Kingsley U.N. Chikwendu

The Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Madu Hamman, yesterday said the desire of the President Muhammadu Buhari led government to improve housing provision is the engine behind the over N15.4 billion spent on 1,924 housing units in Enugu State, since the last eight years.

The FMBN Chief revealed this when he spoke at the commissioning of FMBN/I-Connect Winners Estate, Trans-Ekulu, Enugu state.

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Hamman, while noting that the successful completion of the housing projects underscored the desire of the Muhammadu Buhari-led administration to tackle housing shortages in the country, he stated that the efforts have being replicated nationwide.

“This transaction with I-Connect Cooperative Society has delivered four projects rolled into one, Hamman said.

“Through this landmark project, the bank has delivered 404 housing units in four separate transactions. The first three projects are located here in Trans-Ekulu, while the fourth site is located at Nkanu West.

“The journey to deliver these projects with I-Connect started in 2018 with the first loan advanced to the cooperative for the purpose of delivering 52 housing units. In 2019, another loan was approved for the society to deliver another 52 units.

“In 2020 and 2022, two other separate transactions were approved to deliver 150 housing units each. In total, the bank has committed more than N5.2 billion credit facilities on these projects”, Madu enumerated.

The FMBN boss further said that in addition to the four housing projects commissioned yesterday, which were financed under the FMBN Cooperative Housing Development Loan (CHDL) window, there are nine others spread across the states, financed and successfully delivered by the bank under various loan windows.

He said the bank has committed more than N10.2 billion to deliver 1,520 housing units through those projects.