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FMBN boss blames high interest rates for housing crisis
Managing Director, Federal Mortgage Bank of Nigeria (FMBN), Mr. Gimba Ya’U Kumo

FMBN To Establish Nigeria Navy Primary Mortgage Bank

The Managing Director/Chief Executive Officer of Federal Mortgage Bank of Nigeria (FMBN), Mr. Gimba Yau Kumo has unveiled his determination to establish the Nigeria Navy Primary Mortgage Bank (PMB) for efficient processing of Naval National Housing Fund (NHF) loan application.

Kumo who disclosed this during a courtesy visit to the Naval Headquarter in Abuja noted that Suntrust S & L limited have been awarded regional banking license by the Central Bank of Nigeria to wind down mortgage activities in the country.

He said FMBN was working assiduously towards addressing the housing needs of Nigerians through the provision of mortgages, construction finance for houses to be built, home renovation loans, introduction of diaspora mortgage programmes for Nigerians living abroad, engagement of various co-operative societies across the nation.

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The managing director noted that FMBN was also increasing its tempo to enable Nigerians in the informal have shelter over their heads saying that the institution was committed in ensuring that the Chief of Naval Staff, Vice Admiral Ibok-Ete Ekwe Ibas restored peace and order in the country.

Kumo reaffirmed the federal government policy on building one million houses yearly adding that it would take federal government and developers the next 17 years to close the existing deficit.

According to him, “For instance in Abuja, the population was not more than two million as at last five to 10 years but today, we have over 7 million people residing within the FCT. The available houses, facilities and transportation have been over stretched; that is why we have security issues. With the steps taken, we will soon feel the impact of the new housing policy.

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