NMRC releases N13bn mortgages to housing board

The Nigeria Mortgage Refinance Company (NMRC) has released the long awaited N13bn mortgage refinance to the Federal Government Staff Housing Loans Board (FGSHLB), the Executive Secretary of the board Dr Hannatu Adamu Fika confirmed yesterday in Abuja.

She made the disclosure at the formalization of Memorandum of Understanding (MoU) and signing of the agreement for the release of funds to the partner banks on behalf of the board.

Mrs. Fika expressed happiness that the long walk to accessing funding for the housing loans to federal public servants has been finally consummated.

“The journey which started about three years ago has now become a reality. The partnership which is being finalized is indeed a milestone achievement in the housing delivery programme of the present administration compared to the high interest rate workers are exposed to at the mortgage market,” Fika said in a statement signed on her behalf by the spokesman of the board Mr Akinwale Adegbola.

Fika noted that the benefits of the partnership to public workers are enormous as it will enhance their performance and boost their morale to contribute their quotas to the change agenda of the President Muhammadu Buhari administration.

“With this development, public servants can be truly efficient, productive, incorruptible and citizen centered,” she said.

Earlier, the Managing Director NMRC Professor Charles Inyangete said the release is an expression of the commitment of NMRC to provide mortgages to Nigerian workers.

While assuring public servants of a sustainable partnership, Iyangete said the conclusion of the agreement kick-starts the immediate disbursement of the loans to the board through the Banker, Suntrust Limited with a maximum repayment period of 15 years by individual beneficiaries.