By Akhigbe Dominic.M. Esq.
TUE, APRIL 11 2017-Better Days are here again as The Federal Mortgage Bank gets A Boost with the approval of half a Trillion Naira by The Federal Government.
These are surely better days for the Federal Mortgage Bank of Nigeria and Nigerians in general. The Federal Minister of Power, Works and Housing, Mr. Babatunde Raji Fashola (SAN) has said at several fora that the Housing subsector would experience very auspicious transformation under his watch.
Fashola is not a man that is known for frivolous pronouncements without effect. His laudable transformatory endeavors in Lagos set the pace for the amazing development that is now the envy of first line cities elsewhere in the world. Personally, I kept faith alive on Babatunde Fashola in his early bumpy days on the saddle of the three-in-one ministry despite all odds. For those that are not abreast with the dynamics and the unusual bottlenecks that follow decision making and execution at the level of Federal Ministries; the minister was a round peg in a square hole. They said he didn’t have the capacity to paddle the canoe of this ministry and subsequently called for his head.
For those that have worked closely with Fashola, they know he is a meticulous planner. He likes to dot his ‘I’s and cross his ‘T’s. This unusual mien is what is playing out at the Federal Mortgage Bank of Nigeria; a parastatal institution under the supervision of the Housing arm of his Ministry. Fashola’s critics were proved wrong when his junior Minister in the ministry; Alhaji Mustapha Baba-Shehu; Minister of State for Power, Works and Housing announced while on a working visit to a National Housing Project site in Lafia, Nasarawa State in North Central Nigeria that the Federal Government has made half a trillion available as financial lifeline for the Federal Mortgage Bank of Nigeria, the outfit saddled with the responsibility to House the middle and low income earners to discharge on its obligation and reduce the Housing deficit currently put at over 17 Million.
According to Alhaji Mustapha Baba-Shehu, the Federal Government has provided N500 billion to resuscitate the Federal Mortgage Bank of Nigeria to make mortgage facilities easily available to Nigerians. This certainly is a major breakthrough for the teeming Nigerians who are painstaking contributing to the National Housing Funds scheme.
“The resuscitation of the bank with N500 billion will provide the institution with adequate funds to provide mortgage facilities to interested Nigerians”. The Minister said.
In a bid to make access to Housing more affordable to the very low income earners; the Federal Government has recently directed the Federal Mortgage Bank of Nigeria to waive the payment of 10 percent equity on mortgages below N5 million. This is expected to greatly transform the low income earners from tenants to home owners,’’ according to the Minister of State.
With this very laudable effort on the part of the Federal Government, Nigerians both in the Formal and Informal sectors are expected to take advantage of this very rare opportunity to realize their Housing dreams by enrolling themselves through any of the available windows. Better days are here again for Nigerians. Kudos the Honorable Minister for this pragmatic step!
Akhigbe Dominic.M. Esq., /Property Law Expert/CEO, H.I.E Properties & Homes Ltd/SENIOR STRATEGIC PARTNER, PropertyLogic Incorporated/Seasoned Business Coach/Columnist of The BusinessDay/Contributing Editor,govandbusinessjournal.com.ng <http://govandbusinessjournal.com.ng>*