NIDCOM, FMBN harmonise partnership on diaspora mortgage

The Nigerians in Diaspora Commission and the Federal Mortgage Bank of Nigeria have assured Nigerians in the Diaspora that the diaspora mortgage scheme will be in operation within the next three months.

This assurance was given during a strategic meeting between the leaderships of the two agencies in Abuja.

Hon. Abike Dabiri-Erewa, Chairman/CEO, NiDCOM, and the new leadership of the Bank

under Shehu Usman Osidi, the new Managing Director and Chief Executive, FMBN, at the meeting drew out the next steps on the continuity of the Diaspora Mortgage Housing Scheme Project, which had reached an advanced stage before the change in the management of the FMBN.

Welcoming the MD and his team, the NiDCOM Chairman/CEO agreed with Osidi that an extended three months test run will be done to avoid lapses on the portal in the long run and enable the new Head of the FMBN to get sufficiently acquainted with the project.

The new FMBN helmsman is confident that the project will be launched as promised before the second half of the year.

Osidi noted that providing a platform where Diaspora Nigerians can access funding facilities for housing projects is one of the pragmatic steps from the Federal Government in recognition of the Diaspora’s efforts to the country as key players in economic sustainability.

He further said that having this platform will result in job creation and a high patronage in Made-in-Nigeria products and services, which will bolster Nigeria’s GDP.

The new FMBN Chief Executive stated that though plans have been in place for the launch before the first quarter of 2024, he agreed to have more test-runs done on the platform to ensure a seamless and user-friendly portal.

To that effect, the new Bank Head presented an amended draft of the Memorandum of Agreement, while stating that a six-man technical party, consisting of three members each from FMBN and NiDCOM, will spearhead the conclusion of the novel project.

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Osidi commended the NiDCOM Chairman for building pragmatic relations with FMBN and hope for future and stronger partnerships.

The Diaspora Mortgage Housing Scheme is primarily targeted at Nigerians in the Diaspora to become homeowners in their country and create credible investment opportunities for themselves and other Nigerians.