selective focus of house model and piggy bank on wooden cubes with letters, mortgage concept
The Benue Investment and Property Company Limited (BIPC) has announced plans to set up a primary mortgage bank in the state to provide sustainable housing finance for residents.
The company’s management announced plans for the mortgage bank in a statement on Thursday, following a meeting with PMI Consultants at its Makurdi headquarters.
The Benue government wholly owns BIPC, which was established in 1979 to drive economic development by promoting, managing, and investing in real sector and service projects that maximize stakeholders’ value.
Raymond Asemakaha, BIPC’s group managing director, thanked the consultants and reaffirmed the company’s commitment to initiatives that align with the development vision of Hyacinth Alia, governor of Benue state.
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Asemakaha was said to have acknowledged the need for the mortgage, emphasising that it would enable the state to take advantage of idle funds at the Central Bank of Nigeria (CBN) designated for housing development.
“Earlier, Mr Sanusi Auta said the primary mortgage is a pioneer initiative that would put Benue on the path of development,” the statement reads.
“Auta explained that the scheme will have offerings such as social loans (NHF), rent-to-own, home purchase loans at commercial rates, construction financing and home renovation loans, mortgage refinancing, and title perfection, among others.
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“He mentioned that while the minimum capital base requirements set by the CBN are significant, the company is expected to generate substantial annual income.”
‘FIRST OF ITS KIND IN NIGERIA’
On her part, Rabi Andrew, leader of PMI Consultants, said the mortgage bank will be the first of its kind in Nigeria, “as no other state has a state-owned primary mortgage institution”.
She said if implemented, the state would have access to idle funds at the Central Bank, as well as additional funding from the World Bank, United Nations, USAID, and other development partners.
The company said the mortgage scheme would target several key groups, including middle and low income earners, civil servants, small business owners, Benue residents in the diaspora, housing cooperatives, and real estate developers.
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