Gabriel Enenche —

The Managing Director of the Federal Mortgage Bank of Nigeria (FMBN) Mr. Madu Hamman recently in a meeting with the head of the Nigerian Mortgage Refinancing Company (NMRC), Mr. Kehinde Ogundimu and the Director General of the Securities and Exchange Commission (SEC), Lamidu Yuguda, said that non interest financial products have drawn lots of interest by investors in the country and globally. ‘This could aid housing finance sources and expand the frontiers of home ownerships through non interest finance sources’, he said.

Hamman while expressing that the engagement would go a long way in giving the capital market the needed boost to unbundle funds that were hitherto not accessible to Nigerians, he added that it is obvious that the Nigerian economy is on the verge of experiencing a tremendous transformation in this regard.

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The FMBN boss said the sourcing of non interest funds from the capital is very necessary for seamless operations as funds sourced from interest based facilities cannot be leveraged to deliver on non interest mortgage transactions.

“We are committed to linking the mortgage market with the Nigerian capital market and thereby ensure sustainable long term funding for the housing and mortgage sector. The non interest capital market is therefore one area for such sustainable long term funds that can be assured”, Hamman said.

On his part, the Managing Director NMRC, Kehinde Ogundimu said there is no way the nation can meet the housing deficit without having the non interest services sector actively participating in it and commended the SEC on the initiative.