Group gives FMBN kudos for completing abandoned housing projects
NAN-HE-1
FMBN
By Collins Yakubu-Hammer
Abuja, Nov. 3, 2017 (NAN) The League of Civil Society Groups in Nigeria has commended the Federal Mortgage Bank of Nigeria (FMBN) for completing some estate projects in Abuja, Osun and Oyo.
It also commended the bank for recovering debts running into millions of naira.
Mr Karma Abilemi, the President of the league, made the commendation in a statement issued on Friday in Abuja.
He said the bank had made good strides under the new board and the Managing Director, Mr Ahmed Dangiwa.
“The management under Dangiwa inherited over 80 abandoned estate projects upon assumption of duty in April. They are now at different stages of completion and mortgaging to the public.
“One of such estates of over 200 houses is in Gwagwalada, Abuja, now being occupied by University of Abuja staff.
“Before the coming of Dangiwa and the new board, confidence in the scheme was at its lowest ebb as there was low participation in the mortgage system in Nigeria.
“The giant stride and achievement by the management is a way of re-positioning the bank to fulfill its mandate of raising long-term financing for delivery to contributors,” Abilemi said.
On debt recovery, the president of the league said: “the new FMBN management, within its short time in office, has also made recoveries of debt running into hundreds of millions of naira.
“This is part of their target of recovering one billion naira before the end of the year to further strengthen the pool of available funds,” he said.
Abilemi said that the management had also ensured that the time frame for processing and payment for contributions to the National Housing Fund (NHF) has been reduced from 90 days to 30 days.
The league advised that all stakeholders in the housing sector to involve themselves in aggressive awareness and enlightenment campaign that would increase the volume of participation of the public to a level commensurate with the size of the nation’s economy.
He appealed to the National Assembly to step up the process of amending the bank’s Act for better delivery of the bank’s services to Nigerians in need of shelter.
Abilemi also emphasised the need for all the states in the federation to participate in the scheme for the benefit of their workers.
“However, CBN as the regulator of the banking sector in Nigeria should ensure that banks meet their obligations as enshrined in the law to invest 10 per cent of loans in the National Housing Fund (NHF).
“Contributions of insurance companies should also be made available to the FMBN as provided by law and NAICOM should ensure that it meets its obligation to collect these funds and remit to FMBN.
“We commend President Muhammadu Buhari for appointing the right people into the management of the FMBN and urge him to support the bank further to help diversify the economy.
“A vibrant housing sector has the capacity to provide a lot of jobs for Nigerians,” he said. (NAN)
CMY/OSA/TA
Edited by Shittu Obassa/Tajudeen Atitebi