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The Benue Investment and Property Company Limited (BIPC) has announced plans to set up a Benue Primary Mortgage Bank that would provide accessible and sustainable housing finance and empower residents of Benue to own homes.
The company made this known on Thursday when management received a team from PMI-Consultant on how to setup a primary mortgage bank at the company’s headquarters in Makurdi.
The Group Managing Director of BIPC Dr. Raymond Asemakaha, CFA, appreciated the PMI and pledged readiness to key into productive initiatives that would transform the state in line with the vision of His Excellency, Rev. Fr. Dr. Hyacinth Iormem Alia, the executive governor of Benue State.
Dr. Asemakaha acknowledged the need for the mortgage, emphasizing that it would enable the state to take advantage of idle funds at the Central Bank of Nigeria designated for housing development.
Earlier, Mr. Sanusi Auta of PMI said the primary mortgage is a pioneer initiative that would put Benue on the path of development.
Auta explained that the scheme will have offerings such as social loans (NHF), rent-to-own, home purchase loans at commercial rates, construction financing & home renovation loans, mortgage refinancing, and title perfection, among others.
He mentioned that while the minimum capital base requirements set by the CBN are significant, the company is expected to generate substantial annual income.
Also speaking, leader of PMI delegation, Hon. Rabi Andrew said the mortgage bank will be the first of it kind in Nigeria as no other state has a state owned primary mortgage in the country.
She noted that if implemented, the state will stand a chance to benefit from the pool of idle funds at the Central Bank and other funds from the World Bank, United Nations, USAID, etc.
In separate reactions, Company Secretary Josephat Ioryoosu, Esq., Assistant General Manager, Real Estate and Infrastructure, Lucy Jato, Department Head, Business Development and Strategy, Theresa Abeda, and Department Head, Legal Services, Almed Anuga, all welcomed the initiative.
The mortgage is to target middle – and low-income earners, civil servants and public workers, small business owners, diaspora Benue residents, and housing cooperatives and real estate developers.
