Mortgage Debt: BIPC Puts Houses of Defaulters on Sale

The Managing Director of Benue Investment and Property Company Limited-BIPC Dr. Raymond Asemakaha, Saturday 16th March 2024 holds separate meetings with defaulters of North Bank and Nyiman Estates in Makurdi.
Accompanied by staff of the company, the Managing Director says the company has foreclosed the agreement with allotees of the two estates and would henceforth sell off the houses of the defaulters to recover the money and pay the same to the federal mortgage bank from whom the company got the facility.
Asemakaha, while emphasising that the 2007 loan agreement has attracted interest at the company expense, stated that the company was on the verge of losing a good credit score  with the federal mortgage, saying not under his Management will the reputation of the Company go down but he will ensure that the defaulters pay or stand to be evicted.
He explained that after 15 years, the allottees cannot claim that they did not have the financial will to pay the company, as at the time when the interest was 4 percent today it has risen to over 35 percent and is causing the company a huge amount of service annually.
The Managing Director /CEO alao directed the publication of the names of the defaulters billed for  foreclosure as from next week, saying the company has initiated  the court’s order adding that no leniency will be granted to any allottee.
Speaking on behalf of North Bank Estate, EXCO Chairman Mr. Victor Asobo and Joseph Ornguga Antyam appealed for more time for defaulters of the estate to pay.
They highlighted economic difficulties and appealed for a grace period of four months to enable them to make up the payment.
At the Nyiman Estate, the Chairman, Mr. Raphael Abo, while appreciating the BIPC for giving the allotees ample of time to pay, appealed for more time.
He said the EXCO will communicate the decision of the company to members who are yet to complete their payments with a view of getting them comply.
The BIPC Evergreen Estates, North Bank, and Nyiman were initiated in 2007 to provide urban shelter for low-income earners’ through the federal mortgage bank and the Benue Investment and Property Company Limited (BIPC).

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