Economy
FMBN Supports Tax On Vacant Houses In FCT
FMBN Supports Tax On Vacant Houses In FCT
FMBN supports rax on vacant houses in FCT…Records N11.58bn Operational Surplus in 2024
The Federal Mortgage Bank of Nigeria (FMBN) has backed calls for taxing vacant houses in Abuja, stating that the measure could generate funds for affordable housing for low and middle-income earners.
Speaking at a media briefing on Wednesday to mark his first year in office, FMBN Managing Director Shehu Usman Osidi stressed the need to bridge Nigeria’s housing deficit by ensuring underutilized properties contribute to sector growth.
“Vacant houses in Abuja should be taxed. At FMBN, our priority is financing affordable housing for low and middle-income earners.
Taxing these houses could encourage more investment in accessible housing, as many of the vacant properties are beyond the reach of our target customers,” Osidi stated.
FMBN’s 2024 Financial Performance
Osidi announced that FMBN recorded an operational surplus of N11.58 billion in 2024, the first time in over 30 years the bank has achieved such a milestone.
He credited this success to strategic revenue growth, cost-cutting measures, and prudent financial management, though he acknowledged that impairments could impact the final surplus figure. Efforts are underway to address inefficiencies that have led to high impairments in the past.
Additionally, National Housing Fund (NHF) contributions grew to N103 billion in 2024, reflecting a N3 billion increase from 2023’s N100 billion.
“This growth in NHF collections signifies renewed trust and participation by Nigerian workers,” Osidi noted.
Key Achievements in 2024
658 employer organizations and 178,619 employees registered under the NHF scheme, up from 556 employers and 113,577 employees in 2023.
Kano State civil servants rejoined the NHF scheme after 24 years, following a deal signed on January 1, 2025. With over 160,000 civil servants, Kano’s participation is expected to significantly boost contributions.
N71.5 billion in loans was approved, compared to N39.75 billion in 2023.
N14.4 billion refunded to 44,333 beneficiaries, up from N13.2 billion refunded to 40,426 beneficiaries in 2023.
Addressing Non-Performing Loans and Recapitalization

FMBN
Osidi emphasized ongoing efforts to reduce high non-performing loans (NPLs) inherited by the current administration while pursuing the recapitalization of FMBN to strengthen its financial position.
“We are committed to tackling non-performing loans and recapitalizing the bank to ensure long-term financial stability,” he assured.
The FMBN’s latest achievements mark a new era of stability and growth, with a clear focus on affordable housing, financial discipline, and sustainable development in Nigeria’s real estate sector.
Abuja
Strike: Normalcy Returns At FCT Secretariat As Workers Resume
Strike: Normalcy Returns At FCT Secretariat As Workers Resume
Strike: Normalcy returns at FCT secretariat as workers resume. The FCTA secretariat is bustling with activities as normalcy returns after the suspension of the planned solidarity protest by labour unions on Tuesday.
The secretariat of the Federal Capital Territory Administration is bustling with activities as normalcy returns after the suspension of the planned solidarity protest by labour unions on Tuesday.
The protest was suspended after a truce was reached between FCT minister Nyesom Wike and the labour unions in the early hours of Tuesday.
The workers, who resumed work on Monday, were seen carrying out their activities and providing various services.
A visit to some offices in the Minister’s Block, the Treasury Department, the Federal Capital Development Authority, the Abuja Geographical System, and others on Wednesday showed that workers were at work, carrying out their duties.
The FCTA workers under the Joint Union Action Committee had on January 19 embarked on industrial action over unresolved welfare concerns.
The strike, however, was halted by a ruling of the National Industrial Court on January 27, which ordered the workers to resume work, a decision that didn’t sit well with the union leaders, who insisted that the strike must continue.
A truce was reached after several hours of meeting, from late night Monday to the early hours of Tuesday, between the union leaders, officials of the FCTA, Mr Wike, and the chairman of the Senate Committee on FCT, Mohammed Bomoi.
Reacting to the truce, the minister told journalists after inspecting some ongoing projects in Abuja on Tuesday that there were no winners or losers.
He expressed delight that the union leaders have seen the realities on the ground, which have helped to clear misconceptions.
“I’m happy that the trade union and labour congress came to see things for themselves. Sometimes it’s good. What they were told is not really what’s on the ground.

Wike
“But by and large, we have had a good meeting, and they’ve directed the workers to go back to work, which you can see has been done. So, we’re happy that at the end of the day, there is no winner, no loser. It’s in the interest of Abuja to progress,” he said.
The organised labour had on Tuesday resolved the dispute between JUAC and Mr Wike, leading to the immediate resumption of work by affected employees.
A circular, jointly signed by the secretary-general of the TUC, Nuhu Toro, and the acting general secretary of the NLC, Benson Upah, stated that the minister assured labour of mutual respect and sustained engagement on labour-related matters in the FCT.
It said the parties also agreed that no worker would be victimised for participating in the strike action and that all outstanding cases at the National Industrial Court would be withdrawn immediately.
Following the agreement, the NLC and TUC directed all affected workers to resume duty without delay.
Economy
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.
The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.
Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.
He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.
“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly
“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”
Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.
Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.
He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.
Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.
Crime
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Tuesday, February 3, 2026 arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.
Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC
Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.
The suspect will be charged to court upon conclusion of investigations.
Dele Oyewale
Head, Media & Publicity
February 3, 2026
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