Lagos govt engages multinationals to increase housing delivery – Newstrends
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Lagos govt engages multinationals to increase housing delivery

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3 years ago

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By Dada Jackson
Lagos State government has taken bold steps to upscale its housing delivery performance in response to the growing demand for accommodation in the state.
The state Commissioner for Housing, Hon. Moruf Akinderu-Fatai, dropped the hint in his office in Alausa, Ikeja
He said that the Lagos State Government was pursuing the agenda of housing provision with increased vigour to ensure that more homes for the people of the state before the end of the year.
His words: “We are engaging multinationals along with other MDAs to build and support financing of vertical buildings in the state. This is the viable option given the fact that land is a limited resource in the State.”
He added, “With the rate of population explosion in the state, meaningful impact can only be achieved through maximization of our scarce land by the construction of high rise buildings and we are making progress in our discussions with some international organisations.”
He also disclosed that state housing schemes located in Odo-Onosa Ayandelu, Agbowa, Sangotedo Phase 1, Gbagada and Omole Phase 1 would be delivered to the people very soon.
Speaking further, the commissioner said that the cited projects being financed through direct budgetary allocation were specifically for the benefit of low- and middle-income earners.
He said the state government was working tirelessly to deliver the ongoing housing schemes so that the low and middle class Lagosians can also come on the home ownership ladder.
This, according to him, would be accomplished through a convenient mortgage system since a larger percentage of the homes shall be allocated to the Rent-to-Home Scheme whereby the tenure of payment will 120 months after the initial payment of 5 per cent of the value of the homes by the allottees.
The commissioner pointed out that the Lagos was also subsidizing the cost of the homes to reduce the barrier to home ownership.
This, he said, was in spite of the increased cost of building materials occasioned by the current inflationary trend.
“The governor of the state, Mr. Babajide Sanwo-Olu, has insisted that cost of homes built by the State should be lower than the market price so as to make home ownership easier for the people.”
Other schemes being constructed through direct budgetary allocation include Egan-Igando, LASU, Ita-Marun in Epe and Ajara, he said.
He noted that though these schemes were inherited from previous administrations, the Lagos State Government was committed to their speedy delivery and commissioning because they are all for the utmost benefit of the people.
Akinderu-Fatai said, “in line with the THEMES agenda, housing provision is pivotal to the transformation of the lives of the people. Provision of decent homes is actually the bedrock of making Lagos a 21st Century economy.”
The Permanent Secretary, Mr. Wasiu Akewusola, also indicated that an additional number of homes will be made available before the third anniversary of the present administration through Joint Ventures or partnership with private investors.
Akewusola said, “A lot of incentives have been put in place to encourage private sector participation. These include infrastructural development and technical support to ease the task and enhance quick completion of the projects.”
The joint venture schemes are sited at Ilubirin, Ilamoye-Isolo, Ijora-Badia, and Ibeshe. Others Joint Ventures by the Lagos State Development and Property Corporation include Iconic Towers in Victoria Island, Channel Point Apartments Ogudu, Davilla Court, and Ilupeju Gardens, Akewusola said.


The state government under Sanwoolu has commissioned the housing schemes at Igando, Igbokushu, Lekki Phase 1, Lekki Phase 2, Idale, Badagry, Iponri and Igbogbo.

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Lagos Rail Mass Transit part of FG free train ride – NRC

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14 hours ago

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December 21, 2024

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Lagos Rail Mass Transit part of FG free train ride – NRC

The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.

The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).

This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.

While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.

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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.

“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.

Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.

He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.

Lagos Rail Mass Transit part of FG free train ride – NRC

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Business

NNPC denies claim of Port Harcourt refinery shutdown

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14 hours ago

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December 21, 2024

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Port Harcourt refinery

NNPC denies claim of Port Harcourt refinery shutdown

The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.

The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.

Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.

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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down. 

“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”

He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”

NNPC denies claim of Port Harcourt refinery shutdown

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CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

Published

2 days ago

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December 20, 2024

By

CBN Governor, Olayemi Cardoso

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM). 

The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM). 

This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period. 

The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department. 

The arrangement will be in effect from December 19, 2024, to January 30, 2025. 

Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.  

Transactions to occur at the prevailing NFEM rate 

The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.

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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department. 

The circular read in part:

“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).

This window will be open between December 19, 2024 to January 30, 2025. 

“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.” 

The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”

These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.

This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

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