OPIC, Stakeholders Discuss New Mortgage Scheme

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  • OPIC, Stakeholders Discuss New Mortgage Scheme

The Ogun State Property and Investment Corporation has held discussions with stakeholders in the housing sector to roll out a mortgage scheme that will enable aspiring home owners to purchase houses with ease.

The Managing Director, OPIC, Mr. Babajide Odusolu, declared the intention of the corporation to incorporate three principal partner mortgage banks as well as Lafarge Holcim, private developers, Nigeria Mortgage Refinance Company and the Federal Ministry of Finance to commence the mortgage scheme.

Odusolu disclosed this while leading stakeholders on an inspection tour of OPIC estates along the Lagos-Ibadan Expressway, which was meant to open the emerging opportunities in Ogun State’s real estate sector to the NMRC, the three mortgage banks and private developers.

The NMRC, according to him, is meant to assist developers to build more houses through a robust mortgage policy designed to finance and monitor technologically-based methods of building houses for mortgages in states of the federation that are found suitable to anchor the project.

The Managing Director, NMRC, Mr. Charles Inyangate, while commenting on the scheme, stated, “What we need in Nigeria is housing stock, and as a financing body, we know that the provision of housing must increase and this must be done in partnership with state governments. This explains the commitment of the NMRC to middle-income and affordable housing.”

Odusolu added that opportunities now abound for average income earners to own houses through the special mortgage scheme designed to fulfil a key objective of the administration of Governor Ibikunle Amosun.

He stated that any person with paid employment or regular but unpredictable income could key into the plan, which allows them to pay in instalments over a period of 20 years.

The OPIC boss stated that the scheme would be for any of the state government’s housing projects, adding that the first phase would target 400 units in the New Makun City within 18 months of its commencement.

On this, Odusolu said the mortgage scheme would further expand the economic base of the state by creating employment opportunities, while aiding the growth of infrastructure across the three senatorial districts in the state.

The Managing Director, Family Homes Funds Limited, a Federal Government initiative, Mr. Kola Ogunsulere, in his reactions on the preparedness of Ogun State to drive affordable housing, said the state was found worthy, not only to partner the NMRC, but also to serve as a model to other states, while exposing the generality of the citizenry to the company’s mission of providing housing for all.

Commenting on the OPIC projects, the Managing Director, Imperial Homes Mortgage Bank Limited, Mr. Ben Akaneme, said Ogun was a model state for the NMRC scheme to reduce housing deficit in Nigeria.

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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