Home Business FMBN collects N66.8bn housing funds in 3 years – Official

FMBN collects N66.8bn housing funds in 3 years – Official

by Business News Report

Federal MortgageThe Federal Mortgage Bank of Nigeria (FMBN) said on Tuesday that it had collected N66.8 billion from contributors for the National Housing Funds (NHF) in three years.

Mr Dauda Yusuf, the Head, Corporate Affairs of the bank said this in Abuja.

He said that the amount was collected between December 2010 and October 2013.

Yusuf said the N66.8 billion accounted for 56 per cent of the cumulative NHF collections of N118.8 billion since inception. He said that the fund’s monthly average collection rose by 174 per cent from N730,000 to more than N2 million on the average.

Yusuf said the current management team since its inauguration in December 2010 adopted measures to improve the operational efficiency and service delivery of the organisation.

He said some of the strategies taken by the management were aimed at strengthening and putting check and control on the activities of the bank. He said the bank also engaged critical stakeholder groups into partnership to achieve operational profitability.

“Since 2010, four additional states – Akwa Ibom, Enugu, Taraba and Borno – resumed participation in the scheme to make a total of 28 states and the FCT contributing to the NHF scheme.

“The FMBN re-financed mortgages worth more than N32 billion for 13,750 buyers of non-essential residential Federal Government houses sold in the FCT.’’

Yusuf said the project was financed by a Mortgage-Backed Bond arranged by the bank with support from the Federal Ministry of Finance for workers in FCT.

He said that the bond was arranged for workers in the FCT to own houses.

Yusuf said N28.3 billion and N19.7 billion were disbursed as estate development and mortgage loans, respectively in 34 months. He said that the amount translated to 45 per cent and 46 per cent of the cumulative loans of N64.2 billion and N45.1 billion, respectively. Yusuf said the feat was recorded in 257 months since the commencement of the scheme. 

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