FMBN Approves N9billion Mortgage Loans, Posts N2.7billion Profit

The Federal Mortgage Bank of Nigeria (FMBN) has disclosed that N9 billion has been approved by the federal government through the bank for the creation of 1,244 mortgage loans across the country under the National Housing Fund (NHF) Scheme.

The bank also recorded a landmark performance as it posted an operating surplus of N2.7 billion for the year ended December 2016, marking its return to profitability for the first time in over two decades.

The bank also said it had disbursed N1.2 billion to over 1,600 beneficiaries under its Home Renovation Loan Scheme and also commenced the disbursement of N2,722,302,273.57 to 22,716 retired contributors as refunds, in line with the NHF Act.

The acting managing director and chief executive, FMBN, Mr. Richard Esin, in his opening remarks, commended the entire staffers for their efforts and achievement in 2016, and outlined his expectations for 2017, including closer inter-agency collaboration, optimal utilisation of resources, stronger stakeholder relationship, and improved staff productivity.

He stated that the minister of power, works and housing, Fashola, was optimistic of the year ahead, as he was expecting the bank’s efforts in the past year to evolve into significant results in 2017.

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mudeerat olawunmi

Mudeerat Olawunmi is a graduate of Business Administration with over 5 years experience in online data gathering and analysis. Wunmi is a data analysts at Nairametrics and helps ensure that our readers get some of the most important macro and micro economic data required to help make investing decisions.

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