Housing

Fashola Advocates Rent-to-Own Scheme to Reduce Housing Problem

By Web News 284

A former Minister of Works and Housing, Babatunde Fashola, has given reasons why the rent-to-own scheme must be further improved upon by the government and stakeholders as part of efforts to reduce the number of homeless persons in the country.

He gave the recommendation on Thursday while delivering his keynote address at the ongoing 50th-anniversary celebration of the Federal Housing Authority on Thursday in Abuja.

According to the former minister, financial capacity is a hindrance for most persons to purchase homes outright.

As a result, the Federal and state governments must expand rent-to-own programmes.

He said, “Homelessness is the most undignifying experience for a human being and must be confronted with the necessary resolve by political leaders and policymakers. The sad but painful truth is that not everybody will be able to afford to buy a house; but I strongly believe that rental housing for all is possible, not only based on how we build but also how people pay rent.

“Therefore, our housing policy must focus on rental as it focuses on ownership. Consequently, rent-to-own initiatives that started in the last administration must not be allowed to die.

“Instead, there is scope in my view for improvement in expanding rent-to-own schemes at Federal and State levels, and also increasing advocacy for state legislators to make laws that make the payment of rent convenient and convergent with wages and salaries.”

Fashola, speaking on the theme, “The future of housing in Nigeria and 50 years of FHA: A call to action for political leaders and policymakers from decent and affordable housing”, also called for increasing advocacy for state legislators to make laws that make the payment of rent convenient and convergent with wages and salaries.

He emphasised the need for the nation’s housing policy to be oriented toward rental housing and the Federal Housing Authority must be cognisant of this adding that the 50th anniversary celebration must birth evolve new methods of home ownership.

The former Lagos State Governor further gave suggestions on financing, housing types, affordability, people participation, and maintenance with a charge that, “Federal Housing Authority must become a proper business run on very strict corporate governance principles that conform with global best practice and this will be consistent with previous attempts to commercialise or privatise the authority.

He said, “Federal Housing Authority should recognise that the market demand is probably dominated by those in the age bracket of around 25 to 35 years and it would be helpful for Federal Housing Authority to conduct a highly professional survey of what their needs are before designing and building.

“The other survey that I would advocate is the payment mode that this category of potential buyers will opt for and to urge Federal Housing Authority to factor in digital platforms for advertising, sale, and payment because this is the language of this class of buyers. If Federal Housing Authority expects these class of buyers to come to their offices to come and collect forms to buy houses and go through some of the ancient red tape that time has tied away for Federal Housing Authority, then there is a risk to success.”

Punch/ Oluwayemisi Owonikoko

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Transportation

Second Niger Bridge at completion stage – Fashola

By Web News 523

Minister of Works and Housing, Babatunde Fashola, has confirmed that the construction of the 2nd Niger Bridge has now reached its completion stage.

Fashola stated this at an ongoing press briefing to present President Muhammadu Buhari’s scorecard in Abuja on Wednesday.

According to Fashola, the bridge would soon be released to the public for use.

The minister noted that the only factor delaying the commissioning of the road is the construction of the link road which the recent surge of flooding has impeded.

He said, “I can confirm that the second Niger Bridge itself is finished. People can walk through the bridge now unimpeded. What remains is the four-kilometre link road on the Asaba side.

“Right now, our dredger is in place, we have to rebuild the road by reclaiming sand, the recent surge of flood has slowed us down. On the Onitsha side, there is a 7kilometer road that links the bridge and the Onitsha-Owerri interchange.”

Vanguard/Simeon Ugbodovon

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Housing

FG Introduces Stress-Free Loans for Affordable Housing

By Web News 855

The Federal Government has put in place modalities for stress-free loans, for Nigerians to acquire affordable housing in the country.

Minister of Works and Housing, Mr Babatunde Fashola stated this in Abuja, at the opening of the 2022 Board Retreat of the Federal Mortgage Bank of Nigeria.

Over the years, affordable housing and credit facilities have remained a great challenge, especially for Civil Servants in the country.

The retreat was organized to tackle the problem of access to affordable housing funds and chat ways of repositioning the Federal Mortgage Bank of Nigeria, FMBN, which provides long-term credit facilities to mortgage Organisations in Nigeria.

Unveiling the FMBN New Corporate Statements, the Minister of Works and Housing Mr Babatunde Fashola, while highlighting the achievement recorded, stressed that obstacles that could hinder easy access to credit facilities had been removed.

“There have been changes that had been made to the eligibility conditions to improve access to finance, for example, the equity contribution ratio for certain types of loans have been reduced, also, the National Council For Housing and Land, last week adopted a recommendation for the Bank to seek NDIC insurance of its contributor’s fund among other measures”. He said.

The Chief Executive and Managing Director of FMBN Mr Madu Hamman said the bank had so far executed 38 Percent of its strategic initiative, while 26 per cent are ongoing, all aimed at providing access to low-cost housing for citizens.

Chairman Board of Directors FMBN Mr Ayodeji Ariyo, explained that the high cost of building materials, access to land and Mortgage financing remained major constraints in the construction of the real estate subsector and performance of the FMBN.

“There are six pillars promoted as the springboard towards achieving the targets if the five-year strategy plans, 1: to deepen Mortgage penetration by facilitating access to home ownership. 2:To strengthen corporate visibility and brand loyalty. 3: to ensure operational excellence to achieve efficient business process among others”. He said

In their presentations, the Stakeholders agreed that FMBN being one of the secondary mortgage institutions must reposition itself to harness its full potential, while taking cognizance of the current economic realities in the country.

FRCN Abuja/Adetutu Adetule

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Yoruba

Ìjọba Àpapọ̀ Ńgbèrò Láti Mú Píparí Isẹ́ Àkànse Lọ́kunkúndùn

By Web News 741

Ìjọba àpapọ̀ sọ pé òun yo tẹpẹlẹ píparí àwọn isẹ́ àkànse ojú òpópónà àti afárá tón lọ lọ́wọ́ nílẹ̀ Nìajírìa dípò bíbẹ̀rẹ̀ isẹ́ àkànse tuntun, nínú sísàmúlò àbá ìsúná fún tọdún 2021.

Alákoso fọ́rọ̀ isẹ́ àti ilégbe, ọ̀gbẹ́ni Babatunde Fashọla tó sọ̀rọ̀ yí nílu Abuja, tọ́kasi pé, irúfẹ́ àwọn isẹ́ àkànse òpópónà tójẹ́ méjìdínlógún níye, ni óti fẹ́ parí kótó di àpatì yíká ill yí, ni wọ́n yo parí lárin osù méjìlá sí mẹ́dogún.

Alákoso se lálàyé pé ìgbésẹ̀ ìsè jọba Muhammadu Buhari ni láti náà owó ọ̀hún lórí píparí àwọn isẹ́ àkànse.

Ọgbẹni Fashọla fikun pé, afárá tó jẹ́ àdọ́ta níye ni wọ́n yo túnse yíká orílẹ̀èdè Nìajírìa.

Ọlọlade Afọnja

Lifestyle

Minister Commissions Roads Fixed by Philanthropist

By Web News 1660 Post a comment

The Minister of Works and Housing, Mr. Babatunde Fashola has visited Ondo state to inaugurate some road projects funded by Chief Micheal Ade-Ojo Elizade in Ifedore Local Government Area of the state.

Some of the six kilometres road network constructed by the Founder of Elizade University, Ilara-Mokin, Chief Ade-Ojo included Ikota-Ilara-Mokin road and two Ilara township roads.

Inaugurating the projects, Mr. Fashola urged affluent Nigerians to emulate the great initiative of Chief Ade-Ojo who had singlehandedly developed his community with his personal wealth.

Hon. Minister of Works & Housing, Mr Babatunde Fashola,SAN(3rd right), Ooni of Ife,Oba Adeyeye Enitan Ogunwusi,Ojaja II (left), wife of the Ondo State Governor, Mrs Betty Anyawu-Akeredolu (2nd left), Chairman, Elizade Group and Aare Atayese of llara – Mokin, Chief Micheal Ade. Ojo(2nd right) ,his wife, Mrs Taiwo Ade.Ojo (right) , and others during the Grand Opening Ceremony and Official Commissioning of the 6KM Road Network in Ilara -Mokin, Akure, Ondo State constructed by Chief Ade.Ojo on Saturday, 9th November 2019 (c) Yes International! Magazine

The minister also used the visit to explain that he was misquoted on a comment that federal roads surfaces were not as deplorable as the public portrayed them.

Mr. Fashola who explained that contrary to insinuations on social media, he had travelled round the country on roads to access condition of federal roads, maintained that the federal government would fix its bad roads based on its priority list.

In a remark, Chief Michael Ade-Ojo said he founded Elizade University and constructed some Ilara-Mokin township roads and to neighbouring towns like Ikota to immortalize his late wife, Mrs. Elizabeth Wuraola Ade-Ojo.

Other highlights of the event included the Sixteenth Elizabeth Wuraola Ade-Ojo Memorial Golf Tournament/Ondo Auto Rally, held at Ilara-Mokin and it was attended by dignitaries including Ondo State Governor, Mr. Rotimi Akeredolu represented by his wife, Mrs. Betty Akeredolu, Ooni of Ile-Ife, Oba Adeyeye Ogunwusi and the Alara of Ilara-Mokin, Oba Aderemi Adefehinti.

Leke Adegbite