The Federal Mortgage Bank of Nigeria (FMBN) has raised its loan limit from N15 million to N50 million, aiming to address the housing challenges faced by higher and medium-income earners across the country.

This significant increase in the loan ceiling was announced by the FMBN’s Managing Director, Shehu Usman Osidi, during an oversight visit by the House of Representatives Committee on Housing and Habitat at the Bank’s headquarters in Abuja on Monday.

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Osidi encouraged Nigerians to take advantage of this new opportunity to access funding for housing, highlighting that it is part of the government’s efforts to improve housing availability in the country.

The increased loan limit comes at a time when many Nigerians struggle with high construction costs and limited access to affordable housing.

During his presentation, Osidi also outlined the FMBN’s financial performance, revealing that the Bank had achieved an operational surplus of N4.9 billion in the first half of the year.

This success, he said, was a result of deliberate financial reengineering and effective strategic management under his leadership.

However, the FMBN is not without its challenges. Osidi pointed out that the Bank continues to grapple with issues of insufficient funding and a high volume of non-performing loans (NPLs).

To address these concerns, the Bank has established loan recovery task forces focused on improving the loan portfolio and reducing the NPLs.

One of the most persistent problems, according to Osidi, has been the non-performing loans associated with estate development.

He disclosed that more than a decade ago, the government placed a ministerial embargo on this category of loans to mitigate the growing NPLs, but challenges remain.

The oversight visit was led by the Chairman of the House of Representatives Committee on Housing and Habitat, Hon. Abdulmumin Jibrin Kofa, representing the Kiru/Bebeji federal constituency of Kano State.

The Committee members were briefed on FMBN’s progress and the key initiatives aimed at revamping the country’s housing sector.

In his concluding remarks, Osidi called for a review of the National Housing Fund (NHF) Act, which he believes will better support the Bank’s efforts to meet the housing needs of Nigerians.

Dangote Cement, Ibese Plant at the weekend extended the frontier of its social investments in the wellbeing of its 17 host communities when it hosted the senior citizens in the communities offering them free medical services and mobility equipment, including wheelchairs.

The company, in a statement explained that the gesture was aimed at complementing the effort of the government in improving the lives of the people of Ogun State especially those in whose territory it operates.

Tagged “A Day-Out with Senior Citizens 2024”, the well-attended annual event saw the elderly ones being led in physical exercise, receiving health talks, medical checks, free drugs and other food and household items like rice, semo, honey, beverages, bathing soaps, detergent, clothing and cash gifts.

The Dangote Cement, Ibese Plant Director, Roy Uttam said the event was aimed at increasing the level of socialisation, engagement, emotional and mental wellbeing among the elderly around its host communities.

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Uttam, pointed out that the management of Ibese Plant remained deeply committed to its responsibilities under the Community Development Agreement signed in 2022, saying “we will continue to prioritise the transfer of both economic and social benefits to our host communities, focusing on areas such as health, education, infrastructure, and empowerment.

“It is gratifying that our social investment strides are making meaningful impact in the lives of people across the host communities. We are determined to keep improving and broadening our initiatives, as we work together for the benefit of all.

“As elders who have devoted your youthful lives to the growth and development of your communities, the focus now should be on your health and well-being and the overall goodness of the society. This event is designed with your health in mind, as well as to offer an opportunity to reflect and connect with one another to promote longevity,” he said.

On the success of the maiden edition last year, Uttam recalled that “we hosted 50 elderly members of our host communities for the first time in the history of this Plant. It was a memorable event filled with activities that demonstrated deep recognition for this all-important people in our society and promoted healthy living among them. It was a significant milestone for the Plant and the communities.

“We have made significant improvements this year, including the identification of five persons with disabilities from our host communities, who will each receive mobility aids to enhance their quality of life. This is just one example of how we continue to expand the scope of our social investments to create even greater impact”.

Uttam assured the host communities that the Plant would continue to live up to its responsibilities as regards the execution of the existing Community Development Agreement (CDA) even much more beyond  saying some of the social investment initiatives of the Plant when well appraised, go beyond the letters of the signed CDA.

The Dangote Cement boss noted with nostalgia that the company’s social investment strides are making meaningful impact in the lives of people across the host communities and promised that the management was “determined to keep improving and broadening our initiatives, as we work together for the benefit of all.”

The Plant Director noted that in line with the company’s local content initiative, it had retained the services of Novia Hospital Services, a local healthcare provider, to assist in making this event a success. He assured the people of Dangote Cement’s continued support and believe that with the people’s cooperation and collaboration, the management will continue to build on “our shared vision of peace and prosperity”.

On his part, the Group Head of Social Performance, Dangote Cement Plc, Wakeel Olayiwola said the whole idea about hosting the elderly ones in the host communities bordered on carrying along the old ones who are the foundation upon whom the new generations are building on.

“They also need to be active in their old age”, he stated.

Responding on behalf of other elders, a beneficiary, Pa Michael Oderinlo from Ijako-Orile host community thanked the management of Dangote Cement for the gesture especially for reaching out to the elders which he said was not a common practice among business organizations.

Said he:” it is a very rare gesture by a business organization to take special interest in the old people and cater to their wellbeing”.

Also another beneficiary of the wheelchair, Modupeola, Olaoluwa Bankole described the wheelchair donation as very touching and timely saying she now has a new lease of life with the mobility aid andtanked the Dangote Cement management for coming to her aid.

The World Bank has uncovered $32 million in unaccounted funds linked to a water infrastructure project in Nigeria, raising concerns about financial mismanagement in donor-funded initiatives.

The discovery was highlighted in the bank’s recently published FY2024 Sanctions System Annual Report, which revealed significant discrepancies in the project’s financial records.

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The missing funds were earmarked to bolster Nigeria’s water infrastructure, but irregularities in accounting prompted an investigation by the World Bank’s Integrity Vice Presidency (INT).

“INT followed up on risks identified regarding a project in Nigeria’s water sector and flagged to operations the risk, which was associated with $32 million of unaccounted funds,” the report noted.

In response, the World Bank engaged with key stakeholders, including the project’s task team leader, operations manager, and financial management specialist, to recover the funds and safeguard the project’s integrity.

As part of the resolution, the Central Bank of Nigeria has been requested to reimburse $22 million. Meanwhile, $6 million remains in the project’s account to cover ongoing operational costs.

The findings underscore the importance of transparency and robust financial oversight in large-scale infrastructure projects, particularly those funded by international institutions.