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CBN approves N200 billion housing loan for 300,000 households at 5% per annum

The facility is to enable FHF finance construction of social housing units for low-income earners.

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The Central Bank of Nigeria (CBN) has approved the sum of N200 billion as mortgage finance facility to the Family Homes Fund Limited (FHFL) and targeted at low income earners.

According to a circular, which was issued by the CBN , this financing initiative is to be implemented in collaboration with the Family Homes Fund Limited as the lead developer, as it is introduced to support the Federal Government’s Economic Sustainability programme.

This fund is to fast track the construction of 300,000 homes in the 36 states of the federation and the Federal Capital Territory and to create up to 1.5 million jobs in 5 years.

In addition to the 1.5 million direct construction sector jobs particularly young people on a low income, the programme also has the potential to create further 1 million jobs through its supply chain.

The CBN in the circular stated, ‘’The programme will house up to 900,000 children and adults (at an average of 3 persons/home) on a low income with direct impact on health, education and economic outcomes. Most of these would currently live in informal settlements with shared facilities in unsanitary environments. Towards targeting people on low-income level across the country.’’

On boosting local manufacturing, the apex bank stated, ‘’The programme is designed to utilize at least 90% locally manufacturing inputs and as a result conserve foreign exchange.

“In that regard the programme will deliberately aim to revitalize local manufacture of construction materials including doors and windows, ironmongery, sanitary fittings, concrete products, tiles, glass, electrical fittings/fixtures and bricks etc. for example, it is estimated that the programme will require up to 1.7 m doors, 7m door hinges and locks etc.’’

The funds, which would be released to the Family Home Funds (FHF) by CBN on a project basis is subject to the cumulative maximum limit of N200 billion. The facility type which would be a term loan is to enable FHF finance the construction of social housing units for low-income earners and is for a 3-year tenor from the date of disbursement.

The facility, which is expected to be repaid in not more than 3 instalments within the tenor of the facility, has an interest rate of not more than 5% per annum.

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NEMA records zero accident on roads in S/East in Eld-el-Kabir — Official

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The National Emergency Management Agency (NEMA) says it recorded zero accident on roads within South-East during Special Operation Eagle Eyes for the Eid-el-Kabir celebration.

The South-East Coordinator of NEMA, Mr James Eze, disclosed this to the News Agency of Nigeria (NAN) on Friday in Enugu after debriefing NEMA’s 25-man staff deployed for the operation.

According to Eze, no accident was recorded on major road corridors within the South-East during the period of the operation.

He said: “Although it was herculean covering the four major road corridors during the Eid-el-Kabir celebration and holidays, however, I must commend the resilience of NEMA staff in the zone.

“We recorded no accident on any of the four major expressways we covered during the operation.

“NEMA staff in collaboration with the Federal Road Safety Corps (FRSC) carried out massive education on good road habits to motorists. Motorists really appreciated it,” he said.

The coordinator also lauded motorists for heeding to the call to minimise speed and accommodating other road users during the Eld-el-Kabir holidays.

“With very few exceptions, most motorists displayed high level of responsibility on the major road corridors covered in the five-day period,’’ he said.

Eze also hailed the collaboration of the Agency and FRSC, adding that it was seamless.

“We look forward to greater working synergy with FRSC, other agencies and commissions that deal with safety and response to emergencies.

“Collaboration is the key in order for agencies and commissions to tap from the strength and best practices of each other,’’ he said.

NAN recalls that the Special Operation Eagle Eyes tagged: “Safe Eid-el-Kabir’’ lasted for five days, from July 18, until July 22.

The major roads covered included: Enugu – Abakaliki Road; Enugu – Awka – Onitsha Road; Enugu – 9th Mile – Nsukka – Obollo-Afor Road and Enugu – Umuahia – Aba – Port-Harcourt Road.

The Federal Government through NEMA staged the operation in collaboration with FRSC to ensure hitch-free flow of traffic and Nigerians getting quick emergency response to issues on the major roads.

(NAN)

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Investment in education remains a priority – President Buhari

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President Muhammadu Buhari has stated that his administration’s priority would be improving the quality of education in the country. 

The President disclosed this on Thursday, in his hometown of Daura, in Katsina State, while receiving the proprietress, principal and students of a private school, Premier Pacesetters School, Daura, at his residence. The President gave assurances that more emphasis will be given to the improvement of education. 

What President Buhari said

“We will allocate an increasing share of resources to improve learning in the country in our effort to reform the educational sector,” he said. 

The President emphasized the importance of character, in addition to learning, urging the students not to lose sight of the aspirations of the country.

The school proprietress, Mrs Celine Friday, commended the special attention given to education by the Buhari administration and urged for federal government assistance to private schools in rural communities. 

In case you missed it

  • In the last few years, there have been several cases of kidnappings of school children in the northern part of the country by Boko Haram terrorists and bandits, giving the Federal Government grave concern on measures to take to protect school children in the region.
  • President Buhari has continued to insist that the Federal Government is working hard to bring an end to the school kidnapping trend in Nigeria and urges the Military and the Police to go after the perpetrators of this crime.
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Ransomware: Hackers demand $50 million in Crypto from Saudi Aramco

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Saudi Aramco, the world’s largest oil firm, has had a data leak in which one terabyte (TB) of the company’s data has been collected by hacks and the hackers are demanding $50 million from Aramco to delete the data, which is now being offered on the dark web for a starting negotiable price of $5 million.

What you should know

Saudi Aramco acknowledged the data leak yesterday according to the Associated Press (AP). They stated that they “recently became aware of the indirect release of a limited amount of company data which was held by third-party contractors.”

The company did not disclose the information of the third-party contractor and they did not confirm whether or not the contractor was hacked or got the information through another source.

“We confirm that the release of data was not due to a breach of our systems, has no impact on our operations and the company continues to maintain a robust cybersecurity posture,” Saudi Aramco added.

The AP also stated that through their investigations and their access to a page on the dark web, they confirm that the amount of data leaked is equivalent to 1 terabyte of data. On the same page, they confirmed that the perpetrators offered Aramco an opportunity to have the data deleted for $50 million in cryptocurrency, while another timer counted down from $5 million, which is likely an effort to pressure the company.

The perpetrators are yet to be unmasked and the Aramco has not shared any other information at this time.

Bottomline

This is not Aramco’s first rodeo with hackers, as the company was a victim of a cyberattack in 2012. The company was attacked by a computer virus called the “Shamoon.” The virus deleted hard drives and after, displayed a picture of a burning American flag on computer screens. The attack was costly to Aramco as they had to shut down their network and destroy over 30,000 computers.

This year, it was reported the cyberattack on Colonial Pipeline in May, in which the company paid the hackers knowns as “DarkSide” $5 million but the U.S FBI managed to recover $2.3 million in cryptocurrency of the money paid.

Saudi Aramco is trading at SR34.90, down 0.29% as of the time of writing this report.

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