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75% of Nigerians Homeless, Live in Rented Houses

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affordable housing

By Modupe Gbadeyanka

A report by the Centre for Affordable Housing Finance in Nigeria has revealed that the homeownership rate in the country is estimated at 25 per cent of the total population, implying that 75 per cent of the nearly 200 million people in Nigeria live in either rented apartments or are homeless.

The Head of Private Banking at Stanbic IBTC Bank Plc, Ms Ruby Onwudiwe, who cited this report during her presentation at the Stanbic IBTC Blue Talks webinar, urged Nigerians to explore the benefits of homeownership by taking advantage of untapped investment opportunities in mortgage offerings.

At the event held recently and tagged All You Need to Know About Buying A House (Mortgage), she noted that the current situation presents a massive opportunity for prospective homeowners to consider owner-occupancy for shelter, investment and also as an asset to leverage for accessing financial facilities.

She reiterated that there is a need for conscious and deliberate plans as well as policies aimed at empowering Nigerians to become homeowners, especially in choice environments.

According to her, “The COVID-19 pandemic has presented opportunities for investors and intending homeowners to explore structured and convenient mortgage offerings that fit their plans.”

Citing the Stanbic IBTC Home Loan Products, Ms Onwudiwe said the Mortgage package was designed to help Nigerians to acquire fully developed properties in any of the pre-approved locations in the country while the Equity Release allows access to over 80 per cent of an existing property.

“With a track record of responsibility towards loan repayment reflected by bank statements presented, getting a home loan is easy. It’s about character, it’s about the seeker’s cash flow, having collateral and working in a reputable organisation for at least six months.

“Also, we have a fiduciary responsibility of ensuring that the loan seeker is not under duress and the loan is not a burden. If the loan seeker is not able to handle repayment, consideration of seeker’s family income is looked into as only a spouse’s income can determine loan repayment,” she added.

Speaking on the specific parameters for accessing the plans, Ms Onwudiwe said eligibility begins by having a verifiable and stable source of income or a structured business.

Other parameters for income earners are: applicant’s age, salary, confirmation at work, loan size subject to affordability, loan repayment period, and so on.

For business owners, parameters include: monthly income, assets under management with the bank and the net worth in applicant’s capacity.

According to Ms Onwudiwe, Stanbic IBTC Holdings PLC, as Nigeria’s leading financial services provider, through its different mortgage plans, remains committed to fulfilling the house ownership dreams of Nigerians.

Stanbic IBTC recently upgraded its mobile app to a one-stop Super App consisting of the entire range of end to end financial products such as My Bank, Mutual Funds, Pension, @Ease, Insurance and Stockbroking. The upgraded app is revolutionary and a first in the Nigerian market.

It can be downloaded on Google Play store for Android phones as well as App Store for iOS phones and from the Stanbic IBTC website.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Nigeria Records Zero Piracy Incident Fourth Straight Year in 2025

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Nigerian waters Gulf of Guinea

By Adedapo Adesanya

The Nigerian Maritime Administration and Safety Agency (NIMASA) has reaffirmed its commitment to accountability, improved performance, and sustained growth in the maritime sector, as the country recorded zero piracy incidents on its territorial waters for the fourth consecutive year.

This came with the signing of its 2026 Sectoral Performance Bond, overseen by the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola.

According to the Director-General of NIMASA, Mr Dayo Mobereola, the Performance Bond is a key governance instrument for tracking deliverables, strengthening institutional accountability, and aligning the Agency’s operations with national priorities.

He stated that NIMASA’s ongoing reforms are driven by purposeful leadership and strategic ministerial support, adding that the Agency remains committed to delivering on its mandate in line with the Renewed Hope Agenda of President Bola Tinubu’s administration.

On maritime security, Mobereola disclosed that Nigeria has recorded zero piracy incidents in its territorial waters over the past four years, attributing the milestone to enhanced surveillance systems and improved inter-agency collaboration.

He further revealed that the Agency is at an advanced stage of automating its ship registry processes, a move expected to improve efficiency, reduce delays, and boost Nigeria’s competitiveness in global maritime business.

Providing an update on the Cabotage Vessel Financing Fund (CVFF), the NIMASA boss said more than 60 applications have been received since the portal was launched in January 2026, assuring that the disbursement process will be transparent and strictly monitored.

Mr Mobereola also noted that Nigeria has deposited three conventions with the International Maritime Organisation (IMO), while three others are awaiting Federal Executive Council approval, underscoring the country’s commitment to international maritime standards.

Speaking further, he noted that Nigeria’s election into category C at the IMO Council in November 2025 restored its voice in global maritime governance and strengthened its leadership role in Africa.

In his remarks, Minister Oyetola reiterated the federal government’s commitment to using the maritime sector to drive economic diversification, job creation, and foreign exchange earnings.

He stressed that the Performance Bonds are binding commitments that will be closely monitored, declaring that “accountability is not optional.”

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FCCPC to Extend Regulatory Oversight to Electrical, Electronic Products

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FCCPC

By Adedapo Adesanya

The Federal Competition and Consumer Protection Commission (FCCPC) says it has expanded its market surveillance and product testing to electrical and electronic products to ensure strict regulatory compliance.

The organisation also said it was extending market surveillance to cables and other building materials due to significant product safety issues regarding collapsed buildings.

According to the Director of the Surveillance and Investigations Department at FCCPC, Mrs Boladale Adeyinka, there are products that did not meet basic safety and quality standards in circulation.

She noted that where business conduct raises concerns about consumer safety, such matters would be investigated.

Mrs Adeyinka said the commission was coordinating with various sector regulators to address weaknesses that permitted unsafe products to enter or remain in the market.

”When a product presents a risk, the law requires prompt collective action, including product withdrawal, product recall, and proper notice to the consumer.

“If you are producing products in Nigeria and you discover there is a safety concern or likely to be a safety concern with respect to products that you have rolled out in the market, you have an obligation to withdraw and recall them.

“You also give notice to consumers who have purchased those products to be able to make the remedial actions, particularly with products that may significantly affect the lives of consumers of those products.”

“These are not optional expectations but legal requirements under our law. They are statutory duties to ensure product safety and consumer welfare in Nigeria.

“Failure to act responsibly by recalling, withdrawing, and issuing consumer notice will attract strict and stiff regulatory response from the commission,” she added.

The official noted that, “Compliance is not a favour to the regulator,” she stated.

Mrs Adeyinka also said FCCPC, headed by Mr Tunji Bello, remained committed to effectively monitoring and enforcing compliance across the market.

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Kebbi Assembly Speaker Muhammad Usman Zuru Dies in Egypt

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Kebbi Assembly Speaker Muhammad Usman Zuru

By Aduragbemi Omiyale

The Speaker of the Kebbi State House of Assembly, Mr Muhammad Usman Zuru, has died in an Egyptian hospital.

He was said to have breathed his last on Monday night at the North African healthcare facility.

Details surrounding his death last night have yet to be made public, but the Special Adviser to Governor Nasir Idris on Communication and Strategy, Mr Idris Zuru, said, “We are still gathering full details surrounding his passing. The government will make an official statement and announce burial arrangements in consultation with the family.”

“The death of the Speaker, Muhammad Usman Zuru, came to us as a rude shock. It is a painful loss not only to Kebbi State but to the entire nation,” the media aide further stated.

It was gathered that the late Speaker travelled to Egypt to receive treatment for an undisclosed illness.

Before his passing, the lawmaker represented Zuru Constituency in the Kebbi State House of Assembly.

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