Abuja – April 27, 2024 – Viewpoint Housing News.
The Federal Mortgage Bank of Nigeria will provide N100 billion in off-taker guarantee for the 100,000-housing unit Renewed Hope Cities and Estates Programme as part of the strategic drive to enable affordable homeownership for Nigerians.
The information was revealed by Shehu Usman Osidi, the Bank’s chief executive and managing director, during the inaugural Nigeria Police Housing Summit, which took place on Monday, April 22, 2024, at the Nicon Luxury Hotel in Abuja. On behalf of the Honourable Minister of Housing and Urban Development, Arc, Ahmed Musa Dangiwa.
In addition, he said, the N100 billion is a guarantee that the Bank will give mortgage loans to the homebuyers after the houses are completed.
These loans will be distributed around the country, and it’s possible that some police officers will benefit from them. The chief executive communicated the government’s displeasure with the issue of police housing’s protracted marginalisation, which has had disastrous results.
The Inspector General of Police, IGP Kayode Egbetokun, was applauded by osidi for convening the Summit, saying that it was “central to resolving the challenge of providing shelter to the rank and file of the Nigeria Police.”
He made the following observation about the summit’s subject, “Renewed Hope for Police Housing in Nigeria”: “It speaks to the acknowledgement of previous issues, the resolve to resolving them, and the optimism for a brighter future.”
In his speech, the Minister stated, “Our police officers are the frontline defenders of law and order, often working tirelessly under difficult conditions.”
Their problems are made worse by the subpar housing options, which in turn affects their wellbeing, morale, and ability to protect the country’s security.
The MD/CE went on to reaffirm the administration of President Bola Ahmed Tinubu’s Renewed Hope Agenda’s commitment to providing Nigerians with quality and affordable housing, emphasising that doing this calls for a multipronged strategy that includes leveraging partnerships.
Working together is crucial for maximising resources, knowledge, and creative ideas to quicken progress. We can get over the obstacles preventing development and produce real outcomes in a fair amount of time by forming strategic partnerships and coming up with innovative funding alternatives, he said.
In this regard, he conveyed to the Nigeria Police Force (NPF) the Minister’s intention to strategically collaborate with the Federal Mortgage Bank of Nigeria in order to fulfil its recently reaffirmed goal of offering officers and men of the Force quality, reasonably priced, and secure homes.
Outlining some of the results of earlier collaborations between the Federal Mortgage and the National Housing Fund (NHF), which have had a fruitful relationship since the NHF’s founding, he mentioned that 807 police beneficiaries had received approximately N2.9 billion in mortgage loans.
In addition, N2.1 billion was given to the Police Cooperative Housing Development Company to build 806 housing units, over N158 million was given to 22 recipients under the Rent-to-Own programme, and 316 officers received a home renovation loan of N289 million.
