NPF contributes N8b to officers housing scheme

Date:

Mohammed-Abubakar_Police_IGOfficers of the Nigeria Police Force (NPF) have contributed not less than N8 billion from their salaries for their housing scheme.

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The Acting Inspector-General of Police, [IGP] Mohammed Indabawa, who disclosed this in Akure stressed the need to embrace the newly established Police Mortgage Bank (PMB) to cater for housing needs of members.

Addressing  men and officers of the Ondo State Police Command Indabawa described the Police as the highest contributor to the Federal Mortgage Bank of Nigeria (FMBN) through monthly subscriptions of members of the force to the National Housing Fund (NHF).

He however lamented that they have not been able to access housing loan facilities because the police could not float a mortgage bank of their own, saying “Several efforts made in the past have been stalled by administrative instabilities generally occasioned by frequent change in leadership.

He said “Besides other technicalities and statutory requirements by the Central Bank of Nigeria (CBN) and other regulatory agencies, the capitalization sum of N2.5 billion for a state branch or N5 billion for a national branch is a prerequisite for a mortgage bank to be licensed,” he said.

The police boss, however, lauded the IGP, Mohammed Abubakar, for acquiring and ceding ownership of Fokas Savings and Loans Limited to the Police Cooperative Multipurpose Society Limited.

Indabawa said the next step after acquiring an existing Primary Mortgage Institution (PMI) was to capitalize the new PMI in line with CBN guidelines.

According to him, every contributor to the NHF is entitled to a mortgage loan of N15 million to build, purchase or renovate home with a maximum repayment of period of 30 years.

He pointed out that the loan would only attract a minimum interest of six per cent and maximum of eight per  cent per annum throughout the loan tenure “which translates into affordable monthly loan servicing deductions for the beneficiary”.

“The minimal subscription of FOKAS Shares for which N11, 000 is being deducted is across all ranks including the IGP, DIGs, AIGs, and CPs down to the constables.

He said “Therefore, every police officer is a part owner of the Police Mortgage Bank and will be issued certificates for the minimal subscription as well  as for additional subscriptions

”IGP initiative is a perfect retirement plan which will help combat corrupt tendencies within the force and provide  an enabling environment for efficiency and meritorious services.

Responding on behalf of the Command , the Officer in charge of the state Criminal Investigative Department,  ACP Yemi Oyediran thanked the Acting AIG for the address, stressing that men and officers of the Command would continue to  be diligent in  their service  to the Force.

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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