Sequel to the Commissioning of Phase 1 of Nasarawa Technology Village, the Federal Mortgage Bank of Nigeria (FMBN) has urged Developers of the Project to ensure that the environment is fit for habitation and delivered within stipulated timelines.
The call was made when the Bank met with the Project Developers comprising Modern Shelter Systems & Services Ltd, ABS Blueprint Ltd and Statewide Home Builders Ltd, at the Bank’s Headquarters in Abuja.
Speaking during the meeting, the Managing Director/Chief Executive of the Bank, Shehu Usman Osidi, gave the Developers a pat on the back for the capacity to attract such huge funding, to the tune of N12 billion and for quality and timely delivery of the Project.
“It is quite commendable for private developers like you to access funding from Shelter AFrique, but more commendable is your ability to attract such a large sum, considering the prevailing bottlenecks in accessing funding.”
While commending the Developers, Osidi expressed the Bank’s readiness to provide offtake services for the Project. He noted that the Bank will support the profiling of offtakers, spelling out the need for the Developers to draw up a framework for upgrading the Project to a proper mortgage. He added that it is not enough to build houses but to ensure that people actually take the houses and live in them.
Corroborating the point made by the MD, the Executive Director, Loans & Mortgages, Dr. Muhammad Sani Abdu, commended the Developers for the number and quality of houses built, and urged them to do due diligence to ensure that the Project environment is fit for immediate occupancy. He explained that the road network, electricity and other relevant infrastructure should be done in a timely manner.
On their part, the Executive Director, Finance & Corporate Services, Mr. Ibidapo Odojukan and the Executive Director, Business Development & Portfolio Management, Mrs. Chinenye Chinedu Anosike also reaffirmed the Bank’s readiness for strategic partnership with serious-minded Developers.
Earlier in his presentation, Managing Director of Modern Shelter Systems & Services Ltd, Mr. Abdulmalik Mahdi, elaborated on the Project, noting that they had developed 67 hectares of land (1400 housing units) in partnership with the Nasarawa State Government.
He highlighted the challenges of offtaker affordability of monthly mortgage payment and sought the intervention of the new FMBN management in tackling the challenges and for the development of Mega Cities/Housing Schemes. He received assurances of the Bank’s MD for the removal of all bottlenecks to mortgage transactions.
