Mortgage depositors lament non-delivery of homes by FHA after 22 years

By Olakunle Olafioye
SOME former staff of United Bank for Africa, UBA have called on the federal government to intervene in their case with the Federal Housing Authority, FHA, 22 years after making requisite initial deposit for the houses they intended to purchase under the National Housing Programme.
Each of the former bank workers had applied for three-bedroom detached bungalow, Satellite C type valued at N200, 000 and made the initial deposit of 20% in May, 1994.
But almost 22 years after making the mandatory deposits, the former bank workers who had since left the bank are still hoping to take delivery of their houses.
The spokesperson of the group, Mr. Francis Okoye told Sunday Sun that it was disheartening to realise that more than 20 year after they had thought to become home owners, majority of them still remain tenants.
“There is nothing more frustrating than this kind of experi­ence. None of us had the premonition that the entire arrange­ment would linger this long. The credibility of the scheme was very high especially with Alhaji Lateef Jakande as the Federal Commissioner for Works and Housing then.
“When the offer came then our employer, UBA was so magnanimous to promptly give us the loan to be able to pay the requisite initial deposit for the houses.
“The loans came with interest which we paid till we left the bank. Those who could not fully repay the loan before they bowed out of service had to repay it with their sever­ance benefits. The development left most of us with very lean severance package and that deprived us of a lot of things we would have loved to use it for,” Mr. Okoye stated.
The group, which claimed to have made several contacts with the Federal Housing Authority over development, ap­pealed to the federal government to see to their matter.
“Our appeal is that the federal government should look into our case by righting the wrong of the past government,” they pleaded.

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