Housing: FMBN expends N2.3b in Oyo, commissions ministerial pilot estate
The Federal Mortgage Bank of Nigeria (FMBN), says it has invested a total of N2.303 billion to finance the construction of 624 housing units in Oyo State.
Richard Esin, Acting Managing Director of FMBN, at the weekend disclosed this in his address at the commissioning of the FMBN/VIVA Housing Estate under the Ministerial Pilot Housing Scheme (MPHS) held at Ogbomosho, Oyo State.
According to Esin, the new Estate and other housing estates in various locations across the country are funded by FMBN, financed from the resources of the National Housing Fund (NHF) Scheme.
He added that, the steps taken are in pursuit of the business focus of the Bank which is targeted at providing affordable mortgage to promote homeownership among the Mass and Middle Income market segment in Nigeria.
The Acting Managing Director said: “In line with the mandate of the Federal Mortgage Bank of Nigeria to be an effective and efficient instrument through which the Federal Government could actualize its housing policy, FMBN has invested a total of N2.303 billion to finance the construction of 624 housing units in Oyo State.
“However, the construction loan of N561.2 million advanced by the Bank to Viva Construction Ltd has delivered 100 housing units comprising: 48units of 3-bedroom semi-detached bungalows, 40 units of 2-bedroom semi-detached bungalows and 12 units of 1-bedroom terrace bungalows.”
Esin, reaffirmd that FMBN remain committed to sustaining the fruitful partnership with the workers in Oyo State for the provision of affordable housing and as well ameliorate housing deficit.
Also speaking, Minister for Power, Works and Housing, Babatunde Fashola, said that the Estate started last administration (2014), and President Muhammadu Buhari has proven that change is about functional, no politics about housing, and above all human dignity that is most important.
“Buhari’s administration is committed to continue programs like this, for housing, for road construction, for works and for power. the president believes in your ability to re-build Nigeria and determined to give every resource to do so. Hence, he expects that you must hold yourself accountable,” he said
While acknowledging FMBN team, Fashola said: “for the first time in 20 years, FMBN is ‘returning a surplus’ of 2.7b for citizens to benefit from.
That surplus is negative in the past.”
In his submission, Alabi Olushina, the Managing Director, Viva International Limited who developed the estate said: “with an annual population growth of about 3.7% and a population of over 170 million Nigeria needs approximately one million housing units yearly.
“It is this gap we humbly strive to bridge with our modest effort through our partnership with the Federal Mortgage Bank and the Federal Ministry of Power, Works and Housing.”
The Estate according to him is equipped with 50,000 litres of water supply and reservoirs, 2 no. 500 KVA transformers, lush green recreational areas, fully asphalted read network with street light, walkways and drainages.
SIKIRAT SHEHU, Ilorin