FMBN to provide four million houses in 15 years – MD

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, 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 in Gombe, Gombe State 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, the Trade Union Congress and the Nigerian Employers’ Consultative Association to realise the provision of the four million housing units to workers.
He said the bank had marketed 38 units of two-bedroom and 50 units of three-bedroom bungalows to the FRSC for its nationwide staff housing project.
He said: “It is on this basis that FMBN has commenced the processing of affordable mortgage loans attracting just six 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.”
Yau-Kumo said that Gombe State had contributed over N1.5 billion to the National Housing Fund scheme.
He added: “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 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.”
In his address, the Corps Marshal and Chief Executive of the FRSC, Osita Chidoka, said the corps’ housing scheme initiated about 15 months ago was to provide affordable houses for its personnel.
According to Chidoka, the corps through a partnership with the FMBN and other private developers would provide housing estates for the staff in Kuje area in Abuja, Yola in Adamwa State, Lagos State and Calabar in Cross River State.
“The FRSC National Housing Fund scheme has also taken possession of over 8,000 plots of land in the FCT and other parts of the country in addressing the housing needs of members of the corps,” he said.
Chidoka said the corps had earlier built 270 housing estate at Masaka, Nasarawa State, named after Prof. Wole Soyinka, 320 units and 44 units in different locations in Abuja.
He said that the corps was building 500 housing units in Lagos, besides the 125 houses built in Enugu;
Governor Ibrahim Dankwambo of Gombe State said the housing scheme would enhance productivity among members of the FRSC, adding that all tiers of government should adopt such scheme to provide adequate houses for their workers.
Dankwambo also commended the FRSC for the services it had been rendering to the people and urged the organisation to sustain the good work.