Menu

FMBN

FMBN

FMBN, company inaugurate 28 flat units in Lagos

,

The Federal Mortgage Bank of Nigeria (FMBN) and Cocoon Atlantic Housing Estate, a housing solution company, on Friday inaugurated a 28-unit of flats estate in Sangotedo area of Lagos State.

Speaking during the inauguration, Mr Madu Hamman, Managing Director, FMBN, said the delivery of the housing estate was part of the Federal Government’s commitment toward reducing housing deficit in Nigeria.

Hamman was represented by Mr Ibrahim Nafada, General Manager/Zonal Manager in charge of Lagos, FMBN.

He said that the successful delivery of the project was achieved through the bank’s Cooperative Housing Development Loan window.

According to him, the window allows contributors to the National Housing Fund (NHF) scheme through their Cooperatives to have access to affordable housing.

Hamman noted that many Cooperatives had continued to embrace the window because of their numbers.

He said, “Today, being the 5th of May, 2023, we are here to commission Cocoon Atlantic Housing Estate, funded by the Federal Mortgage Bank of Nigeria (FMBN).

“Yesterday, which was 4th of May, we were somewhere at Sagamu, precisely Emuren Community, where we commissioned more than 70 housing units for Lagos state civil servants.

“The commissioning was graced by a lot of dignitaries from the Lagos State Government, the national level as well as some of the beneficiaries of the housing units.

“This is a mini estate with just 28 flats with mortgage financing and eight beneficiaries.

“There is a land close to the estate that we are going to open up for second phase. It is going to have more numbers of beneficiaries.”

Also, Mr Farouk Imam, Managing Director, Cocoon Atlantic Housing Estate, said the inauguration was due to the dedication and patience from FMBN management, staff and enthusiasm from the company’s partners, Comaco Cooperatives.

Imam said that the apartments were not just an epitome  of safety,  but a comfortable dwelling place for Nigerians.

“We are confident that each apartments, here, will have  tremendous impacts on residents who call it home.

“We have decent housing at affordable rates, stable environment for nurturing and growth of family.

“These apartments will not only provide shelter,  but foster a sense of community where residents can  build socio-economic relationship and create memories to be treasured,” he said.

He commended the FMBN for ensuring that Nigerians continued to have access to decent and secure accommodation through affordable mortgage financing.

“We will like to express our profound gratitude to the board and management of FMBN for their dedication in bridging the national housing deficit.

“Their commitment to providing affordable housing has made today possible,” the managing director said.

Also, a beneficiary, Mr Valentine Ossai, a member of Comaco Cooperatives, appreciated FMBN for assisting in providing affordable housing to Nigerians.

Ossai also commended the FMBN on the introduction of the cooperative Housing Development Loan window.

“I am happy, I am saved from the troubles of landlords,” he said.

Housing-estate

Don commends FMBN over non-interest mortgage product

, ,

Prof. Abdulqadir Abikan, the National President of Muslim Lawyers Association of Nigeria (MULAN), has commended the Federal Mortgage Bank of Nigeria (FMBN) for introducing ‘Non-Interest Rent to Own Housing Product’ to enable a broader spectrum of Nigerians own their homes.

According to the University of Ilorin (Unilorin) Bulletin issued on Monday, Abikan made the commendation when he led a team of MULAN executive committee members on a courtesy visit to the FMBN Management Team at the Bank’s Head office in Abuja.

Abikan, who is also the immediate past Director of the School of Preliminary Studies, Unilorin, said the association received the news of FMBN’s approval of the non-interest rent-to-own product with extreme excitement.

“This is because it provides an alternative mortgage scheme for many Nigerians whose religious beliefs do not allow them to benefit from the Bank’s housing products because of their interest-based nature.

“We believe the decision will engender a more inclusive mortgage system for a broader spectrum of Nigerians.”

The MULAN president added that the association is ready and willing to partner with the FMBN towards ensuring a smooth implementation of the non-interest housing products through the provision of relevant advisory services by its members.

He explained that FMBN developed the product to eliminate the challenges that eligible Nigerians who want to own their homes through the National Housing Fund (NHF) scheme face because of the interest-based nature of the bank’s existing housing products.

“The product uses a rent-to-own model that allows beneficiaries to move into FMBN and non-FMBN-funded homes and conveniently pay towards full ownership using monthly/quarterly or annual rentals.

“The product’s financing structure is based on the non-interest financing contract of Ijarah Muntahia Bitamleek (Lease to Own),” he said.

Abikan noted that FMBN retains ownership of the property until the financing term ends or at any time during the lease period that the beneficiary wishes to purchase the property.

Receiving the MULAN team, Mr Madu Hamman, the Managing Director/Chief Executive of FMBN, commended them for the visit while assuring of the bank’s readiness to collaborate with the association towards ensuring a hitch-free provision of the non-interest housing product.

Hamman, who was represented by the bank’s Executive Director, Loans and Mortgage Services, Alhaji Lukman Mustapha, observed that the FMBN non-interest rent-to-own product is available to Nigerians who must be contributors to the NHF scheme.

He added that it covers both FMBN and non-FMBN-funded properties with a maximum price of N15 million.

Hamman explained that beneficiaries have the options to pay to own the property in monthly/quarterly or annual rental installments over 30 years, depending on their age and years in service.

He encouraged members of MULAN to become ambassadors of the non-interest rent-to-own product.

The FMBN boss advised the association to take the news outside of the association to other prospective home owners within their respective areas of influence and network.