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FMBN Plans to Grow Investment to N1.1 trillion
The Federal Mortgage Bank of Nigeria (FMBN) is planning to grow its investment volume to about N1.1 trillion, making it one of the biggest banks in the country.
Abdulsalam Ahmed, managing director/Chief Executive of the bank said that the move was part of the bank’s on-going re-branding exercise.
He said the bank is expecting investments from Chinese and other international bodies. “We have commitment with the biggest company in China to bring in money for us to build a million housing units, starting with 100, 000 housing units. What we are expecting from the Chinese investors is in the region of N500 billion. What we are expecting from HSBC is in the region of N230 billion. We have gone very far with them. We are also expecting Forex International to come with N300 billion and to build houses in Nigeria.”
Abdulsalam said the bank is also planning to raise its capital base from N5 billion to N50 billion, saying this will come from foreign funding and securing facilities from the international financial institutions.
He said the bank has decided to introduce series of products into the market in its re-branding moves. One of such products is mortgage insurance which will help in increasing home ownership in the country.
“We have decided to expand our mortgage financing to the non-salary informal sector. We are concern with the people in the construction sectors such as bricklayers, mechanics, churches and mosques. We want to get them unionised so that we can serve them better. By so doing we will be encouraging the formation of corporative societies which is also a products we intends to dish out in the medium term. We are also looking at the Real Estate Investment Trust. We will encourage development and emergency of these products along with other stakeholders. We are going to deploy massive technology to ensure effective and efficient service delivery. In the long term we are also looking at the mortgage securitization.”
He said the bank is determined to increase home ownership in the country from 25 percent to over 80 percent.
In its re-branding exercise, the bank will also adopt the Microfinance Banks (MFBs) strategy in the long term to allow large number of people to have access to housing.
“The re- branding is intended to reposition the bank in such a way that in the next three years it will be the biggest bank in the country,” he said
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Cloud Energy Solar Shines Bright with 200 Watts Street Lighting Bulb
Nigeria’s foremost indigenous Renewable Energy Company, decorated by industry partners as the most Outstanding Energy Provider, Cloud Energy Solar, living true to its appellations, is focusing its renewable energy competencies beyond the home and office.
Cloud Energy has increased its impact in street lighting with the design and production of the 200 Watts street lighting bulb.
The 200 Watts bulb consolidates the reputation of brightness and long lasting for the Cloud Energy range of energy saving bulbs, in the homes and offices.
Spurred by the abundance of the sun, the Cloud Energy Solar Company seems challenged to never let the sun set. The Managing Director of Cloud Energy, Mr. Theophilus Nweke, launching the 200 Watts bulb observed that the times are dangerous in terms of security.
Therefore, the brilliance of the street lighting will eliminate all lurking shadows from the streets and security posts. It is an answer to a call to duty for all patriots to deploy their competencies to enhance national security.
The renewable energy boss said that citizens must be prepared to make sacrifice to give Nigeria its deserved place as the giant of Africa. These sacrifices can come from the kind of opportunities that OEMs give to Nigerians. For example, Cloud Energy, a leading solar practitioner is currently offering rooftop solar panels with a flexible payment plan up to two years or more.
Property owners can now design their buildings with solar panels on the roof and keep paying long after they have completed and moved into the houses.
This flexible payment consideration, the Cloud Energy Boss explains, extends to the entire range of Cloud Energy Solar products – Energy storage products, Inverters, Batteries; Lifestyle products, Fridges, Freezers, Fans Television sets, and solar accessories.
These offers are conveyed in a campaign entitled Bridge the Energy Gap, a clear departure from the traditional way of presenting offers in the market.
The bridge has been used as a symbol to convey a sense of professional support, assistance, and partnership.
The bridge beyond meaning a make-up for a shortfall also provides a thorough fare to the energy transition, without bottlenecks. It deletes all doubts and gives a sense of certainty for a transition.to Solar.
The bridge is the fact that Cloud Energy in partnership with its finance partners offers different kinds of payment plan to ensure a done deal, in electricity, without tears.
Cloud Energy, founded in 2015 has earned respect by installing Solar and Inverter systems for discerning clients, mainly academic, research institutions and multi-nationals across the nation.
In less than a decade Cloud Energy has foot prints in the Banking and Finance sector with ATM installations; Homes and Public buildings with Solar Systems; and is a viable partner to governments through the Rural Electrification Project.
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Airtel HR Director, Adebimpe Ayo-Elias Honoured as HR Leader of the Year
The Director of Human Resources and Administration at Airtel Nigeria, Adebimpe Ayo-Elias, has been awarded as HR Leader of the Year at the 2024 HR People Magazine Awards, organized by Mapelwood Global Resource.
The award ceremony, held recently at the Lagos Oriental Hotel, celebrated the achievements of outstanding HR professionals across Nigeria who have contributed significantly to organizational success and workplace culture.
Speaking on the recognition, Carl Cruz, CEO of Airtel Nigeria, expressed immense pride in Ayo-Elias’s achievement, describing it as a milestone not only for her but also for the company.
“Adebimpe’s impact, dedication, and leadership extend well beyond Airtel, and this award is a well-deserved recognition of her influence in the HR field. We are incredibly proud of her accomplishments and look forward to her continued contributions to the industry,” he said.
Receiving the award, Adebimpe expressed gratitude for the honour, reiterating her commitment to advancing world-class HR practices within her organisation.
“I am deeply grateful for the opportunity to contribute positively to the lives of those we serve within and beyond the organization. Airtel Nigeria creates an environment that nurtures growth, encourages innovation, and prioritizes the well-being of every employee and as such, this award motivates me to continue championing these values,” she said.
This award reaffirms Airtel Nigeria’s commitment to developing and empowering talent, further establishing the company as a leading force in creating an impactful, forward-thinking workplace.
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Canada Orders TikTok to Shut Down Operations Amid National Security Concerns
Canadian government has ordered TikTok to shut down its operations within Canada, directing the social media platform to close its offices in Toronto and Vancouver.
Despite the office closures, Canadian users will continue to have access to the app itself.
The decision was announced following a national security review led by the Canadian Security Intelligence Service (CSIS). Innovation Minister François-Philippe Champagne stated that TikTok’s activities posed a threat to national security, though he declined to provide specific details.
“We came to the conclusion that these activities… would be injurious to national security,” Champagne told CBC News, underscoring the seriousness of the government’s actions.
TikTok has voiced strong opposition to the order, vowing to challenge it in court. A spokesperson for TikTok argued that the closure will lead to significant job losses and stated, “Shutting down TikTok’s Canadian offices and destroying hundreds of well-paying local jobs is not in anyone’s best interest.”
The move follows Canada’s previous restrictions on TikTok, including a ban from government-issued devices in 2023 due to privacy and security concerns.
TikTok’s parent company, ByteDance, has faced similar scrutiny from the U.S. government, which has also considered further restrictions over national security concerns.
TikTok maintains that it will continue to serve Canadian users on its platform, allowing creators to connect and businesses to operate.
However, the dispute between TikTok and Canadian authorities signals ongoing tensions between governments and the app’s China-based parent company.
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