NIDCOM, FMBN set to launch diaspora housing scheme

Nigerians in Diaspora Commission (NIDCOM), in collaboration with Federal Mortgage Bank of Nigeria (FMBN) is set to launch a comprehensive Diaspora Housing Mortgage Scheme.

Chairman/CEO, NIDCOM, Hon Abike Dabiri-Erewa, disclosed this when she visited the FMBN management in Abuja.

NIDCOM, Media, Public Relations and Protocols Unit, in a press statement, said: “This is coming after both agencies have concluded the final stages of the Diaspora Housing Mortgage Policy.”

According to the statement signed by Gabriel Odu, the NIDCOM boss maintained that Nigeria, being the highest Diaspora-remitting country in Sub-Saharan Africa with over 19 billion dollars in 2021, according to the World Bank, assisting them own houses of their own, was the least of incentives for Nigerians abroad who tirelessly contribute to Nigeria’s development.

He said, in addition, Dabiri-Erewa disclosed that the move would encourage Nigerian in the Diaspora to do more for the country.

“The scheme is aimed at enabling Nigerians in Diaspora have mortgage accounts, participate in the National Housing Fund (NHF) scheme, access loans up to N50 million, and own homes through certified developers all from the comforts of their locations, ”she added.

Odu said while giving further insights, the NIDCOM boss explained that the package was available to Nigerians, who are above 18 years, living in the Diaspora, with evidence of regular flow of income, with contributions made over a minimum period of one to be eligible to access the mortgage loan.

“Also, after contributing for the applicable minimum period, applicants will apply for the mortgage loan through an accredited Primary Mortgage Bank.

“Following this, applicants will register with the NHF and contribute $150 (for beneficiaries earning $3,000 and below monthly), or $200 (for beneficiaries earning $3,001 and above, monthly), respectively for a minimum period of a year.

“Other features of the package include: 30 per cent down payment, a single-digit interest rate of nine per cent and a payback period of up to 10 years,” she disclosed.

Responding, the FMBN, MD/Chief Executive, Mr. Madu Hamman, agreed that work has been completed to make the scheme a reality.

He, however, noted that the launching of the scheme should have occurred earlier in the year but for the change of leadership at the FMBN.

Hamman gave assurances that the inauguration of the FMBN Diaspora Housing Mortgage Scheme will be actualised in earnest to provide a transparent, seamless platform for Nigerians in Diaspora to invest and own homes in Nigeria.

The NIDCOM/FMBN committee has till the end of May to finalise preparatory work for the launch of the scheme proposed to hold in London.