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#HousingDevelopment: Cooperative Mortgage Bank Limited gets N2 billion to fund Social Housing Scheme for low income earners

The Cooperative Mortgage Bank Limited is to received the sum of N2 billion from the Federal Government to fund the Social Housing Scheme for low income earners in the country

Disclosing this in Lafia, Nassarawa State, the Managing Director/CEO of the bank, Mr. Kabir Tukur said that well over ten thousand income earners have benefited so far from about three hundred thousand housing schemes spread across the 36 states, including the FCT. “Federal Government has approved the sum of N 2billion naira for Cooperative Mortgage Bank” he stated.

Responding, the President of the Cooperative Federation of Nigeria, Mr Tajudeen Ayoola, said the Federation will deploy 1,000 agents in the state to make the scheme a reality.

Cooperative Mortgage Bank Limited is a financial institution that provides a range of services such as Mortgage Banking, Real Estate Construction Finance and other banking services. The objectives of the company are to significantly bridge the gap in the supply of affordable and durable houses in Nigeria and the provision of appropriately structured mortgages for ease of home-ownership.

Cooperative Mortgage Bank Limited is licensed and regulated by the CBN, insured by the NDIC, regulated by the FMBN and accredited by the FDC as a cooperators’ bank. It is a member of the ICA and ICBA.

The twin objectives of Cooperative Mortgage Bank Limited are significantly; bridging the gap in the supply of affordable and durable houses in Nigeria and providing structured mortgages for ease of home ownership. The Bank was established in 1994 with head office in Ibadan and contact centers in Lagos and Abuja.

he Bank offers a comprehensive range of services such as Mortgage Banking, Real Estate Construction Finance and financial advisory services with special focus on cooperatives.

It is the Cooperators‘ Bank as 95% of its business is with cooperatives. In 2015, the bank was awarded the best mortgage bank in Nigeria by the CFI and also won an award of Excellence in Mortgage Banking by the Nigeria Housing award in 2020. 

In 2019 The Cooperative Mortgage Bank Limited (CMB) signed a housing agreement deal with Shell Staff Cooperative Investment and Thrift Society Ltd (CITS). The agreement entails CMB building a N8 billion valued upscale housing estate at Banana Island, Lagos.

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