FMBN To Complete Abandoned Housing Projects Owned By Abuja Property Company

The Federal Mortgage Bank of Nigeria has expressed its readiness to assist the Abuja Property Development Company complete all housing projects that have been stalled as a result of paucity of funds.

The commitment is a fallout of a strategic stakeholder engagements drive between the FMBN Executive Management Team and the Abuja Property Development Company Management Team.

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The engagement is part of efforts to boost affordable housing supply in the country.

The APDC Managing Director, Mr. Lawal Aliyu Magaji led the Team to the strategic meeting.

A statement from the FMBN said the interactive meeting reviewed APDC’s business engagements with FMBN.

It also explored additional ways to deepen the relationship further towards ensuring that more Nigerians have access to decent, affordable, and quality housing.

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In his remarks at the meeting, the Managing Director/Chief Executive of FMBN, Mr. Madu Hamman said the Bank is open to collaborating with the APDC to deliver on its projects.

Hamman identified potential areas where APDC could increase its business relationship with FMBN to include leveraging the FMBN Cooperative Housing Development Loan window and the Bank’s ongoing drive to re-engineer and complete stalled housing projects.

“We welcome collaboration with APDC. Our interest in line with our mandate is to deepen the Nigerian housing market and improve the mortgage sector” Hamman said.

The APDC MD, Mr. Lawal Aliyu Magaji stated that as a wholly-owned government entity, the company shares in the FMBN operating principle of affordability.

He said APDC’s housing projects are devoid of title issues and that houses within its estates are properly spaced with adequate provisions for recreational and other related facilities that enhance healthy living.

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“We try to incorporate building techniques and measures to ensure that the houses that we build fall within the FMBN affordability index, and we are very much interested in working with the current FMBN Executive Management to provide as many houses as possible to Nigerians,” Magaji said.

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