Tinubu Has Done His Part, Nigerians Can Now Access ₦100m Single-Digit Mortgage, Says FHA Mortgage Bank MD

By Iyojo Ameh

The Managing Director of the Federal Housing Authority (FHA) Mortgage Bank, Mr. Hayatudeen Atiku Awwal, has lauded President Bola Ahmed Tinubu for laying the groundwork for affordable housing finance in Nigeria through the establishment of the Ministry of Finance Incorporated (MOFI) and the Real Estate Investment Trust Fund (REITF).

Awwal said these initiatives now allow every Nigerian to access up to ₦100 million in mortgage loans at a single-digit interest rate of 9.75 percent, a landmark opportunity that will expand access to homeownership nationwide.

He made this known on Thursday at the official handover of the ExpressView Estate to subscribers in Lugbe, Abuja, a public-private partnership between the Federal Housing Authority and BAM Projects and Properties Limited, one of Nigeria’s foremost private developers.

“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 the Ministry of Finance, Real Estate Investment Trust Fund, MOFI, which currently holds over ₦250 billion. Every Nigerian now has access to up to ₦100 million at an interest rate of 9.75 percent.”

The ExpressView Estate sits on 1.5 hectares of land, with an additional 1.5 hectares reserved for Phase 2. Awwal described the development as a model of perseverance and partnership, highlighting the collaboration with BAM Projects, with whom FHA previously delivered over 200 homes in Karsana.

“Anyone who visits Karsana today will attest that no estate there can compete with BAM’s,” he said.
“This project faced many hurdles, from land encumbrance to relocating a police station and clearing a communication mast. Yet, through persistence and partnership, we succeeded.”

According to Awwal, the project underwent rigorous engineering and approval processes to ensure safety, durability, and value for subscribers.

The FHA boss noted that the estate’s three-bedroom terrace duplexes stand out for their spaciousness, ventilation, and quality of finishing.

“Most terraces today are about 100 to 110 square meters, but these are larger and efficiently planned,” he said.
“Every unit has direct courtyard access, independent utility systems, and well-laid conduits for water, electricity, and drainage.”

He said subscribers could expect their return on investment (ROI) to exceed 100 percent, adding that plans are in place to make the estate green and eco-friendly, with structured waste management, noise control, and sustainable energy metering handled by FHA Energy.

“We want this place to be more than houses, we want it to be a home. Residents should enjoy sustainable living with proper waste management, security, and affordable electricity,” Awwal explained.

He reaffirmed FHA’s commitment to expanding affordable housing nationwide, announcing plans to deliver 10,000 new housing units before 2027.

Speaking earlier, Mr. Mansur Mohammed, Managing Director of BAM Projects and Properties Ltd, praised the FHA and FHA Mortgage Bank for their support in ensuring the success of the ExpressView Estate project.

“The FHA Mortgage Bank has been a true supporter of this project. Your counsel and dedication made this delivery possible,” Mohammed said.
“This estate is a testament to what public-private collaboration can achieve when trust and professionalism guide the process.”

Mohammed emphasized that BAM’s mission extends beyond constructing houses to building sustainable communities.

He noted that the company had improved the local marketplace in Lugbe to reduce congestion, introduced eco-friendly landscaping, and continues to integrate sustainability principles in all its developments.

“We don’t just build properties; we build communities with sustainability in mind,” he stated.
“Our 45-hectare mass housing project in Karsana is nearing completion, and we’re expanding into commercial and recreational spaces.”

He called on private investors and landowners to partner with BAM in upcoming housing projects, stressing that the company has the capacity and proven track record to deliver large-scale real estate projects efficiently.

The ExpressView Estate handover ceremony was attended by FHA officials, subscribers, and industry stakeholders, who commended the project as a model for public-private partnership in affordable housing delivery.

Both the FHA Mortgage Bank and BAM Projects reaffirmed their shared vision of expanding access to quality, affordable housing while supporting the Federal Government’s economic growth targets and the aspiration to build a $1 trillion economy.