Ict/Telecom
Firm Calls For Partnership With FG On Bridge In Real Estate
A Nigerian Tech Firm, PX PropertyHub, has called for partnership with the Federal Government in order to showcase its efforts to bridge the gap in the real estate sector.
The General Manager, Operations/Legal of the company, Barr. Nonye Nwabueze, made the remark during the official unveiling of the firm’s innovative online real estate platform in Abuja, recently.
Nwabueze said there was a need for collaboration with the Federal Government to help Nigerians build long lasting wealth through Real Estate, leveraging on technology and experience.
“The Federal Ministry of Works and Housing is doing so much in this regard, trying to create several mortgage financing activities.
“We are calling for partnership to showcase what the Federal Government is equally doing in the sector to provide affordable housing for Nigerians and checkmate the activities of fraudsters in the sector”, she said.
She noted that the new technological-driven option by PX PropertyHub stands out, saying that it was a massive and fast-growing digital platform.
“The platform showcases available property to everyone resident in and anywhere in the world. It is a global platform and we are not stopping at this.
“We also have what we call ‘PX Stay’, where we equally showcase hotel owners, apartments, car rentals and others. Jt is actually a listing platform for anyone who wants to buy, sell or rent genuine properties,” she said.
Chief Charles Ndudim, a beneficiary of the platform, said the issue of housing must be treated as a fundamental basic right of every citizen in the country.
He said the Federal Government and the corporate world must collaborate to deal with the issues and challenges in the real estate sector just as is being done in other climes.
“In other developing countries such as Nigeria, to deal with the issue of housing, we have to see it as a fundamental human basic right of every Nigerian.
“Every man under the sun needs a roof over his head, but there are economic implications and challenges in the sector as not everybody can afford it.
“However, what other developing countries have done is to find ways of creating intervention programmes for the poor people, especially in the rural areas”, he said.
“So, government and the corporate world must come together and collaborate in such a way as what PX PropertyHub is doing to aggregate all these houses and make them visible to meet the needs of all Nigerians.
“I, therefore, encourage everyone to take advantage of this revolutionary platform that is making life easier like Amazon and the likes,” he said.
Managing Director and Chief Executive Officer of the firm, Chuka Okafor, said he is a young entrepreneur who saw a gap in the real estate sector and decided to proffer solutions to the issues and challenges in the sector.
He stressed the need for investors to take advantage of the hassle-free and convenient platform to rent and purchase their house dreams.
Okafor said the platform can also connect holiday makers with preferred hotel and any tourist destination.
“PX PropertyHub is a modern Real Estate Platform, connecting buyers, sellers and owners with the industry’s top professionals through technology that empowers you by making all things Real Estate simple, intelligent and seamless.
“We have built our Real Estate Hub to serve as a platform that streamlines the tedious process of selling, buying, renting, managing, and financing property”, he said.
The Managing Director, Shell Nigeria Exploration and Company Limited (SNEPCo), Elohor Aiboni, said Bonga, Nigeria’s first deep-water asset, has recorded major milestones, due to effective leadership, cutting-edge technology, continuous improvement and collaboration with stakeholders.
She noted that since coming on stream in November 2005, Bonga has maintained a track record of production that saw it achieve one-billion-barrel export on February 13, last year.
In her presentation, titled “The Bonga Journey to a Billion Barrels”, at the ongoing 2024 Offshore Technology Conference in Houston, Texas, United States, Aiboni, said: “SNEPCo is grateful for the contributions of all the parties to the Bonga story and we can all be proud of the milestones.
“Bonga has been consistent. In 2014, nine years after coming onstream, it achieved half a billion barrels of crude and doubled it in 2023. We have worked relentlessly to ensure excellent asset management, project and wells delivery and deployment of technology and innovations in our operations”.
According to her, these factors, “coupled with the supportive partnership of the Nigerian National Petroleum Company Limited and our co-venturers – TotalEnergies, EP Nigeria Limited; Nigerian Agip Exploration; and Esso Exploration and Production Nigeria Limited, make Bonga stand out as a world-class investment case”.
She continued that, “SNEPCo also enjoyed the support of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Content Development and Monitoring Board (NCDMB) in the success of Bonga operations”.
Aiboni also listed the challenges of keeping the Bonga Floating Production, Storage and Offloading vessel full as the asset ages and dealing with unexpected developments with subsea wells and equipment.
She said: “SNEPCo responded with a campaign of operational excellence, which among other initiatives, led to the creation of a programme known as the Bonga Business Improvement Plan that continually reviews and identifies improvement initiatives and drives sustainability in operations and upskilling of staff.
“The Bonga success story has been led by Nigerians who have been managing directors of SNEPCo since it was established in 1993, in a deliberate policy by Shell to develop indigenous manpower for deep-water operations in Nigeria.
“Today, some 97percent of the SNEPCo workforce is Nigerian and overall, Bonga has helped to create a new generation of Nigerian deep-water professionals.
“Our vision at SNEPCo remains to be the best deep-water business, powering growth and achieving net zero emissions in line with Shell’s Powering Progress strategy”.
Banks’ borrowings from the Central Bank of Nigeria (CBN) fell month-on-month, (MoM) by 44 percent to N12.16 trillion in April from N21.7 trillion in March.
Analysis of latest data from the CBN shows that the 44percent drop represents the first MoM decline in banks borrowing from since January when it increased by 268.7 percent to N3.6 trillion from N976.29 billion in December 2023.
However, further analysis showed that banks’ deposits in the CBN SDF grew MoM by 118.4 percent to N428.97 billion in April from N196.37 billion in March 2024.
Banks make use of the SLF to access liquidity to run their day-to-day business operations while the Standing Deposit Facility window (SDF) on the other hand, is an overnight deposit facility that allows banks to lodge excess liquidity (money) with the CBN and earn interest.
The decline in banks’ borrowing from SLF may reflect an increase in banking system liquidity and also the decision of the apex bank last year to remove the limit on the remunerable daily placements by banks at the SDF.
According to the CBN Governor, Mr. Olayemi Cardoso, the CBN removed the cap on the remunerable SDF to increase activity in the SDF window and manage liquidity.
A Financial technology expert, Olatunji Akinrinola, has highlighted the exponential growth of the FinTech industry, which according to him, was driven by technological advancements.
Akinrinola made this assertion in a press release recently, where he stressed that the role of technology in driving this exponential growth in the FinTech sector was very outstanding.
According to him, Technology has revolutionised the way financial services are delivered, making them more accessible, efficient, and inclusive.
“Through innovations such as mobile banking, digital payments, and blockchain technology, FinTech companies have been able to reach a larger population and provided them with access to financial services”, he stated.
Akinrinola emphasised the role of technology in enabling financial inclusion, adding: “Technology has democratised access to financial services, particularly in regions with limited banking infrastructure.
“Mobile money platforms and digital wallets have empowered individuals to conduct financial transactions conveniently and securely, without the need for traditional banking services”.
He also underscored the role of Artificial Intelligence (AI) and data analytics in driving innovation within the FinTech industry, noting: “AI-powered algorithms and predictive analytics have revolutionised risk assessment, fraud detection, and customer personalisation in financial services.
“These technologies enable FinTech companies to provide tailored solutions and mitigate risks more effectively, ultimately enhancing the overall customer experience”.
Akinrinola stressed the importance of regulatory frameworks in fostering the growth of the FinTech industry.
“While technology has accelerated the growth of FinTech, it is essential to establish robust regulatory frameworks to ensure consumer protection and maintain market stability. Regulators play a crucial role in balancing innovation with risk management, thereby creating a conducive environment for the sustainable growth of the FinTech sector”, he stated.
Akinrinola underscored the role of technology in driving the exponential growth of the FinTech industry, saying, “Technology has been a game-changer for the FinTech sector, enabling innovation, expanding access to financial services, and driving economic growth.
“As technology continues to evolve, the FinTech industry will undoubtedly play a significant role in shaping the future of financial services ecosystem”.
Corlins Walter