FHA Mortgage Bank Secures N27bn Loan, Says 3,427 Homeowners To Benefit

The Federal Housing Authority (FHA) Mortgage Bank has revealed that about 3,427 eligible Nigerians enrolled on the National Housing Fund (NHF) scheme will benefit from a N27 billion it has secured for housing loans.

The managing director of the FHA and the board chairman of the FHA Mortgage Bank, Hon. Oyetunde Oladimeji Ojo who said this, yesterday, at the commissioning of the bank’s new head office in Gwarinpa, Abuja, also reiterated that an additional 6,000 Nigerians have gained access to mortgages through the Pension Commission’s Retirement Savings Account (RSA) window within just two years of its commencement.

While announcing that the Bank is planning to secure a national commercial banking licence to broaden access to housing finance for Nigerians, Ojo urged the bank’s MD, Dr Hayatudeen Atiku Awwal, and his team to ensure that the project is taken as a legacy that must be delivered within record time.

In his remarks earlier, the bank’s managing director, Dr Hayatudeen Atiku Awwal, revealed that plans were underway to open at least 20 new branches in the next two years to scale up its loan portfolio to N100bn and grow its active customer base beyond 100,000 families.

Awwal explained that the Bank would assist in bridging Nigeria’s housing finance gap and provide affordable mortgage opportunities for citizens across the 36 states and the Federal Capital Territory.

“Through the NHF window, the bank was able to secure approval of N27 billion on behalf of 3,427 eligible Nigerians who are contributors to the scheme to own their houses nationwide.
“In addition, through the PENCOM RSA window, we facilitated access to mortgages for well over 6,000 Nigerians within 24 months of its commencement,” Awwal stated.

He explained that the initiative reflected the bank’s commitment to working with the Federal Mortgage Bank of Nigeria (FMBN) and other stakeholders to deepen housing access for middle-income earners, civil servants, and young professionals, who make up the bulk of the country’s housing demand.

The FHA Mortgage Bank chief stated further that the institution had delivered residential units to customers in Delta, Kano, Kaduna, Ogun and other states through its collaboration with Family Homes Funds.