The Managing Director/Chief Executive of the Federal Mortgage Bank of Nigeria (FMBN), Shehu Usman Osidi, has lauded the management of Abuja Metropolitan Management Council (AMMC) Cooperative Society for judiciously utilising the first tranche of funding that amounted to N500 million, released by the bank to the cooperative in 2023.
He, however, expressed the bank’s readiness to support continuity of the project, saying, “The bank is open to doing business with organisations that demonstrate seriousness.”
He also pledged the bank’s commitment towards the delivery of 343 housing units for members of the cooperative society.
These were revealed during a courtesy visit by members of the Council led by the Coordinator, Mr. Felix Amaechi Obuah, to the bank’s headquarters in Abuja.
The leadership of the Council had visited the bank to request the approval and release of the second tranche of funding to complete its ongoing project of 343 housing units designed to ease the housing needs of its members.
The project, being delivered under the Cooperative Housing Development Loan (CHDL), is one of the bank’s numerous projects across the country to provide access to affordable housing to cooperative societies whose members are contributors to the National Housing Fund (NHF).
Osidi noted that the bank approves loans based on milestones, after verifying that funds disbursed have been utilized in a judicious manner.
Accordingly, he informed that the bank would do its due diligence after which the next tranche of funding would be released.
He added that the Executive Director of Loans and Mortgage Services, Dr. Muhammad Sani Abdu, would facilitate the process, expressing hope of seeing the 343 housing units completed and commissioned in no distant time.
Also speaking, Obuah appreciated the bank for its invaluable assistance to the AMMC Cooperative Society.
He revealed that the cooperative had acquired 4.2 hectares of land from the Federal Capital Development Authority (FCDA) to build residential houses for its members and commenced the construction of the 343 housing units in 2020.
The coordinator further noted that the Cooperative Society had secured N500 million as the first tranche of funding from the bank in 2023 and contributed N220 million as equity.
He added that out of the 343 houses under construction, 30 have been completed and are ready to be handed over to the allottees.
The bank’s support for this initiative marks another significant effort in bridging the housing deficit in the country through tailored products, services, and interventions.
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