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FMBN Sets Ambitious Target On Innovative Mortgage Solutions

BY CHIKA OKEKE, Abuja

Minister of Housing and Urban Development, Engr. Muttaqha Rabe Darma, 3rd R; Managing Director/Chief Executive of Federal Mortgage Bank of Nigeria, FMBN, Mr. Shehu Usman Osidi, 2nd L; flanked by others while presenting keys to beneficiaries of the Brains and Hammers Bungalow City in Abuja. 

The Federal Mortgage Bank of Nigeria, FMBN, has set an ambitious target to deliver innovative mortgage solutions for decent and more accessible housing, while strengthening partnerships that drive sustainable housing development across the country.

Managing Director/Chief Executive of FMBN, Mr. Shehu Usman Osidi stated this in Abuja shortly after the presentation of keys to the beneficiaries of Brains and Hammers Bungalow City, a housing project funded by the Bank.

The project, financed under the Megacity Housing Project, reflected the Bank’s commitment to expanding access to affordable housing and supporting Nigerians on the path to homeownership.

Osidi said: “At FMBN, our foremost responsibility is to ensure that every National Housing Fund, NHF, contributor receives value for his or her contribution through more accessible, affordable and sustainable housing solutions.”

He disclosed that the houses, comprising two- and three-bedroom terraces, were packaged under FMBN’s Rent-to-Own Scheme, a product designed to provide subscribers with a flexible route to homeownership by allowing them to occupy their homes while making structured payments towards eventual ownership.

The MD emphasised that the initiative is in line with the Bank’s mandate of providing affordable housing finance and improving the housing experience of Nigerian workers and contributors to the NHF Scheme.

Minister of Housing and Urban Development, Engr. Muttaqha Rabe Darma, who presented the keys to the beneficiaries, said that the Federal Government remains committed to moving beyond promises to tangible delivery in the housing sector.

“The time for rhetoric is over. Now is the time for action,” the Minister said, assuring the beneficiaries that the Ministry would continue to prioritise the delivery of affordable housing to Nigerians.

The Minister informed that the housing sector remains a key priority of the administration of President Bola Ahmed Tinubu, whose Renewed Hope Agenda includes a commitment to expanding housing delivery across the country.

“We must deliver on our responsibility as a ministry. We must make Nigerians proud because the responsibility given to us must be met,” he stated.

Expressing satisfaction with the quality of the houses, the beneficiaries commended FMBN’s role in financing the project and making their journey towards homeownership smoother.

Barr. Sanusi Dansoro, who received the symbolic key on behalf of the subscribers, noted that the occasion demonstrated that collaboration between government and key stakeholders lead to shared commitment, impactful and transformative outcomes.

The handover reasserted FMBN’s commitment to ensuring that contributors to the NHF Scheme receive value for their contributions through access to affordable homeownership opportunities.

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