According to officials, the FIRS facility had failed to settle its statutory ground rent obligations for over 25 years, prompting the drastic action.

In a similar move, the FCTA enforcement team also closed a branch of Access Bank and a Total filling station, both located in the Wuse District. Authorities disclosed that the property housing the bank had not seen any ground rent payments for more than three decades—specifically, 34 years.

This clampdown comes in the wake of a major revenue recovery campaign initiated by the FCTA. In March, the administration revoked the titles of 4,794 properties whose owners had defaulted on ground rent payments for between 10 and 43 years.

The FCTA also issued a 21-day ultimatum to thousands of other property holders with arrears of less than 10 years, warning them to clear their debts or risk similar penalties. As of last Friday, the administration was still reviewing its financial records to identify which defaulters had complied within the grace period.

Officials indicated that repossession of the 4,794 revoked properties would begin in earnest this week.

Regarding the sealed bank facility, it was confirmed to be originally allocated to a private firm, Rana Tahir Furniture Nigeria Limited. It remains unclear whether Access Bank acquired the property from the original allottee or is occupying it on a lease agreement.

The post FCTA Shuts Down FIRS Office, Bank, and Petrol Station Over Longstanding Ground Rent Debts appeared first on Housing TV Africa.

According to audit reports, six Nigerian banks collectively paid N205.6 billion in windfall tax for 2024. The payment remains significantly lower than the federal government’s projected N1 trillion target.

Audit Reports List Banks That Have Paid the Tax

Audit filings with the Nigerian Exchange Limited confirmed payments from Zenith Bank, UBA, Fidelity Bank, Wema Bank, Stanbic IBTC, and GTCO. Stanbic IBTC Holdings and GTCO serve as parent companies for Stanbic IBTC Bank and Guaranty Trust Bank.

Zenith and UBA Lead in Windfall Tax Contributions

Zenith Bank paid the highest windfall tax at N63.31 billion, followed closely by UBA with N57.91 billion in total contributions. UBA’s audit report disclosed that its payment covered financial years 2023 and 2024, totaling N57.91 billion.

Breakdown of UBA’s Windfall Tax Contribution

UBA’s windfall tax payment consisted of N24.819 billion for 2023 and N33.092 billion for 2024, according to audit reports. The sum was determined after engagements with the Federal Inland Revenue Service on reconciliations and financial reporting.

GTCO, Stanbic IBTC, and Fidelity Also Make Payments

GTCO paid N51.25 billion in windfall tax, while Stanbic IBTC Holdings contributed N17.18 billion to the Federal Government. Fidelity Bank paid N13.33 billion, of which N5.71 billion was attributed to financial gains realized in 2023.

Windfall Tax Imposed on FX Gains from Naira Devaluation

The windfall tax imposes a 70 percent levy on foreign exchange gains realized from currency floating by the CBN. This levy applies retrospectively to financial years 2023, 2024, and 2025, significantly impacting banks’ capital reserves.

Bank CEOs Lobby Presidency to Reduce Windfall Tax

There are speculations that bank executives are lobbying the Nigerian presidency to negotiate a reduction in windfall tax payments. Sources suggest that banks are concerned about the impact of the tax on liquidity and operational sustainability.

Moody’s Warns of Negative Impact on Banks’ Capital Adequacy

Global ratings agency Moody’s has expressed concerns about the adverse impact of the windfall tax on Nigerian banks. In its report, Moody’s highlighted that banks with capital adequacy near regulatory limits could face financial strain.

Moody’s Links Windfall Tax to 2023 Currency Devaluation

Moody’s report emphasized that Nigerian banks recorded high profits in 2023 due to foreign exchange revaluation gains. The 37 percent naira devaluation in June 2023 significantly contributed to these foreign exchange gains and subsequent tax obligations.

The post Nigerian Banks Owe FG N600 Billion in Unpaid Windfall Tax appeared first on Housing TV Africa.

Nigeria’s real estate sector remains a critical part of the economy, and securing favourable lending rates is paramount for developers and investors.

Banks offer various lending rates tailored to the needs of real estate businesses. Borrowers should consider both prime and max lending rates, along with their specific financial circumstances, to choose the best banking partner for their real estate investments.

The prime rate indicates the best possible rate offered to the most creditworthy customers, while the maximum rate suggests the upper limit of interest rates for loans provided to the sector, which might apply to higher-risk scenarios or different loan structures.

As of May 10, 2024, here are the top 10 banks with the lowest prime lending rates for real estate businesses in Nigeria. The categorization is based on the CBN’s weekly interest rates data.

10. Access Bank

Access Bank offers a prime lending rate of 22%, which is the highest among the top 10. However, the maximum lending rate of 28.5% indicates some flexibility in loan agreements, which could lead to higher borrowing costs for riskier clients.

9. Globus Bank Ltd

With a prime lending rate of 21.41%, Globus Bank Ltd provides competitive initial rates. The max lending rate mirrors that of Access Bank, suggesting a similar risk premium structure for real estate loans.

8. Stanbic IBTC

Stanbic IBTC offers a prime rate of 20.5%. However, with a significant max lending rate of 38.4%, borrowers should be cautious of potential rate hikes due to varying credit risks or market conditions.

7. Guaranty Trust Bank

Guaranty Trust Bank’s lending rates are fixed, with both prime and max rates at 20%. This consistency can benefit borrowers seeking predictability in their financing costs.

6. Greenwich Merchant Bank

Offering a prime rate of 20%, Greenwich Merchant Bank has a slightly higher max rate at 25%, providing some room for rate adjustments based on borrower risk profiles.

5. Union Bank

Union Bank’s prime lending rate is competitive at 19.65%, but the high max rate of 33% could lead to substantial increases depending on loan conditions and borrower creditworthiness.

4. Citibank

Citibank’s 19.5% prime rate is favourable, though the max rate of 29% suggests potential variability and higher costs for borrowers with lower credit ratings or higher perceived risks.

3. Standard Chartered Bank

With a prime rate of 19%, Standard Chartered Bank offers attractive lending rates, with the max rate capped at 26%, providing a balance between affordability and risk management.

2. Nova Merchant Bank

Nova Merchant Bank offers a significantly lower prime rate of 12%, making it one of the most affordable options for real estate lending. The max rate of 20% ensures that even in riskier scenarios, borrowing costs remain relatively controlled.

1. SunTrust Bank

SunTrust Bank leads with the lowest prime lending rate of 7%, making it the most cost-effective choice for real estate businesses. The max rate of 10% further underscores its affordability, appealing to a wide range of borrowers seeking competitive financing terms.

The post Top 10 Banks Offering Lowest Lending Rates for Real Estate Businesses in Nigeria appeared first on Housing TV Africa.

Wigwe was said to have died following a helicopter crash in California near the Nevada border, United States of America.

Reports have emerged that Herbert Wigwe, the co-founder of Access Bank and the visionary behind Wigwe University, has tragically passed away in a helicopter crash in the United States, specifically California.

Wigwe, also known as the Chief Executive Officer (CEO) of Access Holdings, the parent company of Access Bank, was said to be on board the chopper alongside his wife, son, and three other passengers.

The fatal crash occurred as the helicopter was en route to Las Vegas, crashing near the border city between Nevada and California on Friday night. Tragically, no survivors have been found thus far, and the US government has confirmed that all on board have perished.

READ ALSO: Federal Mortgage Bank of Nigeria Plans Massive Housing Finance Under Renewed Hope Agenda

According to the United States Federal Aviation Administration, the Eurocopter EC130 helicopter went down around 10:00 pm local time, near Nipton, California, an unincorporated community approximately 60 miles south of Las Vegas in eastern San Bernardino County.

Mara Rodriguez, a public information officer, revealed that officials at the San Bernardino County Sheriff’s Department were alerted to the downed aircraft at 10:12 pm local time. The crash site was identified to be east of Interstate 15, near Halloran Springs Road.

While The New York Times has validated the incident, it did not disclose the identities of the passengers involved. As of now, no official statement has been released regarding the tragic event.

According to NBC, the helicopter is registered to a Burbank-based tour company called Orbic Air.

The post Tragic News: Wigwe, Billionaire Nigerian Banker, Dies As Chopper Crashes In US. appeared first on Housing TV Africa.

Mr Olatunji Mayaki has been appointed as the Chairman of the board of Sterling Bank Limited, replacing Mr Asue Ighodalo, who intends to become the next Governor of Edo through the Peoples Democratic Party (PDP).

He resigned from the bank from Sunday, December 31, 2023.

A statement signed by the Company Secretary, Ms Temitayo Adegoke, disclosed that the new chairman would assume the role from Monday, January 1, 2024. He assumes the board’s leadership after serving as a non-executive director.

“The resignation of our erstwhile Chairman is in line with the best corporate governance practices as Mr Ighodalo has offered himself for public service,” the statement said.

“Mr Mayaki takes on the leadership of the board to continue the progressive growth and lead the bank onto even greater success,” it added

His extensive background spans the practice of Law with the firm formerly known as Ajumogobia, Okeke, Aluko & Oyebode. He further served as the pioneer Vice President Legal & Compliance of ARM Limited, Country Head of Legal and Group Company Secretary for all Shell Petroleum companies in Nigeria, and Deputy Managing Director of Addax Petroleum Nigeria.

READ ALSO: Nigerian Housing Market Outlook For 2024

Mr Mayaki sits on the governing council of a Nigerian private university, Davidson, and a UK-based NGO and charitable organisation, Chestrad, from where he has championed the establishment of several programs in Nigeria to support health systems, social development, women and the girl child.

An alumnus of the prestigious University of Ibadan, as well as Harvard and INSEAD business schools, Mr Mayaki’s background in Law, Finance and Investment and overall career experience further strengthens the bank’s dedication to strong corporate governance.

In recent times, Sterling Bank has enhanced its focus on innovation and digitization, introducing specialized products such as Specta, The Business Hub, OneBank, Qore, Edubanc, HealthBanc, and Omni X, tailored to the unique needs of the Nigerian market.

Furthermore, the Bank has forged a partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to develop the real sector of the Nigerian economy with single-digit low-interest loans to SMEs, starting with a N5 billion scheme.

READ ALSO: Union Bank: Special Investigator rejects requests by Tunde Lemo, others

Renowned for its now famous HEART of Sterling strategy; which focuses on investments in Health, Education, Agriculture, Renewable Energy and Transportation; the bank featured on the prestigious top 100 fastest growing companies in Africa, as published by Financial Times all in 2023.

With its optimism about Nigeria, irreverent brand voice and enviable talent management practices, Sterling Bank has been the most recognised awardee of the Great Place to Work Institute over the last 5 years and was named earlier this year as the Overall Best Place to Work in Nigeria.

Source: Businesspost

The post Olatunji Mayaki Replaces Asue Ighodalo as Sterling Bank Chairman appeared first on Housing TV Africa.

The Central Bank of Nigeria (CBN) has assured depositors of the safety of their funds in Nigerian banks, reiterating the health of deposit money banks in the country.

The apex bank, in a statement on Wednesday signed by its acting Director of Corporate Communications, Mrs Hakama Sidi-Ali, dismissed reports that about two banks would be nationalised following infractions in their acquisitions.

Recall that several media houses, Housing tv not included, had reported the federal government would take over the CBN-supervised banks after a report by CBN’s special investigator, Mr Jim Obazee.

Mr Obazee, who was appointed in July 2023 by President Bola Tinubu had indicted ex-CBN governor, Mr Godwin Emefiele, in his report to the President, saying the ex-bank chief allegedly used proxies to set up two financial institutions — Union Bank and Keystone Bank.

This fuelled speculation that the apex bank might take over the two banks.

The former central banker was accused of acquiring Union Bank and Keystone Bank through several proxies from “ill-gotten wealth” and “without evidence of payment.

The CBN, in its statement, said, “The Central Bank of Nigeria has noticed reports, in certain media outlets, about a recommendation for the federal government to take over some CBN-supervised financial institutions.

RAED ALSO: National Housing Fund: Banks, insurers’ keeps owing… as HDAN threaten to sue CBN

“For the avoidance of doubt, Nigerian banks remain safe and sound. The CBN encourages the public to continue their regular activities without being alarmed by reports that have not emanated from the CBN about the health status of Nigerian banks.

“The CBN is fully equipped to carry out its statutory duty of upholding a stable financial system in Nigeria.

“We assure the general public and depositors about the safety of their funds in Nigerian financial institutions.

READ ALSO: National Housing Fund: Banks, insurers’ keeps owing… as HDAN threaten to sue CBN

“Bank customers are therefore advised to proceed with their banking transactions as usual, as there is no cause for concern.”

On its part, the Tropical General Investments (TGI) Group, which led the 2022 takeover through its Titan Trust unit, said in a statement on Sunday that the acquisition of Union Bank followed all the laid down rules and regulations.

The approximately $500 million used to finance the purchase from investors including Atlas Mara Ltd. was “transparent and unimpeachable,” adding that it was not a proxy as alleged.

Source: Businesspost

The post CBN Assures Safety of Funds After Union, Keystone Banks Takeover Rumours appeared first on Housing TV Africa.