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Features Updated: November 15, 2022

Diaspora Mortgage Loan Scheme, Sense Or Scam?

By Yusuf Adua
November 15, 2022
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Today, the Federal Government of Nigeria concludes the arrangement to launch a Diaspora Mortgage Loan Scheme for Nigerians living abroad. Does this make sense?

Background

The Managing Director of the Federal Mortgage Bank, Hamman Madu, today explained that the bank is poised to provide opportunities for Nigerians living abroad to own property in the country without necessarily coming back home physically before the end of the year.

At the ongoing three-day Nigeria Diaspora Investment Summit, with the theme: ‘Optimising Investment Opportunities for National Development, the managing director felt that the scheme would help bridge the housing gaps in the country.

The sense

The country is trying to give Nigerians in the diaspora a sense of belonging, which is commendable.

Nigerians abroad also need to enjoy the benefits of being bonafide in this country despite living abroad.

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The initiative is also good for the country because money remitted back home for the mortgage will help to stabilise our country if many Nigerians key into the idea.

Sincerely, this initiative will broaden the mandate of the Federal Mortgage Bank of Nigeria that will harmonise a national housing fund product for Nigerians in the Diaspora.

It will, however, be good news for Nigerians living abroad who have been struggling with letdowns from family and friends who they entrust to help them build houses while they send money for the construction.  

Painfully, most of these houses have yet to come to fruition.

This product will allow Nigerians in the diaspora to register with the National Housing Fund Scheme, make monthly contributions and ultimately access mortgage loans at reasonable rates to own their own houses back home without coming to Nigeria.

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The scam

The product is the Diaspora National Housing Mortgage Fund.

How assessable are the mortgage loans made available to Nigerians living in the country?

How many Nigerians are benefiting from these loans?

It is unspeakable that the government has not helped Nigerians struggling with the country’s demands to talk less of Nigerians in the diaspora.

The goal of this program is to allow Nigerians abroad to own a decent home at home.

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The country needs to have the requisite requirements to provide decent homes—House owners in the country struggle with electricity, security, good road network and many others.

According to the government, the programme will allow Nigerians to own houses at the locations of their choice.

In a country without a uniform price for land and housing, the bank will have to thread its operation meticulously to ensure the government can achieve its goals.

Nigerians in the diaspora who subscribe to this plan may still face similar problems with families and building consultants who manage their property at home because the government’s plans and programmes are always slow before completion.

It is so because government operations are constantly plagued with administrative bottlenecks and bureaucracy.

No one would ever want their own house to be delayed or denied.

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Yusuf Adua

Yusuf Adua is an investigative journalist passionate about politics, solution-based reporting and f...

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