Oceanic Bank Builds Houses In Abuja and Lagos For Civil Servants
 14th MAR 2007

Oceanic Bank and three other financial institutions are to raise N100-billion to build houses in Abuja and Lagos for civil servants.  Cecilia Ibru, managing director and chief executive of Oceanic Bank plc, says the banks have decided to float a mortgage bond at a nine percent interest rate payable by interested civil servants. Ibru adds that the banks, Nasir el-Rufai (a minister in the Presidency) and the Presidency, with the approval of the Central Bank of Nigeria (CBN), have agreed on the project for civil servants. El Rufai also oversees the Federal Capital Territory (FCT).

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