Connect with us

News

FG to Establish National Land Commission… Put in Place Model Mortgage Foreclosure Law

Published

on

FG to Establish National Land Commission
… Put in Place Model Mortgage Foreclosure Law

By: Michael Mike

The Federal Government has announced plan to establish a National Land Commission, even as it revealed that works are on to put in place a Model Mortgage Foreclosure Law.

The Minister of Housing and Urban Development, Arc. Ahmed Dangari disclosed this on Tuesday at the ongoing 6th Nigeria Diaspora Investment Summit, NDIS in Abuja

The summit which has as theme, “New Vistas, New Aspirations, New Visions: The Diaspora and National Development is put to gather NDIS in conjucntion with Nigerians in Diaspora Commission (NIDCOM).

Dangiwa, in his remarks at the Summit, said the Land Commission when established will outline clear implementation guideline for the land Use Act.

The Minister said: “We are working to establish a National Land Commission. Part of their work will be to outline clear implementation guidelines for the Land Use Act to chart a new path of effective land administration in the country.”

He revealed that: “Last week I met with the leadership of the Presidential Technical Committee on Land Reforms, Prof. Peter Adeniyi, where I committed to incorporating the comprehensive work, they have done over 14-years in our land reform strategy.

“As the renowned land reform scholar said, experience shows that a nation can never develop if it does not conduct land reform. This will be done under the Renewed Hope Action Plan for Housing.”

Dangari further explained: “Notable part of our housing sector reforms that is of particular interest to the Diaspora interested in investing in the housing and real estate sector is land reforms. What we envision is a streamlined land administration that cuts through the bureaucratic bottlenecks and systemic inefficiencies to ensure cost effective and efficient access to land for both individuals and investors in our country.

“Currently, we have a situation where the Land Use Act, which was enacted in 1978 has no complementary institution set up alongside it to provide the necessary framework, guidelines, and regulations for operationalizing it. Under the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu, GCFR, we aim to fix this systemic anomaly”.

The Minister also revealed that government is working towards having a uniformed mortgage system.

He said: “The second is the nationwide adoption of the Model Mortgage Foreclosure Law. The Model Mortgage Foreclosure Law (MMFL) provides contemporary provisions on the creation, registration, and enforcement of mortgages, along with remedies like foreclosure and the enforcement of mortgages on real properties and related purposes in Nigeria.

“As of date, the Model Mortgage Foreclosure Law (MMFL) has been passed in only four (4) states, including Lagos, Kaduna, Ekiti, and Nasarawa States. We aim to drive its passage in all the states of the federation as part of our efforts to ensure that investments in the housing and mortgage sector are protected.”

He hinted of government’s plan towards “boosting local manufacturing of building materials,” adding that: “Nigeria’s shortfall in the supply of quality housing stock presents a good opportunity for investors.”

He said: “To drive this, we aim to create an enabling environment for private sector players to produce building materials locally to lower cost, create jobs, grow the local economy, and ultimately ensure inclusive growth.

“To do this we are planning to establish six (6) manufacturing hubs – one in each of the six (6) geo-political zones in the country. The hubs will be provided with relevant facilities, including access roads, electricity, fit for purpose housing and relevant linkages for manufacturers to site their firms and operate. We are also proposing relevant incentives that will make it more profitable and rewarding for the private sector to manufacture building materials locally. “

The Minister who also launched the Diapsora Housing Mortgage Loan, assured Nigerians in Diaspora that the government is willing to support them to own houses in the country.

He said: “And as a Ministry, we are willing to support Diaspora initiatives in the housing and urban development space as well as encourage partnerships with the Diaspora towards making a change in the housing and urban development narrative of our dear country.

“It is important for me state that when we think about the Diaspora, we are not only thinking of them as sources of finance to develop our country, but we also see them as Nigerians, who though abroad, are desirous of owning homes in Nigeria. “

The Diaspora Housing Mortgage Scheme, he explained “is designed to enable Nigerians living overseas participate in the National Housing Fund (NHF) Scheme so they can access up to N50million to own their homes in Nigeria. Participants can access the loan via a National Housing Fund (NHF) loan, Rent-to-Own or the Individual Construction loan window.

“The terms are affordable and best market rates. This includes a single-digit interest rate of 9%, and a payback period of up to 10 years.

“As part of the initiative, the Federal Mortgage Bank of Nigeria will facilitate the construction of affordable housing units in major cities that meets the specifications of Nigerians in Diaspora.

“I want to say that the FMBN is not the only agency under the Ministry of Housing and Urban Development that is delving into catering to the housing needs of the Diaspora.

“The Federal Housing Authority (FHA)is also involved as part of the Ministry’s sector wide effort to cater to the Diaspora. They have undertaken to develop the Diaspora City Project under a Public Private Partnership comprising the FHA, The Nigerians in Diaspora Commission (NIDCOM) the Federal Capital Territory (FCT) and the private sector. The Project is situated in Maitama 2, with over 675 hectares of land. The FCT administration has committed to opening the road and providing the relevant infrastructure. The Diaspora City project is designed to have bungalows, semi-and detached duplexes, and mansions to reflect its inclusive essence.

“So, today, I want to say that I am excited to be the Minister of Housing and Urban Development to launch the Diaspora Mortgage Scheme, which I initiated as the MD/CE of the Federal Mortgage Bank of Nigeria on this auspicious occasion. Indeed, I consider it a positive twist of fate and “I want to use this opportunity to urge Nigerians in the diaspora to seize the opportunity the Scheme affords them to actualize their dreams of owning affordable homes in Nigeria.

“Our overall goal is to ensure that as our brothers and sisters’ sojourn abroad, they also have a decent shelter over here in Nigeria to call their home.”

On the country’s mortgage system, he said, “I am aware that the Mortgage scheme is set to be formally launched in the United Kingdom, Canada, and the United States soon, and it is my hope that the diaspora community would take full advantage of this opportunity and massively subscribe to reap its short and long-term benefits.”

The Minister equally assured the Diasporans of government commitment to sustaining necessary partnership with all relevant stakeholders.

“As I conclude my speech, I would like to assure you of the Federal Ministry of Housing and Urban Development’s commitment to sustaining the necessary collaborations, partnerships, and engagements with all relevant Stakeholders in the Housing and Urban Development sector, as we all work together towards ensuring the success of the Diaspora Housing Mortgage scheme, providing affordable housing, and ensuring sustainable urban development for Nigerians.”

Meanwhile, the Chairman/CEO of Nigerians in Diaspora Commission(NIDCOM), Hon. Abike Dabiri-Erewa, has urged Nigerians in Diaspora to catch in on the current opportunities by investing in the country, insisting that now is the best time to invest in Nigeria.

She said: “My dear guests seated here and online, I assure you that this is an exciting time to be doing business in Nigeria,and this Summit is a step in making investment and growth a reality, because as Nigerians both at home and in the Diaspora, we should always be conscious of the fact that Home is Home, and no one can develop Nigeria ike Nigerians.”

Dabiri-Erewa said in the quest of the Federal Government to go far in repositioning the economy, there was a need to partner with the Diaspora in achieving these goals.

She said: “His Excellency, President Bola Ahmed Tinubu who has just returned from attending the Saudi-Africa Summit made efforts to underscore Nigeria’s commitment to attracting more Diaspora direct investment and expand business partnerships, which are strongly reinforced by the administration’s ongoing domestic economic reforms.

“The summit is very appropriate because it creates innovative platforms of partnerships, between the Government and the Diaspora, in attracting investment into local businesses and thus enhancing Diaspora Direct Investment in the country,” she added.

FG to Establish National Land Commission
… Put in Place Model Mortgage Foreclosure Law

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

DSS-led joint operation crushes ESN strongholds, kills top kingpins in Imo

Published

on

DSS-led joint operation crushes ESN strongholds, kills top kingpins in Imo

By: Zagazola Makama

A wave of coordinated security offensives in Imo State has barbecued the Eastern Security Network (ESN), the militant wing of the proscribed Indigenous People of Biafra (IPOB), with the killing of key kingpins and the dislodgement of notorious terrorist camps in forested parts of Njaba and Isu Local Government Areas.

Zagazola Makama understand that The offensive, which began on June 29, was spearheaded by the Department of State Services (DSS) in close collaboration with the Nigeria Police Force, special forces, and local tactical units.

It was launched after the arrest and detailed confessions of two ESN commanders Uchenna Opara, popularly known as Ntanta Miri, and Ozioma Ihedoro, a.k.a OZ, both natives of Umuaka community in Njaba LGA.

Acting on actionable intelligence, the joint team raided and obliterated several terrorist enclaves, including Umuele Umuaka, Ezioha, and Ugbele Umuaka, known safe havens of the separatist group.

A fierce gun battle ensued as operatives stormed the camps. Three ESN fighters were neutralised during the confrontation, while others reportedly escaped with bullet wounds. Their bodies were later recovered along the Ugbele Umuaka axis.

What followed was a methodical clearance operation targeting the B44 camp cluster, long considered one of ESN’s strategic base networks. The camps, codenamed B44 Tangle 2, 4, 5, 7, and 9, were all successfully dislodged by the joint force.

A caterpillar operator working with the team was tragically killed in the line of duty when the group came under sudden fire while approaching the B44 main camp. He was rushed to the Federal University Teaching Hospital (FUTH), Owerri, but later confirmed dead by a medical officer on duty.

Items recovered from the operation included:
One AK-47 rifle, 15 rounds of live ammunition, pump-action shotgun, two locally made IEDs, one human skull and a Biafran flag

In addition, two suspected ESN members were arrested during the combing of nearby bush paths. The duo Emeka Ogene Sabinus of Ezi Isu in Isu LGA and Nnabuike Emmanuel of Ohofia Oduma in Aninri LGA, Enugu State were said to bear tribal incisions associated with the proscribed militia.

The collapse of the B44 cluster was significant in the counterinsurgency drive in the South-East, where pockets of armed resistance have posed growing threats to residents, security personnel, and national assets.

“The terrain is difficult, but our operatives are relentless,” a senior official close to the operation said. “We are targeting leadership figures, supply chains, and safe havens.”

Meanwhile, efforts are ongoing to apprehend fleeing fighters, with mop-up operations continuing in adjoining forest belts across Orlu, Njaba, and Isu corridors.

The Imo offensive adds to a growing list of successes by joint intelligence-led operations aimed at stabilising regions grappling with armed separatist violence, kidnappings, and the weaponisation of local grievances.

DSS-led joint operation crushes ESN strongholds, kills top kingpins in Imo

Continue Reading

News

FCT police arrest three wanted kidnappers linked to killings, mass abductions

Published

on

FCT police arrest three wanted kidnappers linked to killings, mass abductions

By: Zagazola Makama

The Federal Capital Territory (FCT) Police Command has arrested three most-wanted bandits and kidnappers operating across Abuja and neighbouring parts of Kaduna State.

According to a police sources, the arrests were carried out on June 29 between 5:00 a.m. and 6:00 p.m., by operatives of the Scorpion Squad led by ACP Victor O. Godfrey, following actionable and digital reconstructive intelligence.

The sources told Zagazola Makama that the suspects were identified as: Abdulkadir Abubakar, a native of Mpape, FCT, Mohammed Tasiu Sani, of Rigina, Kaduna State, Suleiman Jibrin, 27, of Sabon-Gayan, Kaduna State.

The three suspects, all Fulani by tribe, have been on the command’s most-wanted list for
their roles in multiple kidnapping and banditry operations, particularly in Jere, Kajuru, the FCT and its environs.

During interrogation, the suspects confessed to abducting victims and moving them to detention camps in Kachia and Rigina forests in Kaduna State. Some victims, they admitted, were held for months, while others were killed at will.

The sources revealed that one of the suspects, Abdulkadir Abubakar, provided disturbing details of internal executions within the gang, in which some members were killed by their own leaders over mistrust and betrayal.

An operational motorcycle, popularly referred to by locals as the “Boko Haram Motorcycle,” was recovered during the raid. The suspects are currently assisting operatives in ongoing efforts to recover arms and ammunition, and to track down other gang members still at large.

FCT police arrest three wanted kidnappers linked to killings, mass abductions

Continue Reading

News

Young farm labourer shot dead while fleeing Amotekun in Osun

Published

on

Young farm labourer shot dead while fleeing Amotekun in Osun

By: Zagazola Makama

A 20-year-old farm labourer identified as Solomon (surname yet unknown) has been found dead with gunshot wounds after he was allegedly shot by a member of the Western Nigeria Security Network, also known as Amotekun, along the Ilesa/Iperindo Road in Osun State.

The incident, which occurred on June 29, followed the reported confrontation between a local security operative and a group of five farm labourers on their way to a farmland.

According to Temidayo Olowookere, the employer of the deceased, the labourers were accosted around 11:00 a.m. by an Amotekun operative, one Ajayi Ibukun, who accused them of extorting money from passersby. Two members of the group were apprehended, while the remaining three fled into the bush.

Olowookere said the detained workers were later released to him in the afternoon. However, later in the evening, when two of the three fleeing labourers returned, Solomon remained missing.

A search party was immediately organised. His body was discovered in the bush with gunshot wounds on his back, raising suspicions that he may have been shot during the initial confrontation.

His remains were evacuated to Wesley Guild Hospital, Ilesa, where he was confirmed dead and deposited at the morgue for autopsy.

Police say efforts are currently underway to trace and apprehend the security operative allegedly involved in the shooting, while the community continues to call for justice.

Young farm labourer shot dead while fleeing Amotekun in Osun

Continue Reading

Trending

Verified by MonsterInsights