ABUJA — DUE the grumblings by officers, rank and file of the Nigeria Police Force across the country over what they termed forced deductions of N11,000 from their salaries (N5,500 each in June and July) by the leadership of the force to acquire shares for policemen in the Police Mortgage Bank, the Force Headquarters has explained that the deductions were meant to assist the officers own houses.
Speaking with Vanguard, Force spokesman, CSP Frank Mba, explained that with the Police having a whooping N8 billion tied down in the Federal Mortgage Bank of Nigeria, an amount which many other mortgage concerns have been accessing and benefiting from, the present Police leadership feels time had come for policemen to enjoy the fruit of their labour.
He noted that with the contribution of N11,000 across board (from IGP to constable), which makes every policeman a share holder and part owner of the Police Mortgage Bank.
“Every police officer irrespective of rank is entitled to a loan of up to N15 million at a single digit interest rate not exceeding eight per cent and repayable over a maximum period of 30 years, to build his own house.
“Every police officer irrespective of rank can also get up to N15 million on same terms to renovate his property, purchase a piece of land and purchase a house either independently or through the Police Housing Scheme.”