Economy, Housing Finance

FMBN disburses N14.7bn housing renovation loan to beneficiaries

 

The Federal Mortgage Bank of Nigeria on Monday disclosed that it had disbursed the sum of N14.7bn to 17,062 beneficiaries across the country in the last two years under various loan windows.
The Executive Director, Business Development and Portfolio Management, FMBN, Umar Abdullahi, confirmed this during the presentation of cheques to staff members of the Federal Medical Centre, Birnin-Kebbi, who benefited from the Home Renovation Loan scheme.

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Abdullahi explained that the loan window afforded Nigerians who had been contributing to the National Housing Fund an opportunity to access the HRL up to N1m per applicant to renovate and improve their houses, which was expected to be repaid within five years with six per cent interest.

He said, “The FMBN has approved and disbursed the sum of N123,914,000 to 157 staff beneficiaries of the FMC, Birnin-Kebbi. It may also interest you to note that the sum of N19m was earlier disbursed by the bank to 19 staff members of the Kebbi State University of Science and Technology, Aliero.

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“It may also interest you to note that the total sum of N14.7bn has so far been disbursed within the last two years by the bank to 17,063 beneficiaries across the country under this loan window.”

The bank, however, appealed to the Kebbi State Government to ensure the immediate return of the state’s civil servants to the NHF scheme to enable them benefit from the FMBN loan facilities.

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Governor Abubakar Bagudu, represented by the Permanent Secretary, Ministry of Establishment, Dr Mohammed Kende, assured the bank that the state government would queue in into its schemes and ensure judicious usage of the loan facilities.

Responding, the Chief Medical Director, FMC, Birnin-Kebbi, Dr Ibrahim Abdullahi, described the opportunities provided by the FMBN as a long-term initiative, which many Nigerians might not be aware of, stressing that his staff would forever be grateful to be among the beneficiaries of the bank’s loan windows.

Adeniyi Olugbemi

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