BIPC to set up mortgage bank

The Benue Investment and Property Company Limited (BIPC) is planning to set up a mortgage bank to provide accessible and sustainable housing for residents.

BIPC Managing Director(MD), Mr Raymond Asemakaha, made the disclosure on Thursday when he received Primary Mortgage Consultants (PMI) team in his office.

Asemakaha pledged the readiness of the company to key into productive initiatives that would transform the state in line with the vision of Governor Hyacinth Alia.

The MD acknowledged the need for the mortgage bank, stressing that it would enable the state to take advantage of idle funds at the Central Bank of Nigeria, designated for housing development.

Also speaking, PMI delegation leader, Mrs Rabi Andrew said the mortgage bank would be the first of its kind in Nigeria, as no other state has a state-owned primary mortgage in the country.

Andrew noted that if implemented, the state would stand a chance to benefit from the pool of idle funds at CBN and other funds from the World Bank, United Nations, USAID, etc.

Mr Sanusi Auta of PMI said the primary mortgage is a pioneer initiative which would put Benue on the path of development.

Auta further said that the scheme would have offerings such as social loans, rent-to-own, home purchase loans at commercial rates, construction financing, home renovation loans, mortgage refinancing and title perfection, among others.

He stated that while the minimum capital base requirements set by the CBN were significant, the company is expected to generate substantial annual income.

BIPC Company Secretary Mr Josephat Ioryoosu; Assistant General Manager, Real Estate and Infrastructure Manager, Lucy Jato; Department Head, Business Development and Strategy, Theresa Abeda; and Department Head, Legal Services, Ahmed Anuga, all welcomed the initiative.

The initiative targets middle- and low-income earners, civil servants and public workers, small business owners, diaspora Benue residents, and housing cooperatives and real estate developers.