FCMB Partners TUC, Firm To Provide 100,000 Housing Units For Workers

Posted by African Examiner Banking & Finance, Business News Monday, February 17th, 2014

First City Monument Bank Limited has partnered with the Trade Union Congress (TUC) and Rock of Ages Properties Limited to build 100,000 housing units for workers across the country.

The Bank was selected based on its track record in projects financing in all sectors of the economy.

Under the arrangement, which is to be executed under a public-private partnership, FCMB is to play a key role in financing the project and also act as a collecting Bank.

As a collecting Bank, FCMB is to provide funds to workers interested in owning any of the housing units upon completion. The first phase of the 100,000 units, involving 20,000 housing units to be constructed at the Lugbe and Deidei areas in Abuja, was flagged-off recently at the Federal Capital Territory.

Commenting on FCMB’s involvement in the project, the Bank’s Divisional Head, Corporate Banking, Mr. Ola Olabinjo, said, “FCMB will always support good initiatives that will ensure overall development of the economy particularly in critical areas such as housing.”

Also speaking on the project, the President of the TUC, Comrade Bobboi Kaigama, said the houses are urgently needed owing to continuous suffering of Nigerian workers under the hardship of landlords.

Kaigama mentioned that the intervention of FCMB and Rock of Ages Properties, the project developer, would further bridge the huge gap in the housing sector in the country.

In his address, Minister of Labour and Productivity, Emeka Wogu, commended FCMB, TUC and Rock of Ages Properties for the initiative.

He assured that government will support the project.