FMBN, Labour Unions Assures Determination To Construct 4million Houses

The Management of the Federal Mortgage Bank of Nigeria (FMBN) in collaboration with Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have assured of its determination to build four million housing units for workers nationwide in partnership with Nigerian Employers Consultative Association (NECA).

This was the outcome of a parley between the leadership of NLC and TUC when the duo was on a working visit to FMBN headquarter in Abuja.

The acting Managing Director/Chief Executive of FMBN, Mr. Richard Esin said that as an institution managing workers’ contributions to the National Housing Fund (NHF) that FMBN had always recognised labour as its most significant stakeholder group.

Esin informed that more than 20,000 housing units in about 70 estates across the country which are at various stages of work would be injected into the national housing stock once completed.

According to him, “The houses will be sold to interested workers who will be granted NHF mortgage loans at the concessionary interest rate of 6%”.

He maintained that FMBN is currently developing a rent-to-own product that would eliminate 10 to 30 percent equity down payment that have made housing inaccessible to workers.

Also speaking, the National Presidents of NLC Comrades Ayuba Wabba, and TUC’s Comrade Bobboi Kaigama respectively acknowledged the symbiotic relationship between labour and FMBN.

They however called for the revival of the NECA/NLC/TUC/FMBN Joint Technical Committee which was established to deliver affordable housing to workers even as they eulogised the Bank’s commitment to amending its enabling Act to integrate  labour union on its management Board.

In a related development, the Minister of the Federal Capital Territory, Mallam Mohammed Musa Bello charged the FMBN on the need to provide affordable houses to low income earners in the FCT saying that his administration is willing to make lands available to FMBN for construction of the houses.

The Minister made the appeal when the management of FMBN paid a courtsey visit to his office in Abuja.

Responding, Mr. Richard Esin assured of the Bank’s focus on affordable housing for the workforce just as he requested the FCT Minister to approve the grant of non-encumbered land to FMBN at little or no cost to achieve affordable housing target.

He said the institution is already collaborating with stakeholders such as the Real Estate Developers Association of Nigeria (REDAN) to facilitate the project.

The MD further solicited the Minister’s support towards the issuance of title documents for housing estates funded by FMBN adding that it would aid in perfecting  mortgage loans granted to buyers as well as ensuring compliance of the NHF Act by all Area Councils in the FCT