To support affordable home ownership 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
