FMBN invests N2.3bn on 624 houses in Oyo

The acting Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Mr. Richard Esin, at the weekend said that the bank had invested  N2.303 billion to finance construction of 624 housing units in Oyo State. He said   that  the bank had also funded 527 housing project units through different developers in Ibadan. He […]

The acting Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Mr. Richard Esin, at the weekend said that the bank had invested  N2.303 billion to finance construction of 624 housing units in Oyo State. He said   that  the bank had also funded 527 housing project units through different developers in Ibadan.

He said this at the commissioning of 100 units ministerial pilot housing scheme, financed by the FMBN off Ogbomoso-Ilorin expressway.  

Esien said that the construction loan of N561.2 million was advanced by the bank to the developer to deliver the 100 housing units. He explained that the housing units comprised of 48 units of 3-bedroom semi detached bungalows, 40 units of 2-bedroon semi detached bungalows as well as 12 units of 1-bedroom terrace bungalows.

He said that Nigerian workers, on the basis of their contribution to the National Housing Fund (NHF) scheme became eligible for mortgage loans at a concessionary interest rate of 6 per cent per annum and repayable over a maximum period of 30 years.

Also speaking, the Minister of Works, Power and Housing, Mr. Raji Fashola, noted that the present administration would not abandon projects of immediate past government of President Goodluck Jonathan.

“I want to acknowledge that this housing estate project was started during the last administration in 2014. It is important to do so. But I know that traditionally when administrations change, especially when political ideologies also change, people are apprehensive of what happened to uncompleted projects. People may have been worried what would happen to this estate. Gladly today, President Buhari has said that change does not have to be dysfunctional. And that there’s no politics about housing. It’s human dignity that’s most important,” he said.