Federal-Mortgage-Bank of Nigeria (FMBN) said it has refunded over N21.4 billion National Housing Fund (NHF) to 216,650 retirees across the country.
The Managing Director, Arc. Ahmed Musa Dangiwa disclosed this yesterday in Abuja at the September 2018 Lunch Time Reform Seminar on “The Challenges Facing Civil Servants in Obtaining Loan from FMBN and how to Access Contributions on Retirement from the Civil Service.
The Acting Director-General, Bureau of Public Service Reforms (BPSR), Mr. Dasuki Arabi who organised the forum said statistics show about 80 per cent of Nigerians are without adequate housing.
Dangiwa on his part said there are 22,653 registered organisations, 4,699,503 registered contributors, 1,110 cooperative societies and 21,853 cooperative members with the bank.
“We have a total of N185bn credit disbursement, construction of 26,002 housing units financed, 18,476 NHF mortgage loans granted to NHF contributors, 13,993 housing micro-loans of about N11.5bn disbursed. Over N21.4bn paid back to 216,650 retirees,” Dangiwa said.
Dangiwa who listed some difficulties the bank was working to defeat said they include, accessing Title Documents, low earning capacity of civil servants, requirement for personal stake, loan processing delays from other mortgage banks and delays in processing of applications by FMBN. FMBN Disburses N46.9million To AMAC For Home Renovation
Federal Mortgage Bank of Nigeria (FMBN) was established in 1956, known then as the Nigerian Building Society (NBS), a joint venture of the Commonwealth Development Corporation and the Federal and Eastern Governments of Nigeria. Following the introduction of the Indigenization Policy, the Federal Government, by Indigenization Act , acquired the NBS and consequently renamed it the Federal Mortgage Bank of Nigeria (FMBN).
Following the reform of the Nigerian housing sector, FMBN was restructured into a Federal Government-Sponsored Enterprise (FGSE) with more focus on its secondary mortgage and capital market functions. FMBN is shifting operational emphasis to expand its functions from solely social housing on-lending under the NHF, to other areas of business including commercial on-lending for housing, refinancing of commercial mortgages created by mortgage loan originators, mortgage purchasing and warehousing and mortgage-backed securitization.
The Bank’s current business model targets partnerships with local and international organisations with financial and technical capacity, interested in delivering affordable mass housing for the low income end of the market.
Credit: Daily trust