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FMBN disburses N58bn loans in 1 year

Committed to improving service delivery, the Federal Mortgage Bank of Nigeria (FMBN) has disbursed the sum of N58 billion from April 2017 to March 2019.

Providing a breakdown of the disbursement, the managing director / chief executive of the bank, Arc Ahmed Dangiwa said that the amount covered the provision of National Housing Fund (NHF) mortgages to 3,171 workers at N22.3 billion.

He noted that home renovation loans gulped the sum of N16.9 billion for 20,429 workers while N13.6 billion was spent on estate development loans.

Dangiwa pointed out that N2.7 billion was spent on cooperative development loans even as the ministerial pilot housing scheme project gulped the sum of N2.5 billion.

He disclosed that the high level of loan disbursements, averaging about N29billion per annum, represented a significant increase in performance, compared to the N152 billion, which the bank disbursed over a 24-year period at an average of N6.3 billion per annum between 1992 to April 2017.

The FMBN also recorded strong performance in the processing of applications for refund to contributors of NHF who retired from the service. Dangiwa pointed out that the bank processed 120,759 NHF refund and paid a total of N16.5 billion between April 2017 and March 2019.

He stated that the amount which the management recorded in terms of NHF refunds in about 24 months, exceeded the total of N10.8 billion recorded between 1992 and April 2017, when the current management took over the mantle of leadership.

The MD emphasised that FMBN within the period under review funded the construction of 6,538 housing units across the country. He hinted that the results reflected the passion of management to reposition the FMBN on the path of greater impact, responsiveness, and professionalism.

According to him, “I am indeed very pleased with the remarkable results that we have been able to achieve in about two years since we were appointed to run the affairs of the bank”.

This he said demonstrated the bank’s determination to justify the confidence of President Muhammadu Buhari in his capacity to reform the FMBN in a bid to tackle the lingering housing deficit.

Credit: Leadership

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