Kingsley U.N. Chikwendu —
Having reviewed the bank’s performance at a meeting in Abuja, the Arc. Ahmed Musa Dangiwa-led Executive Management team of the Federal Mortgage Bank of Nigeria (FMBN) has been commended by its Board of Directors led by Dr. Adewale Adesoji Adeoye, for mobilizing N233.98billion to the National Housing Fund (NHF) Scheme in four years.
This sum covers total funds accrued to the National Housing Fund Scheme from April 2017 when the management team assumed office to May 2021. This exceeds the sum of N232billion that the NHF scheme recorded from inception in 1992 – to March 2017- a 25-year period, this development has increased total NHF collections by 50.12% to N466.83billion in May 2021.
Aside from the remarkable increase in NHF funds mobilization, the Board also expressed satisfaction with the Management Team’s performance in other key areas that include leveraging the increased funds to provide over 4,985 mortgage loans totaling N43.141bn, disbursing home renovation loans valued at N49.265bn to 60,500 beneficiaries, and financing the construction of 9,540 affordable housing units nationwide at the cost of N38.055billion, amongst others.
The Board noted that the historic milestone is an apt result of the bold reforms and dynamic leadership of the Executive Management team and assured them of its continued support. The Board urged the team to sustain the tempo to further unlock the capacity of the NHF scheme to drive affordable housing delivery to Nigerian workers as envisioned in the ACT in 1992.
Reacting, the Managing Director/Chief Executive Officer of FMBN, Arc. Dangiwa thanked the Board members for their continued support for implementing the reforms championed by the Executive Management Team.
“We are encouraged by the commendation from our Board Members to do more, he stated.
“Their support and the guidance of the Hon. Minister of Works & Housing, Babatunde Raji Fashola SAN, has been key to all our successes. We also like to express our thanks to all our stakeholders – State Governors, the Nigeria Labor Congress (NLC), Trade Union Congress (TUC), and the Nigeria Employers’ Consultative Association (NECA) for working with us over the past four years to make a difference in the NHF.
“We believe that despite the challenges, there is still much that we can do to further unlock the capacity of the NHF to deliver affordable homes to Nigerian workers”, Dangiwa added.