The Federal Mortgage Bank of Nigeria (FMBN) in collaboration with Jedo investment is set to deliver a cooperative housing scheme in Abuja in order to reduce the housing deficit in Nigeria and provide affordable houses to the low income earners.
Deputy President of the Real Estate Developers Association of Nigeria (REDAN) and Chief Executive Officer of Jedo Investment Company Alhaji Aliyu Wamakko said members of cooperative societies nationwide will be able to afford housing through the scheme.
He said that with the bank’s present N5 billion capital which is the same as those of Primary Mortgage Banks and over 4.2 million contributors to the NHF and loan applications, the FMBN requires capital injections.
Wamakko said that the FMBN is interested in empowering the grassroots by providing development loan to cooperative societies so they can cater for their members housing needs.
