The Federal Mortgage Bank of Nigeria (FMBN) and the Federal Housing Authority (FHA) have agreed to sign an Memoradum of Understanding (MOU) to meet the President Muhammadu Buhari’s annual target of delivering one million housing units.
The institutions also agreed to jointly explore opportunities for housing delivery through a number of on-going housing schemes such as the Accelerated Housing Scheme for selected federal MDAs, the Federal Integrated Staff Housing (FISH) Scheme for federal civil servants amongst others.
This was the resolution reached at a working visit of the management of the Authority to FMBN. At the meeting, FHA Managing Director, Prof. Mohammed Al-Amin noted that FMBN and FHA have a long history as a result of the complementary roles each play in the housing delivery chain.
He pointed out instances where FMBN granted the FHA an Estate Development Loan to construct over 250 housing units at the Obada-Oko Estate in Ogun State and mortgage loans at concessionary interest rates to its subsidiary, FHA Mortgage Bank Limited, under the National Housing Fund (NHF) scheme.
In his remarks, FMBN’s Acting Managing Director/Chief Executive, Mr. Richard Esin, identified the funding of mortgages for affordable housing for the Nigerian mass market segment as a key business focus of the Bank.
He noted that in order to create the required synergy, FMBN is to provide funding for housing development on land banks held by FHA nationwide and expressed optimism that the collaboration between the duo provides the best synergy for delivering housing for the mass market segment for contributors to the National Housing Fund (NHF) Scheme.
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