FG Commissions 100-Unit Housing Estate In Imo

FG Commissions 100-Unit Housing Estate In ImoThe Federal Government has successfully completed a 100-unit housing estate in Imo State under the Ministerial Pilot Housing Project of the Ministry of Power, Works and Hosing.

The project was built through the Federal Mortgage Bank of Nigeria to provide low cost housing for public workers across Nigeria.

The Minister of State for Power, Works and Housing, Mustapha Shehuri, said the Federal Government through the ministry would continue to strive to ensure that the challenge of housing deficit in Nigeria was surmounted.

He added that it was government’s plan to build mass housing units across the country for public workers over the next three years through a Public-Private Partnership arrangement.

The minister was speaking in company of the Imo State Deputy Governor, Eze Madumere, who represented Governor Rochas Okorocha at the commissioning of the housing unit at Naze industrial layout in Owerri, the Imo State capital.

He explained that national housing models have been designed and approved for each geo-political zone, to ensure the use of standard building materials.

“This housing unit is a Private-Public Partnership (PPP) arrangement which will be affordable to Nigerians, especially public servants.

“The Federal Government through the Ministry of Power, Works and Housing has signed a two billion Naira MoU with Shelter Afri (an African shelter company), to build affordable houses for Nigerians.

“So I want to call on workers in Imo State to take advantage of this scheme,” Shehuri said.

Hope To Middle Class Earners

Commending the Federal Government for the project, Mr Madumere said the project would go a long way to complement the policies of the State Government in providing affordable housing units for workers in the state.

He disclosed that the State Government was already in talks with the labour union in Imo State on the matter.

“This housing scheme is apt and what the state needs at this critical time; Imo residents need roofs over their heads. This is giving hope to the middle class earners.

“For us, it is a commendable effort. My leader and Governor of Imo State, Owelle Rochas Okorocha, is ever ready to continue to partner with the Federal Government in such programmes and projects, since it is geared towards making life better for the people of Imo State,” the Deputy Governor said.

In his address, the Managing Director of the mortgage bank, Mr Richard Esin, said the bank and the project have become effective vehicles through which the Federal Government actualises its policy for the provision of affordable housing for Nigerians.

He added that with the consistent contributions of the National Housing Fund Scheme, Nigerian workers would become eligible for mortgage loans at concessionary interest rates of 6% per annum.

“Through this scheme, over 2200 houses have been built for public workers by the Federal Government in all the six geo-political zones of the country. This in turn will surely address the housing deficit in the country,” Mr Esin said.

Climax of the occasion was the launch and cutting of the tape of the housing estate as the dignitaries were taken on a tour round the facility.

The 100-unit housing estate comprises of 48 units of 3-bedroom fully detached bungalows, 40 units of 2-bedroom semi-detached bungalows and 12 units of 1-bedroom terrace.

As disclosed by the mortgage bank, the sum of 592.3 million Naira was invested for the development of the 100-unit housing estate.

FMBN Requests Duty Waivers On Building Materials

FMBN, Duty waivers, building materialsThe Federal Mortgage Bank of Nigeria (FMBN), has appealed to the Nigerian Customs, to grant it duty waivers on building materials.

The materials are being imported for the construction of the mass housing projects which was started four years ago in Abuja, the nation’s capital city.

Acting Managing Director of the bank, Mr Richard Esin, made the appeal during an official visit to the office of the Comptroller-General of Customs, Hamid Ali.

He said that the bank is developing 95 housing estates across the country.

Mr Ali has, however, said that the Nigerian Customs will only grant the waiver if it is approved by the Presidency.

Senate Orders CBN To Pay Equity Contribution To Mortgage Bank

senate-in-nigeria-chamberThe Nigerian Senate has asked the Central Bank of Nigeria to immediately pay its equity contribution of 1.5 billion Naira to the management of the Federal Mortgage Bank of Nigeria.

The Chairman of the Senate Committee on Housing and Urban Development, Senator Barnabas Gemade, gave the order on Wednesday in Abuja during an oversight visit to the Federal Mortgage Bank of Nigeria.

Senator Gemade said the equity fund would assist the bank in providing affordable housing to Nigerians.

He also announced plans by the committee to make budgetary provision in the 2017 budget to enable the Federal Government address issues of housing deficit.

“We have seen the Central Bank of Nigeria make donations of billions of Naira in this country and for them to leave a responsibility like equity in a bank that is the foremost mortgage institution in Nigeria and contributing to the welfare of ordinary people by providing mortgage financing unattended to all these years leaves a lot be desired.

“I think that CBN should be ashamed of this particular situation and should do something about as quickly as possible,” he said

The Acting Managing Director of the Mortgage Bank, Mr Richard Esin, in his remarks promised to implement a new business model with a sharp focus on the mass and middle income markets that will provide affordable houses at five million naira and below.

“Over the next two dry season cycles, our plan is to, in phase one, ensure the completion of 24 estates. This will also lead to the generation of about 5,000 houses in the nation’s housing stock.

“A second phase with 38 estates, resulting in the erection of about 10,000 houses in the nation’s housing stock and then the last phase is the completion of 14 housing estates that will also bring in about 2,300 houses in the nation’s housing stock,” he told the lawmakers.

Nigeria’s housing deficit is huge, with the available housing to expensive for middle class and low income earners to access.