The Federal Mortgage Bank of Nigeria has entered into partnership with the Special Presidential Investigation Panel for the Recovery of Pubic Property to recoup N43bn from the bank’s debtors within the next 18 months.
According to FMBN’s Managing Director, Ahmed Dangiwa, the bank had also recorded progress in its loan recovery drive, as it had so far recovered over N3bn in 2018, in addition to the N2.4bn recorded in 2017.
He stated that after 12 years of failed attempts at institutional restructuring, the bank recently recorded the successful passage of key amendments to the laws establishing the institution and the National Housing Fund by both chambers of the National Assembly.
The bank’s boss said the amended laws, when assented to by the President, would birth a financially stronger FMBN with a capital base of N500bn, adding that this would enhance its capacity to effectively deliver on its mandate to provide access to affordable mortgage finance for home ownership by Nigerian workers.
Dangiwa disclosed these while speaking at the bank’s 2018 Annual Management Retreat, as contained in document on the retreat that was made available to our correspondent in Abuja on Sunday.
He said the bank was strengthening its collaboration with key stakeholders, especially the labour unions, whose members constitute the bulk of contributors to the National Housing Fund scheme.
This, he said, led to the commencement of a need-targeted housing delivery programme across the country tagged, ‘the National Affordable Housing Delivery Programme for Nigerian workers.’
On this project, Dangiwa said the bank was collaborating with the Nigeria Labour Congress, Trade Union Congress and the Nigeria Employers’ Consultative Association.
He said, “Groundbreaking ceremonies have been done and construction work has commenced in earnest in five states, spread across the six geo-political zones of the country. Others are in the pipeline as we intend to cover every state across the country.
“Part of the central focus is to establish a template for affordable housing delivery in Nigeria. Accordingly, the implementation concept is unique with the housing designs and bill of quantities directly commissioned by the bank to ensure the profit motive is greatly minimised.”
He said the template gave FMBN the leverage to guarantee that the selling prices for the housing units range between N3.1m and N8.3m for one, two and three- bedroom dwellings.