NDDC, Mortgage Bank hold sensitisation session on housing

 

PORT HARCOURT, Nigeria – The Niger Delta Development Commission, NDDC, in conjunction with the Federal Mortgage Bank of Nigeria, FMBN, have organised a sensitisation session to educate its staff on the provisions and benefits of the National Housing Fund Scheme.

Speaking at the interactive session held at the Commission’s headquarters in Port Harcourt, the NDDC Director, Administration and Human Resources, Mr. Patrick Ekade, stressed the need to provide affordable housing for workers, noting that “shelter is a fundamental human right.”

Ekade, who was represented by another director in Administration and Human Resources Directorate, Barr. Anele Stephen Nzelaw, noted that every employee was expected to make a mandatory contribution of two and a half per cent of their monthly earnings into the fund, managed by the Federal Mortgage Bank.

He said that it was necessary to sensitise NDDC staff on the housing scheme being managed by the FMBN.

 Making a presentation, the Port Harcourt Branch Manager of FMBN, Mr. Melody Ukwa, highlighted the bank’s role in addressing Nigeria’s housing deficit by providing affordable housing loans. He explained that NDDC staff could benefit from housing development loans and individual loans with single-digit interest rates.

He explained: “Housing is a basic human right and a key factor for social and economic development. The FMBN, as the apex mortgage institution in the country, has a critical role to play in addressing this challenge. The FMBN has been providing mortgage finance and facilitating home-ownership for low and medium-income earners through its various schemes and products. However, these efforts are not enough to meet the growing demand for shelter and the expectations of the Nigerian people.”

According to Ukwa, the huge housing deficit in the country, which affects millions of Nigerians, was a serious challenge that required urgent and innovative solutions.

He stated: “Our objective is to operate as a robust and dynamic mortgage institution with the capacity to meet the challenges that arise from developing the nation’s mortgage industry.