April 11, (THEWILL) – Benue Investment and Property Company Limited (BIPC) has expressed its readiness to take advantage of idle funds at the Central Bank of Nigeria for housing development in the state.
This is just as it is planning to set up a Benue Primary Mortgage Bank that would provide accessible and sustainable housing finance and empower residents of the state to own homes.
Playing host to the Management Team of PMI Consultant on how to set up a primary mortgage bank at its headquarters in Makurdi, the Group Managing Director of BIPC, Dr Raymond Asemakaha, appreciated the firm and pledged readiness to key into productive initiatives that would transform the state in line with the vision of Benue state governor, Rev Fr Hyacinth Alia administration.
He acknowledged the need for the mortgage, emphasising that it would enable the state to take advantage of idle funds to its advantage in due course.
Earlier, Mr Sanusi Auta said the primary mortgage is a pioneer initiative that would put Benue on the path of development, explaining that the scheme will have offerings such as social loans (NHF), rent-to-own, home purchase loans at commercial rates, construction financing and home renovation loans, mortgage refinancing, and title perfection, among others.
According to him, while the CBN’s minimum capital base requirements are significant, the company is expected to generate substantial annual income.
In a remark, the leader of PMI Consultants, Rabi Andrew, said the mortgage bank will be the first of its kind in Nigeria as no other state has a state-owned primary mortgage in the country.
She noted that if implemented, the state will stand a chance to benefit from the pool of idle funds at the Central Bank and other funds from the World Bank, United Nations, USAID, etc.
In separate reactions, Company Secretary, Barr. Josephat Ioryoosu, General Manager, Real Estate and Infrastructure, Lucy Jato, Department Head, Business Development and Strategy, Theresa Abeda, and Department Head, Legal Services, Almed Anuga, all welcomed the initiative.
The mortgage is to target middle and low-income earners, civil servants and public workers, small business owners, diaspora Benue residents, and housing cooperatives and real estate developers.
