Managing Director of Federal Mortgage Bank of Nigeria (FMBN) Mr Ahmed Dangiwa has congratulated Governor Nasir El’Rufai for keeping the Kaduna International Trade Fair alive despite challenging times.
Dangiwa who was reprersented by the Northwest Coordinator FMBN, Mr Bila Abdullahi, gave the commendation at the FMBN day at the 40th edition of the Kaduna International Trade Fair in Kaduna on Wednesday.
“It is gratifying to note that despite the economic challenges we went through in recent years, this administration has continued to sustain its sponsorship of this important event to boost the economic and business opportunities, not only in Kaduna State but also the northern region of Nigeria.
“Thus, Kaduna State does not only maintain its enviable position as the political capital but also retains its reckoning as the business oasis for the northern region,” Dangiwa expressed.
He noted that economic events such as this must be fully supported by business entities and corporate bodies to enhance and strengthen economic recovery that “we are witnessing under the President Muhammed Buhari administration”.
The bank chief said trade fairs create wonderful opportunities for innovative sharing of business ideas, products, goods and services.
He explained, “They also create a conducive atmosphere for positive and profitable business-to-business interactions and partnerships.
“Trade fairs enable governments and businesses to understand one another as well as explore opportunities for collaborations for economic growth and development.
“It is without reservation that the Federal Mortgage Bank of Nigeria fully supports Kaduna State as it hosts this milestone edition of its international trade fair.
“FMBN as the nation’s foremost housing finance institution, we are cognizant of the enviable role that Kaduna State is playing as a leader in housing-related innovations.”
Dangiwa maintained that FMBN’s ultimate goal has been to ensure affordable homeownership among Nigerians.
He said to make homeownership more accessible and affordable to Nigerians, FMBN approved that applicants will no longer be required to put down 10 percent equity in order to access a mortgage loan of N5 million and under.
For loans he said higher than N5 million to the maximum amount of N15 million, applicants will require a flat equity down payment of just 10 percent of the property price, a reduction from the 20-30 percent previously required.
According to him, the bank also introduced the rent-to-own product through which National Housing Fund (NHF) contributors gain immediate access to FMBN-funded houses anywhere in Nigeria and pay rent over a pre-determined period of time to become eventual homeowners.
“The rent-to-own product eliminates about 20 percent of the costs to homebuyers and therefore makes the path to buying a home through FMBN more affordable and convenient,” the bank Managing Director sttaed.
Dangiwa stated that FMBN has invested N5.03 billion to deliver 1,225 housing units.
These houses were developed in six housing estate projects sited in Kaduna, Kafanchan and Zaria.
He said the bank has equally disbursed over N578 million as Home Renovation Loans to 652 beneficiaries in Kaduna State and earmarked N572 million for disbursement to NHF contributors in the state in the current year.
“It would also interest you to know that in line with the provisions of the NHF Act, 10,133 retirees have been refunded the cumulative sum of N965,362,764,” Dangiwa said.
He appreciated the opportunity given to FMBN to celebrate and showcase its support at the 40th Kaduna International Trade Fair.
