RAMADAN, 2 1429 A.H.
MONDAY SEPTEMBER 1 2008
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Mortgage services: KNSG tasks union homes, KSIP
By UMAR DANLADI ADO
KANO state government has directed the Union Homes savings and loans Plc, to liaise with the State Investment and Properties (KSIP), in order to provide both property and mortgage services to the people in the state.
The state acting governor, Engr. Abdullahi Tijjani Muhammad Gwarzo, gave the directives when he received officials of the bank on a courtesy visit, Friday.
Engr. Gwarzo, also advised the bank to negotiate with civil service unions and other related agencies such as KSIP, and mortgage banks which he noted, would play a vital role in supporting the new initiative of providing shelter to the teeming population in the state.
He pledged his government’s readiness to providing the bank with a conducive enabling environment in order to succeed.
He also observed that the new initiative would go along way in complementing the effort of the state government in that direction.
Earlier, the Managing Director of the bank, Mr. S.O. Thomas had said the product was new and fourth of its kind in Africa which is now being practice in some advanced countries successfully.
According to him, the product is in the area of estate development where people would be gainfully employed by raising funds to develop estates.
Mr. Thomas stated that through such projects, many people borrow money to buy, build and renovate houses at cheap rates, adding that the investors of the products are going to have a good profit and return of their money.
Mr. Thomas assured that in the Union Homes every kobo invested is backed by property as such, property appreciate as their value go higher than what it used to be 10 years ago.
He further stated that unlike shares in other investments, only the board of directors at the end of the year decides the percentage to be shared as dividend while in the case of the Union Homes, investment profits accruable to the company would be shared equally by the shareholders.
