CJN swears in 72 new Senior Advocates of Nigeria

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Tinubu to grow Nigeria’s GDP by 6%, unify multiple exchange rates

admin — Sat, 03 Jun 2023 17:00:01 +0000

Tinubu to grow Nigeria’s GDP by 6%, unify multiple exchange rates

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Tinubu to grow Nigeria’s GDP by 6%, unify multiple exchange rates

President Bola Tinubu, who on Monday was sworn in as Nigeria’s president, has said his administration is aiming to expand the country’s gross domestic product (GDP) by “not less than 6 per cent”.

The president also unveiled a plan to harmonise the nation’s multiple exchange rates as part of the broad plan to transform Africa’s largest economy.

The target growth rate is almost two times that of last year, put at 3.1 per cent by the statistics office.

The World Bank expects the Nigerian economy to grow by 2.8 per cent this year, while the International Monetary Fund’s has projected it will enlarge by 3.2 per cent.

President Tinubu said during his inauguration speech in Abuja he is counting on budgetary reforms and a raft of other policies to achieve that objective.

“First, budgetary reform stimulating the economy without engendering inflation will be instituted,” he stated while presenting the key highlights of his programme, which he said his team will be providing more details for in the days and weeks ahead.

At 22.2 per cent, the new administration is inheriting an inflation rate fast approaching its peak level in 18 years and a fiscal crisis in which virtually all of the government’s revenue goes to servicing debt.

READ ALSO: Nigeria’s unemployment rate projected to hit 37% – NESG

The administration also faces a debt burden, now about N70 trillion, that raises concerns about fiscal sustainability.

“Industrial policy will utilise the full range of fiscal measures to promote domestic manufacturing and lessen import dependency,” the president added.

He vowed to review the complaints by both local and foreign investors on multiple taxations and “various anti-investment inhibitions.”

Monetary policies

President Tinubu affirmed that the Central Bank of Nigeria (CBN) under him will aim at harmonising Nigeria’s multiple exchange rates. He also expects the monetary policy structure to undergo “housecleaning.”

Pursuing a single exchange rate, he disclosed, will help divert funds away from arbitrage into productive endeavours such as investment in plant, equipment and job creation.

He is nursing the ambition of cutting interest rates to drive investment in ways that will foster economic growth.

The president took a swipe at the recent botched currency swap, which he noted as being hastily executed by the CBN.

“The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender,” he said.

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NNPC speaks on subsidy removal, cautions against panic buying

admin — Sat, 03 Jun 2023 13:00:01 +0000

NNPC speaks on subsidy removal, cautions against panic buying

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admin Sat, 06/03/2023 - 13:00

Tuesday, May 30, 2023

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NNPC speaks on subsidy removal, cautions against panic buying

The Nigerian National Petroleum Company Limited (NNPC Ltd) says the decision to remove subsidy on petrol, popularly called fuel, by President Bola Tinubu is a welcome development.

The Group Chief Executive Officer (GCEO), NNPC Ltd, Mele Kyari, made this known at the NNPC Ltd. Towers in Abuja while briefing journalists late Monday night after the pronouncement by the president.

The News Agency of Nigeria (NAN) reports that Mr Tinubu, at his inauguration as the President of the Federal Republic of Nigeria on Monday, said the subsidy regime will end with the commencement of his administration.

Mr Kyari, while addressing journalists said the removal of the subsidy which had been a burden on NNPC’s cash flow, would free up funds to enable optimal operations in the company.

“Subsidy has been a major challenge for NNPC’s continuous operations. We believe that this will free up resources to enable us continue to do great work and function as a commercial entity, we welcome this development,’’ he said.

Reacting to queues and scarcity already being experienced, the GCO assured Nigerians of a sufficient supply of products particularly petrol, adding that the company has over 30 days of petrol storage and supply.

“There is no reason to panic, we understand that people will be scared of potential changes in price of petrol, that is not enough for people to rush to buy more than they need,’’ he added.

He however appealed to Nigerians not to be scared or indulge in panic buying.

He added that the company as the supplier of last resort as mandated by the Petroleum Industry Act (PIA) would continue to ensure the availability of petrol and other petroleum products.

According to him, NNPC Ltd. is also monitoring all its distribution networks to ensure compliance.

READ ALSO: Nigerian govt mulls national summit on removal of petroleum subsidy

“The NNPC Ltd. is in discussion with the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to develop framework for the implementation of the removal of the PMS subsidy as announced by the president.

NAN reports that former President Muhammadu Buhari set June 2023 as the date for the removal of fuel subsidy.

The federal government had explained that if it continues to service the subsidy, the country will spend N6.4 trillion annually.

Mr Buhari’s new deadline for removing fuel subsidy will be a month after he hands over to his successor in May 2023, leaving the new leader to deal with any backlash and commotion that may follow the decision.

The government said the Medium Term Expenditure Framework was that if the nation holds on to fuel subsidy as it is designed now, we will be incurring from January to December a subsidy cost of N6.4 trillion.

(NAN)

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Fuel Queues: Nigerian regulatory agency warns against panic buying

admin — Sat, 03 Jun 2023 12:00:01 +0000

Fuel Queues: Nigerian regulatory agency warns against panic buying

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Fuel Queues: Nigerian regulatory agency warns against panic buying

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has cautioned Nigerians not to panic over subsidy removal, saying it has enough petroleum products to meet the country’s demand.

The NMDPRA said this in a statement on Tuesday by its General Manager, Corporate Communications, Kimchi Apollo.

The statement was issued against the backdrop of the government’s declaration that it will put an end to the fuel subsidy regime.

President Bola Tinubu on Monday in his inaugural address at Eagle Square, Abuja, declared that there would no longer be a petroleum subsidy regime as it was not sustainable.

He said the current 2023 budget only has provision for the fuel subsidy till June, adding that the funds meant for subsidies will be diverted to the creation of public infrastructure, education, health care and jobs.

In its statement on Tuesday, the NMDPRA said contrary to speculations and concerns, the announcement is in line with the Petroleum Industry Act (2021) which provides for total deregulation of the petroleum downstream sector to drive investment and growth.

“The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) wishes to address concerns regarding the announcement of the removal of subsidy on Premium Motor Spirit (PMS) by President Bola Ahmed Tinubu.

“Contrary to speculations and concerns, the announcement is in line with the Petroleum Industry Act (2021) which provides for total deregulation of the petroleum downstream sector to drive investment and growth.

“We are working closely with NNPC Limited and other key stakeholders to guarantee a smooth transition, avoid any disruptions in supply as well as ensure that consumers are not short-changed in any form,” the agency said.

READ ALSO: NLC rejects fuel price increase, wants state of emergency in downstream sector

The NMDPRA, however, assured that there is an ample supply of PMS to meet demand.

“We have taken necessary steps to ensure distribution channels remain uninterrupted and fuel is readily available at all filling stations across the country,” the statement said.

“We, therefore, call on Nigerians to remain calm and resist the urge to stockpile as it poses a significant safety hazard.”

The agency noted that the removal of subsidy on petrol is a step towards building a more sustainable and prosperous future for Nigeria.

“We will continue to monitor activities and implement necessary measures to enhance transparency and accountability in the petroleum downstream sector,” it said.

Queues

Fuel queues returned to Nigerian cities Monday as many motorists scrambled to get petroleum products hours after Mr Tinubu announced that the government will put an end to fuel subsidy.

A PREMIUM TIMES correspondent who visited petrol stations across the nation’s capital city Monday evening found that some filling stations were under lock and key while some were besieged by motorcyclists, tricycle owners, as well as private and commercial drivers.

The same trend was witnessed in Lagos, Ogun, and Ado-Ekiti, the capital of Ekiti State Lagos, Ogun.

Many filling stations in the Lugbe area of Abuja sold petrol at prices ranging between N194 and N198. Outside Abuja, residents said fuel stations sold petrol for N230.

Fuel subsidy

The Nigerian government has subsidised fuel and fixed retail prices of petroleum products for decades. But the payment has threatened the nation’s fiscal position and impacted the government’s ability to fund developmental projects across the nation.

In November 2021, the federal government announced its plan to remove the fuel subsidy and replace it with a monthly N5,000 transport grant for poor Nigerians.

But the government later suspended the plan after the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) threatened to embark on mass protests.

The Minister of Finance, Zainab Ahmed, in January last year said the government had realised the timing of its planned removal of petrol subsidy is “problematic”, and will worsen the suffering of Nigerians.

In the first quarter of 2023, Mrs Ahmed said that it will be more appropriate for the government to begin the implementation of its fuel subsidy policy in the second quarter of the year.

But in April, the National Economic Council (NEC) suspended the planned removal of subsidy on petroleum products by the end of President Muhammadu Buhari’s administration.

The new government led by Mr Tinubu on Monday reinforced its decision to end the subsidy regime because it is not sustainable.

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Fuel Scarcity: Consumer protection agency to monitor compliance, prevent exploitation

admin — Sat, 03 Jun 2023 06:00:01 +0000

Fuel Scarcity: Consumer protection agency to monitor compliance, prevent exploitation

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admin Sat, 06/03/2023 - 06:00

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Fuel Scarcity: Consumer protection agency to monitor compliance, prevent exploi…

The Federal Competition and Consumer Protection Commission on Tuesday said it will ensure that filling stations sell petroleum products in compliance with the law to prevent hardship on Nigerians.

The commission made this known Tuesday in a statement signed by Babatunde Irukera, the Executive Vice Chairman/Chief Executive Officer.

Nigerians have had difficulty getting petrol at filling stations since Monday after President Bola Tinubu announced government’s plan to put an end to the subsidy regime.

The government said subsidy payment will be scrapped because it is not sustainable.

PREMIUM TIMES reported how fuel queues returned to filling stations in major cities across the country, including Lagos and Abuja.

On Tuesday, Mr Irukera said that the commission has identified a “significant and potentially inexplicable emerging increase and lengthening of wait-times in procuring fuel at filling stations in certain locations across the country.”

The emerging hardship on motorists and other consumers, the statement said, invariably impedes commerce, traffic and presents other difficulties, unintended consequences and financial constraints for citizens.

The Commission said it is in engagement with the Lagos State Consumer Protection Agency (LASCOPA); the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA); and Major Oil Marketers Association of Nigeria (MOMAN).

“The outcome of these engagements between the top-level Executives of the Commission and these other relevant entities, as well as key operatives, demonstrates that, there is no operational basis or sufficiently diminished/acute reduction in product availability at both supply and retail points in the value chain to justify the hardship and constraints otherwise emerging,” the statement said.

“The Commission adopts the Advisory issued by NMDPRA on May 29, 2023, advising consumers not to engage in panic purchases or otherwise stockpiling products in a manner inconsistent with regular periodic purchases and consumption.

“Petroleum products are generally flammable and require transportation, dispensation, consumption and storage in strictly controlled and regulated manners. Any contrary approach to these strictly regulated manners constitutes danger and risk of significant losses, even fatality.

“As such, and in accordance with the assurances of the NMDPRA and MOMAN that existing supplies are not insufficient for regularly established consumption levels, the Commission encourages consumers not to modify their regular purchase and consumption patterns.”

Compliance

The statement stated that the Federal Competition and Consumer Protection Act, 2018 (FCCPA) prohibits deceptive or unconscionable business practices; obnoxious practices or unscrupulous exploitation of consumers by companies, trade associations, and even individuals; and any mutual understanding or decisions with a purpose or effect that prevents, restricts or distorts competition, specifically, and particularly including price-fixing or limiting distribution or supply.

It noted further that section 108 (1) prohibits any arrangements that unduly limit the production, transportation, storage and or supply of products, including for the purpose of enhancing price; while section 127 (1) prohibits supplying products at prices or on terms that are manifestly unfair, unreasonable or unjust.

READ ALSO: Fuel queues hit Abuja, other cities as Tinubu announces subsidy removal

“The Commission has today agreed with LASCOPA, (and its expanding participation) on a Joint Inter-Agency Task Force to enforce the provisions of the law, ensure compliance and prevent hardship on citizens,” the statement said.

“The Commission possesses the will and desire, and is committed to the strictest enforcement of the law. Product marketers have been informed that any infringement which distorts the market or enables others to exploit consumers and perpetuate inconvenience will be subject to the aggravated and highest spectrum of penalties where evidence supports violation.

“Organised marketing or trading associations/platforms such as MOMAN and the Independent Petroleum Marketers Association of Nigeria (IPMAN) are in particular invited to note this and their collective and individual possible exposure in the event of evidence-supported violations.”

The commission said it will continue to engage and update consumers, adding that Nigerians can also provide credible information about any conduct or practices they experience which they perceive to be a possible violation of the law.

“Such information may be sent through our normal channels, in particular, contact@fccpc.gov.ng,” the statement said.

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Nigeria’s dollar bonds surge after Tinubu’s plan to unify exchange rates, scrap subsidies

admin — Fri, 02 Jun 2023 01:09:56 +0000

Nigeria’s dollar bonds surge after Tinubu’s plan to unify exchange rates, scrap subsidies

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Tuesday, May 30, 2023

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Nigeria’s dollar bonds surge after Tinubu’s plan to unify exchange rates, scrap…

Nigeria’s dollar bonds accelerated on Monday, a day after newly inaugurated President Bola Tinubu vowed to harmonise the country’s multiple interest rates.

Mr Tinubu promises to take key monetary policy decisions in order to draw investors and end fuel subsidies which have eroded the government’s revenues for years.

Eurobonds, which have 2047 as their maturity, had risen 3.9 per cent to 67.1 cents on the dollar as of 12:30 p.m. in London, according to Bloomberg. Those due in 2049 added 3.4 per cent, while debts maturing in 2051 climbed 4 per cent.

President Tinubu said during his inaugural address on Monday his administration would work to abolish Nigeria’s multiple exchange rate regime, which has seen the differential between the official and the parallel market rates widen by as much 60 per cent.

Johannesburg-based financial services group Absa forecasted earlier this month the president could allow a weakening of the local currency by 15 per cent so as to curb dollar scarcity.

Absa expects the move to push the exchange rate to 530/USD, compared to N464.50, the rate at which it exchanged for the dollar at market close on Tuesday.

The greenback exchanged for N751.19 at the parallel market on Tuesday, according to @naira_rates, which tracks rates using Application Programming Interface.

ALSO READ: Nigeria’s dollar bonds surge after Tinubu’s plan to unify exchange rates, scrap subsidies

On the forwards market, the local currency touched record lows against the dollar, the three-month forward exchanging at N564 to a dollar.

On Tuesday, the Debt Management Office stated in its revised FGN bonds issuance calendar for this quarter it will issue a fresh 30-year bond in June in order to extend maturity and boost the government’s local borrowing.

South Africa-based ETM Analytics said in a research note that scrapping subsidy will heighten inflationary pressure in Africa’s largest economy in the short term but will boost the economy and enhance fiscal stability in the long run.

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Nigerian stocks jump at fastest pace in 2023 as investor confidence improves

admin — Fri, 02 Jun 2023 01:05:54 +0000

Nigerian stocks jump at fastest pace in 2023 as investor confidence improves

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Nigerian stocks jump at fastest pace in 2023 as investor confidence improves

Nigerian stocks accelerated at their swiftest pace so far this year on Tuesday as the main equity index rose by 5.2 per cent and the value of shares appreciated by over N1.5 trillion.

Analysts say the jump was helped by positive sentiments that followed new policy directions by the new administration in the country.

Investors warmed to President Bola Tinubu’s planned economic reforms, particularly his resolve to scrap costly fuel subsidies and unify Nigeria’s multiple exchange rates, with transaction volume increasing by 133 per cent and turnover more than doubling.

NGX 30, the index that measures the top 30 companies on the Nigerian Exchange in terms of liquidity and market capitalisation, expanded by 5.6 per cent. That was the sharpest growth rate since November 2020.

Unusual for the market, at least six stocks each added as much as 10 per cent, the highest daily upper price movement allowed by the bourse.

“We see more room for extended bargain hunting among listed corporates as investors look to reinvest dividends received across fundamentally sound stocks,” said analysts at United Capital in their outlook note for this week seen by PREMIUM TIMES.

“More risk-averse investors will look to book some profit off profitable positions,” they added.

Market breadth, an indicator of investor sentiment towards trade, was positive as 64 gainers were reported compared to 14 decliners.

READ ALSO: Tinubu to grow Nigeria’s GDP by 6%, unify multiple exchange rates

The all-share index grew by 2,771.9 basis points to 55,738.4, while market capitalisation climbed to N30.3 trillion. Year to date, the index has yielded 8.8 per cent

Top Five Gainers

Zenith Bank appreciated by 10 per cent to close at N29.70. Transcorp Hotels enlarged by 10 per cent to end trade at N8.25. Nigerian Breweries rose to N42.35, notching up 10 per cent in the process. Jaiz Bank went up by 10 per cent to N1.10. FCMB completed the top 5, climbing by 10 per cent to N4.62.

Top Five Losers

Ikeja Hotel led losers, declining by 10 per cent to close at N2.16. NCR shed 9.8 per cent to end trade at N2.76. Tantalizers fell to N0.23, losing 8 per cent. Julius Berger slumped to N29, recording a 7.94 per cent depreciation. International Energy Insurance closed at N1.20, going down by 7 per cent.

Top Trades

Altogether, 1.1 billion shares estimated at N15.8 billion were traded in 9,916 deals.

Access Holdings was the most active stock with 199.6 million of its shares worth N2.4 billion traded in 963 deals. FBN Holdings’ shares of 127.9 million units, priced at N1.7 billion, exchanged hands in 213 transactions. Transcorp had 95.7 million shares valued at N309.2 million traded in 525 deals. UBA traded 24.9 million shares estimated at N831.5 million in 542 transactions. GTCO traded 76.4 million shares valued at N2.2 billion in 728 deals.

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#EkitiDecides2022: Yiaga raises concern over voters inducement, electoral violence, others

admin — Sun, 19 Jun 2022 21:10:02 +0000

#EkitiDecides2022: Yiaga raises concern over voters inducement, electoral violence, others

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admin Sun, 06/19/2022 - 21:10

Friday, June 17, 2022

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Major concerns

While Yiaga hopes that the election will not be defined by perennial challenges of logistics, technological failures, breach of electoral laws, electoral violence and vote-buying it has, from its preliminary observation, noticed some of these factors.

Besides voter inducement through the distribution of money and gift items, from the beginning of the pre-election in March to the days leading to the election, the group also noticed physical violence during political party rallies and campaigns in Oye and Ado-Ekiti LGAs.

“These incidents occurred on June 11, 2022. They claimed one life and resulted in heightened tension and reprisal attacks between different factions of the National Union of Road Transport Workers (NURTW).

“There was also a report of physical violence during a political rally in Efon LGA involving supporters of the All Progressives Congress (APC) and Social Democratic Party (SDP) where thugs unleashed violence and inflicted injuries on people using machetes and stones,” it said.

ALSO READ: Ekiti 2022: SDP candidate states conditions for accepting election results

Yiaga also reported a gun duel between thugs linked to the APC and SDP in Old Garage in Ado Ekiti, due to a clash between the supporters of the two parties on June 12.
The group is also worried about low voter turnout despite INEC’s mock exercise in a few polling units in the state to test the functionality of the Bimodal Voter Accreditation System (BVAS)

Recommendations

While Yiaga applauded INEC’s decision to refrain from storing sensitive materials at the Central Bank due to allegations of partisanship levelled against its Governor, Godwin Emefiele, it noted that this places a huge responsibility on the Commission to ensure the safety and security of sensitive materials.

INEC was also urged to liaise with the Inter-Agency Consultative Committee on Election Security (ICCES) to ensure proper security of polling officials, forestall incidences of violence and ensure the safety of voters on election day.

The Commission was also urged to ensure proper communication with the transport union and companies providing logistics support for election day deployment.

Yiaga further called on security agencies to respect the rights of citizens, media, and observers, including the right to freedom of movement on election day for duly accredited observers and media practitioners.

They were also asked to protect vulnerable voters, especially women and persons with disabilities. While candidates supporters of political parties were urged to ensure peaceful elections and refrain from any form of physical or verbal attacks on opponents.

“Political party leaders, candidates and supporters should refrain from manipulating the insecurity in the state by creating mayhem and politically related attacks/crises.

“They must refrain from vote-buying and the related practice of compromising the ballot’s secrecy so that the voters of Ekiti state are free to vote their preference for governor.”

While Yiaga urged CSOs to engage in building citizens’ confidence and encourage voters to turn out and vote, the residents were also asked to get involved in the election and desist from selling their votes.

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Ooni of Ife, Oba Elegushi, Patoranking others grace 106 art exhibition

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Ooni of Ife, Oba Elegushi, Patoranking others grace 106 art exhibition

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Ooni of Ife, Oba Elegushi, Patoranking others grace 106 art exhibition

Royalty met arts at the 106 art exhibition, the first of its kind in Nigeria, as the show was held at a construction site in Eko Atlantic City, Lagos State, over the weekend.

The Ooni of Ife, Adeyeye Ogunwusi, and the Elegushi of Ikate Saheed Elegushi were among the guests who graced the glamourous solo art exhibition of a contemporary artist and architect Olubukola Bolarinde.

Art, glamour, and entertainment were packed in one at the 106 art exhibition as Ms Bolarinde fused art and architecture.

The exhibition, tagged ‘106 Expressions’, marked the debut of Ms Bolarinde as a solo artist.

The dignitaries’ studded event blended culture, arts, entertainment, business and networking.

The event featured more than 80 paintings by the self-taught artist and architect and a fashion exhibition of 20 curated pieces by prominent fashion designers.

Guests

While the event started with music and dance performances at the entrance of a construction site of Arkland Construction, Eko Atlantic City, guests could not wait to experience all the artist had in store at her solo exhibition.

Some of the guests at the exhibition were the famed most prominent private art collector Yemisi Shyllon; founder of Elizade Group of Companies, Michael Ade-Ojo; Managing Director James Cubitt Architects, Alan Davies; Managing Director Arkland Group, Jide Olumodimu, former Minister of Health, Abimbola Ogunkelu; General Manager Corporate Affairs, MTN Nigeria, Omasan Ogisi; and Managing Director VFD Group, Nonso Okpala.

Nollywood actors Judith Audu and Omowunmi Dada, who attended the event, also viewed the over 80 pieces of art paintings Ms Bolarinde displayed at the event.

The host’s parents, elder statesman and foremost industrialist Samuel Bolarinde and his wife, Olufunke, were also present at the event.

Exhibition

The art exhibition, curated by foremost culture and art custodian Nike Davies-Okundaye, had over 80 works of art on display.

The auditorium was split into sections, and one part was a walkway through over 80 paintings lined successively in a meandering space, which welcomed guests into the main hall.

The images depicted different stories of traditions, history and humanities, such as the Wusasa painting, an artistic tribute to the Christian community nestled in Zaria, Kaduna.

Another artwork was a painting of the Ooni, while a portrait of the kerosene lantern titled ‘Atupa’ reflected Ms Bolarinde’s childhood memories.

The other part of the show showcased 20 dresses that infused Ms Bolarinde’s artistic insight through the help of two creatives, Vonnemac Couture and Isi Atagamen.

Models showcased the costumes on a makeshift runway flanked by guests.

Each fabric on the runway was made in Nigeria by Nigerians.

Remarks

Commending her efforts in promoting and drawing awareness to the art and culture space, the Ooni said: “Bolarinde is formidable to give back to society. She brings a wealth of knowledge in the arts and uses that to connect everyone. She has so much passion for many things.”

Representing the prolific art and culture custodian Nike Okundaye, the exhibition curator, Yinka Paramole, lauded Ms Bolarinde’s approach to her art.

She said: “Bukola’s approach towards her art is using it to tell African stories. Her point of reference usually shows the challenges and difficulties encountered by Africans daily. Each piece exhibited today has a unique story to tell.”

A trained architect from the Bartlett School of Architecture, University College London (UCL), Ms Bolarinde explained that her vision for the exhibition was to bring her two passions, art and architecture, in their most accurate form. Thus, her choice of venue.

She said: “I wanted to do something that nobody has ever done before,” Ms Bolarinde revealed. “There has never been an art exhibition staged on a construction site nestled in a safe, clean environment with a rustic feel. I wanted to bring those two worlds together that represent who I am.”

Business, networking

An art auction was also held, with the first art piece set at $10,000.

Another artwork, titled Olugbode, an oil painting of a lamp on canvas, was billed N 1.8 million. In contrast, another beautiful piece named Aduke, an image of the face of a lovely lady with a tribal mark, was billed for N1.5 million.

However, the corporate professional with over 20 years of experience gleaned from industries like oil and gas, banking, and telecommunications, confirmed they had already purchased most of the art pieces before the exhibition.

Entertainment

Away from the art exhibition, the guests were also thrilled by entertainment from various cultural dance groups who ushered in guests at the event’s entrance.

However, at the after-party, dancehall superstars Patoranking, Oritsefemi and Goya Menor thrilled the audience with their performances as they enjoyed the refreshments of the evening.

Ms Bolarinde also noted that a follow-up art exhibition would be held in Venice, Italy, later this year.

Prominent brands at the exhibition included Coca-Cola Nigeria with their premium spirit brand, Macallan, Schweppes Nigeria, Billecart Salmon Champagne and Artsplit, who were the preferred platform for the online auction.

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FMBN to boost financial inclusion with non-interest mortgage product

admin — Sat, 18 Jun 2022 17:20:01 +0000

FMBN to boost financial inclusion with non-interest mortgage product

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admin Sat, 06/18/2022 - 17:20

Thursday, April 7, 2022

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Financial Inclusion - Premium Times Nigeria

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FMBN to boost financial inclusion with non-interest mortgage product

The Federal Mortgage Bank of Nigeria (FMBN) says it is set to boost financial inclusion with the introduction of a non-interest rent-to-own mortgage loan product.

The housing product, recently approved by the FMBN Board of Directors, is designed to enable Nigerians to own their homes using interest-free mortgage.

FMBN said it developed the product to eliminate the challenges that eligible Nigerians who want to own their homes through the National Housing Fund (NHF) Scheme face because of the interest-based nature of the Bank’s existing housing products.

“The product uses a rent-to-own model that allows beneficiaries to move into FMBN and non-FMBN funded homes and conveniently pay towards full ownership using monthly/quarterly or annual rentals,” said Lawal Isa, group head, Corporate Communications of FMBN.

He said the product’s financing structure is based on the non-interest financing contract of ‘Ijarah Muntahia Bitamleek (Lease to Own)”.

Under the arrangement, FMBN retains ownership of the property until the financing term ends or at any time during the lease period that the beneficiary wishes to purchase the property.

The FMBN non-interest rent to own product is available to Nigerians who must be contributors to the National Housing Fund (NHF) Scheme. It covers both FMBN and non-FMBN funded properties with a maximum price of N15million. Beneficiaries have the options to pay to own the property in monthly/quarterly or annual rental instalments over thirty (30) years depending on their age and years in service.

The MD/CEO, FMBN, Ahmed Dangiwa, noted that the introduction of the non-interest mortgage product represents a historic milestone in the Bank’s drive to bolster access to inclusive mortgage financing for all Nigerians.

“I am excited that we have been able to fix this decades-old problem. For over thirty years, a significant number of the over five million Nigerians who contribute to National Housing Fund (NHF) Scheme have been prevented from taking advantage of their rights because of the interest-based nature of FMBN housing products. What we have done with this product is to create a financing arrangement that recognizes, respects, and speaks to their genuine concerns for inclusion,” Mr Dangiwa said.

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Top News

CJN swears in 72 new Senior Advocates of Nigeria

Tinubu to grow Nigeria’s GDP by 6%, unify multiple exchange rates

READ ALSO: Nigeria’s unemployment rate projected to hit 37% – NESG

Monetary policies

NNPC speaks on subsidy removal, cautions against panic buying

READ ALSO: Nigerian govt mulls national summit on removal of petroleum subsidy

Fuel Queues: Nigerian regulatory agency warns against panic buying

READ ALSO: NLC rejects fuel price increase, wants state of emergency in downstream sector

Queues

Fuel subsidy

Fuel Scarcity: Consumer protection agency to monitor compliance, prevent exploitation

Compliance

READ ALSO: Fuel queues hit Abuja, other cities as Tinubu announces subsidy removal

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Top Five Gainers

Top Five Losers

Top Trades

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Major concerns

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Guests

Exhibition

Remarks

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