Buoyed by its commitment to growing the economy through trade development and entrepreneurship, First Bank of Nigeria Plc is offering mortgage facilities for individuals and corporate organisations to acquire shops in the ultra-modern Tejuosho Shopping Complex in Yaba, Lagos.
The Bank was also involved in the funding of the transformation of the market after it was gutted by fire in 2007, in line with its policy on promoting economic development and prosperity through sustained public private partnerships.
FirstBank’s Executive Director, Corporate Banking, Mr. Kehinde Lawanson said the Bank’s considers its involvement in infrastructure and mortgage financing as a “development-driven responsibility geared towards economic empowerment and addressing the nation’s infrastructural gap.”
It would be recalled that the Bank has been involved in several real estate financing projects as well as market development projects in Abuja, Owerri, Kano, and Port-Harcourt, among others.
According to Lawanson, FirstBank in addition to financing the multi-billion naira project had provided substantial mortgage facilities for people to be empowered to acquire shops and other outlets in the market. He said the Bank was offering would-be shop owners generous interest rate on mortgage facilities with an 8-year pay-back period to acquire shops in the market.
“With a potential for over 100,000 shoppers daily and an expected N5 billion daily turnover, Tejuousho market is set to serve as oil that will further lubricate the economy. We are happy to be part of the project and we enjoin individuals and corporate entities to approach our branches in Lagos to sign up for mortgages to position themselves for the endless opportunities at the new Tejuosho market,” he said.
Lawanson added that the new complex would change the face of shopping in Lagos completely, create more jobs for the populace, and foster enhanced trade opportunities for all classes of traders.
On the uniqueness of the facility which will enable applicants acquire the over 4,040 shops of different sizes K-Klamp and over 2,000 lock up shops, he said: “The off-takers can acquire the shops with minimal initial capital outlay, while repayment of the mortgage can be serviced from daily sales proceeds (and other regular income sources) by the off-takers.”
The multi-billion naira Tejuosho project was developed to world-class standards, with a provision for escalators; fire-fighting equipment, ground floor parking and another multi-storey car park (total capacity is over 800 vehicles), Fire Stations, Banks, Hospitals, Eateries, Dedicated Power Generators, and Modern Facility Management structures, among others.
About FirstBank
FirstBank is Nigeria’s most diversified full-suite financial services group, providing over a century of dependable and innovative services to over five million customers. The Bank was recently adjudged the “Most Innovative Bank in Africa” at the African Banker Awards in Washington, in recognition of its creative deployment of technology in making banking services more convenient, accessible and faster. Apart from being the largest financial services group in sub-Saharan Africa which includes registrarship, trusteeship, insurance, SME financing, venture capital financing, mortgage banking, investment banking and pension’s funds management, FirstBank has one of the most expansive local branch networks of over 600 and international presence in the United Kingdom, Paris, China and South Africa.