Managing Director of the Federal Mortgage Bank of Nigeria (FMBN) Arc. Ahmed Dangiwa has said the bank posted strong performance with the disbursement of N58 billion mortgage loans between April 2017 and March 2019.
Arc. Dangiwa, who stated this recently in Abuja, said the amount covered provision of National Housing Fund (NHF) mortgage loans to 3,171 Nigerian workers valued at N22.3bn; home renovation loans valued at N16.9 billion to 20,429 Nigerian workers; and estate development loans valued at N13.6 billion.
Others are cooperative development loans totaling N2.7 billion and Ministerial Pilot Housing Scheme Project valued at N2.5 billion.
Dangiwa added that the high level of loan disbursements, averaging N29 billion per annum, represents a significant increase in performance in comparison to N152 billion which the bank gave in over a 24-year period at an average of N6.3 billion per annum (1992 – April 2017).
He said the historic improvements in the speed and scale of the bank’s mortgage loan operations were recorded when the current management took office.
FMBN also posted strong performance in the processing of applications for refund of contributions to the National Housing Fund (NHF) by workers who retired from service.
The MD said the bank successfully processed 120,759 NHF refund cases and paid out a total of N16.5 billion between April 2017 and March 2019.
The amount the new management recorded in terms of NHF refunds in about 24 months exceeds the total of N10.8 billion recorded between 1992 and April 2017, when it took office.
The FMBN within the period under review also funded the construction of 6,538 housing units across the country.
Arc. Dangiwa added that the results reflect the passion of the management to reposition the FMBN on the path of greater impact, responsiveness and professionalism.
“I am indeed very pleased at the remarkable results that we have been able to achieve in about two years since we were appointed to run the affairs of the bank. They demonstrate our determination to justify the confidence of President Muhammadu Buhari in our capacity to reform the FMBN as an effective tool in the hands of government to tackle the lingering housing deficit.
“The FMBN remains the best route to affordable home ownership for the Nigerian worker and we seek the support of all housing industry stakeholders in our bid to transform and reposition it to deliver on its mandate of providing affordable social housing,” the MD said.