First Bank offers mortgage for shop ownership

First Bank of Nigeria Plc has said it is offering mortgage facilities for individuals and corporate organisations to acquire shops in the ultra-modern Tejuosho Shopping Complex in Yaba, Lagos.The Executive Director, Corporate Banking, First Bank, Mr. Kehinde Lawanson, said the bank considered its involvement in infrastructure and mortgage financing as a development-driven responsibility geared towards economic empowerment and addressing the nations infrastructural gap.According to Lawanson, FirstBank, in addition to financing the multi-billion naira project, has provided substantial mortgage facilities for people to acquire shops and other outlets in the market.He added that the bank was offering would-be shop owners generous interest rate on mortgage facilities with an eight-year pay-back period to acquire shops in the market.With a potential for over 100,000 shoppers daily and an expected N5bn daily turnover, Tejuosho 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, noting that it would 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 over 4,040 shops of different sizes, 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.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 with total capacity of over 800 vehicles, fire stations, banks, hospitals, eateries and modern facility management structures, among others.
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