FMBN: NHF Loans Have Lowest Interest at 6%

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By Ndubuisi Francis and Udora Orizu in Abuja

Managing Director, Federal Motgage Bank of Nigeria (FMBN), Ahmed Dangiwa has disclosed that the bank’s National Housing Fund– the individual mortgage loans granted at 6 per cent interest is the lowest and most affordable in the country.
Dangiwa, stated this in Abuja, when members of the Nigeria Institute of Management (NIM) paid him a courtesy visit in his office.

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He noted that the bank was proud to be associated with foremost profession like the NIM, commending its doggedness and commitment towards promoting efficiency and professionalism in the management of organisations’ human and material resources.
According to him, “This why the bank has continued to sponsor our staff to NIM professional development programmes and we continue doing this in order to enrich our human resources.”

He explained that “FMBN was established to act and provide affordable mortgages to drive home ownership among Nigerian workers particularly the low and medium income earners who constitute over 80% of the population and it’s been done through national housing and fund scheme in which Nigerian workers both in the private or public sectors contribute 2.5% of their monthly income.”

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“Through the scheme, the bank has continued to provide affordable mortgages to Nigeria workers and construction finance to some of the developers for housing development.
“Our national housing fund which is the individual mortgage loans granted at 6% is the lowest and most affordable in the country.


“We also have the FMBN home renovation loans with conditions for easy access by Nigerian workers which is being run now to which many Nigerian workers are given minimum of a million naira to renovate their own house.
“We have already developed a rental owned project that will soon be launched by management, we have estates in more than ten states that are being completed and we want to commence this rental own as a pilot scheme with them.”
Dangiwa, further reassured the visiting team of NIM that, the Bank will continue to sponsor its staff for NIM’s professional and development programmes, and also their commitment to this mutually beneficial relationship, adding that the he will ensure the annual dues are paid.

In his remarks, the President/Chairman of Council NIM, Prof Olukunle Iyanda disclosed that aside food, housing is next in terms of importance of the well -being of the individual, adding that FMBN plays a very crucial role in promoting the well-being of Nigerians and making them proud owners of their own houses.
He hinted that, “the NIM is a multi-disciplinary institution founded in 1961 which operates all across the country and all professions are represented in the institute.”
Iyanda further added: “We engage in training programmes and also advocacy in challenging areas in Nigeria and make our findings and recommendations known to government in the particular areas of advocacy.
“We want to be a part and a contributor to your success through the training programs offered for your members of staff in order to make the achievement of your mandate much more successful so we therefore invite the FMBN to join the NIM as a corporate member, we want to establish this mutually beneficial relationship to participate in the training of your staff periodically either as nominees to the various training programs that we own or as facilitator for your internal programs for a particular selected group of staff in the bank.

He, however appealed to the Managing Director to pay the annual subscription of members of the FMBN who are in the institute in order to maintain discipline which is their code of conduct as professional institute so as to find the most scrupulous and economical ways of getting things done and to be personally themselves above any corruption, unethical practices and in the scope of their responsibilities to give no privileges or favors to anyone.

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