The Federal Mortgage Bank of Nigeria (FMBN) wishes to sympathize with the residents of Trademore Estate, Lugbe, Abuja that were affected by the recent flood incident in the area. 

The Bank also notes the concerns and opinion of the Federal Capital Territory Administration (FCTA) in respect of the Estate’s location and the granting of relevant approvals for its construction. 

While the FMBN looks forward to the amicable 

resolution of the issues at stake, the Bank finds it imperative to make certain clarifications as they relate to the Bank and the Estate, for the benefit of our mortgage loan beneficiaries and the general public. The Bank, as a matter of policy, grants loans to individuals based on their choice of properties. Pursuant to its statutory responsibilities, FMBN approves mortgage loans to eligible contributors to the National Housing Fund. 

For the avoidance of doubt, the FMBN did not fund the construction of the Trademore Estate. The Bank only provided mortgage loans to eligible contributors who had indicated their intention (through a Primary Mortgage Bank) to purchase the housing units already constructed by the Developer. 

Consequently, we wish to assure the numerous mortgagors who benefited from FMBN’s mortgage loan facility in the Estate, that the Bank is working assiduously with relevant stakeholders to facilitate an amicable resolution of the impasse. 

The FMBN remains committed to its mission of facilitating affordable housing for Nigerians and will continue to support eligible contributors to the NHF Scheme in acquiring their own houses. 

Signed: Timan Elayo (Mrs) 

Group Head, Corporate Communications