Mortgage Bank Promises Four Million Houses To Nigerians

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The Federal Mortgage
Bank of Nigeria (FMBN) says it will deliver four million houses to Nigerians in the next 15 years.
The Managing Director and Chief Executive of the bank, Mr Gimba Yau-Kumo, said this in an address at the inauguration of the first phase of 88 housing units constructed for the staff of the Federal Roads Safety Corps (FRS C) in Gombe on Tuesday.
Yau-Kumo, who was represented by the Maiduguri Zonal Coordinator of the bank, Alhaji Mustapha Bukar, said the bank was partnering with the Nigeria Labour Congress (NLC), the Trade Union Congress (TUC), and the Nigerian Employers’ Consultative Association (NECA) to realise the provision of the four million housing units to workers,
He said the bank had marketed 38 units of 2-bedroom and 50 units of 3-bedroom bungalows, respectively to the FRSC for its nationwide staff housing project.
It is on this basis that FMBN has commenced the processing of affordable mortgage loans attracting just 6 per cent rate of interest and a tenor of up to 30 years, for officers and men of the FRSC to purchase the houses. ‘
In order to help overcome the issues of affordability, the management of the bank magnanimously approved a flat rate of 10 per cent as equity contributions from beneficiaries toward the purchase of these housing units.he said”.
Yau-Kumo said that Gombe State had contributed over N1.5 billion to the National Housing Fund scheme.
“By its support to the NHF scheme, I am equally happy to inform this august body that the bank . has approved N6.1 billion with about N3.2 billion disbursed to three (3) developers, including the state-owned property development company to deliver 1,840 housing units.
“As we commission this estate, please permit me to use this opportunity to assure all Nigerians in both private and public sectors of the bank’s commitment to deliver affordable houses”, he said.