Business
FG Signs $1bn MoU On Mortgage Refinancing
The Federal Government
has signed a one billion dollar Memorandum of Understanding with Cantor Fitzgerald, an American Mortgage Company, to support the mortgage refinancing initiative in the country.
Dr Ngozi Okonjo-Iweala, the Minister of Finance, at the signing ceremony in Abuja, said the MoU was a welcome development to the economy.
“This is yet another good development at a time when our economy is going through some difficulties.At a time we are suffering from the impact of drop in the oil price, an investment company of this repute has come to say they want to be part of this economy”, she said.
According to her, we are very thrilled they are about the biggest in the mortgage business in the U.S. and they have come to us to talk to us in Nigeria. “They are very excited with what we are doing in Nigeria and as a result, they want to sign an MOU with us to work with the Nigeria Mortgage Refinancing Company (NMRC), to be able to work with us at the value chain in financing.
“What this means is that it would make that dream of opening the housing and mortgage financing market a reality; that’s why we are here today,’’ she said.
According to her, the signing of the MoU marks the future milestone in initiating the NMRC as a liquidity company to service the primary and secondary mortgage market.
He said that under the 10,000 mortgage refinancing project of the Federal Government, 25,000 applications out of 66,000 that applied had been processed and pre-qualified.
She noted that 9,000 had received offer letters and 33 people got mortgages in Abuja, pointing out that, this is progress from where we are and we now know that it takes much more time than what we thought it was when we started.’’
The minister said that government was working on number of initiatives that would enable Nigerians to access mortgages at affordable price.
She said that government was working with the National Pension Commission to see how workers could access their pension to get mortgages.
This, she said, would help to eliminate the challenge of getting bulk money to pay off the equity on mortgage. “We are also looking at other ways to collaborate with the CBN and other agencies to see what we can make the homes as affordable as possible.
“We are looking at the cost of construction because that’s another way to bring the cost of the houses lower,’’ she added.
She said the Cantor Fitzgerald would also build houses and beneficiaries would receive the mortgages at a reasonable interest rate.
Prof. Charles Inyan-Etteh of NMRC said the occasion marked a new beginning for the NMRC that had just started full operations.
“This marks a new chapter for the Federal Government in the commitment to the provision of affordable houses to Nigerians,’’ he said.
He said the aim of establishing NMRC was to provide affordable mortgages to Nigerians through funding of the primary lenders of the mortgages, stressing that NMRC had received its licence to operate.
He assured of the commitment of the company in investing in the housing sector and to the transformation of mortgage system in the country.
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter