News & Events

Adamawa Governor Challenges PMIs On

Affordable Housing

Adamawa State Governor Murtala Nyako has called on primary mortgage institutions (PMIs) operating in the country to fashion out efficient plans for ensuring affordable housing for low income earners. Nyako threw the challenge during the challenge of the opening of the Yola branch of Resort Savings and Lonas PLC and foundation laying ceremony of 480 housing units to be constructed in the state by the mortgage bank. He noted that it was becoming almost impossible for civil servants in the country to own homes they will retire to as a result of the econominic crunch, while commending the firm for coming up with the development of a housing estate in the state adding that the decision to provide shelter for the people will go a long way in addressing its housing problems. According to him with the coming of Resort Savings and Loans to the state will help reduce the stress of civil servants battling to get plots of land to build and enable the government to channel its resources to other sectors of the economy. The governor advised civil servants in the state to develop a culture of savings out of their incomes in order to be able to pay for the houses gradually, pointing out that government alone cannot meet the demands of its people, adding that the move by the PMI will address the problem of high cost of renting residential accommodation to a large extent. Chairman Resort Savings, Mr Joe Idudu noted that the opening of the company’s branch in Yola is part of its new strategy to build a new network of bracnhes that will make its services readily available to its target audience nationwide. He maintained that shelter is one of the the basic necessities of man noting that in Nigeria shelter still remains a challenge confronting many citizens. Idudu maintained, however, that “as a mortgage bank, it is our duty to come up with products and services that can convieniently deliver choice homes to every Nigerian desirous of owning a home no matter his/her income bracket.Also speaking at the occasion, Managing Director of the PMI, Mr Abimbola Olayinka pointed out that the aim of the project is to assist Nigerians to realise their dreams of owning their homes. He disclosed that despite the current global economic meltdown, his firm recorded turnover of N484million and profit before tax of over N207million for the year ended December 2008, while maintiaining that the success of the company hinged primarily on its ability to develop solutions to the housing needs for various categories of Nigerians. On how to own the houses, he said that some of the firm’s products have been customized in line with the needs of the company’s target audience, which he said include daily contribution scheme, resort monthly contribution scheme, home ownership account, resort land acquisition account and resort corporate mortgage administration scheme, resort lease and resort flexi-draw account as well as Resort Investment and Mortgage plan (RIMPLAN).RIMPLAN, according to Olayinka was developed to encourage savings towards achieving home ownership as well as facilitate timely and favourable delivery to the subscribers. The 480 housing units comprises 380 three bedroom bungalows and 100 units of two bedroom bungalows with facilities like clinics, police post, recreational grounds, shopping facilities, provision for school and facilities for religious grounds.