The Federal Mortgage Bank of Nigeria (FMBN) has introduced its National Housing Fund (NHF) Diaspora Mortgage Loan in London, creating an institutional channel for Nigerians living abroad to purchase homes and invest in Nigeria’s housing sector.

The launch featured the Minister of Housing and Urban Development, Dr. Muttaqha Darma, as guest of honour. He was represented at the event by the Minister of State for Housing and Urban Development, Yusuf Ata, according to a statement issued in Abuja by FMBN Group Head, Corporate Communications, Joe Abuku.

The event brought together senior government officials, financial institutions, housing-sector stakeholders and members of the Nigerian diaspora.

Among those in attendance were the Nigerian High Commissioner to the United Kingdom, Ambassador Amin Dalhatu; the Permanent Secretary of the Ministry of Housing and Urban Development, Dr. Shuaib Belgore; the Chairman of the Nigerians in Diaspora Commission (NiDCOM), Hon. AbikeDabiri-Erewa; and the Director, Development Finance Institutions Department, Central Bank of Nigeria (CBN), Mr. Ali Baba.

FMBN was represented by Board Member, Mr. Momoh Jubril; Executive Director, Finance and Corporate Services, Mr. Ibidapo Odojukan; and Executive Director, Loans and Mortgage Services, Dr. Muhammad Sani Abdu. Also present was the President of the Mortgage Banking Association of Nigeria (MBAN), Mr. Ayo Olowookere, alongside other senior officials, mortgage finance stakeholders and representatives of Nigerians in the diaspora.

Speaking at the launch, the minister described the mortgage initiative as an important development in strengthening Nigeria’s connection with its citizens abroad while creating opportunities for them to participate directly in the country’s housing sector.

He said many Nigerians living overseas had for years wanted to own property in Nigeria but had encountered problems such as fraudulent transactions, abandoned or incomplete projects, unreliable intermediaries and insufficient financing options.

“The NHF Diaspora Mortgage Loan represents the federal government’s commitment to restoring confidence through credible institutions, transparent processes, and secure financing,” he stated.

The minister encouraged Nigerians in the diaspora to utilise the new mortgage opportunity, saying: “Register. Contribute. Participate. Invest. Own your home.”

In his Welcome Address, the Managing Director/Chief Executive of FMBN, Shehu Osidi, praised President Bola Tinubu for his leadership and commitment to expanding affordable housing access and advancing inclusive economic growth through the Renewed Hope Housing Agenda.

Osidi also acknowledged the contributions of the Ministry of Housing and Urban Development, NiDCOM, the CBN, the Nigerian High Commission in the United Kingdom, technology partners and other stakeholders involved in developing the mortgage product.

“Today, we are not merely unveiling another mortgage product. We are opening a new chapter in Nigeria’s housing finance landscape, a chapter that extends the opportunity of affordable homeownership beyond our borders and strengthens the enduring bond between Nigeria and her citizens across the world,” he said.

The FMBN chief executive said the Diaspora Mortgage Initiative was consistent with the bank’s existing mandate, describing it as an expansion of its efforts to broaden mortgage financing and attract additional long-term investment into Nigeria’s housing market.

Under the scheme, eligible Nigerians living outside the country can register under the NHF Scheme, complete their Know Your Customer (KYC) requirements digitally, make NHF contributions remotely and apply for mortgage financing without having to travel to Nigeria.

According to Osidi, qualified contributors can obtain up to N100 million in mortgage financing, subject to affordability and other applicable requirements. The facility carries an interest rate of 9 per cent per annum and has a maximum repayment tenor of 10 years.

He said the initiative is expected to go beyond helping Nigerians abroad become homeowners. It is also intended to encourage residential construction, assist property developers, generate employment, expand mortgage penetration and boost foreign exchange inflows into Nigeria.

“This is therefore not simply a Diaspora product. It is a national housing finance strategy under the Renewed Hope Housing Agenda of President Bola Ahmed Tinubu, and is designed to leverage the enormous potential of Nigerians abroad for the benefit of the entire country,” he said.

Osidi assured Nigerians living abroad that FMBN would operate the product according to high standards of integrity, transparency, professionalism and accountability, while using technology to improve service delivery.

NiDCOM Chairman, Dabiri-Erewa, also welcomed the initiative, describing the Diaspora Mortgage Product as an opportunity built around “investment, belonging and trust.”

She said the scheme offers Nigerians in the diaspora a secure and organised avenue to channel investments into real estate in Nigeria and urged members of the diaspora community to utilise the opportunity.

“FMBN has done its part. NiDCOM has done hers. Now, you do yours,” she urged, adding, “We look forward to your investment back home; we look forward to working with you; we look forward to continuous collaboration with you, our Diasporans.”

Also speaking, the Director, Development Finance Institutions Department of the CBN, Baba, drew attention to the cooperation between the apex bank and FMBN in developing the Diaspora Mortgage Loan.

He disclosed that the CBN worked with FMBN on the risk management framework for the product, stressing the need for appropriate safeguards to support its sustainability, credibility and effective implementation.

The Chairman of the Central Association of Nigerians in the UK (CANUK), Hon. Dr. Iliyasu Maisanda, similarly commended the federal government for introducing the initiative and pledged the association’s support for its successful implementation.

Source: msme Africa online