Home Business News Beneficiaries get N23.3bn Home Renovation Loans from FMBN

Beneficiaries get N23.3bn Home Renovation Loans from FMBN

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Ahmed Dangiwa, the Managing Director of Federal Mortgage Bank of Nigeria (FMBN), has disclosed that the bank disbursed N23.3 billion under its Home Renovation Loans window to 28,363 beneficiaries.

Speaking at a cheque presentation ceremony to members of the Lagos State Public Servant Housing Cooperative, Dangiwa disclosed that the loan beneficiaries cut across the country.

He was represented at the event by FMBN’s Executive Director in charge of Loans and Mortgage Services, Hajia Rahimatu Aminu-Aliyu.

“It is pertinent to note that a total sum of N23.3bn has so far been disbursed by the Federal Mortgage Bank of Nigeria to 28,363 beneficiaries across the country under the Home Renovation Loan window.

“Just recently, one of the most ambitious housing delivery programmes in this country, the National Affordable Housing Delivery Programme in collaboration with the Nigerian Labour Congress, the Trade Union Congress and the Nigerian Employers’ Consultative Association was launched by the bank.

“It is a programme to deliver affordable houses to Nigerian workers in every state of the federation. As we speak, the pilot projects have commenced in earnest in five states. The pilot phase is to deliver 100 houses in each of two states across the six geo-political zones of the country.”– Dangiwa

About the Home Renovation Loans: This programme is one of the several products of the bank, aimed at ensuring that contributors to the NHF benefit from the scheme.

The FMBN Home Renovation Loan was created for the purpose of renovating existing structures, at six percent for a tenure of five years maximum.

How the funds are sourced: The funds were sourced from 2.5 percent of the basic income of Nigerian workers earning the minimum wage and who are 18 years and above.

About FMBN: The bank was established to provide long-term credit facilities to mortgage institutions in Nigeria. More so, to encourage the emergence and promote the growth of viable primary and secondary mortgage institutions to service the need of housing delivery in all parts of Nigeria.

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