Tag Archives: FMBN

The managing director of the Federal Housing Authority (FHA), Prof Mohammed Al-Almin, has said that the provision of social housing is the sole responsibility of the authority and not the Federal Mortgage Bank of Nigeria (FMBN) or Ministry of Land, Housing and Authority. Speaking yesterday in Abuja during the 2015 pre-workers’ day lecture organized by the Senior Staff Association of ...

The federal government has commissioned 102 units of the ministerial pilot housing scheme in Suleja, Niger State. The housing units, fully funded by the Federal Mortgage Bank of Nigeria (FMBN), is the first of such exercise in the six geo- political zones of the country. The minister of lands, housing and urban development, Mrs Akon Eyakenyi, who commissioned the project ...

The Federal Government recently re-appointed Mr. Gimba Yaú Kumo as Managing Director of Federal Mortgage Bank of Nigeria (FMBN) for a second tenure of four years. In this interview from Vanguard news, he assesses the mortgage industry in Nigeria and the plan to recapitalize FMBN for better performance. Below are excerpts of the interview. How would you describe the mortgage ...

Resort Savings and Loans Plc says it has secured the Federal Mortgage Bank of Nigeria’s approval for N1.5bn mortgages for more than 125 beneficiaries under the National Housing Fund Scheme. According to the mortgage bank, this comes amid the struggle by the nation to tackle the challenge of providing affordable housing for its citizens. A statement from the company quoted ...

The Federal Government of Nigeria is working to raise the share capital of the Federal Mortgage Bank of Nigeria (FMBN) to N250 billion within the next few months in order to enable it tackle the country’s housing deficit, according to its Managing Director, Gimba Ya’u Kumo. Ya’u Kumo who spoke at a send forth/ welcome dinner organised by the bank ...

Reducing housing deficits requires a number of essential ingredients to be in place to ensure a well-functioning housing finance system. This means achieving macroeconomic stability, effective legal and regulatory infrastructure, and ensuring appropriate levels of government intervention and support. In Nigeria with its underdeveloped housing finance systems or systems that only provide access to finance for high-income households, forcing low-income ...

IN a fresh move to provide housing for Nigerians, the apex mortgage institution – Federal Mortgage Bank of Nigeria [FMBN] plans to provide National Housing Fund (NHF) loan to 10,596 applicants, worth about N48 billion. FMBN Managing Director, Mr. Gimba Ya’u Kumo, announced the new funding last week during the NDIC year 2014 Sensitization Workshop for operators of Primary Mortgage ...

A new rapprochement is already evolving between the Federal Mortgage Bank of Nigeria and the Industrial/Commercial Bank of China, as the latter has promised to bring in funds in form of Foreign Direct Investment to assist the FMBN FMBN in addressing the nation’s housing deficit. Recently, the Federal Government had said it had commenced discussion with China Export and Credit ...

Eight months ago, during the launch of the Nigeria Mortgage Refinancing Company, NMRC, the President, Dr Goodluck Ebele Jonathan promised to provide affordable housing to the millions of homeless Nigerians by the end of the second quarter of the year. This pledge was made good last week when the government launched the first 10,000 mortgages for  the presidential Initiative on ...