Gabriel Enenche —
The Federal Mortgage Bank of Nigeria (FMBN) last week commissioned the COMACO MULTI-Purpose Cooperative Housing project in Lekki, Lagos State. The impressive 28-unit estate stands as another shining testament to the FMBN’s unwavering commitment to providing accessible and affordable housing for Nigeria’s working-class citizens, particularly middle- and low-income brackets, who contribute to the National Housing Fund (NHF) Scheme.
The Managing Director of FMBN, Madu Hamman, represented by the Zonal Manager, Lagos, Mr. Ibrahim Nafada, expressed his pleasure in the partnership that made the project a reality. He said the NHF scheme is meeting its mandate of providing access to homeownership to the majority of middle- and low-income workers in the country who are also the majority contributors to the NHF scheme.
:FMBN, LSDPC Inaugurates 72 Housing Units In Ogun State
Mr. Hamman also noted that the FMBN not only provided construction funds for the project but also provides mortgage financing for the purchase of the houses at a single-digit interest rate of 6%, which is the lowest interest rate in Nigeria with a repayment period of over 25 years. He added that no other bank in Nigeria offers such a rate and tenor.
The estate is fully serviced with basic infrastructures to create a conducive and liveable environment for residents. Mr. Hamman also highlighted that the Bank has created the Rent-To-Own Window, where off-takers can take possession of their houses and make rental payments over a period of time, depending on their age and income, such that the houses ultimately become their own on completion of payment without the need for equity contribution.
Hamman thanked the Governor of Lagos State, Mr. Babajide Sanwo-Olu, for his support of the NHF scheme and for ensuring that it is fully back into the fold of the NHF Scheme. He also thanked President Muhammadu Buhari and the Honourable Minister of Works & Housing, His Excellency, Babatunde Raji Fashola SAN for their guidance and leadership in the housing sector.
Finally, Mr. Hamman commended the efforts of the developer in delivering the project on time despite the challenges inherent in housing construction in Nigeria. He also expressed his gratitude to the staff of FMBN for their hard work and dedication in ensuring the full completion of the project.
The commissioning of the COMACO MULTI-PURPOSE COOPERATIVE Housing project marks a significant milestone for the FMBN in its effort to provide affordable housing for citizens of Nigeria.
