We have recovered several bad loans in collaboration with Presidential Panel – FMBN MD


Managing Director/Chief Executive Officer Federal Mortgage Bank of Nigeria Architect Ahmed Dangiwa in this exclusive interview with the Publisher Nigerian NewsDirect Dr SAMUEL IBIYEMI after presentation of the 8th Anniversary Award of Excellence as Real Estate Personality/Banker of The Year speaks on milestones of President Muhammadu Buhari and the FMBN in provision of affordable housing units for all Nigerians and recovery of bad loans inherited from previous administrations.Excerpts.

What is your response to NewsDirect Excellence award as Real Estate Personality-of-the-Year?

I am very well pleased to receive this award from Nigerian NewsDirect newspaper in recognition of our activities in the real estate sector.  As we all know, the FMBN was established to provide affordable MORTGAGE to low and middle income earners who have contributed to the National Housing Fund (NHF).

For us to be recognised within this target of low and middle level income earners, it is a privilege to receive this honour from Nigerian NewsDirect Publisher as the Real Estate Personality & Banker of the Year. We thank you for this award as a recognition of the effort of the management in effective imple-mentation of President Muhammadu Buhari’s mandate in provision of affordable housing to all Nigerians. We will do more as a management team with this recognition award and we are determined to do our best for the implementation of President Muhammadu’s mandate of providing affordable housing to every Nigerian.

Can you provide update on recovery of mortgage loans released by the FMBN?

We have made efforts since we came on board to ensure that most of the non performing loans are revived to become performing loans.Apart from that,we have made effort to recover our bad loans through collaboration with presidential Special  panel on investigation that has been established and we also engage  recovery agents to assist us in recovery of bad loans.Some of the agents have to sit down with the debtors to discuss on how to accommodate these debts and recover most of them. That is the effort we have been making since we came on board.

How many states in Nigeria are we to expect new estates of Federal Mortgage Bank in the nearest future?

Our major focus is to ensure that before the end of 2019 any state of the Federation has at least 100 affordable housing units of one to three bedroom for workers in the federation  built by the new management of the Federal Mortgage Bank of Nigeria. This is being done in collaboration with the Nigeria Labour Congress and the Trade Union Congress (TUC) having the control of workers and the NHF. Apart from that, we have a cooperative loan scheme which has started in earnest. Most of the organisations have approached us to support their cooperative societies so that their members will enjoy mortgage  for the houses built by Federal Mortgage Bank of Nigeria.These are part of what we are doing currently apart from the ongoing projects which we are trying to complete all of them to ensure that we create mortgage for all the houses. On NHF loans, we have devised another means of creating consumption loans to individuals who have their own plots of land fully designed. They can bring their own design with Certificate of Occupancy C of O). We create this consumption loans for individuals to build their houses not only in the capital cities but even in their villages once the Certificate of Occupancy (C of O) is verified. We also create mortgages for those houses we have built.Rent product is a new product that the  contributor  will contribute  certain percentage  of the cost of the house and start paying rent over the years for which the house is sold to complete the payment.

For contributors, we have improved our services to ensure that we are accountable to the contributors and the monies are transparent. Every contributor is expected to receive an alert of what he has contributed  monthly once we received the telephone number of the contributor through  our NHF *219# which is an APP  launched recently, the contributor can even know how much he has contributed so far. Many people, keyed into it and it is making contributors to know how much they have contributed into the fund.