FMBN secures N100b for affordable housing

The Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Shehu Osidi, said that they have secured N100 billion off-takers’guarantee for affordable housing with the support of partners.

Osidi dropped the hint at Africa Housing Awards 2024 in Abuja, explaining that the amount will facilitate the development of the Renewed Hope Cities and Estates across Nigeria, beginning with the housing project in Karsana, in the Federal Capital Territory.

He said the FMBN will be introducing new products like Rent Assistance, Non-Interest Mortgage, and Diaspora National Housing Fund Mortgage, amongst others.

While commending the organiser of the African Housing Awards, he stated that they have made strides as a corporate entity toward addressing critical challenges in the nation’s housing sector, promoting development, and driving impactful conversations around affordable housing.

Festus Adebayo of the Housing Development Advocacy Network called on the FCT Minister to get a court order before embarking on demolition, citing the case in Lugbe, where the exercise was still going on, and “we saw documents stating the reallocation of those lands.”