Economy

FG Pledges 5,000 Housing Units in Each State

Published

8 years ago

23/02/2017

Modupe Gbadeyanka

By Modupe Gbadeyanka

Federal Government has assured public workers in Nigeria of adequate and informed plans for the provision of affordable houses as a panacea to the challenges of housing shortage in the country with an ambitious and unprecedented National Housing Programme aimed at constructing 5,000 units of houses in every state, over the next three years.

This was disclosed by the Minister of State for Power, Works and Housing, Mr Mustapha Baba Shehuri, during the commissioning of a 202-Unit Ministerial Pilot Housing Scheme being financed by the Federal Mortgage Bank of Nigeria (FMBN) and built by a Private Developer, Black Afrik (Nig) Limited, in Jalingo, Taraba State.

Mr Baba Shehuri stated that “National Housing Models have been designed for each geo-political zone, taking into cognizance our cultural diversities and climate conditions and, most importantly, in line with the present Administration’s vision of standardizing building materials to boost local content by encouraging indigenous Artisans and Craftsmen, as well as the creation of employment for Nigeria’s teaming youth”.

The Minister congratulated the Management and Staff of FMBN for the success recorded with the completion of the Estate and its peers in other states of the Federation scheduled for commissioning between now and early March, 2017, while re-affirming the resolve of the present Administration to recapitalize the Bank to the tune of N500billion to enable it adequately and efficiently carry out its Mandate under the National Housing Programme.

In his address at the occasion, the Executive Governor of Taraba State, represented by the Deputy Governor, Mr Haruna Manu, described the delivery of the estate as a delightful relief to the housing gap in the state which is constantly being widen by population explosion and exigencies incidental to the displacement of people due to insurgency within the North-East zone.

Earlier in his opening remarks, the Acting Managing Director of FMBN, Mr Richard Esin, informed the gathering that the two-phased Estate consists of 88, 3-bedroom semi-detached bungalows, 90, 2-bedroom semi-detached bungalows and 24, 1-bedroom terraces, adding that “concessionary terms of the National Housing Fund (NHF) Mortgage loans are in conformity with the Bank’s mandate of proving Nigerians with access to mortgage finance at affordable rates” to enable them transit from tenants to proud home owners.

Delivering a goodwill message at the Commissioning Ceremony, the President-General, Trade Union Congress (TUC), Comrade Bobboi Kaigama, lauded the initiative, while appealing to the Taraba State government to aid workers key into the window opportunity by subsidizing the cost of the houses. At a courtesy call on the Executive Governor of Taraba State, Mr Darius Ishaku Dickson, the Minister intimated his host that the Federal Government has already paid mobilization fees to contractors for the construction of houses in all the 36 states of Nigeria plus the FCT, being the first set under the National Housing Programme and will soon award the contract for the rehabilitation of Numan-Jalingo Road traversing Adamawa and Taraba States.

In his response, the Governor praised the National Housing Programme as the solution to Nigeria’s housing needs, while urging the Ministry to expedite action on the procurement process for the 3,050MW Mambila Hydro Project, also promising the Ministry that additional land will be allocated for affordable housing developments in the state.

Economy

Afriland Properties, Geo-Fluids Shrink OTC Securities Exchange by 0.06%

Published

4 hours ago

12/12/2024

Adedapo Adesanya

By Adedapo Adesanya

The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.

The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.

Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.

At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.

The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.

When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.

Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.

Economy

Naira Weakens to N1,547/$1 at Official Market, N1,670/$1 at Black Market

Published

5 hours ago

12/12/2024

Adedapo Adesanya

By Adedapo Adesanya

The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.

It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.

The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.

At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.

As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.

A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.

The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.

The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.

The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.

Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.

Economy

Dangote Refinery Makes First PMS Exports to Cameroon

Published

6 hours ago

12/12/2024

Aduragbemi Omiyale

By Aduragbemi Omiyale

The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.

In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.

However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.

In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.

Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.

Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.

“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.

“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.

His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.

“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.

“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”