FMBN Disburses N175bn Loans To 83,513 Beneficiaries In Five-years

The Federal Mortgage Bank of Nigeria (FMBN) says it disbursed N175 bilin lion affordable housing loans and construction finance to about 83,513 beneficiaries in the past five years. the

In same period, the bank also gained N294.1billion additional contributions to the National Housing Fund (NHF) scheme

Breakdown of the 83, beneficiaries shows 5, 983 got mortgage loans while 77,575 got renovation loans.

The outgoing Managing Director of the bank, Ahmed Dangiwa at a Town Hall Meeting with a staff of the bank on Thursday in Abuja, said the gains of the five wings owe to transparency and accountability in the management of the scheme.

Dangiwa who was appointed to replace Richard Esin, who served in an acting capacity, following the exit of Gimba Ya’u Kumo in April 2017 for a five-year tenure, leaves April 8.

“The practical results of these loan disbursements include the provision of NHF Mortgage loans to 5,938 beneficiaries. This represents an over 34 per cent increase from the cumulative total of 17,092 beneficiaries as of April 2017.

There was also the provision of home renovation loans to 77,575 beneficiaries, representing an over 2,926 per cent increase from the 2,579 beneficiaries as of April 2017.

Other notables during his tenure in construction finance for the delivery of 13,499 affordable housing units nationwide represent an over 59 per cent increase from the cumulative total of 20,435 housing units as of April 2017.

“The third plank of our achievements is the speedy processing of N39.5 billion in refunds to 247,521retired NHF contributors,” according to Dangiwa who said that the NHF scheme provided for contributors to be paid back their monies after retirement, at a one per cent interest raBeforeor to his appointment in April 2017, the FMBN had only refunded N10.8 billion to 132,605 retired contributors.

In addition, N294.1billion in additional contributors were mobilised to the NHF scheme, in five years, at an average of N58.8 billion per annum.

He attributed all the achievements to transparency and accountability in the management of the NHF scheme, and the engagement of state governments to resume contributions to the NHF scheme.

“We also built strategic partnerships with labour centres such as the Nigeria Labour Congress (NLC), Trade Union Congress (TUC) and the Nigeria Employers Consultative Association (NECA), he noted.