Fidelity Bank Plc has concluded an arrangement involving Bank of America to make home ownership easier than it has been for Nigerians in diaspora.
The partnership is based on a fraud-proof system developed by Four Seasons Legacy Investment firm to eliminate all the challenges associated with building homes or investing in property in Nigeria by Nigerians in the diaspora.
The Bank of America, among other financial institutions, indicated interest to provide funds for Nigerian physicians banking with it to invest in residential property and commercial real estate in Nigeria and any other parts of Africa, according to the Chief Executive Officer of Four Seasons Legacy Investment (FSLI), Dr. Bisi Tofade.
He said Bank of America is offering $50,000 to Nigerian physicians working in America against their asset to invest in residential or commercial property in Nigeria or any other parts of Africa.
Fidelity Bank Plc would be the local financial institution for the deployment of the funds to developers after going through the fraud-proof process put in place by the firm.
Tofade said the fraud-proof process had a way of selecting and screening developers for home building, vetting what they have done by professionals to guide against shoddy jobs before releasing money to them to move on.
While speaking on the sideline of the firm’s inaugural launch of dream home portal and introduction of various products in Lagos, he said instead of sending money to aunties or friends, who built block by block, the financial institutions abroad would collect the funds from Nigerians abroad, help secure the assets – salaries and wages, adding that the Nigerian financial institution, Fidelity Bank, would be there for the deployment of funds to the developers.
Talking about the benefits, Tofade said the system offered protection from fraud, reduction of travel risks, sourcing for finance and getting vetted professionals to handle projects on behalf of clients in the diaspora.