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Ecobank extends mortgage finance to civil servants in Ogun

Ecobank Nigeria has entered into a partnership agreement with the Ogun State government to provide mortgage financing to interested civil servants who are allotees of the state’s housing scheme. In a statement, the bank said that under the housing scheme, the Ogun State Government has developed an acquisition arrangement to build and allocate houses to senior civil servants, to be purchased through installment within a defined period of time, adding that with this partnership, it is to provide mortgage finance facility to interested and qualified beneficiaries that meet its credit risk acceptance criteria and other conditions.

According to the Memorandum of Understanding (MoU) between both parties, the allotee must have been in continuous employment with the state government for at least thirty-six months prior to the application for the facility, while Ecobank is expected to review and approve loan applications based on the agreed terms. Commenting on the agreement, a senior consumer banking official at Ecobank Nigeria, Victor Yalokwu, said the bank is excited with partnering Ogun State government in its housing scheme for civil servants in the state, stressing that the lender is committed to deploying its pedigree in mortgage financing and other loans solutions to support the allotees of the houses.

He disclosed that necessary structure and conditions have been put in place to ensure a seamless and stress-free exercise, noting that the Bank will diligent-ly perform its obligations to meet the expectations of both the state government and beneficiaries of the housing scheme.

“Ecobank will work with the allotees, provide adequate guidance where required, review the loan applications in line with the Bank’s acceptance criteria and disburse funds for consummated transactions,” he stated. In his remarks, the Ogun State Commissioner of Housing, Jagunmolu Akande Omoniyi, said the decision of the government to partner with Ecobank on the project was informed by the Bank’s expertise in mortgage financing, stressing that the state government has implicit confidence on the Bank’s ability to deliver on target.

 

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