Nigeria in Diaspora Commission(NIDCOM) in partnership with the Federal Mortgage Bank of Nigeria(FMBN) is set to launch a comprehensive Diaspora Housing Mortgage Scheme.
The Chairman of NIDCOM, Hon Abike Dabiri-Erewa, stated this
when she visited the Management and Staff of the Federal Mortgage Bank of
Nigeria (FMBN) in Abuja.
This is coming after both agencies have concluded the final
stages of the Diaspora Housing Mortgage Policy.
Dabiri-Erewa maintained that Nigeria, being the highest
diaspora-remitting country in sub-Saharan Africa with over 19 billion dollars
in 2021, according to the World Bank, assisting them own houses of their own,
is the least of incentives for Nigerians abroad who tirelessly contribute to
Nigeria’s development.
In addition, the NiDCOM Boss disclosed that this move will
encourage the Nigerian Diaspora to do more for the country, thereby creating a
win-win situation.
Dabiri-Erewa added further that the Scheme is aimed at
enabling Nigerians in Diaspora have mortgage accounts, participate in the
National Housing Fund (NHF) scheme, access loans up to N50 million, and own
homes through certified developers all from the comforts of their locations.
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| (3rd R) Mrs Abike Dabiri-Erewa, Chairman/CEO of Nigerians in Diaspora Commission (NiDCOM) Mr Madu Hamman, the MD Federal Mortgage Bank (FMBN) (2nd R) and other directors of the bank |
Also, after contributing for the applicable minimum period,
applicants will apply for the mortgage loan through an accredited Primary
Mortgage Bank.
Following this, applicants will register with the NHF and
contribute $150 (for beneficiaries earning $3,000 and below monthly), or $200
(for beneficiaries earning $3,001 and above, monthly), respectively for a
minimum period of a year.
Other features of the package include: 30 per cent down
payment, a single-digit interest rate of nine per cent and a payback period of
up to 10 years.
Meanwhile, she seized the opportunity to congratulate the
new FMBN MD/Chief Executive, Mr Madu Hamman, and urged him to sustain the
impressive achievements of his predecessors.
Mr Madu Hamman agreed that work has been completed to make
the Scheme, a reality.
However, he said that the launching of the Scheme would have occurred earlier in the year, attributing the change of leadership at the FMBN, as a factor.
Mr Hamman gave assurances that the inauguration of the FMBN
Diaspora Housing Mortgage Scheme will be actualised in earnest to provide a
transparent, seamless platform for Nigerians in Diaspora to invest and own
homes in Nigeria.
The NiDCOM/FMBN Committee is given till the end of May to
finalise preparatory work for the launch of the Scheme proposed for London.
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