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FUOYE Coop partners FMBN to build 60 housing units

By Eleniola Bamidele, Ekiti The Federal University Oye Ekiti Cooperative Multipurpose Society has said it has concluded its arrangement with...

By Eleniola Bamidele, Ekiti

The Federal University Oye Ekiti Cooperative Multipurpose Society has said it has concluded its arrangement with the Federal Mortgage Bank of Nigeria (FMBN) to build 60 housing units, comprising of blocks of flats, for its members in Ayegbaju Ekiti in Oye local government area of Ekiti State. 

This was made known at the groundbreaking foundation laying of the 60-housing unit project on Wednesday, January 18, 2022, at Ayegbaju Ekiti.

In his address, the President of FUOYE Staff Cooperative Society, Mr. Adegun Caleb acknowledged the relentless love of the Visionary Vice Chancellor, Prof.Abayomi Sunday Fasina for his effort to ensure the housing estate comes to a reality

His words, " I am particularly indebted to the university management team under the able leadership of our vice Chancellor who out of his tight schedule set aside quality time to convey a series of reconciliatory meetings between the Society and the Members who own land in Ayegbaju adding that the Vice Chancellor protected the interest of all parties involved"

"This vision came when we at the executive committee realize that we can extend the scope of our operations beyond loan disbursement and sales of commodity to our teeming members. Our cooperative society members comprise young and middle aged individuals whose major need is affordable shelter. Whereas, the society lacks the financial capacity to provide enough funding for members to possess portable houses. 

"Considering the inflationary increase in building materials, many of our members  take loan repayable for 2 years or more to purchase land and start building houses which they will not be able to complete nor make use of. As they service the loans, they equally pay rents for their respective apartments. 

"This makes life difficult for many of us. We put up our proposal to the federal mortgage Bank of Nigeria to key into her programme on Cooperative Housing Development Loan which involves financing construction of housing stock by reputable housing Developer and the packaging of affordable mortgage loan to enable eligible NHF off-takers to own the built properties. 

"We appointed the covenant edge Revert Services Limited to facilitate our proposal and eventually identify reputable Developers who can handle the project. 

"Among the Developers presented to us we Executive Committee appointed Plural Development Ltd having investigated and confirmed their good reputation. 

"Having fulfilled all requisites in December 2021, the federal mortgage Bank of Nigeria graciously approved first phase  of 60 housing units comprises of Ten(10) units 4 Bedroom flats, Thirty (30) units 3 Bedroom flats and Twenty (20) units 2 Bedroom flats. 

"Out proposal is 600 hosing units for location comprising Ayegbaju- Ekiti, Oye- Ekiti and Ikole Ekiti. We are resolute that the federal mortgage Bank of Nigeria will not hesitate to approve and release funds for the construction of several housing units we requested.

"Each member of staff of Federal University Oye Ekiti possesses a primary criterion to own a house through this scheme. We shall continue to put in more effort to ensure that we maintain a good relationship with the federal mortgage Bank of Nigeria to earn more benefits for our members.

"As we are here to lay the foundation for this Housing Estate, I am using this medium to implore the Developer to do the job according to the specifications. Also, we want our project monitoring committee to be more active and alive in its responsibilities. 

"My prayer is that the good thing that has commenced here today shall continue to multiply all over our various proposed sited and Ekiti State as a whole. 

Adegun also appreciated the management of Federal Mortgage Bank of Nigeria for acceding to their request and approving the Society's proposal for this project within a short space of time.

Earlier in his remarks, The Vice Chancellor, of Federal University Oye Ekiti, Prof Abayomi Sunday Fasina thanked the initiative of the cooperative set. 

"l am so happy that this particular cooperative set, they have a very good vision, they are solution providers. Anybody who works with me must be able to think outside the box. I’m spending five years, I want to leave an impact that people later would say this is what we did. It’s not enough for us to come in as a team but we also want to leave an impact behind"

"You must think outside the box or without the box. For you to have an impact, you must generate funds. Even for evangelism, you need money. If you want to be doing things routinely the way you have been doing things, you can’t go far and in thinking outside the box, a lot of obstacles and problems will come.

He however thanked the cooperative for their doggedness and resilience because I know they pass through a lot of things.  The Bible says with God all things are possible and I believe that is why this project is possible. So I want to thank you very much for having this vision to… is all about staff welfare. 

"I want to thank all the people of Ayegbaju not because of this place alone but also for the Part-Time School. This community would continue to grow in leaps and bounds in Jesus' name. A community that opens its doors will always experience development and we will do more for Ayegbaju by God’s grace because you have been so friendly and you have a competent person among you in the person of Mr. Aborisade. 

"He’s a man who has that positive attitude of progressiveness and I’m happy he’s a good member of this community because he put a lot of pressure on me to do many things here and we would do it and the lord would help us to do even more.

"We want to thank our partners. We are looking at the possibility of developers coming to help us build hostels for our students. Our population now is over 42,000 students and that doesn’t include part-time students. I’m talking about the regular students. The bursar is here, other people are here to confirm it and one thing I love about Ayegbaju is that you want people to come and develop your community and I love that. 

"The community leader, Chief Peter Ajayi thanked the Federal Mortgage Bank of Nigeria, The Vice-Chancellor, and the present Cooperative team under Mr. Adegun for this great feat.

"To me, this project is a joy, to the entire community is a blessing adding that Ayegbaju will now witness tremendous and great development if the houses are completed"

The epoch making event was graced by the VC's two lieutenants, Professor Shola Jeremiah Omotola ( Administration), Professor Olubunmi Shittu ( Academics), Registrar, Mr.Muftau Adesina Ibrahim, Bursar, Mrs. Adebolanle Debo-Ajagunna and the Librarian, Dr. Isaac Busayo among host of others.

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