Niger’s Zuma housing estate for sale

Dr. Peter Sarki, the Commissioner for Land and Housing, revealed to newsmen in Minna that the State Executive Council has approved the sale in agreement with Federal Mortgage Bank of Nigeria (FMBN) and Sintax Nigeria Limited.He recalled that the FMBN had earlier agreed to give N639.7 million in three tranches of 40 per cent first […]

Dr. Peter Sarki, the Commissioner for Land and Housing, revealed to newsmen in Minna that the State Executive Council has approved the sale in agreement with Federal Mortgage Bank of Nigeria (FMBN) and Sintax Nigeria Limited.
He recalled that the FMBN had earlier agreed to give N639.7 million in three tranches of 40 per cent first release and 30 per cent each in two subsequent releases.
Sarki reported that the bank had released N255.9 million and Niger government gave N100 million to Sintax Construction Company through the Urban Development Board, saying that only 90 of the 250 housing units were completed.
He added that the N255.9 million released by the bank had yielded up to N300 million interest, forcing the parties to sell to a private company, MANU Nigeria Limited, to recover their investment.
He stated that under the new arrangement, the state government would be refunded N110 million, Sintax N70 million and the bank, N255.9 million and also revealed that the bank had decided to forget the N300 million gains in order to ensure quick recovery of its initial loan for the project.
Sarki added that the decision became expedient with respect to the fact that the houses were presently being illegally occupied by some people.