The Managing Director of Nigeria Mortgage Refinance Company, Kehinde Ogundimu, says N30bn has been expended on housing schemes in Ogun and seven other states.

Ogundimu said this on Monday after inspecting the Prince Court Estate located in Kobape financed by the company through Gateway Mortgage Bank Limited.

Ogundimu said the states including Ogun, Lagos, Rivers and the FCT had accessed N30bn in the last four years.

He said the NMCR recently provided N1bn to over 200 Ogun civil servants intended to participate in the state housing scheme of the government.

Addressing newsmen at the estate located in Kobape, Ogundimu said the NMCR was ready to provide additional fund for the second and other phases.

He said, “For us, we have done about N30bn nationwide but, we have done N1bn here in Ogun.

“We have done it in Lagos, Abuja, Ogun Rivers; we have done around the country. About eight states have benefited from N30bn in the last four years.

“We decided to partner Ogun state because of the foreclosure law that it has passed.

“It becomes more comfortable, but I think the most important thing is that it reduces the cost of houses. Once a state has foreclosure law, those risks are reduced.”

The Managing Director of Gateway Mortgage Bank, Olawale Osinsanya, said that N1bn had been disbursed to over 200 beneficiaries who have been screened and found qualified for the housing scheme.

Oresanya disclosed that the beneficiaries had 15 years to pay the debt which had 11 per cent interest.

The Commissioner for Housing, Jagujmolu Omoniyi, said the state government had completed the first phase and was almost completed the second phase.