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FG Plans To Increase Mortgage Fund For Housing Units

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The federal government has said it was working to increase mortgages provided to contributors under the National Housing Fund (NHF) to the tune of N712 billion for the financing of about 100,000 housing units across the country.

The FidelinfoNews gathered this was disclosed at the inaugural Board and Management Retreat of the Federal Mortgage Bank of Nigeria (FMBN) in Abuja, adding that efforts were on to deliver one million affordable homes to Nigerians under the National Housing Programme (NHP).

Chairman, FMBN, Ayodeji Gbeleyi, said the bank’s board had approved a strategy plan that would increase the amount of mortgages to be provided for the construction of houses for Nigerians.

He said, “In line with the mandate of the federal government to expand the housing sector in general and deepen the mortgage sub-sector in particular, the bank’s board approved a five-year strategy plan covering the period 2020-2024 with focus on certain key performance indicators.

“The KPIs include growing the National Housing Fund contributions from N49bn in 2018 to N285bn per annum, increase contributors from about 4.8 million in 2018 to 31.6 million in 2024, to finance a cumulative of 100,000 housing units and grow mortgages to N712 billion in 2024.”

He said some of the measures being promoted towards achieving the targets of the five-year strategy plan included deepening mortgage penetration by facilitating access to homeownership, growing and diversifying funding mix through diversification of funding sources, among others.

Gbeleyi stated that in order to address the housing deficit in Nigeria, the federal government had initiated the National Housing Programme, adding that the NHP’s target was to provide millions of homes across the country.

“The NDP sets specific targets for the period 2021-2025 to improve access to affordable housing by delivering homes to Nigerians with a baseline of 500,000 per year and ultimately 1,000,000 per year, 20 per cent of which would be by the public sector,” he stated.

The FMBN boss, however, noted that despite the progress made, the high cost of building materials and challenges in accessing land and mortgage financing had remained major constraints in the real estate sub-sector.

“And by implication, the operations and performance of the FMBN,” Gbeleyi stated.

The minister of Works and Housing, Babatunde Fashola, who officially unveiled FMBN’s corporate statement at the retreat, revealed that the bank would approach the Nigeria Deposit Insurance Corporation to insure its contributors’ funds.

He said, “In and consistent with our current thinking, the National Council on Housing and Lands has adopted the recommendation for the bank to seek NDIC’s insurance of its contributors’ funds just as is done for depositors in other banks.”

“These are some of the actions and events of strategy repositioning, intended to deliver optimised performance.”

End.

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“O su wa”: A Symptom That Kwara PDP Is undergoing Political Depression- Soliu Mohammed

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The adoption of “O su wa” as campaign slogan by the Kwara State PDP is unarguably a symptom that they are going through what is  called Political Depression, a recent topic that is gaining global interests among political scientists and clinical psychologists.

O sun mi (singular) meaning I’m “fed up” O sun wa (plural) “we are fed up” a term commonly expressed out of frustration due to successive failures of attempts at a particular endeavour or when life is generally perceived to be hopelessly unfavourable to an individual or group; a symptom indicating such an individual or group is undergoing or prone to depression. So if Kwara PDP chose to adopt such a slogan too, it means they are exhibiting a symptom of depression or Political Depression in this case.

Simply put, Depression is a state of mind producing serious, long-term lowering of enjoyment of life or inability to visualize a happy future.

By extension, Political Depression involves thinking and feeling like we no longer have control over our destiny. Dr. Robert Lusson in his article on Political Depression says: “Political depression may be partially driven by the fear that one may be materially harmed or socially excluded by conditions beyond one’s control.” Political Depression is an “…intense feelings of helplessness, grief and anxiety which occurs due to distressing social and political events.”

These brief definitions of Political Depression above simply encapsulate and point directly to the current psychological reality the members of Kwara State PDP are going through.

“Depression is a state of mind producing serious, long-term lowering of enjoyment of life or inability to visualize a happy future.” This is not far from the current situation of Kwara PDP, because their “enjoyment of life has been lowered” due to their inaccessibility to Kwara State fund which has been their cash cow for all manners of luxury life they lived. Hence their lack of enjoyment has created a fear in them and impaired their vision of living a “happy future”, a fear that the APC Abdurahman Abdulrazaq will rule the state in the next four years God willing, thereby dashing away the hope of PDP living a happy life anytime soon.

Dr. Lusson further posits that Political Depression “may be partially driven by the fear that one may be materially harmed or socially excluded by conditions beyond one’s control.” Of course, there’s no doubt that the Kwara PDP led by Bukola Saraki to the last members are gripped by the fear that they may be materially endangered and socially excluded from schemes  of things in the state because they no longer control the political power both at the national and the state level.

Political Depression is an “…intense feelings of helplessness, grief and anxiety which occurs due to distressing social and political events.” Obviously there are many political events capable enough to cause intense feelings of helplessness, grief and anxiety for Bukola Saraki and the Kwara PDP…

From losing the 2019 PDP primary to Atiku after coming a distance third with 317 votes, coupled with the “O to ge” political revolution that dismantled the Saraki dynasty, marking the beginning of the diminishing sociopolitical relevance of Bukola both at the national and state level, to also of recent, all the manipulative efforts by Bukola Saraki to secure the PDP 2023 Presidential ticket and later to be the DG of Atiku Abubakar all hit brick wall, which compounded Bukolas’s political predicaments.

Therefore, these series of political events are bad enough to create frustration, helplessness and hopelessness for the PDP Leader in the state and his followers, hence the reason for adopting “O su wa” as a campaign slogan, a symptom that they are battling with some psychological deficiency, because it is only a political party who’s membership have mental case will say “O su wa” (they are fed up) with the ongoing unprecedented development of Kwara State by Mallam Abdurahman Abdulrazaq.

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FG Has Recovered Over N120B From Crime Proceeds

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Since the Bill on Proceeds of Crime Recovery Management was signed into law earlier this year by President Muhammadu Buhari, the Nigerian government claims to have recovered at least N120 billion as proceeds from criminal financial transactions.

Fidel Info reports that In Abuja on Wednesday, when the Environment Minister delivered the ministry’s scorecard for the Buhari administration, the Minister of Information, Alhaji Lai Mohammed, made the revelation during a press conference.

Mohammed said, “I have an update on the Proceeds of Crime (Recovery and Management) Act (POCA), 2022. In line with the new law, all relevant government agencies have now opened ‘A confiscated and Forfeiture Properties Account with the Central Bank of Nigeria (CBN). 

“I can confirm that the Federal Government has realized over 120 billion Naira, among other currencies, from POCA.

“This money will be used to fund the completion of ongoing critical infrastructure projects in the country like the Second Niger Bridge as well as the Lagos-Ibadan and Abuja-Kano Expressways. We will continue to update you on this,” the Information Minister said.

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Justice Ofili-Ajumogobia Reinstated As Federal High Court Judge

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The National Judicial Council, NJC, has reinstated Justice Rita Ofili-Ajumogobia as a judge of the Federal High Court.

Fidel Info reports that the legal body based its decision on a court judgement that quashed a 15-count money laundering charge the Economic and Financial Crimes Commission, EFCC, preferred against the embattled judge.

It will be recalled that the NJC had okayed Justice Ofili-Ajumogobia’s prosecution, following  a petition dated December 28, 2017, which accused her of engaging in various acts considered to be in breach of the Code of Conduct of Judicial Officers.

Based on recommendation by the Council, President Muhammadu Buhari, on November 7, 2018, in the exercise of his constitutional power under Section 292 (1) (b) of the 1999 Constitution, as amended, dismissed Justice Ofili-Ajumogobia as a judge of the Federal High Court.

However, owing to an application by Justice Ofili-Ajumogobia, the trial high court, in a ruling it delivered on November 19, 2021, discharged the defendant of the charge against her.

The court placed reliance on a judgement that was delivered on November 28, 2019, in Suit No. FHC/ABJ/CS/638/2018, which quashed the NJC report that indicted the defendant.

Sequel to the court judgement, the NJC, at the end of a meeting it held on December 1, okayed the reinstatement of Justice Ofili-Ajumogobia to the bench, a directive that has been complied with by the Chief Judge of the High Court, Justice John Tsoho.

Justice Tsoho, in a circular that was sighted by Vanguard, said Justice Ofili-Ajumogobia’s reinstatement was with immediate effect.

The circular, dated December 5, read: “Your Lordships are by this Circular letter notified that at the Meeting of the National Judicial Council held on the 1st of December, 2022, the Council reinstated the Hon. Justice R. N. Ofili-Ajumogobia as a Judicial Officer.

 “The reinstatement takes instant effect and there shall be consequential posting.”

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