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Bill seeking to regulate practice of mortgage banking scales second reading

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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. 

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Flexible Workplace Solutions berths in Abuja as Regus Partners with Chelsea Hotel

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From left: Marc Descrozaille, CEO, EMEA, IWG; Country Manager, IWG, Ayo Akinmade and Director, Chelsea Group Limited, Kenechi Chidolue, during a partnership between Chelsea Group Limited and IWG in Abuja, recently

Following the growing demand for adaptable workplace solutions in the Federal Capital Territory(FCT), a leading flexible workspace provider under IWG, has signed an agreement with Chelsea Hotel to unveil a premium 1,500-square-meter flexible workplace in the Central Business District.

The partnership, which was formalized on Tuesday on the 5th Floor of Chelsea Hotel, Plot 123 Cadastral Zone A0, is aimed at delivering tailored workspace solutions that meet the dynamic needs of modern professionals and businesses.

The innovative workspace offerings will include co-working spaces, private offices, and high-tech meeting rooms, designed to enhance productivity, foster collaboration, and provide flexible options for businesses of all sizes.

“Regus is committed to shaping the future of work by delivering adaptable, premium solutions that enable businesses to thrive. This partnership with Chelsea Hotel reflects our shared vision to empower professionals with world-class workspace environments,” said Marc Descrozaille, EMEA CEO of Regus.

With the growing demand for adaptable workplace solutions, this partnership reinforces the position of Regus and Chelsea Hotel as leaders in meeting the evolving expectations of Nigeria’s business community.

This milestone marks Regus’ first collaboration with a hotel group in Nigeria, following similar successful ventures in other parts of Africa, including Ghana.

Speaking at the partnership signing ceremony held at Chelsea Hotel in Abuja, Regus Country Manager, Mr. Ayo Akinmade, expressed excitement about the venture.
He highlighted the potential of this partnership to redefine workspace solutions in Nigeria, starting with a 1,500-square-meter facility on the hotel’s fifth floor.

“This is the first time in Nigeria we are partnering with a hotel group. We are very excited because we know the experience we’ve had elsewhere can and will be replicated here,” said Mr. Akinmade.

The Country Manager revealed that the partnership is likely to extend beyond Abuja, with plans to explore other Chelsea Hotel locations across Nigeria, including Lagos. “Chelsea Group operates in several locations, and this collaboration could serve as a precursor to expansions in Lagos and other cities,” he noted.

The new workspace in Abuja is designed to offer a blend of comfort and functionality, combining the expertise of both Regus and Chelsea Hotel to meet the evolving needs of professionals.
The project is set to launch in four months, with stakeholders and customers invited to preview the space upon completion.

With two existing locations in Nigeria, Regus views this partnership as a strategic move to enhance its footprint while delivering customer-focused, flexible workspace solutions.

The signing event was attended by key executives, including Regus EMEA CEO Marc Descrozaille, Sales Director for Nigeria Mr. Henry Onyeche, and Chelsea Group Chairman Chief Patrick Chidolue, along with other dignitaries and team members from both organizations.

This collaboration signals a new era in workplace solutions in Nigeria, merging the strengths of a global workspace leader and a leading hospitality brand to create environments that foster productivity and growth.

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Paymenex Introduces OneCard Africa, Simplifying Payments Across the Continent

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In a significant step to enhance ease of payment across Africa, fintech network Paymenex has launched OneCard Africa—a digital payment card designed to streamline cross-border transactions for individuals and businesses alike. Unveiling the card in Abuja, CEO Dr. Kingsley Chibuzor Aguoru highlighted OneCard’s broad acceptance in African countries and its ability to operate in all African currencies, eliminating the hassle of currency conversions within the African Continental Free Trade Area (AfCFTA).

OneCard Africa is available as a debit, prepaid, and credit card, allowing users with or without existing bank accounts to access its features. With a focus on flexibility, OneCard offers multiple payment options, including mobile, QR code, email, SMS, and social media, with strong customer authentication for secure transactions.
The card has already proven effective in Cameroon, where it was piloted for contactless toll payments in collaboration with the Ministry of Finance and Cameroon Postal Services.

Dr. Aguoru emphasized OneCard’s support for African businesses, which can accept payments through various platforms such as mobile apps, websites, and in-store points of sale.
Users also earn reward points with each transaction, encouraging consumer loyalty. Uniquely designed for African currencies, OneCard avoids costly currency conversions typically associated with international digital cards, reducing transaction costs and promoting financial inclusion.

Since its founding in 2007, Paymenex has focused on building affordable, alternative payment networks suited to emerging markets.
With OneCard Africa, Paymenex aims to create a strong financial ecosystem that empowers Africans to navigate seamless cross-border payments without the constraints of traditional networks.

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Nigeria’s financial markets receive boost with $900m Dollar Bond Sale

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The Nigeria’s financial markets have received boost after the Federal Government of Nigeria successfully launched its first domestic dollar-denominated bond, raising over $900 million and marking a significant milestone in the country’s financial strategy.

This groundbreaking bond sale, led by the Africa Finance Corporation (AFC), has generated significant interest from local and international investors, demonstrating confidence in President Bola Ahmed Tinubu’s economic policies and development plans.

A statement by Mohammed Manga, Director of Information and Public Relations explained that the success of the bond sale has bolstered Nigeria’s economic resilience and consolidated its position as a leader in Africa’s financial markets as it has set a new precedent for other African nations.
The statement highlighted the achievement to have signaled a new chapter in Nigeria’s financial strategy, aimed at boosting economic resilience and fostering long-term growth.

This landmark bond sale the statement indicated, has the potential for innovative financial solutions to drive economic growth and development in Africa.

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