The Federal Mortgage Bank of Nigeria (FMBN) has introduced its National Housing Fund (NHF) Diaspora Mortgage Loan in London, providing Nigerians living abroad with access to institutional mortgage financing for homeownership and investment in Nigeria.

Under the scheme, eligible Nigerians in the diaspora can access mortgage loans of up to N100 million, subject to affordability and other applicable conditions, at an interest rate of nine per cent per annum and a maximum repayment period of 10 years.

The launch was held in London with the Minister of Housing and Urban Development, Dr Muttaqha Darma, represented by the Minister of State for Housing and Urban Development, Yusuf Ata.

The event was attended by the Nigerian High Commissioner to the United Kingdom, Ambassador Amin Dalhatu; the Chairman of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa; the Permanent Secretary of the Ministry of Housing and Urban Development, Dr Shuaib Belgore; and the Director of the Central Bank of Nigeria’s Development Finance Institutions Department, Baba.

Speaking at the launch, the minister said the initiative would help address longstanding difficulties faced by Nigerians abroad seeking to acquire property in the country, including fraudulent transactions, unfinished projects, unreliable intermediaries and limited access to financing.

He said the scheme was designed to rebuild confidence by providing Nigerians abroad with a regulated and transparent avenue for purchasing homes in Nigeria.

The minister encouraged Nigerians in the diaspora to participate in the scheme, urging them to register with the NHF, make contributions and take advantage of the mortgage facility.

FMBN Managing Director and Chief Executive, Shehu Osidi, said the initiative represented an expansion of the bank’s mandate to increase access to mortgage finance and attract long-term investment into Nigeria’s housing sector.

Osidi explained that beneficiaries would be able to complete registration and know-your-customer requirements digitally, make NHF contributions remotely and apply for mortgage financing without travelling to Nigeria.

He said the scheme was expected to generate wider economic benefits by stimulating housing construction, supporting property developers, creating employment, expanding mortgage penetration and boosting foreign exchange inflows.

The FMBN chief executive also assured prospective beneficiaries that the bank would administer the facility with emphasis on transparency, accountability and professional service delivery, supported by digital technology.

NiDCOM Chairman, Abike Dabiri-Erewa, welcomed the initiative, describing it as a structured platform that would allow Nigerians abroad to invest in the country’s real estate sector while strengthening their connection to Nigeria.

She urged members of the diaspora community to take advantage of the opportunity and work with relevant institutions to ensure the success of the programme.

The CBN’s Development Finance Institutions Department also disclosed that the apex bank collaborated with FMBN in developing the risk management framework for the mortgage facility.

The CBN stressed the importance of effective risk controls to ensure the credibility, sustainability and efficient implementation of the scheme.

The Chairman of the Central Association of Nigerians in the UK, Iliyasu Maisanda, also expressed support for the initiative and pledged the association’s cooperation towards its successful implementation.