Dangiwa Advocates Cross-Subsidy Inclusion in MOFI Real Estate Investment Fund Framework * Epresess Ministry’s support for MREIF Minister of Housing and Urban Development, Ahmed Musa Dangiwa, has urged the management of the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) to integrate cross-subsidy mechanisms into its framework for housing sector operations. The Minister made the call in Abuja during an interactive session organized by the House of Representatives Committee on Housing and Habitat with a focused on the Federal Government's establishment of MREIF and the suspension of the Single Obligor Limit imposed by the Central Bank of Nigeria (CBN) on the Federal Mortgage Bank of Nigeria (FMBN). Arc Dangiwa emphasized that such an approach would enable the construction of cost-effective housing, making homeownership more accessible to low-income Nigerians. Citing Algeria’s success where the government delivered one million homes in a year through cross-subsidy mechanisms, Arc Dangiwa proposed allocating 20–30% of funding for housing estates in Nigeria toward cross-subsidization. He explained that this approach would ensure uniform infrastructure and external features while adjusting internal finishes to suit varying affordability levels, thereby enhancing homeownership opportunities for low-income Nigerians. “Whenever we are funding any estate to be developed, 20 to 30 percent of the funding should be cross-subsidized,” the Minister emphasized. Dangiwa commended the Honourable Minister of Finance, Mr. Wale Edun, for securing Federal Executive Council approval for MREIF, and described it as a transformative initiative poised to revolutionize the housing sector and call for innovative funding strategies beyond traditional budgetary allocations. Dangiwa while addressing the restrictive impact of the Single Obligor Limit imposed by the CBN on FMBN, praised the House Committee on Housing and Habitat for intervening to halt the practice, noting that the cap on disbursements of 50 percent shareholders’ fund has limited the bank’s ability to fund primary mortgage institutions (PMIs), thereby hindering mortgage accessibility for Nigerians. Dangiwa also advocated for the recapitalization of FMBN, to enable it create affordable mortgages without relying on MREIF funding while more support for FHA would enhance their capacity to strengthen housing development in the country. The Minister reiterated the importance of innovative financing, institutional collaboration, and affordability as critical to addressing Nigeria’s housing deficit and expressed confidence in achieving sustainable growth in the housing sector under the Renewed Hope Agenda. In his welcome remarks, the Chairman of the House Committee on Housing and Habitat, Hon. Abdulmumini Jibrin, noted the importance of engaging key stakeholders in shaping the framework for MREIF. He confirmed the committee’s position on halting the Single Obligor Limit and emphasized ongoing efforts to address concerns raised by stakeholders, including the FMBN and MBAN. The Chairnan directed representatives of the CBN, FMBN, and MBAN to collaborate and propose practical solutions within a week. Dr. Armstrong Takang, Chief Executive Director of MOFI, highlighted President Bola Ahmed Tinubu’s directive to prioritize liquidity in the housing sector and stressed the need for accessible and affordable mortgages with longer repayment terms to address affordability challenges and reduce the prevalence of abandoned houses. Dr. Takang also outlined MREIF’s dual strategy of supporting developers with off-take guarantees and facilitating low-cost mortgages for buyers. Representatives from the CBN, FHA, MBAN, and REDAN expressed support for the establishment of MREIF, emphasizing the importance of a well-structured and approved framework. Suggestions included leveraging funds from unclaimed dividends, dormant accounts, and PENCOM funds to enhance the fund’s liquidity. The CBN requested a detailed conceptual framework to conduct a thorough review before making an informed decision.
FG Hands Over Certificate of Occupancy to Late Stephen Keshi The Federal Government, has handed over the Certificate of Occupancy (C of O) of a three-bedroom flat in Delta State to late Sport's Legend Stephen Keshi. The handing over was done at the headquarters of the Federal Ministry of Works and Housing, Abuja on Thursday, September 29, 2022. The Director/Head of Department, Public Building and Housing, Federal Ministry of Works and Housing, Arc. Solomon Labafilo, who handed over the C of O on behalf of the Federal Government of Nigeria, disclosed that President Muhammadu Buhari gave the approval to redeem the promise made to the twenty-two (22) members of the 1994 Super Eagles Team from the housing units under the National Housing Programme in any state of their choice, adding that late Stephen Keshi’s family opted to have his allocated to him in Delta State, his home state where he was also laid to rest. Arc. Labafilo added that out of the 22 members, 14 of them have been allocated houses with their keys, Title Deeds and Certificate of Occupancies handed over to them in any of the National Housing Estates of their choice across the country such as in Imo, Abia, Ondo and Bayelsa states, assuring that the remaining nine members are soon to receive their houses in addition to the entitled C of O as well. Arc. Labafilo noted that President Muhammadu Buhari was magnanimously proud, satisfied and privileged to redeem the promise Nigeria made to these Patriotic Nigerians for winning the 1994 African Cup of Nations which had remained unfulfilled. The Administration of President Muhammadu Buhari’s progressive ideals tailored towards improving human condition do not leave out the dead by so remembering the family of late Sport's Legend, Stephen Keshi to receive the Certificate of Occupancy to his promised apartment. Mr. Ifeanyi Mudabai, late Stephen Kechi's uncle received the Certificate of Occupancy on behalf of the Stephen Keshi’s family. He expressed much gratitude to President Muhammadu Buhari for redeeming the promise after 28 years. He also applauded the Minister of Works and Housing, Mr. Babatunde Raji Fashola, SAN for his thoughtful initiation of this idea of fulfilling the promise through the National Housing Programme. ...
FG: House Committee on Works Inspects Federal Highway Projects in the North Central Zone ...Calls for quick completion of road projects. The House of Representatives Committee on Works has inspected the expansion of the 5.4 kilometers Abuja- Keffi expressway and the dualization of the 220 kilometers Keffi- Akwanga-Lifia- Makurdi Federal roads in the North- Central Geo-Political zone of the country. The purpose of this on-the-spot assessment by the Law makers was to ascertain the level of job done and the compliance level of the contractor handling the project. The Committee was led on the inspection by the Chairman, Honourable Abubakar Kabir Abubakar. He explained that it was part of their responsibilities to carry out regular oversight functions on critical infrastructure projects of the Federal Government in order to give value to the money spent on projects, pointing out that on this particular road project, government has spent billions of naira. Speaking on the funding of the project, he confirmed that it is a joint funding arrangement between Nigeria and China. "The project is being executed by the China Harbour Engineering Company limited through a Preferential Buyer's Credit loan from Export -Import Bank of China (CEXIM) with about Eight-five percent of the contract sum being from China and Nigeria is providing the other fifteen percent counterpart fund of the contract sum," he said. Taking the team on this tour of the project, the Chairman said that the project is very important as it connects the three states of Nasarawa, Benue and Enugu. On the project performance he said: " we have raised certain issues concerning some failed portions of the road and we have drawn the attention of the trio of the Consultant, Contractor and the Ministry to address all these issues. This he, assured will help avoid compromising standards, ensure quality and also enhance timely delivery." Responding to the issue of the failed portion especially on the section ll of the project, the Ministry's Project Implementation Unit: Road Sector Development Team led by the Senior Project Manager, Engineer Usoh Henry assured members of the Committee that urgent repairs are going to be carried out as soon as possible, more so since the Contractor has been notified of the failed portions. Speaking further on the project, Engineer Usoh said that the project is about 75% completed and reassured members of the Committee that the project was going to be delivered by April, 2023. According to him, the project was divided into two phases in order to ease its implementation. They are, Phase l; which is the dualization of Keffi- Akwanga- Lafia- Makurdi road and the Phase Il, the dualization of Makurdi-Otukpo- Obollo Afor-Enugu Road. Speaking about the quality of job done, Engineer Usoh said that the Contractor has been closely supervised as it is mandatory for all multi- laterally funded projects such as this road project requires. He said that an Independent Consultant has being on site carrying out an unbiased supervision, monitoring and control of the project adding that the China EXIM Bank had also engaged its own Supervision Consultants to play their roles in accordance with International best Practices. ...
Fashola Commends Kano State Government on Infrastructural Development. The Honourable Minister of Works and Housing, Babatunde Raji Fashola, SAN has commended the government and people of Kano State on their commitment towards road infrastructure development in the state. Fashola gave the commendation when he paid a courtesy visit to Governor Abdullahi Umar Ganduje, OFR, at Government House Kano, during the 28th National Council Meeting on Works which held in Kano. Fashola said that the Kano state government has made huge investment in road infrastructure development stressing how difficult it was to get to Kano during his first trip to Kano as a minister when the new government of Kano state came on board in 2015 at the peak of construction work but the result has become manifest and travel time within the metropolis has drastically reduced. “I extend my commendation to your government for the commitment you have made in improving infrastructure of Nigeria by the investment you made in infrastructure in Kano State. I know how difficult it was in my first trip here when you took office in 2015. The State Government then, was at the peak of construction work but the result has become manifest. Travelling time within the metropolis is better, that is what infrastructure does to facilitate growth and development,” said Fashola. The Minister revealed that Kano State has been at the forefront when it comes to issues relating to compensation on “Right of Way” during road construction by the Federal Government in the state, adding that the state government usually takes it upon itself and resolves compensation issues despite the fact that the law allows that the acquiring authority is the one obliged to pay compensation. “When we have issues relating to compensation for “Right of Way”, Kano State Government has stepped forward to say that land is a state matter. Kano State Government will solve the compensation matter within Kano State and resolve it. It is a good example which other states are expected to commend and emulate because by law land is a sub national and state matter. The Law describes that the acquiring authority is the one obliged to pay compensation,” said Fashola. Fashola publicly acknowledged the partnership Federal Ministry of Works and Housing has had by working with Kano State Government which he said has been very strategic and helpful to the mandate of the Ministry as directed by Mr. President. “I just wish to publicly acknowledge the partnership that we have benefitted as a ministry by working with you personally and working with your government that it has been very strategic and helpful to our mandate by Mr. President,” Fashola said. He added that the Federal Government is not competing with any state government, adding that it is the responsibility of federal government to support every state government to achieve its developmental objectives as conceived by the state government. “We are not competing with any state; after all we are the federal government. Our responsibility is to support every state to achieve its developmental objectives as conceived by the state government,” said Fashola. Fashola thanked Kano State Governor for responding quickly when requested to acquire land to build a housing estate was made. He also disclosed that coincidentally Kano State has the highest number of the Ministry’s projects in the country that it is not only by distance but also by budget and cost. He mentioned the Kano –Maiduguri Road that ends in kano, the Abuja – Kaduna – Kano Road, the Kano-Katsina Road among others that the state is blessed with and it is strategic for the development of our country. The Minister expressed his heart felt gratitude to Kano State Government for accepting to play host to this year’s 28th National Council on Works. While responding to the Honourable Minister, The Governor of Kano State, Dr, Abdullahi Umar Ganduje thanked the Federal Government for investing heavily on road infrastructure and housing development in the state. He noted that before the coming into power of the present administration, many road projects in the state were abandoned, but now they are receiving commendable attention from the Federal Government. He acknowledged the good and working relationship between the Kano State Commissioner of Works and Infrastructure and the Federal Controller of Works Kano State Engr. Yahaya Ali, adding that it has helped to improve infrastructural works in the state. He thanked the Minister for accepting to host the 2022 National Council on Works Meeting in Kano State and assured all delegates maximum security and safety during their stay in Kano State. ...
HOUSE OF REPS. COMMITTEE INTERACTIVE SESSION ON MREIF AND FMBN SINGLE OBLIGOR LIMIT
Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa
OCCASSION OF THE 2024 PEWAN ANNUAL LECTURE AND CONFEREMENT OF AWARD OF RECOGNITION AS CONSISTENT CHAMPION OF ACCESSIBLE MORTGAGE AND AFFORDABLE HOUSING ON HON MINISTER ARC. AHMED MUSA DANGIWA, REPRESENTED BY THE DIRECTOR PRESS AND PUBLIC RELATIONS, SALISU BADAMASI HAIBA, AT LAGOS CHAMBER OF COMMERCE AND INDUSTRY
Occassion of the 2024 PEWAN Annual Lecture and conferement of Award of Recognition as Consistent Champion of Accessible Mortgage and Affordable Housing on Hon Minister Arc. Ahmed Musa Dangiwa, represented by the Director Press and Public Relations, Salisu Badamasi Haiba, at Lagos Chamber of Commerce and Industry