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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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Tinubu Confirms Killing of Abu-Bilal Al-Manuki by Nigerian, US Forces

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Tinubu kill Abu-Bilal Al-Manuki

By Modupe Gbadeyanka

President Bola Tinubu on Saturday confirmed the killing of a senior ISIS leader, Mr Abu-Bilal Al-Manuki, in an overnight operation carried out by the United States and Nigeria.

President Donald Trump had earlier announced the elimination of the notorious terrorist via a post on his Truth Social.

Later, in a statement today, Mr Tinubu praised the action, describing it as “a significant example of effective collaboration in the fight against terrorism.”

“Our determined Nigerian Armed Forces, working closely with the Armed Forces of the United States, conducted a daring joint operation that dealt a heavy blow to the ranks of the Islamic State,” he said in the statement.

According to him, early assessments confirm the elimination of the wanted IS senior leader, Abu-Bilal Al-Manuki, also known as Abu-Mainok, along with several of his lieutenants, during a strike on his compound in the Lake Chad Basin.

He commended the partnership between Nigeria and America in waging war against terrorists, thanking his US counterpart “for his leadership and unwavering support in this effort.”

“I commend the personnel involved on both sides for their professionalism and courage, and I look forward to more decisive strikes against all terrorist enclaves across the nation,” the Nigerian leader added.

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Nigeria Steps up AI Surveillance, Anti-Drone Systems for National Security

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Anti-Drone Systems

By Adedapo Adesanya

Nigeria is set to strengthen its defence architecture by deploying artificial intelligence-powered surveillance systems and advanced anti-drone technology as part of efforts to modernise the country’s military capabilities, according to the Minister of Defence, Mr Christopher Musa.

He disclosed this during a high-level visit to Monaco, where he led a Nigerian delegation to conclude discussions on the multi-domain Hybrid Intelligence Shield (HIS) project.

According to Mr Musa, the initiative is designed to enhance border security, protect urban centres and improve the country’s response to emerging security threats.

The project is expected to introduce AI-driven surveillance systems capable of identifying threats rapidly through smart algorithms, while anti-drone technology will be deployed to intercept and neutralise unmanned aerial threats.

The government also plans to establish national and regional command-and-control centres to improve real-time coordination and response to security incidents across the country.

Mr Musa said the initiative would place strong emphasis on technology transfer and local capacity development through the establishment of a military Centre of Excellence in Nigeria.

He added that the federal government would leverage partnerships with international firms, including Marss UK Ltd, while simultaneously building indigenous capabilities to address insurgency, illegal mining, piracy and other security threats.

Nigeria has continued to battle multiple security challenges in recent years, including insurgency in the North-East, banditry and kidnappings in the North-West, farmer-herder clashes in the North-Central region, crude oil theft in the Niger Delta and piracy in the Gulf of Guinea.

Nigeria is stepping up its defence as the border region of Nigeria, Benin and Niger on the southern edge of the Sahel region is becoming a new stronghold for jihadists, as militants turn forests and pastoral networks in West Africa into bases for recruitment and international attacks.

Attacks in Nigeria have also risen, with data from the website of the Armed Conflict Location & Event Data (ACLED), a conflict-monitoring group, affirming that the number of suicide bombings in Nigeria by March already matched the annual average over the past six years.

The Nigerian military has also been dealt a blow to its military bases and senior figures targeted. In April, Brigadier-General Oseni Omoh Braimah was killed when Islamist fighters attacked a base in Borno State.

To also meet the defence goal, Nigeria is stepping up efforts to build domestic arms-manufacturing capacity.

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Nigeria, Morocco to Seal Atlantic Gas Pipeline Deal by Q4 2026

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By Adedapo Adesanya

Nigeria and Morocco are set to sign a major intergovernmental agreement later this year to push forward the long-delayed Nigeria-Morocco Gas Pipeline project, a multi-billion-dollar energy corridor expected to reshape gas trade across West Africa and Europe.

The agreement, expected to be signed in the fourth quarter of 2026 by President Bola Tinubu and King Mohammed VI of Morocco, follows the completion of preliminary technical studies for the ambitious project, according to officials from both countries.

The pipeline, also known as the African Atlantic Gas Pipeline, is projected to stretch about 6,900 kilometres along offshore and onshore routes across West Africa, making it one of the largest gas infrastructure projects on the continent.

With an estimated cost of $25 billion, the pipeline is designed to transport up to 30 billion cubic metres of gas annually once completed.

Discussions on the project gained fresh momentum during a telephone conversation between Nigeria’s Minister of Foreign Affairs, Mr Bianca Odumegwu-Ojukwu, and her Moroccan counterpart, Mr Nasser Bourita.

The project would not only strengthen energy cooperation between the two countries but also improve regional economic integration and expand Africa’s access to European energy markets.

According to Morocco’s hydrocarbons and mining agency, ONHYM, part of the gas supply will support Morocco’s domestic energy demand, while large export volumes will be directed to Europe.

The project, first proposed about a decade ago, is seen as a strategic alternative gas supply route amid rising global energy security concerns and Europe’s search for more diversified energy sources.

Beyond the pipeline, Nigeria and Morocco are also exploring broader economic partnerships, particularly in fertiliser production and distribution to support food security across Africa.

Both countries also agreed on the need to revive the Nigeria-Morocco Business Council to strengthen trade and investment relations under the African Continental Free Trade Area framework.

Analysts noted that the project could significantly boost gas monetisation opportunities for Nigeria, expand regional infrastructure development, and deepen economic ties between West African nations and Europe if successfully executed.

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