The Cooperative Mortgage Bank (CMB) has signed a housing agreement deal with Shell Staff Cooperative Investment and Thrift Society Ltd (CITS). The agreement entails CMB building an N8bn valued upscale housing estate at Banana Island, Lagos. This was disclosed in a statement signed by the Head of Communications and Public Relations Department of CMB, Mrs Afolabi Olufunmilayo.

The Managing Director, CMB, Kabir Ayinde-Tukur, while speaking during the foundation laying of the project, said construction would commence soon as Coop Property Development Company Ltd had been awarded the building contract.

Director, Federal Department of Cooperatives, Idris Sani, said the aim was to provide Nigerians with decent houses to live away from paying exorbitant rent or living under bridges as there are abundant opportunities in the housing sector. “For several decades, the country has been facing numerous challenges posed by lack of adequate housing. The only way out of the present housing deficit is for Nigerians to be more focused and determined to tap into the nation’s abundant resources for improved livelihood,” he said.

Also present at the foundation laying was the President of Shell Staff Cooperative, Akintomide Akinrotimi, who made known that this is not the first housing partnership the company would have with CMB. He said they had previously partnered to deliver a housing estate in Port-Harcourt.

The project, which is scheduled for completion in two years, comprises of 32 units of 4-bedroom flats and 4 penthouses.

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

SOURCE (abridged): https://nairametrics.com/2019/12/20/cooperative-mortgage-bank-seals-n8-billion-housing-deal-with-shell-cits/