Business
FCTA Open to Partnership With Genuine Real Estate Developers —Wike
Minister of the Federal Capital Territory, Barrister Ezenwo Nyesom Wike has said that the FCT Administration is open to partnering with genuine real estate developers in the nation’s capital.
The Minister said this when he received a delegation from Real Estate Developers Association of Nigeria (REDAN), FCT Chapter, led by the Chairman, Dr. Okoruwa Anthony Ehikioya on a courtesy visit to the FCT Administration on Thursday, May 9th, 2024.
Barrister Wike who highlighted the importance of collaboration in real estate development in order to reduce the housing shortfall in the country, commended the association for showing interest in partnering with the government.
He however stressed that the FCTA will only go into partnerships that will be mutually beneficial, adding that the Administration has also introduced measures to ensure that only genuine developers are encouraged to participate in real estate development in the FCT.
As part of these measures, the Minister said a financial institution, forthwith must undertake that a real estate developer has the financial capacity to carry out any stated project, while the developer must also commit to completing the project within a specified time frame or forfeit the land titles without conditions.
The Minister said, “What we have done now, yes, you want to develop land, yes you have to show the financial capacity, a bank will undertake that you have the financial wherewithal for such development.
“Secondly, you will undertake that this project must be started and finished within a given timeframe, without any condition attached to that title.
“Three, that failure to develop this, the government is entitled to take back their land no matter what form of development you have put in there. Government is entitled to take their land bank.
He further stressed that government will not allocate land to anybody or organisation that is only interested in selling allocated land.
He said, “Government can on its own decide to sell land. So, why would government give out land for the purposes of housing estate and then you are selling the land to people. We could as well have sold the land ourselves if that is the case”.
Barrister Wike also decried that many real estate developers in the FCT were not fulfilling their obligations as regards the payment of taxes relating to ground rents and sale of properties, among others, reiterating that the government requires such revenue to carry out development activities.
To checkmate this, the Minister said, that the FCT Administration as a policy will only sign letters of consent when it is determined that all the fees accruable to the government have been paid in full as provided by law.
Barrister Wike also expressed worries about the issues of land grabbing in the FCT and assured that the FCT Administration will continue to do its best to address the situation.
Speaking earlier, the Chairman, of Real Estate Developers Association of Nigeria (REDAN), FCT Chapter Okoruwa Anthony Ehikioya, said the EXCO as agents of development in the FCT were on the visit to thank the Minister over his development efforts in the FCT and express their desire for partnership in real estate development with the government.
The Chairman, while also lamenting the various issues of land grabbing and land racketeering that have bedeviled the real estate sector, said such actions have cast them in a bad light and put their members in a very difficult situation. He revealed that the association has chosen to come and proffer solutions to some of the existing problems.
Ehikioya further expressed the desire to collaborate with the FCT Administration in order to provide comfortable and affordable housing in the FCT saying “We are looking at within the period of this period of our administration, producing about 15000 units of houses for the FCT and in doing this, we are looking at a partnership with the government”.
Also present at the event were the Chief of Staff to the Minister Hon. Chidi Amadi, FCTA Head of Service, Dr Samuel Atang, Executive Secretary, FCDA, Engr Shehu Hadi Ahmed, and other senior officials of the FCTA and REDAN.
Nigerian carrier, Air Peace, has clarified why its Benin to Abuja flight P47171 was delayed in the air on Friday.
In a statement issued by the Head of Corporate Communications, Ejike Ndiulo, Air Peace Airline on Saturday stated that during the aircraft’s descent into Abuja, the flight encountered turbulence as a result of adverse weather conditions, including thunderstorms.
The statement further stressed that in line with global aviation safety standards, “our crew activated appropriate safety protocols and held in a holding pattern until weather conditions improved.”
Social media users complained on Saturday that the aircraft hung in the air longer than necessary before landing.
Elanza news understands that when an aircraft is held in a holding pattern, this means the plane was instructed to fly a specific course around a designated point while waiting for permission from the control tower to proceed with its planned route, approach, or landing.
This is often due to factors like traffic congestion at the given airport, weather delays, or other operational issues that could result in an incident or accident if the aircraft had landed against instructions.
In simpler terms, a holding pattern is a temporary waiting area for an aircraft in the air, allowing it to remain airborne while awaiting further instructions for landing.
The statement further stated, “We are pleased to confirm that the aircraft landed safely and the passengers disembarked normally. Air Peace is unwavering in its commitment to ensuring the highest standards of safety across all our operations.”
IMF to FG: Enhance transparency in oil sector, contain borrowing
The International Monetary Fund (IMF) has advised Nigeria to enhance transparency in the oil sector to ensure that the subsidy removal savings are transferred to the government’s budget.
Abebe Selassie, the director of the African department at the IMF, gave the advice on Friday while presenting the findings of the Regional Economic Outlook for Sub-Saharan Africa report at the IMF and World Bank spring meetings in Washington, DC, the United States.
Selassie was responding to questions on the federal government’s reforms and Nigeria’s debt profile, which currently sits at N142.3 trillion as at September 2024.
Speaking to journalists, the director said the fund has been very impressed by the reforms Nigeria has undertaken to address microeconomic imbalances in the country.
The director said the subsidy was taking “a very large” share of the limited tax revenues, which was not effectively used to help the most vulnerable people.
“So it’s been really good to see the government taking these head on, and also beginning to roll out the third component of the reforms that we’ve been advocating for, [that] government has been pursuing, which is to expand social protection to target generalised subsidies to help the most vulnerable,” he said.
“This has all been very good to see, but more can be done, particularly on the latter front: expanding social protection and also enhancing a lot more transparency in the oil sector, so that the removal of subsidies does translate into flow of revenue into government budget.
“So, there’s still a bit more work to do in these areas.”
Selassie disclosed that the IMF had a mission in Nigeria, where discussions with the authorities focused on issues related to the nation’s macroeconomic conditions.
Still, the director advised the federal government to consider reforms in other areas to engender more private sector investment, and also how more resources can be “adopted” to help Nigeria generate the revenues needed to build more schools, universities, and infrastructure.
“So there’s a comprehensive set of reforms that Nigeria can pursue that would help engender more growth and help diversify the economy away from reliance on oil,”
“And this diversification is all the more important given what we’re seeing happening to commodity prices.”
Selassie acknowledged that while the government is undertaking reforms, there will be a financing need.
He urged the authorities to adopt “a judicious and agile” way of dealing with the financing challenges the country faces.
The IMF official said Nigeria’s financing gap “can only be filled” by permanent sources such as revenue mobilisation in the long run.
“But in the interim, carefully looking at all of the options the country has to borrow in a contained way, will be part of that solution,” he said.
“And I think the government has been going about this prudently and cautiously so far, and we’re encouraged by that.”
In January, the Debt Management Office(DMO) said the total domestic debt was N73.4 trillion ($45.8 billion) while the total external debt was N68.8 trillion ($43 billion).
The debt body said the increase was primarily due to rising domestic borrowing and the impact of exchange rate depreciation on external debt when converted to naira terms.
The Federal Government is set to launch the National Agribusiness Policy Mechanism (NAPM) to strengthen agricultural productivity, stabilise food prices, and drive economic growth.
The NAPM is part of broader initiatives aimed at transforming the country’s agricultural sector through data-driven policies and public-private partnerships.
Speaking on Friday in Abuja during a meeting of the Presidential Food Systems Coordinating Unit (PFSCU) Steering Committee at the Presidential Villa, Abuja, Vice President Kashim Shettima said the initiative will align agricultural efforts across all government tiers through real-time data analytics.
“The Green Imperative Project (GIP) is an idea whose time has come. It has been in the incubation period for several years, and now it is coming to fruition; we have to get it right.
“We have had many interventions in this country in the past. We must make this work, and it’s the states that will drive the process,” the Vice President said.
Signed between Nigeria and Brazil on March 17, 2025, the Green Imperative Project (GIP) is a $1.1 billion initiative aimed to modernise 774 mid-sized Nigerian farms with Brazilian agricultural technologies, creating jobs and boosting productivity across the nation.
VP Shettima further said President Bola Tinubu has approved ₦15 billion for the National Emergency Management Agency (NEMA) to prepare for floods as the rainy season kicks in.
“This is one of the first proactive decisions by the government to prepare for the flooding season,” the Vice President noted.
Earlier, the Technical Assistant to the President on Agriculture and Executive Secretary of PFSCU, Marion Moon, explained that NAPM aims to address challenges of high food inflation and agricultural yields that lag 60 per cent behind global averages.
She revealed that the pilot survey for NAPM has been completed across 13 states, with a full launch planned for June 2025.
The NAPM, supported by data analytics partnerships and a digital platform under development, is designed to tackle food inflation, inefficient subsidies, and outdated farming practices, to give the country a unified framework to optimise public spending and drive sustainable rural development.
Those present at the meeting included Governors of Jigawa State, Umar Namadi, and Ekiti State, Biodun Oyebanji; Deputy Governors of Borno State, Umar Kadafur, and Ebonyi State, Patricia Onyemaechi Obila.
Others are Minister of Agriculture and Food Security, Senator Abubakar Kyari; Minister of State for Agriculture and Food Security, Aliyu Abdullahi; Permanent Secretary of the Federal Ministry of Finance; heads of agriculture and manufacturing private sector players, and international development partners.