Garri the 1st:


Ok dickheads.... Enjoy urselves

Hahahaaa..... no be scrotal be dis one ontop dat man head??

domcarez: See some nairalanders and their gullibility, think outside the box wil u, the sole aim of this initiative to attract more funds from abroad to nigeria thus curtailing capital flight which z detrimental to our economy,if this move succeeds, u wil c more funds cming 4rm abroad to nigeria to develop the real estate sector thus creating jobs for our unemployed, for once lets reason like learned persons. With this initiative constant capital wil flow into d economy 4rm abroad which z very healthy 4 d stabilization of the naira

It just shows you that 90% of posters in the politics section are not very sharp.

The Federal Mortgage Bank is not a charity so this proposed facility will be provided at interest rates at par if not more than what can be obtained by Nigerians at home.

The only difference I can imagine will be the relaxation of KYC rules to allow thw acceptance of foreign documents to prove identity, income e.t.c.

For all the morons complaining, anyone with the means can already walk into FMBN or any other bank for that matter and apply for a mortgage. You just have to be able to prove that you can afford it. This will be no different for Nigerians abroad. Do you really think FMB will provide a mortgage for a N150 Million house in Lekki to a cab driver in London on the mere production of a British passport?

domcarez: See some nairalanders and their gullibility, think outside the box wil u, the sole aim of this initiative to attract more funds from abroad to nigeria thus curtailing capital flight which z detrimental to our economy,if this move succeeds, u wil c more funds cming 4rm abroad to nigeria to develop the real estate sector thus creating jobs for our unemployed, for once lets reason like learned persons. With this initiative constant capital wil flow into d economy 4rm abroad which z very healthy 4 d stabilization of the naira

Them get brain?

anoda white elephant project aim at misappropriating tax payers fund. smh

oshea44: let me assume, i know what the govt is trying to do, its a good move and i think its a bad move as well, the govt must have assume, Nigerians cant pay mortgage due to bad Nigeria system and no Nigerian have credit, the govt doesnot have credit of no one in the country, their motivation is that, they want to make people living in abroad to buy a mortgage home in Nigeria and development Nigeria look, its quite good, cos 99.9% Nigerian want to return home at their old age... well, its good and the bad side is that, i think the govt should still find a way for people living in Nigeria too.. As for me, i can go for it.. Female who wants to do this with her husband must be smart, cos Nigeria got no woman rights....

People living in nigeria cannot easily afford it,but away people can easily pay two to three hundred pounds of mortgage fees towards a descent house in nigeria.In relative to what people pay here,the amount i mention should be normal for basic mortgage in war turn naija.

It is a good move,if they don't dabaru it in no time,like every other thing in naija.

clever5680: anoda white elephant project aim at misappropriating tax payers fund. smh

HUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUH!

Policewoman: People just open their typhoid mouths to insult the president without even reading the mail. The topic sef is even misleading somehow. They said they wanna assist Nigerians in disapora who wanna build houses at home (for maybe their parents, spouses or whatever).

So what the heck is wrong with that?

Even more importantly, on paper at least, this initiative is supposed to satisfy two different objectives.

Managing Director of the bank, Gimba Ya’u Kumo, who disclosed this at the fourth Nigeria Development Finance Forum in Washington DC, United States (US), said the product had become necessary, given the large number of Nigerians in the diaspora who wished to own homes in Nigeria and also as a means of reducing the housing deficit in the country.

What most commentators fail to grasp is that, if this idea ever flies, premium mortgage rates levied on Nigerians in the Diaspora (NiDs) can be used to plug the 56 trillion Naira funding hole I mentioned earlier. It is for this reason that we must evaluate this initiative on its own merits, I think. Look at this way; tight-fisted NiDs with money to spare would, in a sense, be subsiding housing for their compatriots back home.

There is nothing novel about this scheme, as it already implemented by a number of other countries who have a well-developed migration framework.

AjanleKoko:

Bolded is what should concern us. However, let's start with the view that the glass may be half-full. Time will tell if the initiative will peter out like others before it.

I know just what you mean.

churific: I want to laugh but I guess there's nothing funny about this.

Our government forever with their useless schemes. Fix our country and you wouldn't need a mortgage scheme to attract us back home. There's a reason why these people are dying to go abroad in the first place.

Bros..WORD.... 100 likes

mekzyjoe:
Bros..WORD.... 100 likes

Having a mortgage system that works without favoritism and imanmadu is part of fixing.

I am not a true fan of mortgage,but a no cut throat mortgage system is a visionary and long term investment that will make life easier for generations to come.

Laughable.

Have they signed another MoU for this one as well?

Lmao @ 56% of 17million Nigerians living in America.

Well about 50% of slaves shipped to North America are from Nigeria - so it's plausible.

Oooseven thanks u did a gd job. Bank is doing this nt GEJ. Meanwhile, if people who lives in Nigeria wish to buy too ,I don't think they are excluded.

govt u don do well on this mata.our people aborad can now come to invest here.if they know they where to put their head

eGuerrilla:
Even more importantly, on paper at least, this initiative is supposed to satisfy two different objectives.

What most commentators fail to grasp is that, if this idea ever flies, premium mortgage rates levied on Nigerians in the Diaspora (NiDs) can be used to plug the 56 trillion Naira funding hole I mentioned earlier. It is for this reason that we must evaluate this initiative on its own merits, I think. Look at this way; tight-fisted NiDs with money to spare would, in a sense, be subsiding housing for their compatriots back home.

There is nothing novel about this scheme, as it already implemented by a number of other countries who have a well-developed migration framework.

However, why focus on Nigerians in diaspora and not the ones at home? How about fixing all the huge problems in Nigeria - from infrastructures; to health care; to security; to electricity; to health care etc. first?

Misplaced priority IMHO. They need to take one step at a time - and this shows that this administration is utterly useless. Fix Nigeria and people will come home. Who wants to live in that country the way it's even if the houses are given out free-of-charge?

ShyM-X:
Laughable.

Have they signed another MoU for this one as well?

Lmao @ 56% of 17million Nigerians living in America.

Well about 50% of slaves shipped to North America are from Nigeria - so it's plausible.

You should know by now that nigerians don't believe in statistics.That is why the governments don't give account and that is why the sparsely populated arid and normadic north counts higher than lush south in the socalled census.

redsun:

You should know by now that nigerians don't believe in statistics.That is why the governments don't give account and that is why the sparsely populated arid and normadic north counts higher than lush south in the socalled census.

Word.

Utterly useless pseudo-technocrats - most of them just wake up and throw ridiculous numbers out there like pricks. These people are a disgrace to Nigerians. These clueless numbnuts shouldn't be the ones to represent a country like Nigeria anywhere - not even in a comedy series.

ShyM-X:


However, why focus on Nigerians in diaspora and not the ones at home? How about fixing all the huge problems in Nigeria - from infrastructures; to health care; to security; to electricity; to health care etc. first?

Misplaced priority IMHO. They need to take one step at a time - and this shows that this administration is utterly useless. Fix Nigeria and people will come home. Who wants to live in that country the way it's even if the houses are given out free-of-charge?

But he did mention a two-pronged approach...along with the fact that there are over 9 million Nigerians in the US

As I see it, there is absolutely nothing wrong with this initiative, provided the infrastructural deficits you mentioned are also addressed in parallel.

clever5680: anoda white elephant project aim at misappropriating tax payers fund. smh

please just kill yourself

redsun:

You should know by now that nigerians don't believe in statistics.That is why the governments don't give account and that is why the sparsely populated arid and normadic north counts higher than lush south in the socalled census.

Sometimes I wonder if Nigerians understand statistics at all
I know it is an optional subject most avoid at O'level.

...meanwhile, in other news, there is a 17,000,000 housing deficit and growing. How mad can a government get?

ShyM-X:


Word.

Utterly useless pseudo-technocrats - most of them just wake up and throw ridiculous numbers out there like pricks. These people are a disgrace to Nigerians. These clueless numbnuts shouldn't be the ones to represent a country like Nigeria anywhere - not even in a comedy series.

I think it is a good move,a way of channeling resources intermittently in small proportions and making life easier for those that have other things to do.But the same unaccountability and lack of adequate statistics will come back to hunt it.People might end up paying for what is not there or what is not worthwhile.

eGuerrilla:

But he did mention a two-pronged approach...along with the fact that there are over 9 million Nigerians in the US

As I see it, there is absolutely nothing wrong with this initiative, provided the infrastructural deficits you mentioned are also addressed in parallel.

However, is that feasible if we're to judge by their antecedents?

I think the Brazilian model/approach should be the blueprint for Nigeria. The next 10-20 years should be dedicated to building infrastructures; and new cities(probably in all the geopolitical zones). When we've achieved that - we can now start living a dream.

@topic, this is a very brilliant idea.

redsun:
I think it is a good move,a way of channeling resources intermittently in small proportions and making life easier for those that have other things to do.But the same unaccountability and lack of adequate statistics will come back to hunt it.People might end up paying for what is not there or what is not worthwhile.

Honestly, housing for Nigerians in diaspora should be the last thing on their mind for now. How about fix the country and attract reverse-brain-drain - and get to housing them after that?

I think creating housing for Nigerians in diaspora would also create a class-problem in that country - with Nigerians in diaspora on one-side and Nigerians at home, on the other side. You don't need to create unnecessary divisions - just focus on all Nigerians. And whoever want to benefit from it can take the initiative regardless of where they live.

All these are inevitable investment opportunities that will open up when nigeria start working.It is a way of recycling,circulating resources and making little things go round at everyone's convenience.

Based on trust,efficiency,accountability and the ability to look ahead at all times.

ooseven:

"People for Nija": We want beta house, but money no dey to build and the ones for rent don jagajaga

"People for Abroad": I don make small money, i wan build house for my papa land, but my small broda don chop the money finish

"Govt": Okay, we don build the house, bring money.

abroad pay= nija rent beta house=new houses don plenty=Govt economy don improve.

WHICH PART OF THIS ANALOGY IS THE PROBLEM?

well said, for the daft lots.

I smell another scam in the making for these thieves to keep milking the country die.
It will go the same way the Niger Delta scolarship fund has gone, people collecting thousands of pounds and dollars for Masters programme they never attend.

ShyM-X:


Honestly, housing for Nigerians in diaspora should be the last thing on their mind for now. How about fix the country and attract reverse-brain-drain - and get to housing them after that?

I think creating housing for Nigerians in diaspora would also create a class-problem in that country - with Nigerians in diaspora on one-side and Nigerians at home, on the other side. You don't need to create unnecessary divisions - just focus on all Nigerians. And whoever want to benefit from it can take the initiative regardless of where they live.

But do you know that with more away based owning more houses in nigeria with little or no efforts,it will encourage more influx of away based in nigeria,which will in turn come with its blessings of constructive experiences,resources and know-how that will definitely benefit the country in short and long run.

It is a visionary prospect,but with the pack of wolves like elite at the moment in nigeria,it seems like a pipe dream.

All it takes is dedicated execution to make it work,it is simple and straight forward.

very good idea, well thought of millions of diasporans money can be used now and there by creating more job and housing, its wise

redsun:
But do you know that with more away based owning more houses in nigeria with little or no efforts,it will encourage more influx of away based in nigeria,which will in turn come with its blessings of constructive experiences,resources and know-how that will definitely benefit the country in short and long run.

It is a visionary prospect,but with the pack of wolves like elite at the moment in nigeria,it seems like a pipe dream.

All it takes is dedicated execution to make it work,it is simple and straight forward.

But don't most of the diasporans own homes in Nigeria? How many of them have returned to live there? I don't know any family in the UK that has lived here for more than 2 decades without home(s) in Nigeria. However, none of them live there - they own them just for the sake of it and no one wants to live in Nigeria the way it's at the moment.