Business

FG To Sell 753 Housing Unit Estate Seized From Emefiele

Published

3 weeks ago

May 23, 2025

…Experts back Dangote, BUA on cement price reduction for FG estates

By Yahaya Umar

Ministry of Housing and Urban Development has announced plans to sell the 753-unit housing estate confiscated from the embattled former Governor of the Central Bank of Nigeria ,CBN, Mr Godwin Emefiele.Disclosing this in a statement on Tuesday, the ministry said that the property was handed over by the Economic and Financial Crimes Commission ,EFCC, on Tuesday at the Ministry’s headquarters in Mabushi, Abuja.According to the ministry’s spokesman, Salisu Haiba, the Minister of Housing and Urban Development, Mr Ahmed Dangiwa, praised the EFCC for its sustained commitment to asset recovery and anti-corruption.“The Ministry of Housing and Urban Development has taken delivery of the 753 Housing Units Abuja housing estate of former Central Bank Governor, Godwin Emefiele, recovered by the Economic and Financial Crimes Commission”, the statement said.“This marks a significant milestone in our collective determination to ensure that recovered assets are put to productive use in ways that directly benefit the Nigerian people. The housing estate recovered from the former Governor of the Central Bank is a case in point”.He announced that the Ministry, in collaboration with the EFCC, will undertake a joint familiarization tour to assess the current state of the estate.“We intend to carry out thorough integrity and structural assessments on all buildings and associated infrastructure to confirm their safety and suitability for habitation”, he explained.“The Ministry will offer the units for sale both to the public and for special government needs. For the public sale component, we will adopt a transparent and competitive process. This will include nationwide advertisement and the use of the Renewed Hope Portal, where interested Nigerians can submit their Expressions of Interest”, Mr Dangiwa added.Meanwhile, Economic experts have said the moves by the Chairman of BUA Cement Plc, Abdul Samad Rabiu and the Chairman of Dangote Cement Plc, Aliko Dangote to slash cement prices of Renewed Hope projects will reduce the cost of owning homes.The CEO of NorthCourt Real Estate, Ayo Ibatu, and the Industrial Goods Analyst, Vevita Capita Management, Abigail Alabi, said this in reaction to moves by cement manufacturers.Last week, Dangote and Rabiu announced after a meeting with President Bola Tinubu that they would freeze any cement price increase for all contractors engaged in projects under the Federal Government’s Renewed Hope agenda.Dangote said, “We have decided that we are going to freeze the price of cement for any contractor that is involved with the Renewed Hope projects”.Similarly, Rabiu said, “There will be no increase for the foreseeable future. This is our contribution to support Mr President’s Renewed Hope Initiative”.Analysing the impact of the decision, the CEO of NorthCourt Real Estate, Ayo, said during an interview that the country faces an affordable housing challenge.Findings shows that the housing gap has grown to about 28 million.Ayo said, “They are committing as market leaders to take the heat despite circumstances that ordinarily“It is for a good course and it is restricted to Renewed Hope Estate contractors”.He argued that the deal needs monitoring to avoid abuse, which will discourage new entrants in the cement market.He said cement accounts for about 40% of building cost.“What this does is that it allows for long-term planning. We can do forward contracts and execute them quickly enough. We need to start seeing projects being done as a result of this commitment from market leaders.“The idea here is to aggregate these costs and then ensure that the funds saved are not held by the developers in terms of expanded profit margins but passed down to end users in terms of reduced pricing per unit of housing”.Industrial Goods Analyst at Vevita Capita Management, Alabi, said the development will affect the profit margins of cement makers.Abigail acknowledged that the decision of the cement producers will benefit Nigerians when it comes to the pricing of the affected projects.

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Business

Democracy Day: Fiscal Discipline Key To Nigeria’s Sustainable Devt – Auditor-General

Published

1 day ago

June 12, 2025

The Gleamer

…Urges National Assembly to Pass Audit Bill 2022

Joseph Bisi

As Nigerians commemorated a historic milestone in their collective pursuit of a more socio-economically robust nation, the Auditor-General for the Federation (AuGF), Shaakaa Kanyitor Chira, has implored the nation’s leaders and citizenry to intensify their efforts in championing the cause of fiscal discipline and accountability within the public finance system. In a brief conversation with journalists to mark the 2025 ‘Democracy Day’ on Thursday, the AuGF commended President Bola Tinubu’s administration for its ongoing fiscal and tax reform initiatives, describing these measures as essential for enhancing the nation’s revenue generation and budgetary expenditures. Chira explained that transforming the potential benefits of these reforms into tangible gains for the citizenry required more transparent fiscal mechanisms for the monitoring and evaluation of government expenditures, including the auditing processes and the timely appraisal of the Audit report by his Office, free from political interferences. He said: “Today’s Democracy Day is worthy of celebration, given the political history of the country and the prospects for sustainable development. Over the past few years, we have witnessed a series of reform initiatives by both past and present administrations aimed at improving the nation’s fiscal system, particularly under President Bola Tinubu, based on the current Tax Reforms and Fiscal Policy Bills that are being finalized by the National Assembly. “Let me emphasize that these measures are not merely desirable for Nigeria’s sustainable development; the enactment of the four pivotal bills will significantly contribute to stabilizing the financial system while also promoting transparency in public finance and prudent governance at all levels of government throughout the country. “It is imperative to underscore, however, that the role of the Office of the Auditor-General of the Federation (OAuGF) in achieving these laudable objectives may be impeded if the Audit Bill currently before the National Assembly is not enacted into law. “The passage of the Bill, which seeks to augment the AuGF’s role in ensuring accountability, transparency and value for money in government expenditure while empowering the AuGF with administrative and financial autonomy, is crucial for enhancing transparency and accountability within Nigeria’s public finance system that aligns with International Standards of Supreme Audit Institutions (ISSAIs). “Therefore, I seize this opportunity to appeal to our lawmakers in the National Assembly to prioritize the passage of the Audit Bill as a strategic legislative initiative to achieve the commendable goals of the Tax Reforms and Fiscal Policy Bills they are presently finalizing,” the AuGF added.Experts are of the view that the Auditor-General’s call for the passage of the Audit Bill 2022 aligns with the OAuGF Strategic Plan 2024-2028, which encapsulates the objectives of the Office being the Supreme Audit Institution(SAI) of Nigeria, aimed at enhancing public sector governance and accountability. The four principal objectives of the Strategic Plan include Goal 1: Focusing on the enhanced independence and mandate of the OAuGF; Goal 2: to mitigate mismanagement of public funds through more robust follow-up on audit recommendations; Goal 3: to ensure improved financial reporting within the public sector; and Goal 4: to establish the OAuGF as a model institution not only in Nigeria but on a global scale.

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