The Federal Mortgage Bank of Nigeria estimated that Nigeria’s housing deficit was 28 million, and River Park Estate has stated that it is prepared to close it.
At the presentation certificates of occupancy (Cs of O) to house owners in the estate is located in the upscale Airport Road in Abuja, the chairman, River Park Estate, Paul Odilii, said the title documents will stimulate the operations of Small and Medium Scale Enterprises (SMEs) in Nigeria as well as encourage foreign investors to get involved in mass housing.
River Park estate is the first estate to issue Cs of O in Abuja.
Stating that the estate is the first to issue Cs of O to house owners in Abuja, the chairman said, “House owners can start from taking the document to the bank as it is bankable. The money is not locked up in their property. This is a good investment decision. It makes Nigeria a good investment destination for foreigners and for individuals. It enables them to unlock the value in their homes. This will equally encourage foreign investors in mass housing.”
The C of O is a title document which is a legitimate proof of ownership of a property. It also spells out what the property can be used for. It can equally be used for many purposes including as collateral.
Odili praised the FCT minister, Mohammed Musa Bello, for making it possible for River Park Estate to get the title document which it is issuing to house owners in the estate while urging him to do more for other mass housing projects in the FCT. “River Park Estate will be law-abiding and adhere to all the rules and regulations guiding estate development in Abuja. We are poised to close the housing deficiency in the country which the Federal Mortgage Bank of Nigeria put at 28 million.
Blaming the worsening security situation in the country on youth unemployment, he urged the government to allocate more land to developers for them to create jobs for the youths.
Also, the vice chairman of the estate, Dr Adrian Ogun, said the issuance of Cs of O to residents would help to “unlock the equity inside the property to do more business. “It means we are moving forward, and we’re making a contribution to bridging the housing deficit in the country.”