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OPIC partners NMRC on new mortgage scheme

By Chinedum Uwaegbulam
05 December 2016   |   12:30 am
Fresh prospects may be on the card for prospective homeowners in Ogun State, if statements made recently by senior officials of the government are anything to go by.
OPIC Managing Director, Mr. Babajide Odusolu

OPIC Managing Director, Mr. Babajide Odusolu

Fresh prospects may be on the card for prospective homeowners in Ogun State, if statements made recently by senior officials of the government are anything to go by.

Apparently bothered that average Nigerians cannot afford the cash and carry houses by developers, the Ogun State Property and Investment Corporation (OPIC), plans to roll out a mortgage scheme that will enable aspiring home owners purchase homes with ease.

Under the proposed mortgage scheme, OPIC is incorporating three mortgage banks, Lafarge Holcim and private developers to drive the scheme under the apex mortgage company, the Nigeria Mortgage Refinance Company (NMRC) and Federal Ministry of Finance. The first phase of the mortgage scheme will target 400 housing units in the New Makun City.

NMRC has been saddled with the responsibility of financing middle and affordable housing through technologically based methods. This is to relieve the populace of the hardship of owning standard houses at affordable prices.

OPIC Managing Director, Mr. Babajide Odusolu revealed the move during an inspection tour of OPIC estates along Lagos-Ibadan highway corridor recently. The inspection tour was meant to expose NMRC, the three partnering mortgage banks, and private developers to emerging opportunities in Ogun State real estate sector.

Odusolu said the NMRC “ is meant to assist developers to build more houses through a robust mortgage policy design to finance and monitor technologically based method of building houses for mortgages in all the States of the federation that are found suitable to anchor the project.”

Odusolu explained that opportunities now abound for average income earners to own houses through a special mortgage scheme designed to fulfill a key cardinal objective of Amosun administration.

According to him, any person with a paid employment or regular but unpredictable income could key into the plan, which allows him to pay in installments over a long period of 20 years.

Odusolu said: “This no doubt will ameliorate the hardship of house ownership being faced by middle income earners. Mortgage Scheme will further expand the economic base of the State; creating employment opportunities while aiding the growth of infrastructure across the four Senatorial Districts.”

NMRC Managing Director, Prof. Charles Inyangate, expressed the commitment of the company in improving saying housing stock, and as a financing body, we know provision of housing through partnership with states governments.

For Mr. Kola Ogunsulere, Managing Director, Family Homes Funds Limited, Ogun State was found worthy, not only to partner with NMRC, but to model other upcoming States while exposing the generality of its citizenry to maximal benefits of NMRC’s mission of providing housing for all.

Similarly, the Managing Director, Imperial Homes Mortgage Bank Limited, Mr. Ben Akaneme said Ogun State is no doubt a model State for the NMRC scheme to reduce housing deficit in Nigeria. “The road, industrial layout and internationally acceptable master plan in and around OPIC estates are “ part of the development and repositioning we long to have in Lagos – Ogun States borderlines”, he said.

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