FMBN takes mortgage to London, offers Nigerians abroad N100m loan at 9%
…Nigerians in diaspora can now buy homes in Nigeria
By John Alechenu
ABUJA — The Federal Mortgage Bank of Nigeria, FMBN, has launched a new mortgage scheme in London for Nigerians living abroad who want to own homes in Nigeria.
The product, known as the National Housing Fund, NHF, Diaspora Mortgage Loan, was unveiled at an event attended by Federal Government officials, mortgage bankers and members of the Nigerian community in the United Kingdom.
This was contained in a statement signed by the bank’s Head of Corporate Communications, Mr Joe Abuku, yesterday.
Minister of State for Housing and Urban Development, Hon. Yusuf Ata, who represented the Minister, Engr. Muttaqha Rabe Darma, said the scheme was designed to address challenges Nigerians in the diaspora have faced in owning property in the country.
Darma said: “A lot of Nigerians abroad want to own homes in Nigeria. But they run into fraud, abandoned projects and people they cannot trust.
“This loan is government’s way of giving them a safe and direct route. No middlemen. No stories.”
He urged Nigerians living abroad to take advantage of the initiative, saying: “Register. Contribute. Invest. Own your home.”
FMBN Managing Director, Shehu Usman Osidi, said applicants would not need to travel to Nigeria to access the facility.
He said: “Everything will be done online. Register under NHF, do your KYC, contribute from where you are and apply for the loan.”
Under the scheme, eligible NHF contributors can access up to N100 million at an interest rate of nine per cent per annum, with repayment spread over a period of up to 10 years, depending on the applicant’s repayment capacity.
Osidi said the facility was part of President Bola Tinubu’s Renewed Hope Housing Agenda.
He said: “We are not just launching a product. We are extending home ownership beyond our borders.
“This will also help developers, create jobs and bring more foreign exchange into the housing sector.”
Osidi assured prospective applicants that FMBN would administer the scheme transparently and deploy technology to improve service delivery.
Chairman of the Nigerians in Diaspora Commission, NiDCOM, Hon. Abike Dabiri-Erewa, welcomed the initiative.
She said: “This is about investment, belonging and trust. FMBN has done its part. NiDCOM has done ours. Now it is left for you in the diaspora to take it up.”
The Director, Development Finance Institutions at the Central Bank of Nigeria, CBN, Mr Mairami Ali Baba, said the apex bank worked with FMBN to build risk controls into the product to protect both the bank and borrowers.
Chairman of the Central Association of Nigerians in the UK, Dr Iliyasu Maisanda, commended the Federal Government for the initiative and pledged his association’s support.
Other guests at the event included Nigeria’s High Commissioner to the UK, Ambassador Amin Dalhatu; Permanent Secretary, Ministry of Housing and Urban Development, Dr Shuaib Belgore; and President of the Mortgage Banking Association of Nigeria, Mr Ayo Olowookere.
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