Abuja – April 27, 2024 – Viewpoint Housing News.
With six continents already contacted and prepared to go, the Federal Mortgage Bank of Nigeria and the Nigerians in Diaspora Commission (NiDCOM) are hard at work launching the Diaspora Mortgage Loan Product.
The product’s launch date has been moved up by three months by the Federal Mortgage and NiDCOM in an effort to finalise preparations for a smooth launch. The management team of the Federal Mortgage was greeted by NiDCOM Chairman/CEO Hon. Dr. Abike Dabiri-Erewa at the NiDCOM office in Abuja on Friday, April 19, 2024, after an agreement was reached.
Recall that on November 14, 2023, at the 6th Nigeria Diaspora Investment Summit (NDIS), Minister of Housing and Urban Development Arc. Ahmed Musa Dangiwa unveiled the Diaspora Mortgage Scheme, with plans to provide the loan product at a later time.
Speaking at the meeting, Shehu Usman Osidi, the Managing Director/Chief Executive of the Federal Mortgage, stated that it was crucial to find a consensus and understanding regarding the upcoming product launch.
Originally, the launch was set to begin in February 2024, with the United States, Canada, and the United Kingdom as the initial markets. However, the Federal Mortgage management suggested a change in date in light of the recent management changes at the Bank and in accordance with President Bola Ahmed Tinubu’s recent declaration and prohibition on international travel.
He assured that the Bank would continue to support Nigerians, highlighting the vital work that NiDCOM is doing on their behalf, particularly those living outside the nation’s borders.
“We view Nigerians living abroad as extremely important to both their local communities and the Nigerian economy as a whole, which is why we take the Diaspora Mortgage Loan seriously,” he stated.
The Chief Executive reported on the work that the Bank had completed, saying that the Central Bank of Nigeria (CBN) had endorsed the remittance/contribution apparatus and that the Board had approved the product concept. Our Core-banking Application system has also created its ICT infrastructure, which is presently going through the required test runs and refinement.
The NiDCOM Chairman responded by praising the bank’s new management team and expressing confidence that the bank will achieve unthinkable heights thanks to the MD’s well-known background.
She agreed that the new management needed time to settle down and make adequate preparations before the launch, noting that NiDCOM had held similar thoughts of extending the date.
Dabiri-Erewa however advised that the three-month shift be used to perfect the product, while also appealing that the test-run of the product commences, to ensure a seamless implementation. Commenting, the Head, Technological Transfer and Innovation, NiDCOM, Hon.
Abdulrahman Terab, affirmed that the three months would allow a perfection of the process at the technical level. Also, in his comment, the Executive Director of Loans and Mortgage Services, Federal Mortgage, Dr. Muhammad Usman Abdu, appreciated the work being done by the NiDCOM Head, describing her as a gift to Nigeria.
He also highlighted the fact that both teams are in tandem in thought. The Secretary to the Commission, Engr. Dr. Sule Yakubu Bassey, observed that as a low hanging fruit for national development, NiDCOM was ready to harvest the Diaspora Mortgage Loan product and expand investments in real estate globally.
The date extension is an indication of the desire of the two organisations to present a flawless product for the benefit of Nigerians in the Diaspora. Signed Dr. J. M. Onyabe Group Head, Corporate Communications
