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FMBN lists achievements in the provision of housing

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In a town hall meeting held recently with members of staff in Abuja, the management of Federal Mortgage Bank of Nigeria (FMBN) listed some of the achievements it has made over the past five years.

It said that N294.1 Billion mobilized to the National Housing Fund Scheme, N175 Billion disbursed in housing loans and construction finance, while 927,000 contributors were added to the NHF Scheme.

In a press release quoting the the Managing Director of the bank, Arc. Ahmed Dangiwa, said that “with the hard work and cooperation of staff, the Management Team posted remarkable results across on corporate performance indices since assumption of office in April 2017”.

According to the press release, some of the achievements among others, include; the mobilization of N294.1Billion in additional contributionsto the National Housing Fund (NHF) Scheme at an average of N58.8billion per annum, representing over 117% increasefrom the N232.8Billion the team met in April 2017; disbursement of N175Billion in affordable housing loans and construction finance, representing over 111% increase from the N152Billion the team met in April 2017; speedy processing of N39.5Billionin refunds to 247,521retired NHF contributorsrepresenting over 359% increase from the N10.8Billion the team met in April 2017 and the development and commencement of the N40billion FMBN Mega Cities project under the FG National Economic Sustainability Program (NESP) to deliver 5,000 housing units.

Arc. Dangiwa said the bank was able to achieve these milestones by ensuring transparency and accountability in the management of the NHF scheme, engaging state governments to resume contributions to the NHF scheme and building strategic partnerships with labor centers such as, the Nigeria Labor Congress (NLC), Trade Union Congress (TUC) and the Nigeria Employers Consultative Association (NECA).

He noted that the team drove an aggressive campaign that saw historic participation of the informal sector, the self-employed and cooperative societies in the NHF scheme leading to the addition of over 927,000additional contributors to the NHF scheme.

The FMBN boss also said that a continued implementation of the 5-year Strategy Plan, developed in collaboration with Messrs. KPMG will lead to a positive turnaround for the Bank.

The ‘Strategic document’ is expected to run from 2020 – 2024 and aims to deliver 100,000 housing units, grow NHF annual collections from N50 billion to over N300 billion, expand the NHF customer base by 25 million new contributors drawn mostly from the informal sector to 31m.

The FMBN Executive Management Team’s five-year tenure is due to elapse on the 8thof April 2022.

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