Naomi Gabriel —
The Managing Director of Federal Mortgage Bank of Nigeria (FMBN), Madu Hamman last weekend said that in order to continue bridging the housing deficit gap in the country and provide affordable homes for Nigerians, FMBN has committed more than N8.2B facilities to deliver 2,096 housing units in Ogbondoroko, suburb, Kwara state.
Madu disclosed this at the commissioning of a multipurpose cooperative union’s housing project.
He said the FMBN is delivering on it’s mandate as there is no state in the country that don’t have the presence of at least, two FMBN sponsored estates.
Represented at the occasion by Executive Director, Loans and Mortgage Services Mallam Lukman O.Mustapha, Madu said N500m was given to the Cooperative society in 2018 for the construction of 108 housing units, comprising of 54 units of 2-bedroom and 54 units of 3 -bedroom bungalow, including basic infrastructure like internal road network, drainages, electricity and water supply to create a conducive and livable environment.
“It is worthy of note that all the houses have been fully subscribed by members of the Cooperative Society”, he said.
He however appealed to Governor Abdulrahman Abdulrazaq to ,”graciously approve the construction and tarring of the road to the estate ,not only to facilitate easy access but to open up this area for development. “
Mustapha further called on all private and informal sector operators including the self employed in Kwara state and Nigeria at large to use the opportunities afforded by the bank’s CDHL and other loan windows to become proud home owners stressing that FMBN remains the only institution offering affordable mortgages to Nigerians at single digit rate between 6-7%.
He further said that FMBN had recently approved the increase in the NHF Mortgage Loan threshold from N15m to N50m par applicant in response to the calls from high income earners majorly from the private sector.
While further listing FMBN achievements in Kwara state he said that the bank has also granted the sum of N3.35B as Home Renovation Loan Facilities to 4744 members of Kwara state workforce including civil servants, teachers, lectures and other category of workers.”
“We have also extended the sum of N864.9M to 158 NHF contributors who have become proud homeowners in kwara state under our Rent-to-Own Scheme.In the same vein,3 beneficiaries have been granted the sum of N22.3M as individual Construction Loan by FMBN”, he added.