Post on 26-Aug-2018
NIGERIA MORTGAGE REFINANCE COMPANY
Mortgage Digest
Vol. 1 No. 3 March 2017
Message from the MD/CEO
This edition of the Newsletter h e r a l d s a l a n d m a r k achievement for NMRC, the launch of a first of its kind technology innovation for the ent i re hous ing market ecosystem – the Mortgage
thMarket System (MMS) on 17 F e b r u a r y , 2 0 1 7 .
Contd. Pg. 2
NMRC Signs Landmark MoU with Kaduna State Government
Deputy Governor of Kaduna State–Bala Bantax ( in white) and the rest of the Team
The Nigeria Mortgage Refinance Company (NMRC) and Kaduna State Government (KDSG) recently signed a Memorandum of Understanding aimed at growing the housing opportunities in the State. This is to be achieved through the institution of a strong investment climate for affordable home ownership for citizens via the adoption and passage of the Model Mortgage and Foreclosure Law (MMFL).
Contd. Pp. 2&3
NMRC Signs Landmark MOU with KadunaPg 1
Refinancing Updates
Pg 4
Technical/Market UpdatesPp 5, 6 & 7
Partnerships Updates
Pp 8 & 9
CSR @ NMRC
Pg 10
Upcoming Events
Pg 11
The MMS is a housing (mortgage) market technology infrastructure that supports an end-to-end solution for the housing finance market in Nigeria.
NMRC’s MMS integrates the financing of the key components of the entire housing value chain from construction finance, to primary mortgage origination and administration through to the secondary mortgage market refinancing.The MMS will improve the quality of housing market information by providing more transparent and reliable data for a stable and resilient housing market.
The Agreement, among other terms of reference encompasses collaboration to actualise the government’s planned Millennium City Project, designed to provide approx. 20,000 affordable houses for its civil servants and some private sector consumers.
In another init iat ive that
compliments the MMS, the
NMRC in collaboration with the
Central Bank of Nigeria (CBN),
the National Bureau of Statistics
(NBS), the Mortgage Bankers
Association of Nigeria (MBAN),
and the Federal Mortgage Bank
o f N i g e r i a ( F M B N ) h a v e
developed a Housing Market
Information Portal (HMIP) to
serve as an authoritative
primary source of data and
repository of real estate market
information in Nigeria.
The prevailing macro-economic environment characterized by high interest rate amidst high inflation present a formidable challenge for NMRC’s core business of refinancing.In response to this adverse impact of high interest rate, NMRC is close to completing arrangements and securing approval for the issue of a non-interest bond (sukuk).
The sukuk signals NMRC’s commitment to delivering on its business pillar of inclusion as it seeks to broaden the range of mortgage refinancing products t o i n c l u d e n o n - i n t e r e s t mortgages. Lotus Capital is the lead adviser for the sukuk transaction and we are currently completing our review of a portfolio in the region of N2bn from one of our member banks – Sterling Bank.
We also announce further p r o g r e s s t o w a r d s t h e conclusion of an unconventional refinancing of a non-bank member institution through the
N13bn Federal Government Staff Housing Loans Board ( F G S H L B ) f o l l o w i n g t h e guarantee of the Accountant General of the Federation for the full sum of N13bn.
We await the concurrence of the
Debt Management Office (DMO)
to proceed for approval for bond
issuance from the Securities
and Exchange Commission
(SEC).
In our complex and risk-laden
business environment NMRC
has placed a great deal of focus
on building an adaptive and
c o m p r e h e n s i v e r i s k
management framework. We
a p p r o a c h r i s k w i t h a n
acknowledgement of its subtle,
pervasive, and persistently
shifting nature and have evolved
a menu of tools to track and
monitor its impact on our
business. The deterioration in
the quality of the banking sector
a s s e t s u n d e r s c o r e s t h e
importance of maintaining a
low-risk appetite while adopting
a pre-emptive risk management
strategy for NMRC.
In this issue of the NMRC Newsletter we report amongst others the s ign ing o f a Memorandum of Understanding with Kaduna State, partnerships with Lagos State affordable housing programme as well as Ogun State Property Investment Company (OPIC) and our second round of equity raise.
The Newsletter is revamped to provide technical and market updates.
02
Message from the MD/CEO (contd...) NMRC Signs Landmark MoU with Kaduna State Government (contd...)
KDSG had proposed that NMRC, in concert with one of its member mortgage lending institutions provides refinancing funds at negotiated market rates, to match the state’s own subsidized funds to ultimately achieve single digit interest rates, to achieve the purpose of mortgage affordability for its citizens.
NMRC has committed to the refinancing of UUS (Uniform U n d e r w r i t i n g S t a n d a r d s ) compl iant mortgages , to support the state government in this and similar efforts with their developers – ensuring that approved developers would get the returns on their investments to enable them provide more affordable housing.
Adoption of the draft MMFL was positioned as being critical to the unleashing the economic potentials across the housing value chain in the state. The state government has since adapted this into a Kaduna State Mortgages and Foreclosure Bill to be scaled up to the state legislature for passage.
The agreement was executed at Government House by the Kaduna State, on the part of the state government by the Deputy Governor, Architect Bala Bantex with the express mandate of the Executive Governor of the State, HE Mallam Nasir El-Rufai.
NMRC Managing Director/Chief Executive, Professor Charles Inyangete thanked the state government and the key stakeholders that made the partnership a reality.
Continued on next page
03
On Friday February 10 at a well attended event in Lagos NMRC launched its ground-breaking mortgage Market Management System (MMS) to the general public. In attendance were senior level representatives of key regulatory and financial services sector players like the Central Bank of Nigeria, FSS 2020, NMRC Member banks, as well as the media.
Professor Inyangete restated N M R C ’ s c o m m i t m e n t t o supporting the people and government of Kaduna State in working together to break downthe encumbrances to mortgage and home ownership in the state.
A S t e e r i n g C o m m i t t e e comprising representatives of the NMRC and the Kaduna State government was immediately inaugurated to administer the execution of the terms of the Agreement.
NMRC Signs Landmark MoU with Kaduna State Government (contd...)
NMRC Launches Innovative Mortgage Market System
By enabling the seamless integration of all stakeholders and their business processes and system the new MMS is arguably the most advanced mortgage origination and refinancing system in the world.
Dr. Chika Akporji, Executive Director, Corporate Strategy and Partnerships, added that the M M S i s p a r t o f N M R C ’ s
NMRC Successfully Concludes Second Round of Equity Raise
N M R C h a s s u c c e s s f u l l y expanded its mortgage lending partnership programme with the inclusion of six (6) additional shareholders with paid up commitments.
These new partners include:
1. Brent Mortgage Bank
2. FBN Mortgages Limited 3. Gateway Savings and Loans 4. Omoluabi Mortgage Bank Plc 5. Lagos Building & Investment
Company Limited
6. Delta State Trust Mortgage Bank
The MMS is an end-to-end solution which integrates the entire housing ecosystem value chain, from land and titling to Construction finance, to primary mortgage origination and administration to Secondary mortgage market refinancing.
NMRC’s MD/CEO, Professor Charles Inyangete, chief host at the public launch said that the MMS signals NMRC’s drive to remain on the cutting-edge ofmarket innovation to promote home ownership in Nigeria.
By adopting a value chain approach to its operations NMRC works to enhance standardization of processes and the efficiency of systems a n d p r o c e s s e s o f a l l stakeholders in the market.
continuing contribution towards the growth and deepening of the mortgage market in Nigeria.
It has already standardized the process of mortgage origination and administration through the publication of its ground-breaking Uniform Underwriting Standards. Enhancing the efficiency of systems and processes means reducing cumbersome processes and passing on costs reduction to the consumer, thereby making housing more affordable.
The Project Lead, Mr. Taofeeq Olatinwo, revealed that aside from market integration, the MMS platform would enhance cost and operational efficiency and effectiveness throughout the value chain by improving turnaround times for mortgage processing and documentation.
Phillip Slein. CEO, Revodoc Software Developers.
04
NMRC Records Significant Increase in Profitability
NMRC recorded significant increase in its profitability, which came up to N482 million in 2015 as against N160 million in 2014.The nation’s leading and foremost mortgage Refinance Company also recorded total assets of N39.01 billion in 2015 against N10.6 billion in 2014.
These were the highlights of performance results presented to shareholders at NMRC’s 2nd Annual General Meeting, which
thheld in Lagos on the 18 of October , 2016 . Company shareholders approved all the proposals put forward by its Board of Directors at the AGM.
NMRC Chairman, Dr. Charles Okeahalam commended the i m p r o v e m e n t i n t h e performance of the company,
adding, “We are very pleased with the achievements of the management, led by the Chief ;Executive the effort they have made in the difficult socio-economic environment Nigeria h a s p r e s e n t l y . ”
In his remarks NMRC’s MD/CEO Professor Charles Inyangete s t a t e d t h a t d e s p i t e t h e headwinds confronting the housing sector in Nigeria, the Company would continue to explore opportunities presented by its access to long-term funding from the Capital market to drive its mandate and ultimately reverse the widening housing deficit, while ensuring superior performance and returns to investors and stakeholders.
REFINANCING UPDATES
FGN and NMRC Launch N13 Bn Mortgage Refinancing Scheme for Civil Servants
thOn 9 of December 2016 the F e d e r a l G o v e r n m e n t inaugurated a N13bn mortgage refinancing scheme for federal civil servants, to be executed in partnership with NMRC .
Minister of Finance, Mrs. Kemi Adeosun, while launching the scheme stated that a total of 5,635 Civil Servants would benefit from it under the first phase. “The Federal Civil Service workforce play an important role in nurturing and developing our nation so it is only fair that those who serve the country can be afforded the opportunity of owning their own home by retirement.”
The Minister said the N13 billion mortgage refinance investment commitment by the NMRC is coming on the heels of its N8 billion initial bond issuance, the proceeds of which have been fully utilised in refinancing the mortgages of its member banks. This should further signal to investors at home and abroad that there are significant opportunities in the Nigerian Housing Sector.
Continued on next page
NMRC Holds Its 2nd Annual General Meeting: Reports Profit of N482 Million in 2015
05
She described the scheme as a ground-breaking collaboration steered by the Office of the
New Mortgage Refinance Prospects
NMRC is currently reviewing prospective portfolios for refinancing effective first quarter 2017 hinged on various transactions involving the Federal Government Staff Housing Loans Board, Federal Integrated Staff Housing Programme and Family Homes Fund approximating N25 bn.
These are in addition to the prospect ive port fo l io of mortgages currently under review from NMRC’s mortgage lending partners including Access Bank , Homebase Mortgage Bank and New Prudential, and some of the new member banks like Gateway S a v i n g s a n d L o a n s a n d Omoluabi Bank.
FGN and NMRC Launch N13 Bn Mortgage Refinancing Scheme for Civil Servants (contd...)
Loans Board, and t h e N M R C In his response NMRC MD/CEO Prof . Char les Inyangete said t h a t t h e company would c o n t i n u e t o liquidity to the housing market. He added that given the huge provide liquidity to the housing m a r k e t . H e added that given t h e h u g e
Minister of Finance, Mrs. Kemi Adeosun
Head of Civil Service of the F e d e r a t i o n , t h e F e d e r a l Government Staff Housing
An Affordable Housing Project in Lagos
h o u s i n g d e f i c i t i n t h ecountry, there is need for those involved in housing delivery to come up with affordable homes for the people.
06
TECHNICAL/MORTGAGE MARKET BRIEFS:
The Central Bank retained its
key benchmark rate at 14% at its
January 2017 MPC meeting; The
Committee however expressed
its readiness to loosen its
restrictive monetary policy
stance given the need to spur
growth and waning inflationary
pressures.
91days
182days
364days
13.65%
17.20%
18.4965%
Current Open Buy-Back (OBB)and overnight rates closed at 16% and 18% respectively as the money market continued to witness tight liquidity compared to 8% and 10% at the start of the year.
Treasury Bill discounts remained around December 2016 levels
Fx Market
The Central Bank issued revised guidelines and directives for act iv i t ies in the fore ign exchange market during the period; in a bid to improve liquidity and achieve a stable verifiable exchange rate. Key highlights include:
· That the Bank would begin the implementation of its program to clear all the unfilled FX demands in the interbank market and ensure
adequate liquidity necessary for an efficient FX market.
· A u t h o r i z a t i o n o f t h e commercial banks to open FX retail outlets at various airport.
· Authorization of Banks to open Teller points for retail FX transact ions at a l l locations.
· R e m o v a l o f t h e F X allocation/utilization rule for CBN interventions.
· Provision of addit ional Foreign Exchange funding to commercial banks which will
with discounts ranging from 13.00% to 18.25%. Stop rates for the latest Treasury Bill auction (March 1, 2017) were: The Central Bank cont inued i ts OMO interventions to mop up excess liquidity within the system, the Bank conducted 5 OMO sessions within the first 9 days of March 2017.
be sold at a rate not exceeding 20% of the inter-bank market rate.
· P r o c e s s i n g o f t r a v e l allowances within 24hours o f a p p l i c a t i o n a n d processing of school fees and medical bills within 48hours.
The apex bank has sold over
$1billion since the review of its
FX strategy. The release and
implementation of the revised
guidelines resulted in an
appreciable improvement in the
exchange rate at the parallel
market with the currency
trading at $/N465; after crossing
the $/N500 levels prior to the
release.
The exchange rate however
remained stable at the CBN
interbank market trading
around a band of $/N305-$/315,
w h i l e t h e C e n t r a l B a n k
continued its daily intervention
of $1.5million.
Foreign reserves have also
witnessed significant accretion
from the turn of the year
standing at $29.96 compared
$25.84bn as the end of 2016, the
reserves have largely been
boosted by increasing local
crude oil production volumes
and improved oil prices.
January 2017 headline CPI rose
marginally by 0.1% to close at
18.7% compared to 18.6% as at
December 2016. Month on
month numbers continue to see
deceleration dropping from
1.2% in December 2016 to 1.0%
in January 2017.
In terms of sub components
food inflation increased from
17.4% to 17.8%, while core
Inflation
Continued on next page
Interest Rates
07
inflation fell to 17.9% from 18.1%
expected that the high base
effect from elevated prices in
2016 will likely diminish the pace
of year on year increase in the
price index.
The successful implementation
of agreed production cuts by
members and non-members of
OPEC has kept oil prices over
the $50 mark for most of 2017,
with Brent crude pr ices
dropping slightly from $56.82 at
the start of the year to $53.53,
a l t h o u g h t h e d r o p w a s
a t t r i b u t e d t o m o u n t i n g
concerns over a global supply
glut especially with rising US
inventories.
Domestically, oil production
volumes which had grown to
w i t h i n f l a t i o n i n d u c e d
consumption demand, an
increase in pipeline vandalism,
significantly reduced foreign
reserves, a weaker currency,
and problems in the energy
sector such as fuel shortage and
lower electricity generation.
For 2016, GDP contracted by
–1.51%, with the country battling
w i t h i n f l a t i o n i n d u c e d
consumption demand, an
increase in pipeline vandalism,
significantly reduced foreign
reserves, a weaker currency,
and problems in the energy
sector such as fuel shortage and
lower electricity generation.
Eurobond Issue/Enhanced
Investor Confidence:
The Federal Government has
completed the sales of its dollar
denominated $1 billion euro
bonds at a yield of 7.88%. The
offer was almost 8 times
oversubscribed, as investors bid
over $7.8 billion for the 15-year
bonds. This demonstrated
strong market appetite for
Nigeria. Other Macro Indicators
Q4 2016 GDP contracted by-
1.3%, This decline was less
severe than the decl ine
recorded in the previous
quarter, of –2.24%, but remains
substantially lower than the
growth recorded in Q4 2015, of
2.11%.
For 2016, GDP contracted by
–1.51%, with the country battling
over 2.1million bpd suffered a
setback as Shell Nigeria closed
its 225,00 bpd Bonga facility for
maintenance with production
likely to remain shut in until later
in April 2017.
Oil Prices
This is despite continued
volatility in emerging and
frontier markets and shows
confidence by the international
investment community in
Nigeria’s and these funds will
boost and revive the economy. thThe bond will mature on 16
February 2023 with a bullet
repayment of the principal with
08
T h e N a t i o n a l B u r e a u o f
Statistics (NBS) released its
quarterly report on Nigeria GDP
the bond has been listed on the
Nigeria Stock Exchange and the
FMDQ-OTC.
Rating by Fitch and Co:
The International rating agency,
Fitch Ratings revised the
outlook on Nigeria’s long-term
foreign and local currency issuer
ratings to negative from stable,
putting it at ‘B+’. By this, Fitch is
telling international investors
that the country’s debt offer is
subject to speculations and
m o v i n g t o w a r d s n o n -
investment grade.
accounted for 7.15% of GDP
compared to 8.06% the year
before).
NBS also noted a decrease of
0.33% after being flat in the
previous per iod (0 .03%) .
Production continued to fall for
real estate (-9.27% from -
7.37%), manufacturing (-2.54%
from -4.38% in the third
quarter); construction (-6.03%
from -6.13 %), trade (-1.44%
from -1.38%) and electricity,
gas and air conditioning supply
(-5.16% from -6.68 %). In
addition, output rose less for
agriculture (4.03% compared to
4.54%).
Nigeria's GDP Annual Growth Rate (NBS/CBN)
Nigeria Economy Contracts
1.3% in Q4:
which showed that it shrank
1.3% year-on-year in the fourth
quarter of 2016, following a
2.24% decline in the previous
quarter. It was the fourth
c o n s e c u t i v e q u a r t e r o f
contraction (considering full
2016, the economy contracted
1.5%, following a 2.8% growth in
2 0 1 5 , t h e f i r s t a n n u a l
contraction in 25 years).
The oil sector declined 12.38%
year-on-year , fol lowing a
22.01% drop in the previous
period and marking the fourth
consecutive quarter of falls in
the oil sector. The country
produced 1.9 million barrels per
day, down from 2.16 mbpd a
year earlier, hurt by lower oil
prices (the oil sector
Graph
On Tuesday, 07 March, the
Federal Ministry of Budget and
National Planning launched an
Economic Recovery and Growth
Plan (ERGP) as framework for
FGN’s intervention in the
e c o n o m y t o i m p l e m e n t
structural and macroeconomic
reforms to stimulate real sector
a c t i v i t i e s a n d e n h a n c e
economic growth.
The structural reforms are
intended to result in substantial
increases in public and private
investment – especially in
sectors with comparative and
competitive advantages; reduce
obstacles and costs to doing
business; privatize selected
public enterprises; fast track the
provision for high-qual ity
infrastructure and promote
social inclusion.
The ERGP also seeks to promote
non-oil exports through the
zero-oil plan and use trade policy
tools to tackle dumping and
balance of payments crises to
raise non-oil exports as a ratio of
total exports from 7.5% to 15%
by 2020.
It anticipates a strong annual GDP growth rate of 4.62% between 2017 to 2020, driven by strong non-oil sector growth (7.28% by 2020) and steady expansion of the agriculture, manufacturing and services sectors, all occurring within a stable macroeconomic regime characterized by low inflation, s t a b l e e x c h a n g e r a t e s , sustainable fiscal and external b a l a n c e s a n d i m p r o v e d e m p l o y m e n t r a t e s .
FGN Releases its Economic Recovery and Growth Plan
Anticipated oil and gas reforms needed to boost petroleum sector activities are expected tobe facilitated by the passage of the Petroleum Industry Reform Bill, reduction of government s take in o i l assets , the conclusion of joint venture (JV) cash call arrangements along with the implementation of a new cost recovery funding mechanism for JVs and the engagement with stakeholders in the Niger Delta to achieve lasting peace and the cessation of attacks on oil and gas facilities. Monetary author it ies are expected to enhance supply of credit to the private sector at affordable lending rates and min imum other charges ; encourage banks to improve capital adequacy and assist banks with reducing non-performing loans in the banking system via aggressive debt recovery.
Given that the medium term framework is largely oil-revenue d e p e n d e n t , a v e n u e s f o r improvement in public sector finances include: growth in crude oil price benchmark from USD42.50 a barrel in 2017 to USD52.0 a barrel in 2020; increase in crude oil production from 2.2 million barrels per day in 2017 to 2.5 million barrels per day in 2022 as challenges in the Niger Delta are resolved and investments in the oil and gas sector increases.
Also, the public sector intends to increase the tax base by raising
09
the Value Added Tax (VAT) rate for luxury items from 5% to 15%beginning from 2018, improving Company Income Tax (CIT) & VAT compliance and facilitating the t r a n s f o r m a t i o n a n d modernization of the Nigerian Custom Service through a 2-3 y e a r s t r a t e g i c p l a n . Subsequently, tax to GDP ratio is expected to increase from 6% to 15% during the period.
On the quality of spending, the government intends to improve the budget preparation and execution process, increase allocation to capital projects with a view to attaining a ratio of CAPEX to total budget of 30% to 35%. Investments in social infrastructure would get a boost t h u s b e n e f i t i n g t h e manufacturing sector for which an average annual growth rate o f 8 . 4 8 % i s p r o j e c t e d .
The strategy also includes rebalancing the proportion of domestic to foreign debt from 84:16 in 2016 to 60:40 by 2020 while keeping the fiscal deficit at an average of about 1.6% of GDP, i n l i n e w i t h t h e F i s c a l Responsibility Act, but declining to 1.1% by 2020.
10
PARTNERSHIPS UPDATES:
OPIC Partners NMRC on
New Mortgage Scheme
The Ogun State Property and Investment Corporation (OPIC) plans to roll out a mortgage scheme that will enable aspiring home owners to purchase homes with ease.
NMRC received two awards at th
the 12 Edition of the mortgage
Sub-Sector CEO’s Annual
Retreat organised by the
Mortgage Banking Association
of Nigeria (MBAN) in Abuja
December 2016. One of the
awards was to the company for
Under the proposed mortgage s c h e m e , O P I C p l a n s t o incorporate three mortgage banks, Lafarge Holcim and private developers to execute the scheme with mortgages to be refinanced by NMRC. The first phase of the mortgage scheme will target 400 housing unit in the New Makun City.
NMRC has been tasked with the responsibility of financing middle and affordable housing through technology based methods to ensure homes are delivered at more affordable prices, thereby relieving citizens of the hardship of home ownership.
OPIC’s Managing Director, Mr. Babajide Odusolu requested NMRC’s refinancing support to encourage developers to build more houses via a robust mortgage policy design. He added that opportunities now abound for average income earners to own houses through a special mortgage scheme designed to fulfill a key cardinal o b j e c t i v e o f c u r r e n t administration.
NMRC MD/CEO Prof Charles Inyangete, in his remarks at the l a u n c h e x p r e s s e d t h e commitment of the company in working with OPIC and other partners to address the dearth of affordable housing and to r e f i n a n c i n g c o m p l i a n t mortgages created as a result.
its excellent performance in the mortgage industry and the other was for Dr. Chii Akporji for her continuous contribution to the growth of the mortgage sector.
NMRC was honoured to receive this award for outstanding performance in the industry. In his remarks, NMRC MD/CEO,
represented by his Special Assistant, Mr. Ini-Odu Akpan said: “We are proud of our services and continually strive to deliver exceptional services to our member Banks. We want to build a mortgage market that’s understood with a clear structure; a mortgage market that is technology-driven, that provides access to the people, a mortgage market that will allow people to understand what mortgage is all about, the r e s p o n s i b i l i t y o f h o m e ownership.”
President of the MBAN Dr. Femi
Johnson called on the federal
authorities to further create an
enabling environment for
mortgage banking through the
provision of an intervention
fund. MBAN is also seeking the
r e v i e w o f t h e s t r i n g e n t
regulatory conditions.The Mortgage Sector has successfully advocated for the amendment of the Pension Act to enable individuals withdraw from their Retirement Saving Accounts for equity down p a y m e n t o n e q u i t y contributions.
NMRC Recognised by MBAN
NMRC was a key participant at t h e F i r s t E n u g u S t a t e H o u s i n g / R e a l E s t a t e Development Forum, which held November last year under the aegis of the Enugu Chamber of C o m m e r c e a n d I n d u s t r y (ECCIMA), in collaboration with Real Estate Development Association of Nigeria (REDAN).
NMRC at the First Enugu State Housing/Real Estate Development Forum
Workshop on the Federal Integrated Staff Housing Programme (FISH)
The Forum was a platform for
key stakeholders to brainstorm
o n s o l u t i o n s a n d
recommendations to the dearth
of affordable housing supply in
Enugu state and the south-east
in general.
NMRC was represented at the
event by the Executive Director
for Policy Corporate Strategy
and Partnerships, Dr. Chii Akporji
who presented a paper on the
need for a more structured
approach to the challenges of
affordable housing delivery in
FISH is a federal government-
driven intervention in the
housing sector designed to
provide affordable housing for
civil servants, especially core
civil servants.
According to Mr. Yemi Adelakun,
Permanent Secretary in the
Office of the Head of Civil
Service of the Federation and
Chairman of the FISH Technical
Implementation Committee, the
federal service comprises
900,000 public servants, of
which about 130,000 are core
civil servants while others are
Public servants (Police/Army).
The number of housing units needed for civil servants per annum is estimated at approx. 70,000, whereas only 2,000 housing units have been provided. FISH was therefore conceived to close the gaps in housing supply - a vehicle to deliver houses.
A F I S H T e c h n i c a l Implementation Committee c o m p r i s i n g s e n i o r l e v e l representatives from across the Ministries was set up by the
Head of Service, Mrs. Winifred O y o - I t a t o o v e r s e e execution and has been working with key players in the mortgage and housing sector to achieve this.
N M R C w a s r e c e n t l y inducted as a member of this committee and has so far helped in modelling a financing plan for the programme. Speaking at the workshop,
NMRC was also a key participant at the inaugural workshop organized by the FISH Technical Committee, held late January t h i s y e a r t o e d u c a t e stakeholders and the general public on the programme.
11
the state, under a potential
Enugu State Affordable Housing
programme, while promoting
NMRC’s activities. This would
enable a more holistic, inclusive
approach to addressing the
issues and efficiently connect all
the players and partners in the
value chain. President of
ECCIMA, Rev. Surveyor Ugo
Chime who is also national
President of the Real Estate
Development Association of
Nigeria (REDAN) called for
unified action on the part of all
stakeholders towards not only in
improving housing delivery but
also creating employment in the
state and Nigeria.
Continued on next page
12
NMRC’s Executive Director for Policy Corporate Strategy and Partnerships, Dr. Chii Akporji reiterated the organization's continued commitment to the programme through working with its member banks to ensure provision of affordable mortgages and refinancing to provide an exit strategy for developers to enable them provide more housing.
The Head of Service, Mrs. Winifred Oyo-Ita announced that the Federal Government has already committed over N30
Workshop on the Federal Integrated Staff Housing Programme (FISH) (contd...)
billion for the execution of the programme. She said over 23,000 civil servants have a l r e a d y k e y e d i n t o t h e programme, and approved developers had been allocated land for supply in parts of the Federal Capital Territory (FCT) and other priority states like Lagos and Kaduna.
In the FCT one of the approved developers, American Building Systems International (ABSI) has begun work on the delivery of 1000 housing units at Apo; the ground breaking ceremony was
Mrs. Winifred Ekanem Oyo-Ita, FCA
Head Of The Civil Service Of The Federation
p e r f o r m e d b y P r e s i d e n t Muhammadu Buhari. Other developers like Brains and Hammers have also begun work on sites in Kuje, while allocation of houses has already begun. Highlight of the workshop was the allocation of houses to some randomly selected civil servants who had applied under the scheme.
… affordable housingNMRC
In keeping with its core values of Inclusion NMRC focused its Corporate Social Responsibility Project (CSR) for 2016 on empowering the community of
Internally Displaced Persons (IDPs) located at the Nelson Mandela Internally Displaced persons Camp at Games Village, Abuja.
On December 9, 2016 an NMRC team led by MD/CEO Professor Charles Inyangete NMRC visited t h e C a m p t o f o r m a l l y commission a borehole and donate large food items to the IDPs.
The entire in it iat ive was spearheaded by two staffChiamaka Udeh and Doyinsola Odumosu who negotiated with
Camp Directors over several
weeks on the construction of
t h e b o r e h o l e . T h e I D P s
expressed their delight with the
camp thanked the NMRC team
for their support to the camp,
saying it is timely as water
hitherto remained a major
challenge in the camp. She
assured that the borehole will be
properly utilised.
Following an assessment tour of
the entire Camp Professor
Inyangete assured of an ongoing
partnership with the Camp, and
that NMRC will look into other
areas of critical need for the
dwel lers with a v iew to
supporting with amelioration
and other poverty alleviation
efforts.
fact that they now
h a v e r e g u l a r
access to water, in
contrast to the
dried up well with
which they had to
c o n t e n d
previously. Lynette
Johnson, the coordinator of the
skills acquisition centre of the
Photo News:
CSR @ NMRC – Borehole Provision for IDPs at Games Village, Abuja
13
UPCOMING EVENTS:
IHFP-International Housing Finance Programme,
Corporate Council on AfricaUS-Africa Business Summit
From 13th to 16th of June 2017 the Corporate Council on Africa (CCA) will convene business and
thgovernment leaders at its 11 biennial U.S.-Africa Business Summit in Washington, DC.2017 Summit will be one of the first opportunities for the U.S. and African private sector to engage with the new U.S. administration and U.S. agency appointees.
Venue: Washington, DC | Omni
Shoreham Hotel
Dates: June 13-16, 2017
The annual Abuja Housing Show is a unique one stop-shop for housing sector stakeholders to network, present new products, i n n o v a t i v e s e r v i c e s & technology, exchange ideas & proffer solutions to housing problems.
Venue: International Conference
Center, Abuja
Dates: July 17-19, 2017
11th Abuja Housing Show
14
Managing Editor-Dr. Chii Akporji
Editor-Abel Owotemu
Production-Chiamaka Udeh
Production Team
The need for objective and analytical education in housing finance has never been greater. M a n y c o u n t r i e s a r e transforming their housing finance systems but the global credit cr is is has created uncertainty. Both policy makers and private practitioners need cutting-edge information on the sector. This program addresses that need by providing an intensive period of education in p o l i c y i n n o v a t i o n s , a n d institutional, financial, and managerial aspects of housing finance.
Venue: U-Penn—Wharton, Philadelphia,
PA, USA
Dates: June 5-15, 2017
NMRC Launches The World�s Most Advanced
Mortgage Market System�MMS�