FMBN approves N491 million for Nasarawa smart city housing project

The Federal Mortgage Bank of Nigeria (FMBN) says it approved the sum of N491.3 million to finance the Brekete Family Smart City Housing Project located in Gurku, Nasarawa State.

The project is expected to deliver 70 units of houses financed by the bank through its Cooperative Housing Development Loan window.

Speaking at the foundation laying ceremony of the project in Nasarawa, the Managing Director/Chief Executive Officer of FMBN, Arc. Ahmed Musa Dangiwa, said approval of the loan to the Brekete Family housing cooperative platform Watershed Credit and Thrift Cooperative Society Limited and the foundation laying ceremony was an indication of the Bank’s genuine desire to continue to empower ordinary Nigerians in the area of homeownership through affordable mortgage financing.

“We are financing the construction of this project to the tune of N491.3 million and once the houses are built, FMBN will also provide mortgage loans through selected Primary Mortgage Banks at six per cent interest rate to members of the Family who are contributors to the National Housing Fund to enable them to purchase the houses and repay over a maximum period of 30 years,” he said.

He described the project as a landmark achievement, not only for the direct beneficiaries but for Nigeria as a whole given the country’s difficult journey towards addressing the nation’s housing deficit.

The MD said the Bank had recently delivered 100 housing units under the FMBN/NLC/TUC/NECA collaborative project at Kwandare near Lafia in Nasarawa State.

He added that FMBN is also currently financing the construction of an estate for the Dalhatu Araf Specialist Hospital Staff Multipurpose Cooperative Society in Lafia.

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He further reiterated the Bank’s commitment to ensuring that Nigerians have access to decent and secure accommodation through affordable mortgage financing, especially ordinary Nigerians who have limited opportunities and access to products in the Nigerian financial services sector.

He added: “One major platform we are using to drive homeownership in Nigeria today is the cooperative society through which the Bank finances housing development and provides mortgages for Nigerians both in the formal and informal sectors.”

The Governor of Nasarawa who laid the foundation stone at the event said due to the proximity of the state to the Federal Capital Territory, the location of the project offers huge potentials to boost the development of the state.

The Governor said: “This project is meant for the ordinary people and we have worked so hard on the issue of Security in this state. We have empowered the people and we have provided an enabling environment.

“Nasarawa is indeed safe to business because we have done a lot to ensure security. We want a smart city where people will prefer to live here than Abuja because we have silence and serenity.

The event was attended by the Executive Governor of Nasarawa State Engr Abdullahi Sule; the Chief of the Gurku Chiefdom, His Royal Highness Alh Jibrin Waziri and the Esu of Karu, His Royal Highness Dr Luka Panya Baba.

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FMBN approves N491 million for Nasarawa smart city housing project