Govt urged to channel social housing scheme through FMBN

“Stakeholders in the housing sector have called on government to route its funds for social housing initiatives through the Federal Mortgage Bank of Nigeria FMBN, which has the experience and capacity of reaching over 4 million Nigerians nationwide through the National Housing Fund NHF.

The call was made at the 5th joint meeting of FMBN, Mortgage Banking Association of Nigeria (MBAN), and Real Estate Developers Association of Nigeria (REDAN) held recently at FMBN Head Office Abuja.

The National President of REDAN, Rev. Ugochukwu Chime opined that the customer base of over 4million workers registered with the National Housing Fund, justifies the call for recapitalising FMBN, which remains the best channel of ensuring the widest coverage of meeting the housing needs of most Nigerians.

The Managing Director/Chief Executive, Federal Mortgage Bank of Nigeria, Architect Ahmed Musa Dangiwa, identified the Bank’s huge non-performing loans portfolio as a major challenge and disclosed that the immediate priority of the current Management was to embark on aggressive loan recovery and improve the bank’s loan portfolio.

President of MBAN, Mr Niyi Akinlusi commended the Managing Director of FMBN and his team for hitting the ground running, noting that there has been sustained tempo of activities in the bank, despite the recent change of leadership.”

Source: All Africa