Harmony Estate Residents Face Mortgage Deadline as FMBN Issues Warning in Ilorin

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‎Residents of Harmony Estate in Ilorin, Kwara State, have been urged to intensify efforts towards repaying their housing mortgage loans or risk losing their homes, as the Federal Mortgage Bank of Nigeria (FMBN) raised concerns over widespread non-compliance among occupants.  The Manager of FMBN, Kwara State Branch, Alhaji Nurudeen Aliyu Muhammed, gave the warning while delivering a message at the inauguration of the Harmony Estate Residents Association committee in Ilorin. He disclosed that a large number of residents are yet to fulfil the requirements for full ownership of their houses.  According to him, the bank had shown considerable patience over the years by allowing many occupants to remain in the estate despite failing to meet their mortgage obligations.  “We have given residents ample time and understanding, but many are still not doing the needful. Mortgage repayment is compulsory if others are to benefit from the scheme,” Muhammed said.  He cautioned that continued default could lead to eviction, stressing that the mortgage system was designed to be a revolving opportunity for more Nigerians to access affordable housing.  The FMBN manager also revealed that the bank would soon commence the construction of a new housing estate in the state, with each housing unit expected to sell for about N25 million. He added that new security measures would be introduced within Harmony Estate to improve the safety of residents.  In his remarks, the Chairman of the Harmony Estate Residents Association, Ilorin, Mr Otepola Adeolu, charged members of the newly inaugurated committee to be committed to their duties by attending meetings regularly.  Adeolu explained that frequent meetings would help the leadership stay informed about challenges affecting residents and enable prompt decision-making.  He also urged residents to ensure timely payment of their monthly dues and utility bills, noting that such contributions were essential for the smooth running of the estate.  The chairman further tasked the committee with proper documentation of activities and records of occupants across the estate’s about 500 housing units, calling for the cooperation of all residents to ensure a successful tenure for the committee in the new year.