A bill seeking to regulate the practice of mortgage banking, mortgage brokerage and the activities of its practitioners in Nigeria and for other matters connected therewith, 2022 (SB. 939) has scaled second reading on the floor of the Senate
The Bill sponsored by the Senator representing Ogun West Senatorial District in the National Assembly, Distinguished Senator Tolu Odebiyi also provides for the establishment of the Chartered Institute of Mortgage Bankers and Brokers of Nigeria (CIMBBN).
Odebiyi while leading the debate said, “The Bill will create an Institute that would provide a platform for churning out seasoned, dedicated, qualified, skilled and professionally trained Individuals who would provide the much needed human capital resources for the Mortgage Banking Sub-Sector and the Financial Services Sector in Nigeria.
“By doing so, it will help in raising the Profile and Value of Mortgage Banking”.
Odebiyi explained that the Institute would regulate its Members, set ethical conduct (similar to other professional bodies e.g. Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Bankers of Nigeria (CIBN) and set standards in line with global best practices”.
“It would assist the Mortgage Banking Sub-sector and the Financial Services Sector to acquire the right capacity, skills and knowledge to explore the vast untapped potentials in housing finance to boost the Nigerian economy and bridge the housing deficit.
“It will also assist our educational institutions in the advancement of knowledge towards enhancing housing finance and mortgage lending in Nigeria.
He said the Bill also will facilitate the enhancement of mortgage affordability and financial inclusion in the Mortgage Banking Sub-Sector.
Contributing to the Bill, Sen. Sadiq Umar, representing Kwara North said, “This Bill should be approved by the Senate as it will strengthen the financial and housing sectors in Nigeria”.
The Senate passed the Bill and referred it to the committee on establishment and public service matters for further legislative inputs and report back within four weeks.
Edo Commissioner advocates for more collaboration with cooperative Societies
The Honourable Commissioner in the Ministry of Business, Trade and Cooperatives, Honourable. Patrick Iria Uanseru, has called for more collaborative efforts from all Cooperative societies in Edo State to achieve the much needed socio economic development for the people.
Hon. Uanseru made the call at the John Odigie Oyegun Public Service Academy (JOOPSA) during an all stakeholders meeting with executive members of Cooperative societies across Edo State.
The Commissioner in his opening remarks pointed out that, the Make Edo Great Again(MEGA) vision of the executive governor of Edo State, Dr. Godwin Obaseki, can only be realised if cooperative societies across the state, rise up to their responsibilities for the socio-economic development of the State.
The Commissioner provided an overview of the Ministry’s mission, goals, and key initiatives for cooperatives operating in the state.
Hon. Uanseru while emphasizing that, the issues of accountability and transparancy were sacrosanct, frowned at situations where cooperatives blatantly go against the law by refusing to make their books available for auditing.
He warned unregistered cooperatives parading themselves as fully functional cooperatives to desist and do the needful by getting registered with the ministry.
Representatives from various cooperatives shared insights into their respective cooperative societies, highlighting their contributions to the local economy and the challenges they face.
These challenges included access to finance, technical training, marketing support, and infrastructure.
There were various contributions on how the Ministry and cooperatives could collaborate effectively.
Several potential areas of collaboration were also identified.
On capacity building, Hon. Uanseru indicated that, the Ministry will be organizing trainings and workshops to enhance the skills and knowledge of cooperative members, focusing on areas such as business management, financial literacy, and modern Agriculture, as well as strategies for marketing cooperative products both locally and internationally .
He suggested organizing trade fairs, exhibitions, and linking cooperatives with potential buyers.
Addressing the issue of finance, he said, the Ministry proposed the establishment of a cooperative partnership with financial institutions to facilitate easier access to loans and grants for cooperative members.
He gave the assurance that, the Ministry of cooperatives was committed to advocacy policies that promote and protect cooperative interests.
The Commissioner expressed enthusiasm about the potential impact of the collaborative efforts as thanked the cooperative representatives for their valuable inputs.
He reiterated the ministry’s commitment to working closely with the cooperatives to achieve shared goals.
At the end of the meeting, a joint action plan was drafted, outlining specific steps and timelines for collaboration. These among others included, regular stakeholder meetings to monitor progress and address challenges; development of training programs tailored to cooperative needs; identification of suitable markets for cooperative products.
Executive members from a total of 69 Cooperatives Societies were present at the meeting.
Stakeholders to consider devpt of auto gas as fuel in Nigeria at engagement forum
***Salih-Farah, Ohiani, Ibrahim, others to speak at forum
Key stakeholders in the transportation and logistics industry would on Tuesday discuss the possibility of developing auto gas as transportation fuel in the country
This is coming against the backdrop of the high cost of fuel in Nigeria.
The event scheduled to hold on 11th July 2023 at the NAF Centre, Kado Abuja, is a 1-Day Stakeholder Engagement Forum on the provision of technical manpower and facility for the development of Autogas as
transportation fuel in Nigeria and organised by the Nigerian Institute of Transport Technology ( NITT), Zaria.
It has as its theme, “Autogas as Alternative Fuel for
Transportation in Nigeria”.
In a statement issued by the Institute on Friday, it said the aim of the forum is to engage stakeholders (Vehicle Users, Transport Union, Manufacturers and Vehicle Mechanics) to deliberate on the adequacy and
preparedness in switching from using fossil fuel to Autogas as transport fuel in Nigeria
The forum is expected to attract major stakeholders such as Transport operators(public/private); Mass transit; Oil/Gas investors; Automobile
workshops/Mechanics; Conversion kits manufacturers/investors, Technical
Institutions; Unions/Associations of Transporters such as NURTW, NARTO, RTEAN, NATE, NARTA, and Tricycle unions.
Also, policy makers and
regulators such as the Federal Ministry of Transportation, Federal Ministry of Petroleum Resources; Federal Ministry ofIndustry, Trade and
Investment; Federal Ministry of Finance; State Ministries of Transportation Trade &
Commerce; national and State Chambers of Commerce and Industry; NGEP; CBN; Nigeria
Customs service, NADDC, ICRC; SON; and NBTE are expected to be in attendance.
Ths forum which will be declared open by the Director General/ Chief E executive of NITT Dr Bayero Salih- Farah, will have notable key speakers such as Dr. M.M Ibrahim (Chairman, NGEP) and Mr. Joe Aniku Michael Ohiani (Director General, Infrastructure Concession Regulatory Commission, ICRC, amongst others
The Nigerian Institute of Transport Technology (NITT), Zaria is the apex management development Institute for transport and logistics in Nigeria and the West African Sub-region. It is a career development and professional certification centre. NITT provides corporate leadership and strategic management, training, conducts research and advisory services, engages in transport Intelligence and monitoring activities as well as develops and adapts transport technology to suit the country’s needs.
It was established on 14th March, 1986 via Decree No.6 (now CAP 116, LFN, 2004) to among other things address mainly the problems of the transport sector such as inefficient and low productivity, fast depreciation of capital investments, deficient management and maintenance of infrastructure, low level of professionalism and high expenditure on overseas training, through the supply of professionally competent leaders, managers, technologists and other specialists; and the provision of the expertise that will improve the industry’s performance for efficiency and effectiveness
The Institute is mandated by its Enabling Act to specifically provide management training for personnel employed in all modes of transport. NITT serves as a Transport Intelligence Centre for monitoring transport and logistics systems and provides equipment and facilities for the encouragement, promotion, and conduct of applied research in all modes of transport
The statement advised interested participants at the stakeholders meeting to contact the NITT Director, Transport Technology Center (TTC) or visit the Institute website (www.nitt.gov.ng) for more information and general
CBN Withdrawal Limits: POS Operators storm National Assembly ask for upward review
***Send Appeal Letter To Buhari
Point Of Sale operators (POS) across the country under the auspices of the Association Of Mobile Money And Bank Agents Of Nigeria, on Friday stormed the National Assembly to plead with Lawmakers to prevail on the Central Bank of Nigeria (CBN) to review upward, the current threshold for daily cash maximum withdrawal.
The group also sent a letter to President Muhammadu Buhari over similar request for his intervention
The new policy had fixed cash withdrawal for individuals at N100, 000 and corporate bodies at N500,000 weekly.
National President of AMMBAN, Mr. Victor Olojo, who addressed journalists on behalf of the association said over 1.4 million people will lose their jobs if the policy was not reviewed upward.
A letter addressed to President Buhari, dated December 16, the group requested an upward review of the maximum withdrawal limit to N500, 000 weekly for individuals and N3m for corporate organisations.
It added that the series of engagement with critical stakeholders would continue.
Olojo at the news conference said, “AMMBAN believes the cashless policy in its current state hasn’t provided for Mobile Money and Bank Agents in Nigeria adequately.
Even as the CBN Governor made reference to the fact that Mobile Money and Bank Agents are spread across the country, is one of the reasons why he strongly feels the country is ready for the cashless policy, the document puts the jobs of over 1.4million agents on the line in its present state.
“This and many other germane reasons informed the decisions of the Association to engage the CBN, the National Assembly and other relevant stakeholders.
“This is to ensure that while we show support for the cashless policy of the government through the CBN, the policy should recognise the categorisation of Agents’ accounts as it does individuals and corporate entities.”
The group said it had interacted with the Chairman, Senate Committee on Banking, Insurance And Other Financial Institutions, Senator Uba Sani, his counterpart in the House of Representatives, Hon. Victor Nwokolo, on the matter.
He said, “They were all in agreement that owing to the high relevance Mobile Money and Bank Agents have in the successful implementation of the Cashless policy, there has to be Categorisation of the accounts to be able to serve the Nigeria people especially in areas where there are no banks or basic infrastructure to enhance the usage of alternative channels of transaction.
“It is worthy of note that AMMBAN and her members have always been at the forefront since the inception of the Financial Inclusion drive in ensuring the achievements of the set goals.
“It is strongly believed that no success story can be pointed to without the selfless efforts of agents who, against all odds, go to the creeks and hinterland in the drive to deepen financial inclusion goals as set by the CBN.”0
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