The Federal Mortgage Bank of Nigeria says it has concluded plans to construct over 3,600 new low-cost housing units across the 36 states of the federation.
Managing Director of the bank, Ahmed Dangiwa, stated this in Abakaliki, Ebonyi State capital, during the inauguration of the bank’s s new office complex in the state.
He said the move was in line with the directive of the President, Major General Muhammadu Buhari (retd.), to the bank to construct at least 100 houses in each of the 36 states of the federation.
According to the FMBN boss, the bank was established to provide affordable mortgages to drive homeownership among Nigerian workers, particularly the low and medium-income earners.
He said this was being done through the National Housing Fund scheme in which Nigerian workers both in the public and private sectors contributed 2.5 per cent of their monthly income.
“The President of the country has ordered us to build 100 houses in every state of the federation. Once we are given land in every state, we will build 100 bungalows for the state.
“There is what is called home renovation loan; we give it to only those who contribute 2.5 per cent of their monthly income.
“We have a lot of packages for civil servants, indigent persons and private sector people in the state. We have given up to N622m to support these sets of people in the state who have houses and want to renovate them.
“Our National Housing Fund loans granted at six per cent is the most affordable in the country. We also have the FMBN Home Renovation Loan with liberalised conditions for easy access by Nigerian workers while the rent-to-own product and individual construction loans have also been introduced to further facilitate homeownership for Nigerians particularly civil servants,” he said.
Dangiwa said the active participation of Ebonyi State workers in the NHF scheme had resulted in a mutually beneficial relationship with the bank.
This, he noted, led to a grant of housing construction loan of N622m to Ebonyi State Housing Corporation for the construction of 240 housing units of various description, out of which 72 units had been completed and occupied.
“The bank has also advanced N621.35m to 1,050 members of Ebonyi State workforce under the FMBN Home Renovation Loan product,” he said.
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