The Federal Mortgage Bank of Nigeria says it is working in tandem with Nigerians in the diaspora commission through a recently unveiled housing initiative to assist Nigerians living abroad who want to buy or build houses back home.
A statement from the Executive Director, FMBN, Lukman Mustapha, stated that this was disclosed by the bank at the National Diaspora Day 2022 celebration in Abuja themed, “Diaspora Engagement in a Globally Challenging Time.”
Mustapha explained that the scheme became necessary due several stories of diaspora Nigerians being defrauded by estate agents and relatives in the process of acquiring property in Nigeria.
He said, “Nigerians in diaspora want to own, build or acquire their own houses. But we have heard or seen cases of these Nigerians being swindled or duped in the process of trying to own a house in Nigeria. This is why FMBN and NIDCOM came up with a scheme that will enable them to take loans and buy their houses.”
The celebration, according to Ibrahim Gambari, President Muhammadu Buhari’s Chief of Staff, who represented the President at the event, was part of the diaspora policy of 2021.
NIDCOM celebrated this year’s event in partnership with Palton Morgan Holdings, a real estate firm that focuses on upscaled development to meet the taste of diaspora Nigerians.
The company’s Group Chief Operating Officer, Nidal Turjman, said the firm and its subsidiaries had positioned themselves in the real estate sector as a notable player in the industry for over 12 years, with operations spanning across Lagos, Ogun and Abuja.
He said, “Over the years, we have created and deployed economic strategies that have improved the industry and made the industry more attractive for Nigerians both at home and abroad to invest in their own country.
“With a track record of over 7,000 housing units and serviced plots delivered and, about 2,000 units still under development, we have positioned ourselves as a leader of the industry.
“It is our vision as an organisation to be a preferred real estate development brand in Africa and beyond. I must tell you that we are almost accomplishing this vision of the founders of our great organisation.”
He assured the diaspora Nigerians that despite the present economic situation, the real estate sector remained a lucrative investment hive due to the 20 million units of housing deficit in the country.
In her opening remarks, the Chairman, NIDCOM, Abike Dabiri-Erewa, commended Nigerians in diaspora for their interest in the growth of the Nigerian economy.
She noted that in the last two years, the world witnessed the Covid-19 pandemic, Russia-Ukraine war and an economic melt-down, yet diaspora Nigerians had helped the economy through their remittances.
“There is insecurity all over the world. But, be that as it may, Nigerians in diaspora have continued to give back to Nigeria. Despite all the challenges, they remitted $20bn last year,” she said.
She added, “An unconfirmed report says that about 10 per cent of these remittances went into real estate and this explains why many of the estate developers, especially those playing in the luxury segment of the market like Palton Morgan, have their products targeted at Nigerians in diaspora.”