As part of efforts towards bridging the housing deficit currently put at 17 million, the Federal Mortgage Bank of Nigeria (FMBN), has disbursed more than N7billion as mortgage loan to over 800 beneficiaries this year.
Further, in respect of the National Housing Fund (NHF) contributions, the Bank said it has made a total refund payment of N6.6billion to 44,370 beneficiaries in 2017 against a cumulative figure of N7.4billion as at 2016.
Ahmed Dangiwa, the Managing Director, FMBN, gave the statistics while speaking at a two-day management retreat of the bank, with the theme: “Towards improving FMBN transaction turnaround time.”
The retreat is meant to review the bank’s current processes and procedures, and to recommend strategies that will translate into considerable reduction in time, costs incurred in the processing of transactions.
He expressed optimism on the future growth of the NHF, citing that due to strategic engagements, several non-contributing states had indicated interest to rejoin the scheme in the first quarter of 2018.
Dangiwa also said the focus of the bank on its loan projects is to ensure that completion of ongoing projects and recover its financial outlay presently tied down.
“This, we have done aggressively with over N2.4billion recovered so far this year against a cumulative figure of N8.3billion as at 2016. The bank is also micromanaging some of the estates to forestall diversion of funds and ensure we recover our loans”, he said, were measures being taken to protect the bank and its investments.
The FMBN boss decried that since assumption of office in April, the management was confronted with daunting challenges.
These include absence of audited account for the past five years, lack of proper automation of the bank’s operations, abandonment/uncompleted projects with huge non-performing loan and under-capitalisation and creation of parallel platforms for financing home ownership by Central Bank of Nigeria instead of providing institutional support for FMBN.