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PMI secures N5bn estate development, N4bn NHF loans

Jubilee_Life  Savings and Loans Limited, a primary mortgage institution (PMI) has secured estate development loans (EDL) in excess of N5 billion form the Federal Mortgage Bank of Nigeria (FMBN), in addition to having received approval for more than N4 billion National Housing Fund (NHF) loan on behalf of its customers.

Managing Director/Chief Executive of the mortgage firm, Mr. Olawale Osisanya, stated this recently at the commissioning of the bank’s branch in Port Harcourt, adding the mortgage outfit, which is an offshoot of Jubilee Development Foundation (JDF), is ready to enter into with the Rivers State government on housing development.

Osisanya explained that since its licensing, the firm has embarked on a massive housing production through strategic partnership with various estate developers, and have already delivered houses to customers.

“To be modest, we have also packaged and got approval for National Housing Fund in excess of N4.8 billion out of which we have drawn about N1.9 billion, but with a clear vision, the goal of your bank in the immediate future is to occupy a leading position among primary mortgage institutions in provision of affordable shelter,” he said.

He said the bank decided to open shop in Port Harcourt having realised that there was a huge gap in provision of affordable housing schemes within Rivers State, and promised that in the coming months, the bank will take bold steps to replicate its housing schemes in the state.

Osisanya recalled that the PMI was licensed to run full_fledged mortgage banking services when it started operations in Lagos in 2004 and has so far established branches in Abuja and Ibadan with the major aim of providing affordable accommodation for members of The Redeemed Christian Church of God members and other Nigerians.

He said the opening of the Port Harcourt branch was in response to the yearning need for property development in the state so as to reduce the housing problems of residents. “For instance, imagine where a flat can cost up to N1 million in this state, whereby it is possible to own your own house by depositing that same amount in Jubilee_Life Savings. So coming to Port Harcourt was very apt to fill the gap in house ownership,” he said, while appealing to the state government to provide land and and infrastructure.
In his response, the state Commissioner for Works, Dakuku Peterside, said the state government was ready to partner with the bank, advising however, that a formal request be made to the state Ministry of Lands and Survey in order to obtain land in the Greater Port Harcourt City.
Peterside, who was represented at the occasion by his Energy counterpart, Dawari George, noted: “In the last two years, the state government has embarked on massive provision of infrastructure, especially in the area of social services, the contribution of the private sector is indispensable in the development of the infrastructure and the economy of the state.”


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