Diaspora Housing: NiDCOM, FMBN set to launch scheme  

Abuja: May 18, 2022

A comprehensive Diaspora Housing Mortgage Scheme is set to be inaugurated in Nigeria.

Hon. (Dr.) Abike Dabiri-Erewa, Chairman/CEO, Nigerians in Diaspora Commission (NiDCOM), stated this when she visited the Management and Staff of the Federal Mortgage Bank of Nigeria (FMBN) in Abuja.

This is coming after both agencies have concluded the final stages of the Diaspora Housing Mortgage Policy.

Dr Dabiri-Erewa maintained that Nigeria, being the highest diaspora- remitting country in sub-saharan Africa with over 19 billion dollars in 2021, according to the World Bank, assisting the diasporans to own houses of their own, is the least of the incentives for these Nigerians abroad who tirelessly contribute to Nigeria’s development.

In addition, the NiDCOM Boss disclosed that this initiative will encourage Nigeria’s Diasporans to do more for their country, thereby creating a win-win situation.

She added further that the Scheme is aimed at enabling Nigerians in Diaspora have mortgage accounts, participate in the National Housing Fund (NHF) scheme, access loans of up to N50 million, and own homes through certified developers all from the comforts of their locations.

Giving further insights, the NIDCOM Chairman/CEO, explained that the package is available to any Nigerian (above 18) living in the Diaspora, with evidence of regular flow of income, with contributions made over a minimum period of one year before being eligible to access the mortgage loan.

Also, after contributing for the applicable minimum period, applicants will apply for the mortgage loan through an accredited Primary Mortgage Bank.

Following this, applicants will register with the NHF and contribute $150 (for beneficiaries earning $3,000 and below monthly), or $200 (for beneficiaries earning $3,001 and above, monthly), respectively for a minimum period of a year.

Other features of the package include: 30% down payment, a single-digit interest rate of nine per cent and a payback period of up to 10 years.

Meanwhile, she seized the opportunity to congratulate the new FMBN MD/Chief Executive, Mr. Madu Hamman and urged him to sustain the impressive achievements of his predecessors.

Mr. Hamman agreed that work has been completed to make the Scheme a reality.

However, he said that the launching of the Scheme would have occurred earlier in the year, attributing the change of leadership at the FMBN, as contributing to the delay.

Mr. Hamman gave assurances that the inauguration of the FMBN Diaspora Housing Mortgage Scheme will be actualised in earnest to provide a transparent, seamless platform for Nigerians in Diaspora to invest and own homes in Nigeria.

The NiDCOM/FMBN Committee is given till the end of May to finalise preparatory work for the launch of the Scheme proposed for London.