Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) and the Federal Mortgage Bank of Nigeria (FMBN) have reached agreement on a strategic collaboration that will see the development of a robust non-interest mortgage framework. The agreement, reached at the weekend in Abuja, seeks to create and regulate viable, Sharia-compliant financing structures that will enable millions...
The Lagos State government has offered fresh amnesty window for owners of existing buildings that do not have approved building plans.The state’s Ministry of Physical Planning and Urban Development, which announced the amnesty in a post on its official X (formerly Twitter) account, explained that the window is to enable the property owners to perfect their planning permits. The Amnesty has 61days of...
To enhance affordability and ensure fairness for qualified Nigerians. The Federal Ministry of Housing and Urban Development has approved and announced uniform sale prices for housing units under its Renewed Hope Estate Programme across all states of the Federation. The housing units, which comprise one-, two-, and three-bedroom semi-detached bungalows, are part of the Ministry’s efforts to make...
The Honourable Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, FNIA, FCIB, has decried the failure of most States to adopt and implement the Urban and Regional Planning Law (Decree 88 of 1992, Cap. 138 LFN 2004) more than 30 years after its passage, calling it a major setback to Nigeria’s quest for orderly and sustainable urban growth. Speaking at the National Colloquium on the...
The Lagos State Government has announced that construction of the $3 billion Green Line rail project, connecting Marina to the Lekki corridor, is scheduled to begin in December 2025. The announcement was made by the Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, in a statement posted on the official X account of the Lagos State Government on Monday. Osiyemi noted that extensive...
The Lagos State Government has announced that it will begin full enforcement against illegal land reclamation and waterfront encroachment from Wednesday, October 15, following the expiration of a seven-day grace period granted to violators.The enforcement, led by the Ministry of the Environment and Water Resources, was confirmed in a statement issued by Commissioner Tokunbo Wahab. Wahab said the move...
The Monetary Policy Committee of the Central Bank of Nigeria has reduced the country’s benchmark interest rate to 27.00 per cent, the first cut in 2025 after three consecutive pauses, signaling a shift in policy towards supporting economic recovery.While welcoming the move, members of the Organised Private Sector argued that the reduction remains marginal and insufficient to ease the credit squeeze on...
The Federal Government has secured 200 hectares of land within the Lekki Free Trade Zone, Lagos, to establish a building materials hub aimed at reducing housing production costs nationwide. Minister of Housing and Urban Development, Mr. Ahmed Dangiwa, disclosed this on Thursday during a tour of industrial areas within the Lekki and Lagos Free Zones, which form part of the larger Lekki Free Trade Zone...
The Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, has hinted that lending rates may decline in the coming months as inflation continues to ease, raising hopes for improved access to credit and stronger investment flows. Cardoso gave the indication at the European Business Chamber (Eurocham Nigeria) C-Level Forum in Lagos on Saturday, according to a statement by the CBN on Sunday. He...
Professionals in the real estate sector have urged the Lagos State House of Assembly to amend some provisions in the proposed Tenancy and Recovery of Premises Bill.The call was made by representatives of the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON), Nigerian Institution of Estate Surveyors and Valuers (NIESV), Association of Estate Agents of Nigeria (AEAN), Lagos chapter, Real...