Connect with us

Economy

FMBN Supports Tax On Vacant Houses In FCT

Published

on

FMBN

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

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.

Economy

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

Published

on

By

Lagos Assembly

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

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.

Continue Reading

Crime

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

Published

on

By

EFCC Probes Man

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 Probes Man

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

Continue Reading

Economy

Access Bank Gets New Board Chair Ifeyinwa Osime

Published

on

By

National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.

Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.

Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.

Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.

She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.

“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”

Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.

Continue Reading

Trending