Sparklight unveils ‘affordable’ FMBN RockView Estate in Abeokuta
AN alliance struck between the federal authorities and a private developer, Messrs Sparklight Property Development Company Limited has brought succor to contributors to the National Housing Fund (NHF) scheme and increased the housing stock by 196 housing units in Ogun State capital, Abeokuta.
The scheme known as Rockview Housing Estate, close to Obasanjo Hilltop, adds to the total of about 3,000 housing units delivered through the NHF Scheme in Ogun State in 17 respective residential housing estates developed in conjunction with public and private estate developers.
Speaking at the commissioning of Rockview Estate and tour of Gateway-Sparklight Estate, Ibafo, last week, Minister of Lands, Housing and Urban Development, Dr. (Mrs) Akon Eyakenyi workers in Ogun State to avail themselves the opportunities presented by the NHF, which is fully subscribed to by 30 states of the Federation and the FCT. “It is on record that Ogun State has benefitted immensely by way of the investments of the Federal Mortgage Bank of Nigeria in terms of estate development loans as well as the very pocket-friendly NHF mortgage loans,” she said.
“While home acquisition remains a highly capital-intensive endeavour, Nigerians of all income brackets can find confidence in the fact that contributing just 2.5per cent of monthly income opens access to a mortgage facility of a maximum of N15 million for a 30 year tenor that attracts just a 6 per cent interest rate. The NHF Scheme is product is specifically designed for low and medium income earners in the formal sector and has been expanded to integrate the informal sector through cooperative societies in order to place affordable housing within the reach of all Nigerians,” Eyakenyi said.
To sustain the legacy of the NHF, she disclosed that her ministry has taken drastic steps to overcome the major hindrances to increasing Nigeria’s housing stock with the adoption of the National Policy on Housing and National Policies of Urban Development which prescribes a private sector-driven framework for housing delivery.
Under this policy regime, Government provides the enabling environment to facilitate entrepreneurial participation for transformational housing delivery. The minister implored on Nigerians yet to join in participating in the NHF Scheme to begin soonest in order to own their own homes.
Ogun State governor, Senator Ibikunle Amosun enjoined private developers to turn the State into an investment hub through massive provision of housing units for the people.
The Governor, represented by the Commissioner for Housing, Mr. Daniel Adejobi pointed out that the policy thrust of the present administration is to stimulate investment in real estate and improve the standard of living of the people by providing enabling environment for private sector participation in housing delivery.
Governor Amosun noted that housing serves important function as an economic centre where essential commercial activities are performed, noting that this had led to remarkable increase in economic activities and human population in the last three years. This development he noted had accentuated the challenges of inadequate accommodation in the State, particularly in urban communities.
The Chairman of Sparklight Property Development Company Limited, Chief Toyin Adeyinka revealed that the aspect of the project being commissioned were funded through estate developer loan of Federal Mortgage Bank of Nigeria (FMBN), has 86 family dwelling, comprising of 48 units of three bedroom bungalows and 38 units of two bedroom bungalows while Gateway-Sparklight Estate, Ibafo has over 600 family dwellings. About 350 units was commissioned in 2009 and 108 units are at various levels of construction and infrastructural development.
According to Adeyinka, the land for Rockview estate was provided by the then Federal Ministry of Works and Housing under the Public Private Partnership (PPP) arrangement and the MoU was executed on the March 17, 2009, while construction work commenced in 2011.
“The architectural and engineering designs of our projects are usually carried out in- house by A & A Design Limited also our sister company. The synergy developed in all these companies is what has made our mass affordable housing objective achievable, “ he noted.
He sought for the minister’s intervention to grant an application on work out loan, which will allow the company complete the project within two months and fulfill our obligation to FMBN. “Our present EDL has been quite challenging as a result of high inflation and delay in disbursement of the loan. We in Sparklight will continue to explore ways of adopting local materials and technology for the purpose of coming up with moderately priced houses for the working class in Nigeria,” he added.