Nigerians in Diaspora Get New Property Ownership Plan
08.26.2007

A new scheme has been developed to assist Nigerians living abroad own
an investment in property in the country. Centage Mortgage Bank, one
of the mortgage institutions in the country today, promotes the
product, known as `NIDO Assist Scheme'.

The product, which is a property investment and acquisition solution,
offers Nigerians in the Diaspora, a hassle free access to purchase of
land, verification/obtainment of Certificates of Occupancy and
construction of buildings any where in the country.

It also comes with, an advisory on investment and mortgage issues in
the real estate sector and offers services such as provision of
information on real estate (for investment and residential purposes),
assist in the verification and authentication of title documents of
lands and properties, assist in the purchase of lands and buildings
anywhere in Nigeria, Estate projects development, Assist members to
build according to their plan or agreed specifications.

Managing Director and Chief Executive of Centage, Mr. Gabriel Johnson
said, "Our concern as an institution is that we have identified that
so many Nigerians are desirous of owning their own homes right here
in Nigeria or just simply investing in the dynamic real estate
business. They are however constrained by the disappointments from
their relations and friends in whom they entrust their hard earned
money. This product therefore is a direct response to the problems
most Nigerians in the Diaspora go through to own properties in their
mother land".

Johnson said the beauty of it all is to ensure customers'
satisfaction; since he or she is required to appoint a guarantor who
must be resident in Nigeria, and of good standing. This guarantor
shall be responsible for supervising the applicant's transactions
with the bank as well as make sure that the applicant's interests are
taken care of. The Bank would assist customers identify genuine
landed property anywhere in Nigeria, advise on location, size, cost
and on request, verify and process C of O,
To access a building loan, after application has been submitted, he
said a customer was required to make a 30 percent deposit and the
Bank would provide 70 percent of the cost of construction while
repayment is spread for a period of ten years.

He said the product is receiving patronage from some Nigerians who
see it as an answer to their prayers with some of them lamenting that
they have lost so much money through their relations and friends whom
they have given money in the past to help them purchase or build
houses.

They expressed happiness particularly with the ease of the
transaction, which in their view, does not have so much documentation
bottlenecks usually associated with bank services, while the
transparency of the whole transaction ensured by the requirement of a
Guarantor is very laudable.

Centage which is located in high profile business environment of
Victoria Island has over time, established itself as a brand to beat
in the mortgage banking business.

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