Kingsley U N Chikwendu —

The Federal Mortgage Bank of Nigeria (FMBN), its efforts to make affordable homes possible for Nigerian workers contributing to the National Housing Fund (NHF) Scheme, commissioned phase one of a 60-housing unit estate for the National Human Rights Staff Cooperative Society in Kuje, Abuja.

Phase one has 25 completed homes comprising 2- and 3-bedroom bungalows, while phase two will deliver 35 housing units.

FMBN Managing Director, Madu Hamman said the commissioning of the National Human Rights Cooperative Society’s estate provides additional proof of how the Bank is leveraging the Cooperative Development Housing Loan (CHDL) product window to provide affordable housing to low- and middle-income workers.

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“Through the Cooperative Housing Development Loan (CHD), FMBN funds housing construction for housing cooperative societies and the acquisition of these houses developed by their members through the FMBN Individual National Housing Fund (NHF) Loan”, he said.

He added that the FMBN remains committed to ensuring that Nigerians have access to decent and secure accommodation through affordable mortgage financing, especially ordinary Nigerians with limited opportunities and access to mortgage products in Nigeria’s financial services sector.

Chairman, FMBN Board of Directors, Mr. Ayodeji Gbeleyi, commended the bank’s drive to deepen home ownership for Nigerian workers contributing to the NHF scheme.

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Represented by Mrs. Sandra Nkezie Nkechi, Mr. Gbeleyi said, “the approval and disbursement of the loan for the project and formal commissioning is an indication of the Bank’s genuine desire to continue to empower Nigerians in the area of ownership via affordable home construction and mortgage financing.

We commend the leadership of the FMBN in collaboration with Abiskoly Nigeria Limited, the developer, for conceiving this project and completing the first 25 units out of the 60 units approved by the Bank for construction. FMBN is financing this project’s construction and providing mortgage loans through selected primary mortgage banks to off-takers who are contributors to the NHF to enable them to purchase the houses and repay over a maximum of 30 years.”