Thursday, February 6, 2014
FMBN collects N66.8bn housing funds from FCT, 28 states -Official
THE Federal Mortgage Bank of Nigeria (FMBN) has revealed it collected N66.8 billion from contributors for the National Housing Funds (NHF) in three years from 28 states and Federal Capital Territory (FCT) Abuja, reports DigitalSENSE Business News.
Head, Corporate Affairs at the bank, Mr. Dauda Yusuf, made this disclosure in an interview with the News Agency of Nigeria (NAN) in Abuja.
He also said that the amount was collected between December 2010 and October 2013, stressing that the N66.8 billion accounted for 56 per cent of the cumulative NHF collections of N118.8 billion since inception.
Yusuf noted that the fund’s monthly average collection rose by 174 per cent from N730,000 to more than N2 million on the average.
Pointing out that the current management team since its inauguration in December 2010 adopted new measures to improve the operational efficiency and service delivery of the organisation.
Some of the new strategies, he said that were taken by the management were aimed at strengthening and putting check and control on the activities of the bank.
He said the bank also engaged critical stakeholder groups into partnership to achieve operational profitability.
``Since 2010, four additional states - Akwa Ibom, Enugu, Taraba and Borno - resumed participation in the scheme to make a total of 28 states and the FCT contributing to the NHF scheme.
“The FMBN re-financed mortgages worth more than N32 billion for 13,750 buyers of non-essential residential Federal Government houses sold in the FCT,” he said, highlighting that the project was financed by a Mortgage-Backed Bond arranged by the bank with support from the Federal Ministry of Finance for workers in FCT.
Furthermore, he said that the bond was arranged for workers in the FCT to own houses, while the sum of N28.3 billion and N19.7 billion were disbursed as estate development and mortgage loans, respectively in 34 months. NAN
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