The Federal Mortgage Bank of Nigeria (FMBN) marked a major milestone on Tuesday, May 16, 2023, with the commissioning of the I-Connect Investment Cooperative Society Limited Housing Estate Projects in Enugu. This development, comprising four transactions, has resulted in the delivery of 404 housing units, providing much-needed affordable homes to the people of Enugu.
With a substantial investment of over N5.2 billion in credit facilities, FMBN has played a pivotal role in making these housing projects a reality. Three of the sites are situated in Trans Ekulu, while the fourth is located in Nkanu West, showcasing the bank’s commitment to addressing the housing shortage across different areas in Enugu State.
The event took place in Trans Ekulu, with the Honorable Minister of Works & Housing, His Excellency, Babatunde Raji Fashola SAN, in attendance, underscoring the significance of the occasion.
Speaking on behalf of the FMBN Managing Director/Chief Executive, Mr. Madu Hamman, the Executive Director, Loans and Mortgage Services, Mr. Lukman O. Mustapha, highlighted the transformative impact of the cooperative housing initiative developed by the bank.
“The successful delivery of this project today has shown that the Cooperative Housing initiative developed by the Bank can be a game changer in our efforts at tackling the housing shortage facing us in Nigeria. This is a successful template that the Bank is replicating across the country,” stated Mustapha.
The FMBN has consistently demonstrated its commitment to reducing the housing deficit not only in Enugu but also in other states across Nigeria. In addition to the nine other housing projects financed and successfully delivered in Enugu State, providing 1,520 housing units with a total investment of over N10.2 billion, the bank has undertaken commissioning ceremonies of several housing estates in various states, including Borno, Adamawa, Yobe, Ebonyi, Ondo, Sokoto, Kogi, Katsina, Lagos, Anambra, Imo, Kano, Jigawa, Kwara, and the Federal Capital Territory (FCT).
Mr. Hamman emphasized that FMBN’s efforts are yielding tangible results nationwide. “There is no state in Nigeria today that you will not find at least two FMBN sponsored estates. While we are working assiduously on the supply side to increase the housing stock, we are also steadily increasing our mortgage loan portfolio on the demand side,” he stated.
Over the past year, FMBN has approved significant sums for various loan programs, including N14 billion for NHF Loan, N2.5 billion for Rent To Own, and N200 million for Individual Construction Loan. These loans have benefitted over 2,000 NHF contributors, helping them realize their dreams of homeownership.
The FMBN expressed deep gratitude to the Honorable Minister of Works and Housing, Babatunde Raji Fashola SAN, for his unwavering support and guidance to the bank’s management team. The presence of Minister Fashola at the event exemplified his confidence in and dedication to the growth of the housing sector in Nigeria.
Acknowledging the instrumental role played by the Executive Governor of Enugu State, Rt. Hon. Ifeanyi Ugwuanyi, in the successful delivery of numerous projects, the FMBN commended his consistent support and partnership.
The commissioning of the I-Connect Investment Cooperative Society Limited Housing Estate Project represents a significant step forward in addressing the housing deficit in Nigeria. Through its continued efforts, FMBN remains steadfast in its commitment to providing affordable and accessible housing to all Nigerians, promising a brighter future for the housing sector in the country.