FMBN launches N100m mortgage scheme for Nigerians in diaspora
The Federal Mortgage Bank of Nigeria (FMBN) has launched a new mortgage scheme that allows Nigerians living abroad to finance and own homes in Nigeria without travelling back to the country.
The initiative was announced on in a statement signed by Joe Abuku, Group Head, Corporate Communications, FMBN, following the official launch of the National Housing Fund (NHF) Diaspora Mortgage Loan in London on Friday, August 7.
The new product is designed to provide Nigerians in the diaspora with a secure and institutional channel to invest in Nigeria’s housing sector while addressing longstanding concerns over fraudulent property transactions, abandoned projects, unreliable intermediaries and limited access to mortgage financing.
The launch was attended by senior government officials and stakeholders, including the Minister of Housing and Urban Development, Muttaqha Rabe Darma, who was represented by the Minister of State for Housing and Urban Development, Yusuf Ata.
Others at the event included Nigeria’s High Commissioner to the United Kingdom, Amin Dalhatu; Permanent Secretary of the Ministry of Housing and Urban Development, Shuaib Muhammad Belgore; Chairman/CEO of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa; and the Director of the Development Finance Institutions Department at the Central Bank of Nigeria (CBN), Mairami Ali Baba.
FMBN’s Managing Director and Chief Executive Officer, Shehu Usman Osidi, said the initiative would extend access to mortgage finance to Nigerians outside the country while attracting additional long-term investment into Nigeria’s housing market.
“Today, we are not merely unveiling another mortgage product. We are opening a new chapter in Nigeria’s housing finance landscape, a chapter that extends the opportunity of affordable homeownership beyond our borders and strengthens the enduring bond between Nigeria and her citizens across the world,” Osidi said.
Under the scheme, eligible Nigerians living abroad can register under the NHF, complete their Know Your Customer requirements digitally and make their contributions remotely.
