FMBN refunds over N31.1bn to 273,485 retirees for affordable house ownership

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By Oluwaseun Sonde, Abuja

The Federal Mortgage Bank of Nigeria (FMBN) has refunded more than N31.1 billion to 273,485 retirees to target affordable house ownership for medium and low-income earners.

The Managing Director of Federal Mortgage Bank of Nigeria (FMBN), Ahmed Dangiwa made it known in Abuja at the National House Fair 3.0 with theme, “New Economy: Amplifying the Impacts and Possibilities of Real Estate Utilising Technology” recently.

He said that the bank was targeting affordable homeownership for Low and Medium Income, LMI, market segment.

According to him, LMI segment accounts for about 90 per cent of the Nigerian population.

He said that as demonstrated in economies like the U.S., Singapore and others, empowering the middle class through homeownership was the surest avenue for economic development driven by production and construction consumption.

According to him, empowering the middle class creates a wealthy society.

Dangiwa said that mortgage finance accessibility and affordability formed a major focus of the bank.

He said, “Government assist fund’’ was critical for improving affordability for the middle-income market.

“The future growth and development of the Nigerian housing sector, especially the mortgage sub-sector, is predicated on expanding housing access and affability for the middle class.”

Furthermore, he said that the bank had registered 4,927,407 contributors and 23,387 organisations on NHF.

“Construction of 27,584 housing units financed to date, 20,591 NHF mortgage loans granted to NHF contributors while 27,247 housing micro-loans of N28.9 billion disbursed.

He said the bank has disbursed N226. 6billion as loan through the National Housing Fund (NHF) in an effort to address the housing deficit in the country.

“This has demonstrated in economies like the U.S., Singapore and others, empowering the middle class through homeownership was the surest avenue for economic development drive by production and construction consumption.

“With the adoption of a multi dimensional approach to housing finance in Nigeria must be encouraged and strengthening government institutions delivering assist- funding and collaboration among relevant stakeholders”, he said.

The Managing Director of Bstan Mortgage and Cooperation, Becky Damilola-Oke, said that inadequate housing could affect the security, physical health and privacy of man.

Damilola-Oke said that housing policy was a tool that was used in town planning for solving housing problems and consequently for the achievement of sustainable housing.

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