FMBN to Provide N100bn for Renewed Hope Cities, Estates Scheme Nationwide
● Strengthens partnership with police on provision of affordable housing
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, made the disclosure 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 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 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.
He commended the Inspector General of Police, Kayode Egbetokun, for convening the summit “with the right set of critical stakeholders, central to resolving the challenge of providing shelter to the rank and file of the Nigeria Police.”
Commenting on the theme of the Summit: “Renewed Hope for Police Housing in Nigeria,” he noted that the theme “speaks to the acknowledgement of past challenges, the commitment to overcoming them, and the optimism for a brighter future.”
“Our police officers are the frontline defenders of law and order, often working tirelessly under challenging conditions.
“The inadequate housing facilities only aggravate their challenges, impacting their morale, well-being, and ultimately, their effectiveness in ensuring the safety and security of the nation,” he said.
He reiterated the resolve of the President Bola Tinubu-led administration's Renewed Hope Agenda, to ensuring access to decent and affordable housing to Nigerians, noting that achieving this requires a multifaceted approach, one of which is to leverage on partnerships.
“Collaboration is essential in harnessing resources, expertise, and innovative solutions to accelerate the pace of development. Through strategic alliances and creative financing mechanisms, we can overcome the constraints that have hampered progress and deliver tangible results within a reasonable timeframe,” he noted.
In this regard, he communicated the minister's desire to the Nigeria Police Force (NPF) to engage strategically with the FMBN towards realising its renewed vision of providing decent, affordable and safe housing for officers and men of the Force.
Outlining some of the fruits of previous engagements between the bank and the NPF, having enjoyed a productive relationship since the inception of the National Housing Fund (NHF), he noted that over N2.9 billion mortgage loans had been disbursed to 807 police beneficiaries.
Additionally, N2.1 billion, he said, was disbursed to Police Cooperative Housing Development Company to construct 806 housing units, about N158 million disbursed to 22 beneficiaries under the rent-to-own platform and over N289 million as home renovation loan to 316 officers.
Other initiatives, he said, include the funding of ongoing housing projects for the Police Cooperative in various locations of Abia, Adamawa, Ogun, Kaduna and the FCT.
He also listed the refund of a cumulative sum of over N1.8 billion to 18,619 retired police officers as well as N3 billion loan to the Nigeria Police Multi-Purpose Cooperative Society/Nigeria Police Force Property Development and Construction Company Ltd. for the construction of 236 housing units at Goza, Wawa District, Abuja.
He, therefore, expressed the minister's appreciation of the bank's scorecard in addressing the needs of the Nigeria Police on the basis of their contributions to the NHF Scheme, noting that the bank is a ready partner to engage in the Force's aspiration to deliver affordable housing to their officers and men.
Earlier in his address, Egbetokun, alluding to the essentiality of the summit, disclosed that the housing capacity of the Force was about 10-12 per cent of the over 400,000 workforce.