Ogun State Teaching Service Commission (TESCOM), has lauded the Federal Mortgage Bank (FMB) of Nigeria for its renewed initiative to provide affordable housing loan facilities for teaching and non-teaching staff, describing it as a timely intervention that would enhance the welfare of the teaching workforce.
The Chairman of the agency, Apostle ‘Biodun Sanyaolu gave the commendation at the TESCOM Headquarters, Oke-Mosan, Abeokuta, while receiving a team from the Ogun Area Office of the Bank, led by the Head of Loan Processing Unit, Dr. Adedeji Badejo.
He noted that mortgage financing remained one of the most viable pathways to achieving affordable home ownership, noting that FMB scheme would significantly ease the housing challenges faced by the teaching workforce across the State.
“The Federal Mortgage Bank has taken a commendable step by extending affordable housing loan opportunities to the teaching workforce. This initiative will go a long way in addressing the housing needs of our teachers and improving their overall welfare,” he said.
Apostle Sanyaolu, assured the bank of TESCOM’s full support in fostering a productive partnership, noting that the various teaching and non-teaching unions under the Commission were well-structured organisations with responsible members who could subscribe to the bank’s mortgage products and meet their repayment obligations.
He further announced the constitution of a committee to work out the modalities for a sustainable partnership between TESCOM and the Federal Mortgage Bank.
Earlier, Dr. Badejo, said the Federal Government, through the Federal Mortgage Bank of Nigeria, remained committed to expanding access to affordable housing for Nigerians, particularly Public servants.
He explained that the Ogun Area Office considered the State’s teaching workforce as a strategic group deserving of access to the bank’s single-digit interest mortgage facilities, saying the bank had simplified the mortgage application process to enable Civil servants to conveniently access funds for home ownership.
Dr. Badejo, disclosed that the bank’s housing products included the National Housing Fund (NHF) Loan, Rent-to-Own Scheme, Home Renovation Loan and other mortgage financing options designed to meet the diverse housing needs of Nigerians.
The meeting was attended by members of the TESCOM Board, the Principal-General, Permanent Secretary, management staff and representatives of the All Nigeria Confederation of Principals of Secondary Schools (ANCOPSS), the Nigeria Union of Teachers (NUT), the Academic Staff Union of Secondary Schools (ASUSS), the Non-Academic Staff Union of Educational and Associated Institutions (NASU), among other stakeholders.
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