FMBN denies involvement in N40m mortgage scheme

The Federal Mortgage Bank of Nigeria (FMBN) has publicly disclaimed any association with a N40 million mortgage pre-financing scheme promoted by Housing Exchange Africa (HXAfrica).

In an official statement released on Saturday, FMBN clarified that it has not entered into any formal partnership or endorsed any arrangement with HXAfrica for the purported mortgage initiative.

Virginia Jang, Group Head of Corporate Communications at FMBN, stressed the bank’s position, stating: “The management of the Federal Mortgage Bank of Nigeria wishes to disclaim reports in the media by HXAfrica (Housing Exchange Africa) on a purported N40 million mortgage pre-financing scheme, which referred to FMBN as a partner.”

Jang further noted that although HXAfrica applied for some engagement with the bank, it has not been granted any approvals, nor has the bank entered into any formal arrangement with it.

The statement also reiterated FMBN’s commitment to its ongoing Diaspora Mortgage Scheme, which is being developed in collaboration with the National Diaspora Commission (NIDCOM).

However, Jang stressed that any external collaborations must undergo proper vetting and approval processes.

“While the FMBN and NIDCOM remain committed to the roll-out of the Diaspora Mortgage Scheme after obtaining the necessary regulatory approvals, we will endeavor to provide official information and updates on our respective websites and social media handles to prevent the public from being misled,” Jang added.

In a similar move, NIDCOM also issued a disclaimer disassociating itself from the scheme.

FMBN has urged the public to exercise caution and rely only on official updates from the bank and NIDCOM regarding any mortgage-related programs.

The bank assured those interested in the official Diaspora Mortgage Scheme that relevant details will be shared through authorized channels once all necessary regulatory approvals are secured.