11 April

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Mmayoh Udoh, – B. Sc, MBA (General Manager, Support Services &Treasury)

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[vc_row triangle_shape="no"][vc_column width="1/4"][vc_empty_space][vc_single_image image="2741" img_size="full" alignment="right" style="vc_box_shadow_border_circle" onclick="link_image"][vc_empty_space height="20px"][/vc_column][vc_column width="3/4"][vc_empty_space height="15px"][vc_column_text css_animation="bounceIn"]Mrs. Mmayoh Udoh is a banking & a Finance graduate from University of Uyo, Uyo. She holds MBA in Management from Ambrose Alli University, Ekpoma. Mrs Udoh started her career with B & C Apparels, Ajoa Estate Lagos (1997) as logistics coordinator. She later joined Comet Merchant Bank Victoria Island – Lagos (1999) as a Treasury Officer. In 2005, she went to UAC Foods as Supervisor, Bank Reconciliation Department. Within UAC, she also worked as supervisor – Wages Department, Cash Offices (both Head Office at Ojota and Oregun Branch), Accounts...

11 April

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Andy Chisor-Wabali, B.Sc, MBA (Chairman)

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[vc_row triangle_shape="no"][vc_column width="1/4"][vc_empty_space][vc_single_image image="2741" img_size="full" alignment="right" style="vc_box_shadow_border_circle" onclick="link_image"][vc_empty_space height="20px"][/vc_column][vc_column width="3/4"][vc_empty_space height="15px"][vc_column_text css_animation="bounceIn"]Mr. Andy possesses an eclectic mix of competencies that traverse the entire spectrum of business development, energy and financial services. His corporate experience consist of over 13 years with Societe-Generale Bank ,Fountain Trust Bank , BankPHB, IMB International Bank , FirstInland Bank and Consolidated Estates Building Society where he worked in various capacities as unit head , Branch Manager , Group Head and Managing Director. He is a graduate of Finance and Banking from the University of Port Harcourt and holds an MBA in Banking and Finance from the Rivers...

11 April

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Dr (Mrs.) Uduak Nkalari, HND, PGD, MBA, PhD. (Treasurer)

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[vc_row triangle_shape="no"][vc_column width="1/4"][vc_empty_space][vc_single_image image="3842" img_size="full" alignment="right" style="vc_box_shadow_border_circle" onclick="link_image"][vc_empty_space height="20px"][vc_zigzag][/vc_column][vc_column width="3/4"][vc_empty_space height="15px"][vc_column_text css_animation="bounceIn"]Mrs. Uduak Nkalari obtained upper credit and distinction, respectively, in accounting from her academic pursuit and has brought the same excellence into her banking career. An alumnus of the University of Uyo; University of Witswatersrand (Wits Business School-Africa’s Premier Business School), and University of North Texas, USA. Dr Uduak Nkalari has over 18 years of experience in the Banking industry. Her core competencies include banking operations, Treasury operations, financial control, Risk management, and consumer marketing. She has worked with Savannah Bank of Nigeria, Access Bank of Nigeria Plc., G-Tech Int’l, Amkon...

11 April

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Etim Blankson Assi, B.Sc, M.Sc. (Director)

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[vc_row triangle_shape="no"][vc_column width="1/4"][vc_empty_space][vc_single_image image="2741" img_size="full" alignment="right" style="vc_box_shadow_border_circle" onclick="link_image"][vc_empty_space height="20px"][vc_zigzag][/vc_column][vc_column width="3/4"][vc_empty_space height="15px"][vc_column_text css_animation="bounceIn"]Mr Assi attended Bonny National High School in the ancient Bonny Kingdom and graduated from the University of Abuja for his first degree and the Delta State University Abraka for his Maters programme. Mr Assi had a successful career in banking spanning over 20 years where he worked with Union Bank of Nigeria, Societe Generale Bank of Nigeria and First City Monument Bank of Nigeria where he left in 2015. Mr Assi is member of Chartered Institute of Banker and Chartered Institute of Management and also seats on the Board of...

10 April

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New build developer loans in Nigeria

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[vc_row triangle_shape="no"][vc_column][vc_column_text]As briefly mentioned in prior sections, new construction homes can also be financed by developers. This is typically the case in Abuja, where there is an ever increasing stock of new build houses. Some of these property developers can help you with the cost of a mortgage by providing a contribution to your initial deposit. Many of such developers also have direct relationships with primary mortgage institutions, where they have special payment plans in place to help prospective customers with the financing of their new build houses. Mortgage banks in Nigeria Mutual Alliance Saving & Loans is listed among the Central Bank...

10 April

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The National Housing Fund

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[vc_row triangle_shape="no"][vc_column][vc_column_text]The National Housing Fund (NHF) is a scheme established by the Federal Mortgage Bank of Nigeria (FMBN). The primary objective of this fund is for the provision of affordable residential homes for Nigerians. Under this scheme public sector works and other employees in the organised private sector, contribute 2.5% of their basic monthly salary to the FMBN. The FMBN then administers this pot of money, using it to help finance homes for Nigerians who have contributed to the scheme. The FMBN can contribute up to 90% of the cost of a potential house. These mortgage loans are offered at more favorable...

10 April

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The mortgage process is as follows.

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[vc_row triangle_shape="no"][vc_column][vc_column_text]Save a deposit You will need some sort of deposit to put down on any home you are looking to buy. The amount of money you need to put down varies. It can be as little as 5% to over 50%. This is dependent on the property owners and the financing institutions, so you would do well to ask around some of these mortgage banks to get an idea of requirements. Look for house buying schemes There are various schemes in Nigeria that can help you buy a home. For example, you have the National Housing Fund which aims to provide better...

04 April

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How much deposit do you require?

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[vc_row triangle_shape="no"][vc_column][vc_column_text]Having a smaller initial deposit means that the mortgage you seek will need to cover a much high percentage of the property’s value. As an example: If a house cost 50 million Naira and you have a deposit of 10 million Naira. The mortgage would have to cover the remaining 40 million Naira. We then have a LTV (loan to value) of 80%. The amount of mortgages available with high LTV in Nigeria are limited. Any such options available tend to have unattractive fees and interest rates. In order to avoid such, it’s better to save as much money as a deposit...

03 March

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Getting Mortgage Loans And Payment Plans In Nigeria

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[vc_row triangle_shape="no"][vc_column][vc_column_text]Mortgages allow you to pay for an house in installments. This financing solution is becoming readily available in Nigeria. There has been a push, both from private lenders and the government, for mortgage solutions as a panacea to the Nigerian housing shortage. The National Housing Fund (NHF) is one of these governmental schemes aimed at alleviating the problem. As long as you are eligible, the NHF give good mortgage rates. Mortgages are easily accessible in Nigeria’s bigger cities such as Lagos and Abuja. One of the reasons for this is the formal nature of mortgages. In order for banks to lend...

24 January

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Who can get a mortgage in Nigeria?

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[vc_row triangle_shape="no"][vc_column][vc_column_text]You may be eligible for getting a mortgage if you are formally employed, on a full time and permanent basis. You are also required to have saved a sufficient deposit and not have any bad outstanding loans or history of such. Most mortgage lenders will also check: Your monthly income Your monthly expenditure Your existing debt profile The value of the property you want financed Investigate if a mortgage is something you can afford Why can it be difficult to get a mortgage in Nigeria? Lending money is all about risk and uncertainty. In Nigeria things are not as certain as they can be, so there are...

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