FMBN disburses N394.6bn to beneficiaries

The Federal Mortgage Bank of Nigeria (FMBN) says it has disbursed N394.575 billion to beneficiaries from 1992 to 2022.

The Group Head, Corporate Communications (FMBN), Mr Lawal Sauri disclosed this in an interview with on Monday in Abuja.

According to him, this disbursement is for different categories of beneficiaries of the National Housing Fund (NHF).

Giving the breakdown of the total amount, Sauri said the Home Renovation Loan disbursed N68.571 billion to 84,088 beneficiaries.

“The home renovation loan is given to contributors that want to renovate or refurbish their existing homes to make it more appealing and comfortable.

“In Construction loans, we disbursed N145. 414 billion for the building of 34,158 unit of houses to 34,158 beneficiaries in 30 years.

“On mortgage loans, 23,300 contributors benefited N128.861 billion and NHF refund to retirees was N51.729 billion to 386,045 retirees,” Sauri said.

Speaking further on the achievements of the FMBN, Sauri said the bank had registered contributors numbering 5, 500, 72 and registered cooperative societies numbering 1,230.

“We have 23,120, cooperative members and a total of N533.932 billion NHF collection in 34 states of the federation.”