Renewed Hope in Housing: Nigerians Can Now Access ₦100 Million Mortgage at Single-Digit Interest – FHA Mortgage Bank MD
By Caroline Ameh
The Managing Director of the Federal Housing Authority (FHA) Mortgage Bank, Mr. Hayatudeen Atiku Awwal, has hailed President Bola Ahmed Tinubu for instituting enabling financial and policy frameworks that are transforming Nigeria’s housing and mortgage landscape.
Awwal made the commendation on Thursday in Abuja during the official handover of ExpressView Estate, Lugbe, to its subscribers. The estate, a joint development between the Federal Housing Authority (FHA) and BAM Projects and Properties Limited, represents a new phase in public-private collaboration in Nigeria’s housing delivery.
According to him, the creation of the Ministry of Finance Incorporated (MOFI) and the Real Estate Investment Trust Fund has opened unprecedented access to mortgage financing for Nigerians — up to ₦100 million at a single-digit interest rate of 9.75 percent.
When you are looking at a $1 trillion economy, it’s feasible, viable, and achievable,” Awwal said.
“The President has done his part by setting up MOFI, which currently holds over ₦250 billion. Every Nigerian citizen can now access up to ₦100 million at a 9.75 percent interest rate.”
Awwal described ExpressView Estate as a “success story of partnership and perseverance,” revealing that it sits on 1.5 hectares of land, with another 1.5 hectares reserved for Phase 2 of the project.
He recounted his seven-year working relationship with BAM Projects, which began with the successful completion of Karsana Estate, delivering more than 200 housing units.
Anyone who visits Karsana today will attest that no estate there can compete with BAM’s. It remains one of our proudest success stories,” he noted.
Despite challenges including land encumbrance, relocation of a police station, and clearing of a Glo mast, Awwal praised BAM’s professionalism and resilience in completing the Lugbe project. He affirmed that all approvals and technical oversight were carried out by FHA engineers.
Speaking on the estate’s design, he highlighted its three-bedroom terrace duplexes, noting their spacious layouts, superior ventilation, and efficient utility systems.
“Most terraces today are around 100 to 110 square meters, but these are larger and better planned. The return on investment for subscribers is already exceeding 100 percent,” he added.
The FHA MD also unveiled plans to make the estate green and sustainable, incorporating eco-friendly waste management, energy-efficient systems, and landscape designs.
We want this to be more than houses; we want it to be a home,” he said.
“Facility management here must include waste management, noise control, and sustainability. All metering will be handled by FHA Energy to ensure affordability and transparency.”
Awwal further revealed that FHA is targeting the delivery of 10,000 housing units by 2027, reinforcing the government’s housing expansion goals under the Renewed Hope Agenda.
In his remarks, Mr. Mansur Mohammed, Managing Director of BAM Projects and Properties Limited, praised FHA Mortgage Bank for its unwavering partnership and support.
The FHA Mortgage Bank has been a true partner. Their guidance and commitment made this project a success,” Mohammed said.
“This estate demonstrates the power of collaboration between the public and private sectors.”
Mohammed stated that BAM’s focus extends beyond buildings to community development, with investments in green infrastructure, marketplace upgrades, and eco-friendly design in Lugbe.
He also revealed ongoing work on a 45-hectare housing project in Karsana, alongside new commercial and recreational developments in Abuja.
We don’t just build properties; we build communities with sustainability in mind,” he emphasized.
“With more support, we can replicate and even surpass this success across the country.”
