Shehu Usman Osidi, the Managing Director/Chief Executive of the Federal Mortgage Bank of Nigeria (FMBN), has pledged the bank’s commitment towards the delivery of 343 housing units for members of the Abuja Metropolitan Management Council (AMMC) Cooperative Society.
Usman Osidi in a statement made available by Mrs Virginia Jang, the Group Head, Corporate Communications, said the leadership of the council had visited the bank to request the approval and release of the second phase of funding to complete its ongoing project of 343 housing units designed to ease the housing needs of its members.
The project 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 also thanked the management of AMMC for using the first phase of funding that amounted to N500 million released by the bank to them in 2023 judiciously.
He further expressed the bank’s readiness to support continuity of the project, emphasizing that, “the bank is open to doing business with organisations that demonstrate seriousness.”
The MD went ahead to note that the bank approves loans based on milestones, after verifying that funds disbursed have been utilised 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, adding 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.
Mr. Obuah, who also spoke during the visit, 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.
