Ecobank Nigeria has entered into partnership agreement with Ogun State government to provide mortgage financing to interested civil servants who are allotees of the state’s housing scheme.
Under the housing scheme, the Ogun State Government has developed an acquisition arrangement to build and allocate houses to senior civil servants, to be purchased through installment within a defined period of time.
With this partnership, Ecobank is to provide mortgage finance facility to interested and qualified beneficiaries that meet the Bank’s credit risk acceptance criteria and other conditions.
According to the Memorandum of Understanding (MoU) between both parties, the allotee must have been in continuous employment with the state government for at least thirty-six months prior to the application for the facility, while Ecobank is expected to review and approve loan applications based on the agreed terms.
Ecobank Nigeria in a statement said the Bank is excited with partnering Ogun State Government in its housing scheme for civil servants in the state, stressing that the Bank is committed to deploying its pedigree in mortgage financing and other loans solutions to support the allotees of the houses.
In his comment, the Ogun State Commissioner of Housing, Jagunmolu Akande Omoniyi said the decision of the government to partner with Ecobank on the project was informed by the Bank’s expertise in mortgage financing, stressing that the state government has implicit confidence on the Bank’s ability to deliver on target.
He pointed out that the construction of low-cost mass houses in the state is targeted at providing decent, quality, and affordable housing to civil servants, adding that many housing projects are currently being constructed by the Ministry of Housing and the Ogun State Property Investments Company (OPIC) as part of the state’s blueprint on purposeful governance and robust development blueprint summarized in a mantra “Building our Future together.”