Nigerian Diaspora Housing Mortgage Scheme set for Inauguration

A comprehensive Diaspora Housing Mortgage Scheme will soon be inaugurated, the Nigerians in Diaspora Commission (NiDCOM) has announced.

According to a press release issued by the Commission, Hon (Dr) Abike Dabiri-Erewa, Chairman/CEO, NiDCOM, made the pledge when she visited the Management and Staff of the Federal Mortgage Bank of Nigeria (FMBN) in Abuja recently.

The meeting was subsequent to both agencies having concluded the final stages of the Diaspora Housing Mortgage Policy, the press statement, issued on 18 May, said.

Dr Dabiri-Erewa maintained that Nigerians abroad, being the highest diaspora-remitting nationals in sub-Saharan Africa with over 19 billion dollars in 2021 should be assisted to own houses in their home country. She described the Diaspora Housing Mortgage Scheme as “the least of incentives for Nigerians abroad who tirelessly contribute to Nigeria’s development”.

In addition, the NiDCOM chief disclosed that the Scheme would encourage Nigerians living abroad to do more for the country, thereby “creating a win-win situation”.

Dr Dabiri-Erewa was quoted as adding further that the Scheme would enable Nigerians in the diaspora have mortgage accounts, participate in the National Housing Fund (NHF) scheme, access loans of up to N50 million and own homes through certified developers – all from the comfort of their locations outside the country.

Giving further insights, the NIDCOM Chairman/CEO, explained that the package was available to any Nigerian (above 18) living in the Diaspora, with evidence of regular income, with contributions made over a minimum period of one year before being eligible to access the mortgage loan. Also, after contributing for the applicable minimum period, applicants would apply for the mortgage loan through an accredited Primary Mortgage Bank.

Following this, applicants would 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% down payment, a single-digit interest rate of nine per cent and a payback period of up to 10 years.

Dr Dabiri-Erewa seized the opportunity of her visit to congratulate the new MD/Chief Executive of the FMBN, Alhaji Madu Hamman, urging him to sustain the impressive achievements of his predecessors. Mr Hamman agreed that work has been completed to make the Scheme, a reality.

However, he said that the launching of the Scheme would have occurred earlier in the year, attributing the change of leadership at the FMBN, as a factor. Mr Hamman gave assurances that the inauguration of the FMBN Diaspora Housing Mortgage Scheme would 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 is given till the end of May to finalise preparatory work for the launch of the Scheme, which is billed to take place in London.

Sola Jolaoso

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