Business

FGSHLB Solicits More Funds to Provide Affordable Homes for Federal Civil Servants

Published

7 months ago

April 11, 2025

…Inspects Housing Projects, Reaffirms Commitment to Affordable Homes
Joel Ajayi

In a renewed push to provide affordable housing for federal civil servants, the Executive Secretary of the Federal Government Staff Housing Loan Board (FGSHLB), Hajiya Salamatu Ahmed, has called for increased funding to accelerate ongoing housing projects across the country.

During a recent inspection tour of housing developments in Gwagwalada, Kuje, and Karachi within the Federal Capital Territory (FCT), as well as in Nasarawa State, Hajiya Ahmed reaffirmed the board’s commitment to delivering quality and affordable homes to civil servants.

She expressed satisfaction with the progress of the projects, particularly highlighting the Dukpa Gwagwalada site, which features 20 units of 3-bedroom apartments nearing completion.

The Kuje prototype project includes 48 units of 2-bedroom flats, six 3-bedroom flats, and six duplexes, while the Karachi project in Nasarawa boasts 45 units comprising 3-bedroom flats, 2-bedroom flats, and semi-detached bungalows.

“I am impressed with the quality of materials and the pace of work. We expect the estates to be ready for commissioning by June this year,” Ahmed stated.

Stressing the affordability of the homes, she noted that a 2-bedroom bungalow costs ₦17 million, a 3-bedroom flat ₦22 million, and a 3-bedroom duplex ₦30 million—prices tailored to civil servants’ budgets. However, she emphasized that funding limitations remain a major obstacle.

“We are only able to execute these projects in phases due to limited funding. To meet the growing demand and expand to other states, we urgently need more financial support,” she appealed.

She also pointed out the challenges faced by many civil servants who reside far from their workplaces due to high rent in Abuja, resulting in heavy transportation costs and financial strain.

Ahmed explained that while the board relies solely on annual government budget allocations, attempts to secure private sector funding have not materialized due to high-interest rates, which are unaffordable for civil servants earning modest salaries.

“A 10-15% interest loan is not feasible for a level 8 civil servant earning just over ₦100,000 monthly. Through our scheme, loans are offered at just 3% interest, with convenient salary deductions,” she noted.

Highlighting the importance of land availability in reducing construction costs, Ahmed commended the provision of free land in Gwagwalada and called on other states to follow suit to enable wider access to affordable housing.

She concluded by urging the government to prioritize increased funding for FGSHLB, stating: “Every federal government worker deserves a decent home. With better funding, we can make this a reality for more civil servants across the country.”

At the Kuje project site, developer Mr. Rotimi Fasan confirmed that infrastructure such as roads, water systems, green spaces, and sewage facilities are already in place and ready for use.

The projects are being executed under the FISH Programme—an initiative of the Office of the Head of Civil Service of the Federation (OHCSF) which aims to provide affordable housing for civil servants through coordinated efforts involving land allocation, inter-ministerial collaboration, and infrastructure support.

While assuring the timely completion of the Karachi Housing Unit, the Project Manager, Felix Oluwatosin Arowowade, pledged that all 45 units would be ready by the end of June.

“We have developed a functional road network, a water system, green areas, and a playground for children. As you can see, work is progressing steadily, and by the grace of God, the Karachi Housing Unit will be ready for commissioning by the end of June,” he stated.

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Business

TAJBank Emerges Nigeria’s Biggest Non-Interest Bank

Published

2 weeks ago

October 23, 2025

The Gleamer

Cyril Ogar

After five years of operations in Nigeria’s rapidly evolving non-interest banking (NIB) space, TAJBank Limited has become the biggest player in the NIB subsector based on its total assets and gross earnings values.

Disclosing this during his paper presentation on the key performance indices in the non-interest banking space over the past few years at a seminar organized by Leaders Corporate Services with the theme “Roles of Non-Interest Banks In SMEs’ Financing” for SME entrepreneurs yesterday in Abuja, an investment expert, Mr. Olabode Akeredolu-Ale, maintained that based on the non-interest banks’ approved financial statements for the half year 2025, TAJBank currently remained the biggest in terms of its total assets.

The expert, a chartered stockbroker, specifically confirmed that his recent investment researches on the NIBs and their financial performances showed that TAJBank, with its total assets rising to N1.017 trillion in half year 2025 up from N953.098 billion as of December 2024, which is about N53 billion higher than the nearest NIB’s assets, now ranked top in the banking subsector.

According to him, TAJBank’s gross earnings for H1 2025 also surged to N53.752 billion from N32.86 billion as of December 2024, representing a 64% growth, and higher than the nearest NIB’s gross earnings in the period under review.

This is even as he disclosed that on the NIBs’ earnings per share during the half year, TAJBank reported N61.36 kobo earnings per share, about 92% higher than the earnings per share of the next NIB during the period.

Akeredolu-Ale, who is also a chartered accountant, clarified: “The figures I am reeling out here on the NIBs are sourced from the banking and capital market regulatory institutions’ platforms, which anyone can access to verify.

“I am part of this event because of my research interest in non-interest banking and how the players in the subsector in Nigeria can help to leverage their competencies in innovation and ethical banking to support our MSMEs.

“Today, the MSMEs cannot access DMBs’ loans due to high lending rates and other inclement macroeconomic factors. This is where I think the NIBs have become very crucial to Nigeria’s economic growth.

“Overall, my findings on the NIBs indicated that they are all trying their best with non-interest loans to support entrepreneurs, particularly the MSMEs owners. I have advised those of them at this seminar to explore the cost-friendly financing options of the NIBs to grow their businesses by opening accounts with the NIBs”, the expert added.

Another speaker at the event, Benjamin Chukwudi, also commended the NIBs for their “catalytic roles in helping SMEs to access interest-free loans and providing them the needed financial management advisory, which have been helping them in sustaining their operations in the face of rising cost of doing business in the country.”

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