FMBN Disburses N119.9bn For NMDPRA’s Abuja Project

BY CHIKA OKEKE, Abuja

L-R: Managing Director/Chief Executive of Federal Mortgage Bank of Nigeria, FMBN, Shehu Usman Osidi; Minister of Housing and Urban Development, Engr. Muttaqha Rabe Darma; Chief Executive of NMDPR, Mallam Rabiu Abdullahi Umar; and MD of Family Homes Fund Limited, Mr. Abdul Mukhtar at the Presentation of Houses to Staff of NMDPR under the FG's Renewed Hope Cities and Estates Programme.

The Federal Mortgage Bank of Nigeria, FMBN, has disbursed ₦100 billion off-taker guarantee, in addition to ₦19.9 billion in direct funding to developers, in order to facilitate construction financing for the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, workers to access completed homes through sustainable mortgage arrangements.

Managing Director/Chief Executive of FMBN, Shehu Usman Osidi stated this on Thursday in Abuja, at the presentation of allocation letters to 430 staff of the NMDPRA in Abuja.

The letters covered housing units across Abuja, Kano and Lagos under the Federal Government’s Renewed Hope Cities and Estates Programme, with FMBN providing critical financing and mortgage support for the initiative.

‎“FMBN is proud to be part of the journey that gave birth to this event today and we remain committed to supporting the Renewed Hope Cities and Estates programme in Karsana and across the country,” Osidi said.

Osidi stated that FMBN’s support for the Renewed Hope Cities and Estates Programme extends beyond individual mortgage financing to include large-scale project financing and off-take support.

He disclosed that NMDPRA staff had subscribed to 359 housing units in Karsana, Abuja, and 14 units at Janguza, Kano, while 197 National Housing Fund, NHF, mortgage applications valued at approximately ₦8.3 billion were being packaged for submission to FMBN.

The MD informed that CityCode Mortgage Bank is working with the beneficiaries on the mortgage applications, while FMBN would facilitate the financing process for eligible applicants.

‎He pointed out that the Bank would continue to work with developers, primary mortgage banks, cooperative societies, employers and other financial-sector partners to expand the supply of affordable homes and strengthen access to mortgage finance for Nigerian workers. 

‎Osidi highlighted FMBN’s recently launched Diaspora Mortgage Loan and the forthcoming Rent Assistance Product, RAP, as part of the Bank’s efforts to respond to the changing housing needs of Nigerians. 

‎He enjoined the beneficiaries to work closely with the Cooperative Society, CityCode Mortgage Bank, FMBN and the developers to conclude their mortgage documentation and other requirements promptly, assuring them of the Bank’s commitment to efficient and transparent processing.

Osidi described the event as a significant demonstration of how the government policy could be translated into tangible homeownership opportunities for Nigerian workers.

The initiative brought together the Federal Ministry of Housing and Urban Development, FMBN, Family Homes Funds Limited, NMDPRA Staff Cooperative Society, CityCode Mortgage Bank, developers and other stakeholders.

‎Minister of Housing and Urban Development, Engr. Muttaqha Rabe Darma reaffirmed the commitment of President Bola Ahmed Tinubu-led administration to providing decent and affordable housing for Nigerians.

He revealed plans to launch a social housing scheme targeting the delivery of 100 housing units in each Local Government Area , LGAs, across the country.

‎The Minister harped on the need for stronger synergy among agencies and stakeholders in the housing sector, adding that greater collaboration would enable institutions to harness their respective resources, expertise and capacities to expand access to affordable housing for Nigerians.

‎Chief Executive of NMDPRA, Mallam Rabiu Abdullahi Umar praised Engr. Darma, FMBN and other partner agencies for working together to provide housing opportunities for NMDPRA staff.

‎He stated that the initiative demonstrated the importance of inter-agency collaboration in addressing the welfare needs of workers while advancing broader national development objectives.

‎Umar appreciated all the institutions and partners involved in the initiative, saying that the opportunity for NMDPRA staff to access housing through the programme represented a significant milestone for the Authority and its employees.