FUTA Overview



The Vice Chancellor of the Federal University of Technology, Akure, FUTA, Professor Joseph Fuwape has called on members of staff of the University to key into the ongoing housing estate development scheme being constructed along Ilesa-Akure express road, Ilara Mokin. The housing project is collaboration between the FUTA Housing Cooperative society and the Federal Mortgage Bank of Nigeria (FMBN). While on a facility tour with members of the University management on Thursday, 13th November, Professor Fuwape excited and impressed with the quality of work done at the estate said “this is unique and befitting. It is a worthwhile project that will definitely address the challenge of housing in our environment. I am really impressed with what I have seen here today and want to encourage all staff of the University to key into it. With the flexibility mode of payment spread over years, I believe this is convenient enough for all and sundry. This environment is also serene and inviting. It is close to the University which makes it convenient. I am sure that in a few years from now, this place will become a hot cake.”

Taking the management round, the Branch Manager, FMBN, Akure, Mrs. Gbadebo Mojisola said the project requires just a little percentage down payment while the remaining will be spread over 30 years depending on the length of years remaining in the service for those interested in scheme. According to her, “the scheme is for any one earning above the minimum wage with flexible and expanded mode of payment. She pointed out that in the effort to improve transparency and accountability in the Management of the Federal Mortgage Bank of Nigeria, the Bank has commenced full automation processes. “Notably, we have already commenced electronic notification to participants, via SMS alerts and e-mails, the status of their contributions whenever the amount deducted from their salary and remitted to us is bound to receive alert. This aimed at checking the unwholesome practice of some employers that either fail to remit deductions or under-remit the deducted amount”. She said.

The prototype of the FUTA Housing Cooperative Estate as stated below;

Total number of 4 bedroom unit – 16

Total number of 3 bedroom unit – 40

Total number of 2 bedroom unit - 25

The National Housing Fund (NHF) Scheme was established in 1992 to address the constraints to the mobilization of long-term fund for Housing Development and also to ensure that every Nigerian has access to Housing Loans at affordable interest rate which is 6%.  The NHF Scheme is a compulsory Scheme for every Nigerian Worker earning the present minimum wage and above are to contribute 2.5% of their basic salary to the Scheme on monthly basis as pool of resources towards achieving Mass Housing Programme for the populace.

Employers of Labour are required by law to effect the deduction of 2.5% from their workers monthly basic salary and remit to Federal Mortgage Bank of Nigeria (FMBN) within 30 days of such deduction as stipulated by section 9 (1) of the NHF Act.  Other National Housing Fund (NHF) Loan Windows Include NHF Mortgage Loans Estate Development Loan (EDL) Housing Cooperative Development Laon (HCDL) NHF Construction Loan and FMBN Home Renovation Loan (FHRL).