The hope of Nigerians that are contributors to Retirement Savings Account (RSA) of owing their own homes was rekindles yesterday as the Nigerian Bankers Committee agrees to activate the provision of the 2014 Pension act that allows the use of 25% of the accumulated Pension contribution as Mortgage facilities for contributors.
The 25% of over N9.03 trillion accumulated as pension contribution of Nigerian workers amounting to N2 trillion will thus be used as equity contribution of RSA contributors to access Mortgage facilities in banks.
According to Mrs. Hamda Ambah Of FSDH Merchant Bank who briefed journalist after the bankers committee meeting held in Abuja on Thursday alongside her colleagues and CBN officials.
“We will work with the pension industry. We now have N9 trillion worth of pension assets since the creation of PenCom in 2004. PenCom is committed to spending 25% of that figure which is over $2 trillion. RSA holders will use it to access mortgage loans. We are not there yet, but we are almost there. It will be all encompassing. It’s a work in progress. The idea is to make workers have funds to make equity contributions to build homes.
“CBN will speak with state governments to make the process smoother. Other options other than mortgages was also discussed.
We talked about financial inclusion, to look at what we’re doing in the next few years as a body and with the assistance of regulator, being the CBN”.
also briefing Journalist on the package for the creative industry, Kayode Akinkugbe Of FBN Quest Merchant Bank that all Banks will participate in the Creative industry finance but according to him:
All beneficiaries are to have a bankable project. CBN has a central collation point where all proposals come.
“The committee discussed the need to remind Nigerians that modalities for accessing financial support have been published as regards creative industry
We’re receiving cooperation from state governments. We’re setting up infrastructure base to set up creative industry in Lagos State. Some others states are giving lands for this.