FG, SunTrust Bank Partner on N13bn Housing Scheme

bondsMinister of Finance, Kemi Adeosun
  • FG, SunTrust Bank Partner on N13bn Housing Scheme

The Nigeria Mortgage Refinance Company, in partnership with SunTrust Bank Plc, has launched a N13bn mortgage refinancing scheme for federal civil servants.

The Minster for Finance, Mrs. Kemi Adeosun, was quoted in a statement as saying that the Federal Government had earmarked N40bn in the 2016 budget for the implementation of a comprehensive housing scheme to address the housing challenges facing the country, improve the living conditions and welfare of workers and generate gainful employment for the youths.

She said, “This is also in line with our overall objective of providing the necessary stimulus to kick-start growth in the current challenging economic environment.”

“It is only fair that those who serve the country can be afforded the opportunity of owning their homes by retirement. We have to put in place the right incentives as part out anti-corruption drive to plug leakages.”

The Managing Director, SunTrust Bank, Muhammed Jibrin, congratulated the Federal Government for the mortgage re-financing initiative, describing the bank as a solid partner to bank on at any point in time.

He said, “We are very happy this is happening today. This is to show how sensitive and worker-friendly the present administration is. The workers are the ultimate winners in this scheme as most of them, through this scheme, will transit from being tenants to landlords at a rate that will be conducive for them.

“We started this journey four years ago, and we saw this coming. We started out as a mortgage bank and we also put this particular structure together. We have also been knocking on the doors of the Federal Government Staff Housing Loans Board and also the NMRC that now has the necessary funding and platform to be able to provide the funding.”

According to the Chief Executive Officer, NMRC, Dr. Charles Inyangete, it is through public private partnership in the mortgage sector that Nigeria can fully realise its economic potential.

He said the NMRC was also partnering the Nigerian Institute of Quantity Surveyors for the success of the housing scheme.

Representative of the Head of Civil Service of the Federation, Mr. Yemi Adelakun, said the scheme would go a long way in ameliorating the suffering of the civil servants especially when they retire.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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