NMRC to increase mortgage financing with N1b in Ogun

The Nigerian Mortgage Refinancing Company (NMRC) has promised to inject another N1 billion into mortgage financing in Ogun State to boost its affordable housing programme. The Managing Director of the Company, Kehinde Ogundimu, who stated this while speaking with journalists shortly after the management team of NMRC inspected the 300 affordable housing units built by the Ogun State Ministry of Housing at Kobape, said the company had earlier made available N1billion as mortgage fund to the state.

He said eight states are presently partnering with it and NMRC would continue to visit states to sensitise them on the need for collaboration on the provision of affordable houses, particularly the low-income earners.

Ogundimu disclosed that N30billion has been expended by the company in the last four years to provide mortgage back up for states in the country to support them in their various housing programmes. While explaining that the Foreclosure Law put in place by the Federal Government has strengthened mortgage financing, the NMRC MD said the law has equally ensured low premium on a mortgage, made loan repayment flexible and allowed long duration for the defrayment of mortgages.

Ogundimu, however, commended the Ogun state government and the Ministry of Housing in the state for keying into the mortgage refinancing offered by the company, noting that the 300 units of houses at Kobape Housing Scheme will help in bridging the deficit in affordable houses.

The Ogun State Commissioner for Housing, Jamiu Omoniyi, said subscribers of Kobape housing project will be allocated their houses in December.

While noting that housing projects for low-income earners are being undertaken by his ministry in other locations in the state, Omoniyi reiterated that every eligible subscriber to the Kobape Housing Scheme will be catered for.

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