The Federal Mortgage Bank of Nigeria (FMBN) has called on members of the Nigerian Institute of Management (NIM) to take advantage of its mortgage products to own houses.
The Managing Director of FMBN, Mr Ahmed Dangiwa, gave the advice on Friday in Abuja when a delegation from NIM led by its President, Prof. Iyande Olakunle, paid him a courtesy visit.
Dangiwa commended the commitment of NIM in promoting efficiency and professionalism in the management of human and material resources.
He pledged that the bank would continue to sponsor its members to NIM professional development programmes to sustain the enrichment its human resources.
Dangiwa said that FMBN was established to provide affordable mortgages that would drive home ownership among Nigerian workers.
“This has been done through the National Housing Fund Scheme into which Nigerian workers in the private and public sector contribute 2.5 per cent of their monthly income into the pool.
“Through the scheme, the bank has continued to provide affordable mortgages to Nigerian workers and developers to finance housing development.
“We also have the FMBN home renovation loan with liberalised conditions for easy access where Nigerian workers are given N1 million to renovate their homes,” he said.
He also said the bank had developed a “rent-to-own’’ product, adding that this would soon be launched by the management.
Dangiwa disclosed that the scheme currently has estates in 10 states of the federation.
“We want to commence the “rent-to-own’’ as a pilot phase to ensure that payment of equity is removed.
“You enter into the house as a tenant and by paying the rent, it becomes your own over the years,” he added.
In his remarks, Olakunle said the visit was to congratulate Dangiwa on his appointment as the Managing Director of the bank.
He described NIM as a multi-disciplinary institution that cuts across all professions.
The visit, he said, was also to identify areas that the institute could contribute to the realisation of the goals of FMBN through training of its staff.