To support affordable homeownership for Nigerians, the Federal Mortgage Bank of Nigeria (FMBN) will be supporting the 100,000-housing unit Renewed Hope Cities and Estates Programme with N100 billion in off-taker guarantee, the bank has said. The Managing Director/Chief Executive of the bank, Shehu Usman Osidi, disclosed at the maiden edition of the Nigeria Police Housing Summit held at the Nicon Luxury Hotel, Abuja. Osidi, who represented the Minister of Housing and Urban Development, Ahmed Dangiwa, as a guest of honour at the summit, stated that the N100 billion off-taker guarantee will be provided to the consortium of developers for the project.
He added that the N100 billion is in addition to the bank’s commitment to provide mortgage loans to the off-takers upon completion of the houses, which will be spread across the nation with prospects of several members of the police force emerging as beneficiaries. The chief executive relayed the government’s frustration at the long-term relegation of the issue of police housing, which has resulted in dire consequences for both the officers and the communities they serve.
