Firm advocates mortgage system to address housing challenges
To transform the country’s consumer credit system, the Federal Government, through the Nigerian Consumer Credit Corporation (CREDICORP), has introduced a pension-backed loan scheme to support and empower retirees.

Launched in partnership with Leadway Trustees and Optimus Bank, the initiative offers retirees access to loans, starting from N50,000, with a maximum amount determined by the size of pension income. 

At the signing of the Memorandum of Understanding (MoU) in Abuja yesterday, Managing Director/Chief Executive Officer, CREDICORP, Uzoma Nwagba, underscored the programme’s transformative potential. 

He explained that the scheme, launched under the theme, ‘Empowering Retirement with Consumer Credit,’ is for both federal and state pensioners. 

Nwagba commended President Bola Tinubu for prioritising financial inclusion through the Renewed Hope Agenda, noting that the pension-backed loan programme reflects the administration’s commitment to creating opportunities for all Nigerians, including senior citizens, who had long been excluded from access to consumer credit.

He stressed that retirees, after years of dedicated service to the country, deserve access to affordable financing for healthcare, small businesses, home improvements, and family needs. 

His words: “The programme leverages pension income, offering retirees tailored, low-interest loans that are both secure and sustainable. 

“This first-of-its-kind product ensures that Nigeria’s seniors can access credit with dignity, without the burden of exorbitant rates or complex processes.

“Annuitants are the backbone of Nigeria’s progress, yet they have been sidelined in the credit ecosystem. This programme changes that narrative. By partnering with Leadway Trustees’ expertise in pension management, we are delivering a credit solution that is safe, affordable, and transparent.”

Relatedly, the Chief Executive Officer of Archpoint Architecture and Construction Company, Olatunji Dare, has called on the Nigerian government to adopt a workable mortgage system to address the nation’s housing challenges.
 
He made the call during his birthday celebration with a special in-house lecture dedicated to promoting affordable housing solutions for low-income and indigent citizens.
 
According to him, Nigeria is not particularly under-housed, but affordability remains the greatest barrier to home ownership. He stressed that if a functional mortgage system were adopted and implemented effectively, the nation’s housing deficit would be significantly reduced.

“As a country, our major issue is not the number of houses available, but the ability of average citizens to afford them”.

If a workable mortgage system is put in place, many Nigerians, who desire decent accommodation, will have access to it, and the housing deficit will shrink,” he said.
 
Highlighting his long-standing passion for housing advocacy, Dare revealed that his birthdays are often marked with a lecture, training, or symposium focused on making affordable housing a reality for average Nigerians. This year’s event, he said, was a continuation of that tradition.
 
Speaking on behalf of the company’s management, the Financial Director, Chris Ozichukwu Anele-Eche, lauded Dare’s leadership and lifelong commitment to excellence.
 
“Today, we also celebrate the birthday of our Chief Executive Officer, Dare, a leader whose journey reflects grace, resilience, and an unyielding commitment to service. From humble beginnings at the helm of Archpoint, he has shown that challenges are stepping stones to greatness. Under his leadership, the organisation has grown remarkably, breaking boundaries and fostering a culture of innovation,” he said.