Nigeria’s Mortgage Bank Inaugurates 100 Housing Units In Adamawa State
The Federal Mortgage Bank of Nigeria, FMBN has inaugurated 100 housing units in Adamawa State.
FMBN’s Manager, Mr Madu Hamman said this at the inauguration of the houses in Yola, the Adamawa State Capital.
He said the bank funded the project to reduce housing deficits and challenges being experienced by Nigerians to own houses.
“Under this phase the bank is delivering to off-takers 40 units of three bedroom semi-detached bungalows at N8.3 million and 36 units of two bedroom semi-detached bungalows at N6.8 million.
“And 24 units of one bedroom semi-detached bungalows at 3.1 million,” he said.
Mortgage Financing
According to Hamman, the bank provides mortgage financing for purchase of the houses to the buyers at the rate of six per cent with repayment period of over 25 years.
He said the estate was designed with basic infrastructure such as roads, drains, electricity and water reticulated to the houses, to create conducive and liveable environment.
He appreciated the support of state government by providing land for the project.
Governor Ahmadu Fintiri of Adamawa state appreciated the FMBN for taking up to its responsibility, and urged it to sustain the tempo.
The governor pledged continued support to the project, stating that the government would provide access road at the estate.
Also speaking, President, Nigeria Labour Congress, NLC, Mr Ayuba Waba lauded the bank and the developer for the quality job.
He urged the state government to provide land to facilitate smooth take-off of the second phase of the project in the state.
Malam Ahmed Muhammadu, who spoke on behalf of the beneficiaries thanked the bank for the gesture, adding that “it is a priority of every civil servant to own a house”.
He urged the bank to expand the scope of the programme to promote participation.
NAN/Confidence Okwuchi
