FMBN disburses N58 billion to 23,600 beneficiaries in 24 months
The Management of the Federal Mortgage Bank of Nigeria (FMBN) has recorded historic improvements in the speed and scale of its mortgage loan operations, in its determination to improve service delivery and extend access to its affordable housing to Nigerian workers. Current company performance statistics reveal that between April 2017 and March 2019, the FMBN posted strong performance and disbursed mortgage loans totaling N58 billion.
The amount covers the provision of National Housing Fund (NHF) Mortgage Loans to 3,171 Nigerian workers valued at N22.3billion; Home Renovation Loans valued at N16.9 billion to 20,429 Nigerian workers; Estate Development Loans valued at N13.6 billion; Cooperative Development Loans totaling N2.7 billion and Ministerial Pilot Housing Scheme Project at N2.5 billion.The high level of loan disbursements, averaging N29 billion per annum represents a significant increase in performance in comparison to the N152 billion, which the bank had given out over a 24-year period at an average of N6.3 billion per annum (1992 – April 2017).
Additionally, the FMBN also posted strong performance in the processing of applications for refund of contributions to the National Housing Fund (NHF) by workers who have retired from service. The company successfully processed 120,759 NHF refund cases and paid out a total of N16.5 billion between April 2017 and March 2019. The amount, which the new management has recorded in terms of NHF refunds in about 24 months, exceeds the total of N10.8 billion recorded between 1992 and April 2017, when the current management took office.
Furthermore, the FMBN within the period under review funded the construction of 6,538 housing units across the country.Speaking on the development, FMBN Managing Director, Ahmed Dangiwa, an architect, stated that the results reflect the passion of management to reposition the FMBN on the path of greater impact, responsiveness, and professionalism.
His words: “I am indeed very pleased at the remarkable results that we achieved in about two years. It demonstrates our determination to justify the confidence of President Muhammadu Buhari in our capacity to reform the FMBN as an effective tool in the hands of government to tackle the lingering housing deficit.“FMBN remains the best route to affordable homeownership for the Nigerian worker. We seek the support of all housing industry stakeholders in our bid to transform and reposition it to deliver on its mandate of providing affordable social housing.”
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