I-Connect Investment Cooperative Society’s 404 Affordable Homes Commissioned

…expedite action on the Enugu-Onitsha Road – Enugu State Governor Appealed to FG

… Housing Delivery through FMBN is a Promised kept by the President – Fashola

… Cooperative Housing Initiative a Game Changer – Mustapha FMBN ED, Loans and Mortgage Services

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.

Inaugurating the housing units, Gov. Ifeanyi Ugwuanyi appreciated the Federal Government for ensuring that Enugu State was one of the beneficiaries of its countrywide projects of mass and affordable houses for Nigerians.

Ugwuanyi, represented by his Deputy, Mrs. Cecilia Ezeilo, thanked the FMBN for trusting and working with an indigenous developer in delivering the project in record time for the benefit of the residents of the state.

The governor appealed to the Federal Government to continue its ongoing construction of the Enugu-Onitsha Road, which it had completed some sections of the road.

“We are appealing to the Federal Government to expedite action on its ongoing works on the Enugu-Onitsha Road especially the sections within the Enugu metropolis to check the rate of carnage and accidents due to bad portions of the road,” he said.

In his address, the Minister of Works and Housing, Mr. Babatunde Fashola, said that the inauguration of the FMBN/I-Connect Housing Estates and many others across states in the country “is a promise kept by President Muhammadu Buhari’s administration”.

Fashola noted that Nigerians with negative perceptions should come and see that ordinary Nigerians now own houses through the systematic layout plan by the Federal Government meant to reduce the housing deficit.

According to him, although we have a housing challenge, the Federal Government is committed to gradually solving the issue and today, as it stands, we have built housing units in all states under the National Housing Scheme program.

“One way to move our people out of poverty is through them having their own shelter and the Federal Government has come out with a multi-faceted way of solving the challenge by exploring options for our people to get affordable houses.

“We also have a land ownership option for Nigerians that can afford and are willing to build their own houses and in this direction I have cleared the backlog of all that applied for Certificate of Occupancy through this channel.

“Another is the Cooperative Housing Development Loan (CHDL) window of the Federal Mortgage Bank of Nigeria (FMBN) and other packages one can explore through the FMBN and other mortgage banks windows as well,” the minister said.

Fashola appreciated the President of I-Connect Investment Cooperative Society Limited, Pastor David Nwachukwu, for being honest and utilizing the single-digit loan secured by FMBN to his company to deliver the estate as agreed by design and quality specification.

Speaking, at the event, the Chairman of the Board of Directors of FMBN, Mr. Ayodeji Gbeleyi, said that the giant stride made in the housing sector was a pointer to the fact that the “Federal Government through the FMBN is delivering on its mandate”.

Gbeleyi said that there was no state without at least two FMBN-sponsored estates, saying that FMBN was working assiduously on the supply side to increase the housing stock and increasing our mortgage portfolio on the demand side.

“Within the last 12 months, we have approved a sum of about N14 billion National Housing Fund (NHF) loan; N2.5 billion Rent To Own and N200 million Individual Construction Loan to over 2,000 loan applicants who are NHF contributors,” he said.

The representative of the FMBN Managing Director/Chief Executive, Mr. Madu Hamman, at the event, is the Executive Director, Loans and Mortgage Services, Mr. Lukman O. Mustapha, who 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.