a year; the situation has kept home-ownership rate at 25 per cent.

    Meanwhile, the mortgage penetration rate stands at about 0.6 per cent of gross domestic product (GDP).  The World Bank data which although is low by standards in more developed economies, puts Nigeria roughly in line with many other large African markets. The report also attributed low mortgage uptake to lack of awareness and cost, as high interest rates can make mortgages too expensive for middle-and low-income earners.

    According to the Oxford Business Group, a global research and consultancy company with a presence in over 35 countries, including the Middle East, Africa and Asia to the Americas, in order to begin filling Nigeria’s existing deficit of 17 million housing units as projected by the World Bank and to meet the increase in demand, the government will need to support the construction of 170,000 units per year over the next decade. With almost half of the country’s 170 million population residing in cities and urbanisation growing at an annual rate of 3.75 per cent, demand for affordable houses is also set to remain strong.

  • FMBN spends N1.4b on housing units in Niger

    The Federal Mortgage Bank of Nigeria (FMBN) has spent N1.4 billion on 379 housing units in Niger State.

    The Minister of State for Power, Works and Housing, Alhaji Mustapha Baba Shehuri, who stated this at the opening of the Federal Mortgage Bank of Nigeria and Sea Mountain 133 Housing Estate in Minna, Niger State, said with the need for 720, 000 housing units per annum, the annual aggregate production of 100 housing units was not tenable to meet the huge gap of housing in the nation.

    “The Ministry of Power, Works and Housing will continue to strive to ensure that the challenges of housing deficit in Nigeria which has been put at 16 to 17 million units is surmountable.

    “With a population of about 200 million that is growing at an average rate of three per cent per annum coupled with an annual rural-urban migration rate of over five per cent, Nigeria is said to be in need of about 720, 000 housing units per annum. Currently, the annual aggregate production is about 100,000 housing units, thereby leaving a huge gap.”

  • FMBN spends N1.4b on housing units in Niger

    The Federal Mortgage Bank of Nigeria (FMBN) has disclosed that N1.4 billion have been expended for the development of 379 housing units in Niger State just as the Minister of State for Power, Works and Housing, Alhaji Mustapha Baba Shehuri, said the nation needs 17 million houses to meet up with the challenge of housing deficit.

    The minister, who stated this at the opening of the Federal Mortgage Bank of Nigeria and Sea Mountain 133 Housing Estate in Minna, Niger State, said that with the need of 720, 000 housing units per annum, the annual aggregate production of 100 housing units is not tenable to meet the huge gap of housing in the nation.

    “The Ministry of Power, Works and Housing will continue to strive to ensure that the challenges of housing deficit in Nigeria which has been put at 16 to 17 million units is surmountable.

    “With a population of about 200 million that is growing at an average rate of three per cent per annum couple with an annual rural-urban migration rate of over five per cent, Nigeria is said to be in need of about 720, 000 housing units per annum. Currently, the annual aggregate production is about 100,000 housing units, thereby leaving a huge gap.”

    The Minister said the Ministry’s plan to build mass housing units in every state of the federation for public workers yearly over the next three years has reached an advanced stage of implementation.

    He further said that National Housing Models have been designed and approved for each geo-political zone while commending the Federal Mortgage Bank of Nigeria for its efforts in stepping up to the challenge of housing deficit.

    In his address, the Managing Director, Federal Mortgage Bank of Nigeria, Mr. Richard Esin said the estate which comprises of 51 units of three bedroom bungalows and 82 units of two bedroom bungalows costs N5 million for two bedroom semi-detached bungalows and N7 million for 3 bedroom fully detached bungalow.

    According to him, FMBN has invested N1.4 billion for the development of 379 housing units in Niger state emphasing on its mandate to provide Nigerians access to mortgage finance at affordable rates to enable them own houses of their own.

  • Gemade: Senate ’ll review FMBN, FHA laws

    Gemade: Senate ’ll review FMBN, FHA laws

    The Senate is to review the Federal Mortgage Bank of Nigeria (FMBN) and Federal Housing Authority (FHA) laws to enable Nigerians benefit from some affordable housing schemes, its Housing Committee Chairman,   Senator Barnabas Gemade, has said.

    Gemade, who spoke at a ceremony in Abuja, to commemo-rate the partnership between the FHA and a private developer, Bauhaus International Limited (BIL), said the deal would lead to the construction of Rockville Garden Estate, comprising 260 housing units in Guzape in the Federal Capital Territory (FCT).

    The estate, said   to be a smart city, will be made up of detached duplexes, twin duplexes, terrace houses, two bedrooms, and  one bedroom luxury apartments. The project has a completion period of 30 months.

    He said: “This noble gesture is aimed at housing at least 260 families and is by no means a small feat considering the economic, business environment and current acute shortage of funds.” He stressed the importance of the National Assembly working in partnership with stakeholders to explore different interventions and bridge the housing gap at all levels and build more than 10 million housing units in the country.

    Also speaking, the FHA Managing Director, Prof Mohammed Al-Amin, said the Authority intends to achieve greater efficiency in housing delivery, encourage the use of modern technology, as well as the  injection of private sector funding into the sector.

    He said the project was planned to add a minimum of 1,500 housing units to the FCT housing stock. It sits on a portion of the FHA’s 100 hectares of land situated across two districts of Apo and Guzape. The land was acquired for housing development for the medium and high income groups.

    Al-Amin expressed the hope that on completion, the estate would provide a safe, comfortable, attractive and functional shelter, utilising the ambient terrain and a functional neighbourhood. He said  the FHA has developed not less than 15,000 housing units in the FCT since 1991. FHA, he further revealed, initiated the private, public partnership model of housing delivery following its lean financial muscle to deliver on her mandate was limited.

    The Executive Chairman of BIL, Victor Onukwugha, remarked that housing all over the world has become a hydra-headed socio-economic problem that needs to be tackled frontally. He therefore assured that Rockville Gardens Estate will be fitted with smart technology-sensors embedded in streets and homes, Wi-Fi broadcasts and other information and communication technologies for lifestyle living and also provide serenity, and security for its residents.