6th December, 2011
Buoyed by its commitment to growing the economy through trade development and entrepreneurship, First Bank of Nigeria Plc is offering mortgage facilities for individuals and corporate organisations to acquire shops in the ultra-modern Tejuosho Shopping Complex in Yaba, Lagos.
The bank was also involved in the funding of the reconstruction of the market after it was gutted by fire in 2007, in line with its policy of promoting economic development through sustained public private partnerships.
First Bankâ€™s Executive Director, Corporate Banking, Mr. Kehinde Lawanson, said the bank considers its involvement in infrastructure and mortgage financing as a â€œdevelopment-driven responsibility geared towards economic empowerment and addressing the nationâ€™s infrastructure gap.â€
The bank has been involved in several real estate financing as well as market development projects in Abuja, Owerri, Kano and Port-Harcourt, among others.
According to Lawanson, First Bank in addition to financing the multi-billion naira project had provided substantial mortgage facilities to empower people to acquire shops and other outlets in the market. He said the bank was offering would-be shop owners generous interest rate on mortgage facilities with an 8-year pay-back period to acquire shops in the market.
Lawanson added that the new complex would change the face of shopping in Lagos, create more jobs for the populace, and foster enhanced trade opportunities for all classes of traders.
On the uniqueness of the facility which will enable applicants acquire the over 4,040 shops of different sizes K-Klamp and over 2,000 lock up shops, he said: â€œThe off-takers can acquire the shops with minimal initial capital outlay, while repayment of the mortgage can be serviced from daily sales proceeds (and other regular income sources) by the off-takers.â€
The multi-billion naira Tejuosho project was developed to world-class standards, with a provision for escalators; ground floor parking and another multi-storey car park (with capacity for over 800 vehicles), fire stations, banks, hospitals, eateries, power generators and modern facility management structures, among others.