• Tuesday, May 28, 2024
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BusinessDay

FMBN’s N500bn recapitalisation underway as FG seeks legislative amendments

FMBN provides homes for 3000 families, gives N14bn loan to 2000 NHF subscribers

Good time is on the way for the Federal Mortgage Bank of Nigeria (FMBN) as the federal government has assured of legislative amendments of relevant housing industry laws that will pave the way for its recapitalisation to N500 billion.

These laws, according to the federal government, include the National Housing Fund (NHF) Act of 1992 and the FMBN Establishment Act of 1993.

This raises hope for the housing sector as the expectation is that more people, especially those who are contributors to the National Housing Fund (NHF), will get housing loans that enable them to either buy or build their own homes.

Additionally, it will impact the economy as more homes owning homes will lead to increased productivity. That will also increase economic activities that will create jobs for both skilled and unskilled labour in the housing sector.

Ahmed Dangiwa, Minister of Housing and Urban Development, gave the federal government’s assurance recently at FMBN Management Retreat held in Abuja with the theme, ‘Transformational Innovation for Sustainable Development in Uncertain Times.’

Dangiwa, who was the immediate past managing director and chief executive officer of the apex bank, promised to ensure that FMBN gets all the necessary support at the highest levels possible to deliver maximally and optimally on its mandate to Nigerians.

“As a minister, I am committed to being a way-maker, facilitator, and catalyst to the evolution of the bank as a modern, impactful, and resilient housing finance institution that delivers on the maxim that ‘everyone deserves a home,’ the minister said.

He noted that FMBN must be seen as a tool of service to Nigerians, tasking the staff to see their jobs, titles, and the salaries that they are paid as recompense for the services that they offer to Nigerians.

“We must ensure that we offer quality customer service to Nigerians which is very important,” he said.