The Cooperative Mortgage Bank (CMB) has signed a housing agreement deal with Shell Staff Cooperative Investment and Thrift Society Ltd (CITS). The agreement entails CMB building a N8 billion valued upscale housing estate at Banana Island, Lagos.

This was disclosed in a statement signed by the Head of Communications and Public Relations Department of CMB, Mrs Afolabi Olufunmilayo.

The Managing Director, CMB, Kabir Ayinde-Tukur, while speaking during the foundation laying of the project, said that construction would commence soon as Coop Property Development Company Ltd had been awarded the building contract.

The Director, Federal Department of Cooperatives, Idris Sani, said the aim was to provide Nigerians with decent houses to live their decent lives away from paying exorbitant rent or living under the bridges as there are abundant opportunities in the housing sector.

“For several decades, the country had been facing numerous challenges posed by the lack of adequate housing for the people. The only way out of the present housing deficit in the country is for Nigerians to be more focused and determined to tap into the nation’s abundant resources for improved livelihood,” he said.

Also present at the foundation laying was the President of Shell Staff Cooperative, Akintomide Akinrotimi, who made known that this is not the first housing partnership the company would have with CMB. He said they had previously partnered to deliver a housing estate in Port-Harcourt.

The project, which is scheduled for completion in two years, comprises of 32 units of four-bedroom flats and four penthouses.

About CMB: Cooperative Mortgage Bank is a financial institution that provides a range of services such as Mortgage Banking, Real Estate Construction Finance and other banking services. The objectives of the company are to significantly bridge the gap in the supply of affordable and durable houses in Nigeria and the provision of appropriately structured mortgages for ease of home-ownership.