The Benue Investment and Property Company Limited (BIPC) has disclosed that plans are in the works for the establishment of a primary mortgage bank in the state.
The mortgage bank, when in place, will provide sustainable housing finance for residents.
Managing director of BIPC, Raymond Asemakaha, according to a statement by the company, made this known after a meeting with PMI Consultants in Makurdi, the state capital.
Asemakaha reaffirmed the company’s commitment to initiatives that align with the development vision of the Governor Hyacinth Alia-led administration.
While highlighting the need for the mortgage bank, he pointed out that it would enable the state to take advantage of idle funds at the Central Bank of Nigeria (CBN) designated for housing development.
On her part, Rabi Andrew, leader of PMI Consultants, said the mortgage bank when set up, would be the first of its kind in Nigeria, “as no other state has a state-owned primary mortgage institution.”
She said if implemented, the state would have access to idle funds at the Central Bank, as well as additional funding from the World Bank, United Nations, USAID, and other development partners.
The company said the mortgage scheme would target several key groups, including middle and low-income earners, civil servants, small business owners, Benue residents in the diaspora, housing cooperatives, and real estate developers.
