News Column

FMBN Boss Commends FG On Housing Delivery

July 21, 2014

Bamidele Ogunwusi



Managing Director of Federal Mortgage Bank of Nigeria (FMBN) Gimba Ya'u Kumo has commended the present administration on its efforts at providing quality and affordable housing to Nigerians.

Kumo who spoke on the sidelines of the recent commissioning of the 324 units Elim Housing Estate in Enugu State, said these developments affirm the tangible achievements of the Transformation Agenda in the area of providing affordable housing for Nigerians throughout all the geopolitical zones of the country

The construction of the FMBN Elim Estate was financed from the limited resources of the National Housing Fund Scheme which comprises mainly of 2.5% of the monthly income of workers nationwide. The estate was financed through a construction loan to the developer, NBP Projects Limited, who has delivered a total of 324 units which are for sale to NHF contributors a affordable costs.

The estate comprises of 128 one bedroom terrace units selling for N3.5 million each, 32 two bedroom terrace units at the cost of N4.5million each, 89 two bedroom blocks at the cost of N5.8million each and 75 three bedroom bungalows attracting N10million each. All housing units are delivered with high quality finishing in addition to accompanying infrastructures of a good road network, electricity, sewage and other facilities to guarantee a comfortable and decent environment for the prospective estate residents.

Kumo said that in line with Mr. President's Transformation agenda and the desire to provide affordable housing to Nigerians, the FMBN has commenced the packaging of mortgage loans to NHF applicants in Enugu State to purchase these houses adding that low and medium income earners who qualify to own the houses based purely on the basis of being regular contributors to the NHF Scheme will enjoy mortgage loans that attract a single digit interest rate of just 6 % and are repayable for up to 30 years.

The concessionaire terms of the loans he said, are in conformity with the directive given to the bank to provide Nigerians access to cheap funding for owning their own houses.

Kumo commended the Enugu State Governor, Sullivan Chime who he said demonstrated confidence in the NHF scheme and championed the resumption of contributions by public servants in the employ of the state government to the NHF scheme.

" It is in view of the resumption of NHF contributions that FMBN offered the Enugu State government a N2billion estate development loan to be drawn down through Kelloyds Holdings, a private estate developer, to develop additional houses for the state public servants. This arrangement has received approval of the Honourable Minister of Lands, Housing and Urban Development and FMBN has commenced processing of the estate development loan for the Enugu State Government in this regard" he stated.

He commended the President on his remarkable achievements in recent times noting that the achievements are being consolidated upon despite the challenges of land acquisition and absence of long-term funding which the present administration is effectively addressing.

The MD also expressed delight at the quality of work by the developer and urged others to emulate him saying he has been able to deliver the project in record time and at required quality.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: AllAfrica


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters