The Federal Mortgage Bank of Nigeria (FMBN) has announced its commitment to fund the construction of 80 housing units for the members of the Independent Corrupt Practices Commission (ICPC) Staff Cooperative Society. This initiative aims to enhance access to affordable housing for the cooperative’s members.
During a courtesy visit by the cooperative members, led by President Mr. Wakili Joshua Musa, FMBN’s Managing Director/Chief Executive, Shehu Usman Osidi, highlighted the bank’s role in providing housing solutions at single-digit interest rates over long tenors. He emphasized that the Cooperative Housing Development Loan (CHDL) is a key policy designed to finance both the construction of houses and mortgages.
Osidi explained the process for accessing the cooperative loan, noting that once the cooperative is registered, obtains land, and presents housing designs, it can access loans from the bank, which will be disbursed in tranches. Individual members will also have the opportunity to secure loans to purchase the completed homes.
In addition to this announcement, Osidi revealed plans to increase the Home Renovation Loan (HRL) limit from N1 million to better align with current economic conditions. He reaffirmed FMBN’s commitment to addressing Nigeria’s housing deficit and supporting President Tinubu’s housing agenda.
Mr. Musa expressed the cooperative’s strong desire to become homeowners, mentioning that they had secured 1.6 hectares of land but faced financial challenges. He conveyed confidence in FMBN’s ability to fund and oversee the successful completion of the housing project.
