Current Time: February 20, 2018 06:55:52am Last Update: February 19, 2018 14:56:48pm
Home|Forum|Conferences|Concepts|Research|TrueColour|Business Developemnt         
iWitness | Register | Login | Subscribe         

Business > Real Estate
Nigeria: FG partners SunTrust Bank on N13b housing scheme for civil servants
Addthis Facebook Twitter LinkedIn Gmail
By Adesanya Alao
December 13, 2016 16:14:37pm GMT      |      Views: 4228

WorldStage Newsonline-- The Federal Government civil servants mortgage loan refinancing scheme through the Nigeria Mortgage Refinance Company (NMRC), in partnership with SunTrust Bank Plc has been launched to provide housing for 5, 635 civil servants across the federation.

Minster for Finance, Kemi Adeosun said at the launching ceremony that the Federal Government was aware that only when workers were happy that they would give their best at their respective working place and as such the Government will ensure that the Federal civil servants were happy to become landlords of their own

 She said there was N40 billion in the 2016 Budget for the implementation of a comprehensive housing scheme to address the housing challenges facing the country, improve the living conditions and welfare of our work-force and people, and generate gainful employment for our teeming youth.

 “It is only fair that those who serve the country can be afforded the opportunity of owning their own homes by retirement. We have to put in place the right incentives as part out anti-corruption drive to plug leakages,” she said 

“ This is also in line with our overall objective of providing the necessary stimulus to kick-start growth in the current challenging economic environment.”

Managing Director of SunTrust Bank, Muhammed Jibrin congratulated the Federal Government for the mortgage re-financing initiative and also assured the Federal Civil Servants that they have a solid partner to bank on at any point in time.

He said: “We are very happy this is happening today. This is to show how sensitive and worker-friendly the present administration is. The workers are the ultimate winners in this scheme as most of them, through this scheme will transit from being tenants to landlords at a rate that will be very conducive for them.

 “We started this journey four years ago, we saw this coming. We started out as a mortgage bank if you can remember and we also put this particular structure together and we have also been knocking on the doors of the Federal Government Staff Housing Loans Board and also the NMRC that now has the necessary funding and platform to be able to provide the funding. Nigerians are now very lucky to have a government that is truly ready and willing to provide support,  and it is the FG’s resolve to better the lives of its workers that makes it possible for us to witness this event today.”

Chief Executive Officer of the NMRC, Dr Charles Inyangete, said “it is through Public and Private partnership in the mortgage sector that Nigeria can fully realized its economic potentials.”

He said NMRC was also partnering the Nigerian Institute of Quantity Surveyors for the success of the housing scheme.

Representative of the Head of Civil Service of the Federation, Mr. Yemi Adelakun said the scheme will go a long way in ameliorating the suffering of the civil servants especially when they retire.

He thanked the FG for the scheme and pledged the loyalty of workforce to the success of this administration.

He said the mortgage re-financing scheme would further boost workers morale, as well tackle the issue of corruption as fear of retirement sometime made the civil servants to act unethically.

Addthis Facebook Twitter LinkedIn Gmail

Share |


Related News
- February 17, 2018 10:34:51am GMT

- February 14, 2018 23:40:28pm GMT

- February 13, 2018 13:38:25pm GMT

- February 12, 2018 13:19:47pm GMT

- February 12, 2018 01:50:09am GMT