In response to meeting the growing housing needs of workers in the country, First City Monument Bank (FCMB) 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 initiative which is to be executed under a public-private partnership (PPP) will see FCMB finance the project and also act as a collecting bank. As a collecting Bank, FCMB will 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, Ola Olabinjo, divisional head, corporate banking, FCMB said that, ‘’FCMB will always support good initiatives that will ensure that the overall development of the economy particularly in critical areas such as housing is achieved’’.
Also speaking on the applaudable initiative Bobboi Kaigama, president of TUC said: “the houses are urgently needed because the Nigerian workers have continued to suffer under the hardship of landlords.”
He stated that the intervention of FCMB and Rock of Ages Properties will further bridge the huge gap in the housing sector in the country.
Chukwuemeka Wogu, minister of Labour and Productivity commended FCMB, TUC and Rock of Ages Properties for the initiative adding that the federal government will support the project.
FCMB was selected to finance the project based on its track record in projects financing in all sectors of the economy.
FCMB limited is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments.