.. the move seems close to the dreams of bank founder, Otunba Subomi Balogun

First City Monument Bank has announced mortgage loans for Nigerians who want to own their homes.

The move has a lot of embedded history in it going way back to when the Civil war in Nigeria broke out and one of Nigeria’s best known architects, Alexander Ekwueme rightly ran to his homeland in the East, and his friend collected the complete rent for three years on his (Alex Ekwueme) houses in Lagos.



When the war ended, that his friend returned all the money to him. That friend, still living today, is the founding owner of ubiquitous First City Monument Bank, (FCMB), Otunba Chief Michael Subomi Balogun of Ijebuland.



Otunba’s friendship with the architect deepened his love for home ownership.




So the bank he founded is offering Nigerians mortgage loans of up to N75m, and anyone can qualify.



Citing a Central Bank of Nigeria report, it said Nigeria requires about 700,000 housing units annually for 20 years to accommodate the rising population.



FCMB is urging Nigerians, including salaried individuals, to take advantage of its convenient and flexible mortgage loan product to fulfill their homeownership dreams.



It said customers could get the funds needed to finance the cost of buying land to build a home quickly at an affordable interest rate with monthly or quarterly payment options, depending on their income.



The Divisional Head, Personal Banking of the bank, Mr Shamsideen Fashola, said, “Homeownership is one of the most important accomplishments of an individual as it goes a long way to secure the future. As a responsive and customer-centric institution, our mortgage loan product is tailored towards helping our customers become landlords, thereby making them secure, accomplished, and fulfilled.



“The mortgage loan is easy to obtain, and repayment is flexible. We want to be part of the success story of our customers. We will continue to support our customers’ dreams and that of Nigerians by giving them the financial support they need to be homeowners when it matters most. We, therefore, advise them to take advantage of the opportunities we offer in the mortgage segment.”





According to the statement, the bank’s decision to make the mortgage loans easily accessible to Nigerians directly responds to the impact COVID-19 has had on personal and household incomes and business.



The Group Chief Executive, FCMB, Mr Ladi Balogun, said, “The bank is committed to COVID-19 recovery, income equity and poverty reduction by easing credit constraints to disadvantaged individuals and small businesses.



“The intervention of FCMB in the housing sector aligns with goal 11 of the Sustainable Development Goals, focused on making cities and human settlements inclusive, safe, resilient, and sustainable.”



The commercial lender has currently made adjustments for many new customers that would be streaming in to open accounts with the bank as a way of leveraging on the home ownership opportunity.


Additional reporting: Punch.