The Federal Mortgage Bank has directed financed the construction of about 60,000 housing units since its inception as a building society in 1957, the minister of works and housing , Brig. Mamman Kontagora, has said. Speaking at the official opening of the mortgage bank office building in Akure, Brig. Kontagora said that at the end of 1986 the bank has a mortgage N476 million spreading over 13,000 mortgage accounts.
Apart for providing technical assistance to state government agencies in the execution of their housing and urban development programme. Brig. Kontagora said the bank had also sponsored research, sectoral studies, workshop and seminars on housing.
He said since the principle guiding the present administration was a conviction that decent housing was in essential perceptive for social and economic development, the bank was concentrating its scare financial resources on producing the greatest number of housing unit.
In carrying out is functions of providing loans for social, economic and commercial purposes, the ster said, the bank was constrained by the inadequate financial and the inability to set up secondary mortgage institutions. Speaking shortly before the commissioned the building the Ondo State governor, Olabode George, expressed joy that the bank‚Äôs capital now stood at N188.48 million, comprising equity, capital reserve and borrowed funds.
Since the bank was expected to operate within the housing policy of the federal government as well as the guidelines of Central Bank of Nigeria, Governor George said, it ought to increase its loan package in order to facilitate the … get of housing for al by the year 2000.
He appealed to other commercial institutions private developers and research institutions to be actively involved in the provision of houses if housing for all by the year 2000 was to be realised.