The Mortgage Personality of the week and Managing Director of the Cooperative Mortgage Bank Mr. Kabir Ayinde-Tukur has disclosed that Nigeria’s utilization of the advantages of Mortgage benefits especially in acquiring a home is very low.
Turkur who made the disclosure during an exclusive interview with African Housing News, stated that unlike what is happening in other advanced countries of the world, less than 10% of Nigerians acquire their homes through mortgage provisions.
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Turkur who stated that CMB has been in the mortgage business for about twenty eight years now, with branches spread across eighteen States in the federation and hoping to increase to twenty four States by the end of 2021, is basically out to help cooperators own a home, as the have affected over two third of average Nigerians and low income earners to become home owners.
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CMB which is one of the largest mortgage agents in the country is solely a private mortgage bank that partners with the Federal Mortgage Bank, Family Homes Funds Limited and Cope Properties Development Company in the areas of housing development and provision of mortgages, currently has over 5billion mortgage portfolio.
