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FMBN set to deliver 5,000 affordable houses under the national economic sustainability plan

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● Plans delivery of 20,000 housing units annually over the next five years.

The Federal Mortgage Bank of Nigeria (FMBN) is set to commence work on the delivery of 5,000 housing units under the National Economic Sustainability Plan (NESP) that was recently approved by the Federal Executive Council (FEC) to stimulate economic growth and create jobs.

The Managing Director/Chief Executive Officer of the Bank, Arc. Ahmed Musa Dangiwa made this announcement last week during a presentation to the Minister of Interior, His Excellency, Ogbeni Rauf Aregbesola on Mass Affordable Housing Scheme for officers of Paramilitary Agencies under the Ministry. Participants at the meeting included the leadership of Nigeria Correctional Service, Nigeria Immigration Service, Federal Fire Service and Nigeria Security and Civil Defense Corps.

Arc. Dangiwa said that FMBN in line with its mandate to increase access to affordable housing to Nigerians is ready and committed to forging a firm partnership with the Ministry of Interior towards improving the welfare of paramilitary services in the area of homeownership.

The FMBN boss highlighted that the partnership will enable interested members of the service across all cadres to benefit from the bank’s plan of financing 5000 new homes over the next 12 months as part of the Federal Government’s National Economic Sustainability Plan (NESP).

In his words “The FMBN is constantly evolving new initiatives, developing new products all of which are aimed at expanding access to affordable housing and mortgage finance not only for civil servants but for the generality of Nigerians. This proposal is borne out ‘#of the recognition of the efforts of the Men and Women of our Paramilitary Services towards safeguarding the lives and properties of Nigerians”.

Additionally, FMBN MD/CEO disclosed the Bank’s plan to commence construction of FMBN Mini Cities in collaboration with reputable real estate developers as one of the many windows that the Ministry of Interior could key into to boost delivery of affordable housing to its staff.

He explained that under the FMBN Mini Cities’ Project, the Bank is targeting the development of 20,000 housing units annually over the next five years. He said that they will be developed in prime locations across the country with units ranging from 1000 to 2000 housing units of 2-3-bedroom block of flats and some terraces.

To ensure quick and timely delivery, he stated that off takers are to be profiled at the inception of each project.

In his response, the Minister of Interior, His Excellency Ogbeni Rauf Aregbesola thanked the FMBN MD/CEO for the presentation and expressed strong interest in the Ministry’s participation in the FMBN Mini Cities Project.

The Minister instructed the leaderships of Agencies under his Ministry for further collaboration and engagement with the FMBN to ensure that appropriate frameworks and agreements are concluded so that staff can benefit from the scheme.

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