In a bid to boost the delivery of affordable housing for Nigerians, the Federal Mortgage Bank of Nigeria (FMBN) has disclosed that it spent an additional sum of N112 billion and built additional 8,700 new homes between 2017 and 2020.
This information was revealed in a statement issued by the Head, Corporate Communications Group of the Federal Mortgage Bank of Nigeria, Mr. Lawal Isa, on behalf of the Managing Director, Mr. Ahmed Dangiwa.
Highlights of the statement:
- The total sum of N265 billion has been disbursed as housing fund by the Federal Mortgage Bank of Nigeria. This sum indicates an increase of N112 billion or 74%, up from N152.5 billion disbursed by the institution as of 2017.
- About 8,700 new homes have been built between 2017 and 2020, representing a growth of 43 percent to attain a cumulative of 29,133 funded housing units.
- Within the period, the National Housing Fund (NHF) collections increased by 80% or N186 billion to reach a cumulative amount of N418 billion as of September.
- Home renovation micro-loans increased by over 2,000% from about 2,600 loans to about 56,000 loans in the last three years.
- About 570,000 contributors had been added to attain a contributor base of over 5.1 million NHF subscribers.
- 34 out of the 36 states of the Federation were compliant regarding workers’ contributions, with five states resuming contributions within the past three years.
I am sorry but the above reporting is absolutely misleading and false to the public. Yes FMBN disbursed funds to estate developers (bravo!) But under what conditions? the estate developers are not complying with the requirements to receive clients NHFs to complete homes. One particular estate developer in the FCT have not delivered homes to clients that have fully paid for their homes in the past 3 years (2017), hiding under the excuse of Covid-19 lockdown. Leaving clients stranded without homes to live in. And yet harassing clients for default payments based in late disbursement of NHF. I will suggest you investigate before misinforming readers.
And after all these statements, how has NIMET benefitted from them,rather all our applications both loans and refunds to retirees are kept aside. Being ignored by your so called officers.