Featured Finance

FMBN reiterates commitment to promoting affordable housing for civil servants

By Meletus EZE

The Federal Mortgage Bank of Nigeria (FMBN), has reiterated its commitment to urgently address the housing needs of Nigerian workers, by providing affordable housing across the country.

The Managing Director of FMBN, Mr Ahmed Dangiwa, said this on Tuesday in Ubani, Abia State, during the Ground Breaking ceremony of the National Affordable Housing Project for Nigerian workers in Abia.

Dangiwa said that the bank had initiated the National Affordable Housing project to solve the deteriorating housing situation in urban areas across the country.

He said that the bank would deliver “100 units of houses in a mix of three, two and one bedroom semi-detached bungalows and blocks of flats with a strong focus on affordability”.

Dangiwa said that the main objective of the initiative was to establish a model template to promote affordable housing delivery in Nigeria.

According to him, the implementation concept for this programme is unique with the design and construction framework firmly focused on delivering a cost-effective, safe, decent, qualitative and affordable housing.

“The housing designs and bill of quantities (BoQ) are directly commissioned by the bank to ensure the profit motive is suppressed.

These are then handed to participating developers, who are willing to accept the template.

“This template has given us the leverage to ensure that the selling prices for the housing units range between N3.1 -N8.3 million.”

He said that the project would be monitored and supervised by consultants, social partners and stakeholders to ensure that it would be completed in six months.

Dangiwa said that FMBN would provide mortgage loans through selected Primary Mortgage Banks to Nigerian workers, who were contributors in the National Housing Fund (NHF).

He said that the mortgage loans would enable them to purchase the house and repay the loans within a maximum period of 30 years.

Responding, Gov. Okezie Ikpeazu of Abia, thanked the Federal Government for the confidence in Abia government and for finding Abia worthy to be part of the first phase of the project in Nigeria.

Ikpeazu said that the state government would do everything to provide a conducive environment for the project to be completed in record time.

The governor called on the Federal Government to evolve policies that would make building materials affordable, adding that it would greatly address the housing needs of Nigerians.

Earlier, Mr Emmanuel Mbaka, Managing Director of Trade More Holding Investment, described housing as a fundamental human right of every individual and the responsibility of a responsible government.

Mbaka said that the initiative was an effort of the Federal Government to enable the average Nigerian worker acquire a house at a highly subsidised rate.

Meanwhile, Mr Chris Okoro, the Abia Chairman of Joint Public Service Negotiation Council, commended the Federal Government for introducing the housing project, noting that it is a laudable project.

Okoro appealed to the relevant agencies to ensure that the project would be realised to enable workers in Abia to become “proud home owners”.

 

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