BIPC to float Benue Primary Mortgage Bank

FROM Dooshima Terkura, Makurdi

The Benue Investment and Property Company Limited (BIPC) said it’s planning to set up a Benue Primary Mortgage Bank that would provide accessible and sustainable housing finance and empower residents of Benue to own homes.

The company made this known today, 10th April 2025, when management received a team from PMI-Consultant on how to setup a primary mortgage bank at the company’s headquarters in Makurdi.

Speaking during the visit, Group Managing Director of BIPC Dr. Raymond Asemakaha appreciated the PMI Consultants and pledged readiness to key into productive initiatives that would transform the state in line with the vision of Rev. Fr. Hyacinth Alia, the executive Governor of Benue State.

Asemakaha acknowledged the need for the mortgage, emphasizing that it would enable the state to take advantage of idle funds at the Central Bank of Nigeria designated for housing development.

Leader of PMI Consultants, Hon. Rabi Andrew said the mortgage bank will be the first of it kind in Nigeria as no other state has a state owned primary mortgage in the country.

She noted that if implemented, the state will stand a chance to benefit from the pool of idle funds at the Central Bank and other funds from the World Bank, United Nations, USAID, among others.

Earlier, Mr. Sanusi Auta said the primary mortgage is a pioneer initiative that would put Benue on the path of development.

Auta explained that the scheme will have offerings such as social loans (NHF), rent-to-own, home purchase loans at commercial rates, construction financing & home renovation loans, mortgage refinancing, and title perfection, among others.

He mentioned that while the minimum capital base requirements set by the CBN are significant, the company is expected to generate substantial annual income.

Speaking separately, the Company Secretary, Barr. Josephat Ioryoosu, General Manager, Real Estate and Infrastructure, Lucy Jato, Department Head, Business Development and Strategy, Theresa Abeda, and Department Head, Legal Services, Almed Anuga, all welcomed the initiative.

The mortgage is to target middle – and low-income earners, civil servants and public workers, small business owners, diaspora Benue residents, and housing cooperatives and real estate developers.