Samuel Oyadongha
17 November 2008
Bayelsa State government has released the sum of N54 million as part of its counterpart funding for housing for civil servants in the state to the Federal Mortgage Bank (FMB).
Governor Timipre Sylva presented the cheque while receiving the chairman, Managing Director and the Board of Trans-Atlantic Mortgages Limited as well as representatives of the FMB in Yenagoa.
The governor said the payment is in line with his administration's commitment for the provision of affordable housing for the people as well as to ensure the promotion of the development of mortgage culture amongst Bayelsans.
He expressed government's determination to partner with the Federal Mortgage Bank and Trans-Atlantic Mortgage Bank in the state towards providing affordable and decent houses for the people.
Chief Sylva however, expressed regret that Bayelsa is one of the least patronized states in terms of access to mortgage facilities and called on the FMB to reverse the trend.
Earlier, the Chairman Board of Directors of Trans-Atlantic Mortgages, Chief Ephraim Faloughi-Spiff had assured the governor that the state was important as FMB was working closely with Trans Atlantic Mortgages.
The Chairman commended Governor Timipre Sylva for taking the initiative in investing in the private placement of Trans Atlantic Mortgages Limited when it was introduced to the state government late last year.
Faloughi-Spiff also informed the governor that the Central Bank of Nigeria (CBN) has given final approval for the restructuring of the original 'Baico Building Society' mortgage license into Trans Atlantic mortgages limited and the relocation of its headquarters to Yenagoa.
The firm he also disclosed has met and exceeded the present minimum capital requirements for mortgage banks and have gone ahead to increased its authorized share capital to four billion ordinary shares of 50 each of which 2,817,500,000 shares are on offer at a modest price of N1.50.
"Having met all the statutory requirements for accessing the National Housing Fund, we are presently awaiting final clearance from both the CBN and FMBN in that order. We are confident that final clearance from the FMBN will be received before the end of the year and we will move aggressively into packaging NHF loans for Bayelsans immediately after," he said.
According to the chairman, the firm has acquired about 400 plots of prime land at Opolo for development into a compact, modern, up-market residential housing estate for Bayelsans, saying that "we believe that this will go a long way to complement the efforts of Government in providing housing in the state."
He also said that moves are on to sign a MOU with a consortium of South Africans firms for the investment of N2.2 billion in the equity of Trans Atlantic Mortgages limited which shall represent about 45 percent of the shares on offer.
In his remarks, the Managing Director of Trans Atlantic, Mr Preye Ogriki thanked the Bayelsa government for its partnership with the firm.
Also speaking, the representative of the Federal Mortgage Bank of Nigeria , Mr. H.B. Salisu commended Governor Timipre Sylva for his administration's commitment to the provision of housing for the people.
To enable Bayelsans benefit more from the National Housing Scheme, he urged the state government to open-up more land site for construction.
The state deputy Governor, Hon Peremobowei Ebebi later commissioned headquarters of the Trans Atlantic Mortgages Limited along the Melford Okilo road in Yenagoa.
The ceremony was witnessed by the Secretary to the state Government, Chief Gideon Ekeuwei, members of the state executive council, Special Advisers and FMB officials among others.
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