FG, Medaville begin Akure’s 150-unit estate for low income earners

Akure, Alagbaka Business Destrict, Ondo. Photo: techloy

Akure, Alagbaka Business Destrict, Ondo. Photo: techloy

The phase one of the project comprises two and three bedroom detached bungalows, three bedroom terrace, four and five bedroom duplex with two bedroom boys’ quarter, and will be delivered in 90 days.

A FRESH plan to increase the nation’s housing stock has began in earnest in Ondo State, with the commencement of a residential development between the Federal Government and a private developer – Messrs Medaville Building Construction Company Limited.

The new estate consisting of 150 housing units is targeted at low-income earners and located at Igbatoro, in Akure, the state’s capital. The government is participating in the deal through the Federal Ministry of Lands, Housing and Urban Development.

Last week, the Chief Executive Officer (CEO) of Medaville Limited, Otunba Ademola Akin-Benson, laid the estate foundation. The Head of Business, Federal Housing Authority (FHA), Gwoza attended the programme. Other dignitaries at the event include the representatives from Federal Mortgage Bank of Nigeria (FMBN), the major financier, other financial institutions, and insurance companies.

Akin-Benson lamented the delay in the scheme, which was started few years ago and attributed the slow pace of work at the site to the global economic and financial crises, and some bureaucratic processes that slowed down the documentation with the relevant authorities.

The Medaville boss, and legal adviser, Gbenga Oke, allayed the fears of litigation on the scheme and assured them of greater value in terms of good road network, security, electrification, drainage system, beautiful landscape, aesthetic value and other facilities.

The phase one of the project, which comprises two and three bedroom detached bungalows, three bedroom terrace, four and five bedroom duplex with two bedroom boys’ quarter, will be delivered in 90 days.

He announced discount for the first 30 subscribers in the two and three bedroom detached terrace bungalows, which he said are “the main focus of the construction and first of their kind in Ondo State.”

The Ondo State Controller, FMBN, Mrs. Mojisola Gbadebo revealed that the scheme is also available for low-income earner and those who are not employees based on salary scale but have a dependable income.

Gbadebo stressed that the FMBN intervention through National Housing Fund (NHF) Act No. 3 of 1992 is driven “to facilitate the mobilisation of funds for the provision of houses for Nigerians at affordable prices,” and “to ensure constant supply of loans to Nigerians for the purpose of building, purchasing and improvement of residential houses.”

She explained the mortgage plans make it possible for Nigerians earning the minimum national wage and above per annum in either the public or private sectors of the economy shall contribute 2.5per cent of his/her basic monthly salary to the fund, which also give room for the self-employed individuals.

According to her: “Before you can assess the NHF, you must be a contributor for at least six months. The maximum that FMBN gives out is N15 million depending on your affordability which include age and income.”

The state controller explained further that those who are 30 and 40 years old have 30 and 20 years for the repayment respectively, while those that are 60 years above cannot benefit from the scheme. She noted that the interest rate is 6 per cent: FMBN pays 2 per cent on the subscriber’s savings, which is refundable after retirement.

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