Mortgage bank releases N5.4bn loan

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The Federal Mortgage Bank of Nigeria (FMBN) has released about N5.4 billion to some cooperative societies to build 664 houseing units.

The Managing Director of the bank, Mr Ahmed Dangiwa made this known at the 4th Annual Conference of Federal Civil Service Staff of Nigeria Cooperatives (FEDCOOP) in Abuja.

Dangiwa, represented by the bank’s Deputy General Manager, Usman Osidi said the fund was being used to finance nine different housing projects.

He explained that the housing projects include the 101 housing units by Connect Coop Investment, 220 units of Nigeria Police Cooperative Society, 81 houses of FUTA cooperative society and Omowumi Ilorin Cooperative society among others.

He said the projects, scattered across the country, were nearly to completion.

The managing director added that FMBN was committed and ready to give loans to cooperative societies in the country to enable their members own houses.

Meanwhile, the Permanent Secretary in the Ministry of Agriculture, Alhaji Mohammed-Bello Umar said the benefits of cooperative societies were enormous.

Umar urged civil servants to utilise whatever they get from cooperatives for meaningful projects that would impact on their lives.

He equally enjoined them to go into farming as the prospect for agriculture in the country was promising.

The permanent secretary pledged the ministry’s determination to provide farm implement to any civil servant willing to go into farming.