Mortgage bank, labour unions flag off housing scheme for Kogi, Nasarawa workers

The Federal Mortgage Bank of Nigeria (FMBN)with its partners the Nigeria Labour Congress (NLC), Trade Union Congress (NUC), and Nigeria Employers Consultative Association (NECA) have flagged off the construction of a 100-housing unit project in  Kogi and Nasarawa States. The project has a delivery timeframe of six-months and the houses to be constructed are a […]

The Federal Mortgage Bank of Nigeria (FMBN)with its partners the Nigeria Labour Congress (NLC), Trade Union Congress (NUC), and Nigeria Employers Consultative Association (NECA) have flagged off the construction of a 100-housing unit project in  Kogi and Nasarawa States.

The project has a delivery timeframe of six-months and the houses to be constructed are a mix of one, two and three-bedroom units at affordable prices that range from N3.1m to N8.3m.

The groundbreaking ceremony to mark the official start of construction activities took place on an expansive thirty-seven hectare land on the outskirts of Lokoja which was provided at zero cost by the state government.

Managing Director/Chief Executive Officer of FMBN  Ahmed Musa Dangiwa at the event said that the 100-housing unit project in Kogi is part of the plan to deliver 1,400 affordable houses across the six geo political zones of the country under the pilot phase of the National Affordable Housing Delivery Program.

In Nasarawa, the groundbreaking ceremony to mark the start of construction activities took place on a five hectare land along the new Kwandare, Keffi road Lafia. The land was provided by the state government as part of its contribution to the success of the project and will house 100 housing units to be delivered within a six-month timeframe.

The Nasarawa housing site is the first of the 14 locations under the pilot phase of the program that is projected to deliver a total of 1,400 housing units nationwide. This includes 200 housing units in each of the six geopolitical zones in addition to Lagos and Abuja.

Under the terms of the program, the FMBN will provide low-interest housing loans to registered contributors to the National Housing Fund (NHF) to enable them to purchase the houses.

Eligible workers whose loan requirements fall below N5m will not be expected to pay any equity contribution to access the facility while those requiring N5m – N15m will have to provide only 10 per cent equity contribution instead of the previous requirement regime of 20 or 30 per cent.