NHF: FMBN RETURNS N19.3BN TO RETIREES
The Federal Mortgage Bank of Nigeria says a total of N19.3bn has been returned to 201,534 beneficiaries who have retired and consequently exited the National Housing Fund scheme.
Under the scheme managed by the FMBN, a repayment is made to a contributor who has attained 60 years of age or has put in 35 years in service; or to a contributor that has obtained a loan, liquidated the loan and has attained the age of 60 years or put in 35 years in service.
In a document obtained by our correspondent, the mortgage bank stated that the NHF had also funded the origination of more than 18,085 mortgage loans, the delivery of 25,850 housing units across the country, and 11,927 FMBN Home Renovation Loans.
According to the bank, over the years, the NHF scheme has contended with periods of rejection by workers, but as of today, it has recorded a customer base of 4.6 million individual contributors and 22,290 organisations.
It added that currently, workers in 28 states complied with the NHF Act by making monthly contributions, while among the non-salaried, informal sector, a total of 21,320 workers had been registered through 1,078 cooperative societies as contributors to the fund.
The Managing Director of the FMBN, Mr. Ahmed Dangiwa, had at the 17th Lagos Housing Fair, which ended on Friday, stated that in recent years, they had introduced measures to improve service delivery and match the housing needs of its customers.
These, he said, included the creation of a loan window for housing cooperatives to integrate the informal sector and provide access to mortgage financing for non-salaried workers, constituting the majority of the national workforce.
Dangiwa, who was represented at the fair by the Zonal Coordinator, FMBN Lagos Office, Mr. Abiodun Fashina, said some of the measures were also the introduction of the ‘FMBN Home Renovation Loan’, a micro-mortgage to contributors for the improvement and expansion of existing residential properties; and the capitalisation of equity contribution and perfection fees for the NHF mortgage loans of N5m and below.
“Before the end of the next quarter, the FMBN intends to achieve full automation of the NHF contributions collection process, to ensure transparency and accountability. Each contributor will receive SMS and email alerts of monthly deductions and access historical contributions records online, real time,” he said.