Social Housing Funds Should be Channeled through FMBN- Experts

Social Housing Funds Should be Channeled through FMBN- Experts

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Stakeholders in the housing sector have advised the government to channel funds meant for its social housing projects through the Federal Mortgage Bank of Nigeria (FMBN).

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

According to the experts, FMBN has the wealth of experience and the capability of reaching over 4 million Nigerians nationwide through the National Housing Fund NHF.

Giving his opinion, The National President of REDAN, Rev. Ugochukwu Chime noted that the National Housing Fund has customer base of over 4million workers registered with it.

He further added that there is need for recapitalizing of FMBN which has the most effective mechanism and the widest coverage of meeting the housing needs of most Nigerians and solving the problem of housing deficit in Nigeria.

In his address, The Managing Director/Chief Executive, Federal Mortgage Bank of Nigeria, Architect Ahmed Musa Dangiwa, revealed that the massive non-performing loans portfolio of the bank poses a major challenge to them, noting that the priority of the current Management was geared towards ensuring 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 their ground breaking achievements so far, adding that the recent change of management does not affect the tempo and efficiency of the bank in any form.

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