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CBN Okays ₦200 Billion Housing Loan For Low Income Earners

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images 89 1 CBN Okays ₦200 Billion Housing Loan For Low Income Earners

CBN okays N200b housing loan for low income earners
September 16, 2020.
THE Central Bank of Nigeria (CBN) has announced N200 billion mortgage finance loan to Family Homes Fund (FHF).
The fund is for the building of 300,000 homes in the 36 states of the federation and the Federal Capital Territory. It is also expected to help create up to 1.5 million jobs in five years.
The CBN framework for the implementation of the Family Homes Financing Scheme released yesterday indicates that the fund would be released to FMF on project basis, subject to the cumulative maximum limit of N200 billion.
According to the framework, the three-year term loan will enable FHF finance the construction of social housing units for people on low income at an interest rate not more than five per cent per annum (all inclusive).
The apex bank said it introduced the financing initiative to support the Federal Government’s Economic Sustainability programme.
The bank added that the programme was designed to utilise, at least, 90 per cent locally manufactured inputs so as to conserve foreign exchange.
The CBN said: “In that regard, the programme will deliberately aim to revitalise local manufacture of construction materials, including doors and windows, ironmongery, sanitary fittings, concrete products, tiles, glass, electrical fittings/fixtures and bricks, etc. For example, it is estimated that the programme will require up to 1.7 million doors, seven million door hinges and locks among others.
“The programme will house up to 900,000 children and adults (at an average of three persons/home) on low income with direct impact on health, education and economic outcomes.
“ Most of these would currently live in informal settlements with shared facilities in unsanitary environments.”
The initiative is to be implemented in collaboration with Family Homes Fund (FHF) Limited as the lead developer.
It said a construction finance facility to enable FHFL implement the Federal Government’s Social Housing programme as part of the Economic Sustainability Plan 2020.
“CBN shall appoint a technical advisor to, among others, appraise the requests for funding by FHFL, recommend for the release of funds and monitor the delivery of the programme and utilization of funds including quality of the portfolio,” it added.

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Nigerian Fraud Suspect , Wanted By FBI For $6 Million Scam Surrenders To EFCC

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images 66 2 Nigerian Fraud Suspect , Wanted By FBI For $6 Million Scam Surrenders To EFCC

A Nigerian, Felix Osilama Okpoh, who is wanted by the U.S. Federal Bureau of Investigations (FBI) for his alleged involvement in a Business Email Compromise (BEC) scheme that defrauded over 70 different businesses in the United States, has turned himself in to Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC).
Mr Okpoh, 31, who allegedly conspired with five others to defraud their American victims of over $6million, was led to the Lagos office of the EFCC by his father, retired Colonel Garuba Okpoh and his mother Justina Okpoh.
A spokesperson for the EFCC, Wilson Uwujaren, said the suspect surrendered on September 18 and that investigations into his case had since commenced.
Mr Uwujaren quoted Mr Okpoh as saying, during interrogation, that he decided to surrender himself to the Commission out of respect for his parents and his resolve to be morally upright.
The FBI accused the suspect of allegedly providing hundreds of bank accounts to Richard Izuchukwu Uzuh and other co-conspirators, Alex Afolabi Ogunshakin, Abiola Ayorinde Kayode, and Nnamdi Orson Benson, that were used to receive fraudulent wire transfers.
Bank accounts that Mr Okpoh allegedly provided to Mr Uzuh allegedly received fraudulent wire transfers from victim businesses totalling over $1million
On August 21, 2019, Mr Okpoh was indicted in the United States District Court, District of Nebraska, Omaha, Nebraska, on charges of Conspiracy to Commit Wire Fraud. On August 22, 2019, a federal warrant was issued for his arrest.
On June 16, 2020, United States Attorney Joe Kelly and Kristi K. Johnson, Special Agent in Charge of the Omaha field office of the Federal Bureau of Investigation, announced the unsealing of indictments charging the six Nigerians for their involvement in the fraud schemes.
“The schemes included individual victims and victim businesses both in Nebraska and other states,” the U.S.
Department of Justice said in a statement announcing the indictment. “BECs are sophisticated cybercrimes involving electronic transfer payments or automated clearinghouse transfers.”
“The indictments charge the defendants with one or more of the following violations of federal law: 1) Conspiracy to commit wire fraud and wire fraud, punishable by up to 20 years of imprisonment and a fine of up to $250,000; 2) Identity theft and access device fraud, each punishable by up to 10 years of imprisonment and a fine of up to $250,000.
“The Nigerian nationals charged and still at large are Richard Uzuh; Micheal Olorunyomi; Alex Ogunshakin; Felix Okpoh; Abiola Kayode and Nnamdi Benson. An indictment is a formal accusation returned by a grand jury upon establishing probable cause. The indictment is not evidence of guilt and defendants are entitled to a presumption of innocence. Two related defendants have entered pleas of guilty. Adewale Aniyeloye was sentenced in the District of Nebraska to 96 months’ imprisonment for wire fraud. Onome Ijomone received a 60-month sentence for conspiracy to commit wire fraud.”

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Nigeria ’ s Debts : How Each Nigerian Owes ₦155 , 000

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images 65 2 Nigeria ’ s Debts : How Each Nigerian Owes ₦155 , 000

The Debt Management Office, DMO, has announced that the total debt stock of Nigeria rose to N31 trillion as of June 2020.
It also said the debts are expected to rise this year following more debts to be sourced from international financiers.
As of March 2020, the debt was at N28.6trn comprising all debts of the Federal Government, the 36 state governments and the Federal Capital Territory (FCT).
The latest debt total of N31.009trn debt is about $85.897 billion while that of March which was N28.628trn was about N79.303bn.
Cause of increase
The debt stock grew by N2.38trn or $6.59bn within the three months interval.
The additional increase was due to the $3.36bn Budget Support Loan from the International Monetary Fund IMF), new Domestic Borrowing to finance the Revised 2020 Appropriation Act, the issuance of the N162.557bn Sukuk, and Promissory Notes issued to settle Claims of Exporters.
The components of the debts are:
The multilateral debts are the highest of the stock of N16.360trn accounting for 51.97% of the total stock. The 10 agencies include IMF, World Bank Group, the African Development Bank (AfDB) Group, Eurobonds and Diaspora bonds.
The bilateral debts account for N3.948trn representing 12.54% of the debt stock taken from the international development agencies of China, France, Japan, India and Germany.
The third debt category is the commercial debt which is N11.168trn and represents 35.48% of the debt. This is the second largest debt after those of the multilateral agencies with Eurobonds and Diaspora bonds accounting for them.
Further rise
The debt stock will rise with the expected borrowing from the World Bank, African Development Bank and the Islamic Development Bank which were arranged to finance the 2020 Budget Appropriation.
The Nigeria Customs Service was recently given part of these funds to automate its services at the ports, to the tune of $3.1 billion.
Most of the loans are long term facilities with the repayment beginning already while the fresh loans’ repayment begin from 2022.
On the Sukuk bonds and other domestic bonds, their maturity periods are often between five and seven years for the repayment.
What you owe
The ministry of finance recently said there are plans made for the loans to be repaid. So far in the 2020 budget, over N3 trillion or a quarter of the budget is dedicated to debt servicing, for repaying the debts.
At N31 trillion, every Nigerian from the over 200 million population owes the debtors N155,000 in debt.
This debt per Nigerian will rise further when the loans from World Bank, AfDB and IsDB comes in later this year.

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Operation Panther : FRSC Records 1 ,975 Arrests In 11 Days

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images 22 4 Operation Panther : FRSC Records 1 ,975 Arrests In 11 Days

The Federal Road Safety Corps (FRSC) have arrested 1,975 traffic offenders within the first two weeks of its ‘Operation Panther’ traffic exercise.The arrests were made between September 1st and September 11th 2020, with a total of 2,225 traffic violations recorded.
‘Operation Panther’ was flagged off as a special patrol exercise by the Zone 7 of the FRSC, comprising the FCT and Niger State. The exercise was aimed at bringing about a new orientation for driver’s to deal with hazard
headlong and promote responsible driving in the FCT and Niger as well as to ensure that only licensed drivers ply the highways.
The Zonal Commanding Officer, Zone 7 HQ Abuja, ACM Jonas Agwu, in a statement, expressed delight at the outcome of the Special Patrol, saying it was a fallout of the ongoing Special Intervention Patrol (SIP) aimed at instilling traffic sanity in the Federal Capital Territory and Niger state.
Mr. Agwu noted that the outcome revealed critical offences which are top causative factors behind fatal road traffic crashes. The critical offences, according to ACM Agwu, stand at 772 offences with overloading which has become a daily infraction standing at 195 offences. Further breakdown of the two weeks enforcements revealed that 155 offenders were arrested for driving and phoning infractions, while traffic light infractions (light sign violation) stands at 48 offences.
Other violations include: 102 offenders for Tyre violation, 5 offences for dangerous driving, while riding motorcycle without crash helmet stands at 79. The Zonal Commanding Officer warned the motoring public that ‘’Operation Panther II which is the second phase had commenced on Monday 14th Sept, 2020.
He said the other two weeks will focus on unlicensed drivers, obstructions and lane indiscipline in addition to vehicle number plate violation, failure to install speed limit device, driver’s license violation and failure to move over’’ traffic infractions, ACM Agwu said. He appealed to motorists in the FCT and Niger State to support the ongoing patrol by obeying traffic rules to promote responsible driving.
“The Zone will not relent in the efforts which has the complimentary and collaboration backings of Sister Agencies such as the Nigerian Army, Nigeria Police Force, Nigeria Security and Civil Defense Corps , among others”; he said.

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