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JEDO MEGA CITY/COOPERATIVE VILLAGE

Jedo Investment Company Limited has dedicated a 34 Hectre of land at Peyi (Usuma Town) Ushafa, Bwari Abuja for the creation of a cooperative Village. The idea behind the cooperative village is to enable various cooperative societies provide houses for their members within a strategic location in the FCT.

The land is designed to accommodate the construction of 1 Bedroom Flats, 2 bedroom Flats, 3 Bedroom Flats and 4 Bedroom Duplexes to suit the various income levels of Cooperative members. We have secured the land Title documents and Development control approvals to facilitate the immediate construction of the houses.

The Jedo Mega City Cooperative village goes in line with the Federal Government program for Mass Housing Scheme, the Federal Mortgage Bank of Nigeria has evolved an arrangement to assist Cooperative Societies in constructing affordable housing units for average Nigerians. Such Cooperative Societies would acquire land and title from government, obtain loan from FMBN to develop the housing units and identify a PMB that would market the units and put in place, a sound post implementation arrangement for the estate.

FACILITIES AT THE JEDO MEGA CITY- COOPERATIVE VILLAGE

• Provision of asphalt road network and ample car park
• Regular water supply
• Police Station
• Fire Service Station
• School & Clinic
• Neighbourhood Park
• Dedicated Electricity Transformer
• Direct assess to the main Bwari Express Way

CONDITIONS FOR ACCESSING THE FMBN COOPERATIVE HOUSING DEVELOPMENT LOAN BY COOPERATIVE SOCIETIES IN THE FORMAL SECTOR

The Cooperative Society shall meet the following conditions:

• The Cooperative society must be registered with the Registrar of Cooperatives in charge of the area within which it is domiciled.
• The Society must be registered with the National Housing Fund Scheme and shall be responsible for remitting the contributions of the members.
• The Cooperative society must be accredited by FMBN.
• The cooperative society must have been in existence for a minimum period of 12 months during which membership dues paid by members have been consistent.
• The proposed estate must have good title that can be assigned to individual allottees / purchasers of the housing units therein.
• The tenor of the loan shall be 24 months with a moratorium period of 12 months.
• The loan will be disbursed to the cooperative society at an interest rate of 10%.
• The cooperative society shall identify a PMB with which it will collaborate for the purpose of securing the loan.
• Housing units for the proposed project(s) must fall within a target price not exceeding N15 Million and individual members of the cooperative will make an equity contribution of 10%, 20%, or 30% depending on the loan amount.
• The land upon which the estate is to be built shall be covered by Certificate of Occupancy, Right of Occupancy or other acceptable title document belonging to the cooperative society, over which an equitable mortgage would be created between the Cooperative and FMBN.
• The security shall be the C of O or other acceptable title document of the landed property belonging to the cooperative society in addition to which the cooperative society, its parent company and or its directors will be required to pledge property or Bank Guarantee to cover 50% of the value of the first tranche.
• The Bank shall disburse the loan in three tranches of 40:30:30 subject to periodic satisfactory report by the Monitoring and Compliance unit of the Bank.
• The Bank shall finance 100% of housing development and 90% infrastructural facilities to the Cooperative Society.
• The cooperative society is to develop the housing estate in any of the following ways;

  a. Engage registered building professionals with a view to completing the building to standard.

  b. Use professionals from within its ranks on submission of proof of technical expertise of members by the society.

  c. Engage an estate development company, provided the company is able to deliver the houses at a price affordable to co-operators.

• All housing units in the estate must be sold to members of the cooperative society who are contributors to the NHF scheme.
• The PMB shall package the cooperative NHF loans for the Estate and ensure it is exclusively for co-operators who are NHF contributors.
• The PMB shall be responsible for collecting the monthly NHF contributions as well in cases where the organisation of the formal sector cooperative is not contributing to the NHF scheme.