Mortgage Firm To Build 500,000 Houses In Bayelsa


In its bid to provide shelter for the teeming population in Bayelsa, Transatlantic Mortgages Ltd., says its projection is to build 500,000 affordable houses in the state.

Chairman of the firm, Dr. Ephraim Faloughi-Spiff said this in Yenagoa on Thursday shortly after the company’s Annual General Meeting.

The News Agency of Nigeria (NAN) quotes the company chairman as saying that the houses would be solar-powered because of the constant power failure in the state.

“We are going to build houses that will cost maximum of N5 million for any of the three-bedroom flats. We are now looking at going into partnership with some Chinese groups because of the constant power failure in Bayelsa State; we are looking at building solar-powered houses. ”

He said the company was desirous of providing shelter for Bayelsa residents within the next three years of its operation in the state and bring the state to the National Housing Fund (NHF) scheme.

“Bayelsa State is now part of the NHF and we have been able to get N2 billion from the Federal Mortgage Bank of Nigeria for Bayelsa State Government. So we can now provide soft housing loans for our indigenes,’’ he said.

Faloughi-Spiff said that Bayelsa was keen on housing since the state government was also a share holder in the company and had been supporting the firm.

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