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Tag Archives: FMBN

FMBN commences Rent To Own Pilot Scheme With 3000 Houses Nationwide

rent-to-own

The Federal Mortgage Bank of Nigeria Board has approved the implementation of the Rent-To-Own pilot housing scheme to begin with 3000 houses nationwide. A statement signed by Zubaida Umar, FMBN Corporate Communications Group Head, on Sunday in Abuja, stated that the scheme was a strategic move designed to make home ownership more accessible and affordable for Nigerian workers. The FMBN ...

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FMBN commences zero equity for housing loan subscribers

FMBN

The Federal Mortgage Bank of Nigeria (FMBN), has started the implementation of the new approved conditions for accessing loans from the National Housing Fund (NHF). This includes zero equity contribution for the provision of housing loans of up to N5million and 10 per cent contribution for housing loans ranging from N5million to N15million by contributors to the NHF. The revised ...

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Presidential panel moves to recover N87b debts for FMBN

FMBN

Moves are presently being made by the Special Presidential Investigation Panel for the Recovery of Public Property to recover about N87 billion bad debts owed the Federal Mortgage Bank of Nigeria (FMBN) by developers. It was gathered that the debts arose from loans obtained by estate developers and primary mortgage institutions between 2009 and 2016. Preliminary investigations showed that some ...

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Dangote tells Federal Government to adopt Ethiopia’s mass housing model

mass housing

The chairman/chief executive officer of Dangote Group, Alhaji Aliko Dangote has called on federal government to adopt Ethiopia’s mass housing model in a bid to address the over 17 million housing deficit in the country. Dangote also said he supported the proposed restructuring and N500bn recapitalisation of the Federal Mortgage Bank of Nigeria (FMBN) for effective service delivery. He stated ...

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Dangote, BUA groups partner FMBN on affordable housing

Dangote

The Chairmen and Chief Executive Officers of Dangote and BUA Groups of Companies, Alhaji Aliko Dangote and Alhaji Abdul Samad Isyaku Rabiu have expressed strong willingness to partner the Federal Mortgage Bank of Nigeria (FMBN) towards boosting social housing delivery for Nigerians. Dangote, who ranks as Africa’s richest business magnate and investor and Isyaku Rabiu, a leading Nigerian businessman with ...

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FMBN has created over N80b mortgages so far – Ahmed Dangiwa

mortgages

The Managing Director, Federal Mortgage Bank of Nigeria, Mr. Ahmed Dangiwa, says the lender has created more than N80bn mortgages since inception. Dangiwa stated this during the tour of Sedona Housing Estate in Igbogbo, Ikorodu, Lagos, which was financed by the FMBN and developed by Sedona Business Consults, an Abuja-based firm. The figure shows a 10.4 per cent increase in ...

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Federal Government recapitalises FMBN with N500 billion

FMBN

Babatunde Fashola‎, minister of Power, Works and Housing said the federal government has concluded plans to recapitalise the Federal Mortgage Bank of Nigeria (FMBN) to a N500bn capital base, which would enable it play a more determinant role in closing the housing deficit in the country. The FMBN current capital base is currently put at N2.5 billion, of which the ...

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FMBN moves to acquire N500 billion capital in 5 years

FMBN

The federal government plans to inject N500 billion into Federal Mortgage Bank of Nigeria (FMBN) putting in N100 billion annually over the next five years as part of efforts to address the housing deficit of the country. Chief executive officer of FMBN, Ahmed Musa Dangiwa, said the mortgage bank was expecting proposals on its recapitalisation, as well as a reorganisation ...

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