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EXPERT TASKS PRESIDENT BUHARI ON FMBN ACT 2018

A housing and Mortgage expert has called on President Buhari not to sign the FMBN Mortgage act unless the act make necessary provisions that will enhance transparency of NHF collection for the benefits of Nigerian workers who have been contributing to the NHF for a long time.

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Speaking in Lagos on Friday with Housing News correspondent, the Managing Director of ABC Shelter, Arc Ekpeyong Joshua, said having gone through the draft amendment of FMBN 2018 act, much still need to be done on the Bill before it can meet its desired goal.The bill must make a clear provision on how to appoint people into key positions of the bank. It will sincerely not be wrong for the Federal Government to adopt the provisions of Banks and other Financial Institutions Act(BOFIA), to enable the institution have a little bit of professionalism since their operations have some elements of banking.

He enjoined president Buhari not to sign the bill if it does not contain method of appointment, qualification and experience of who should hold key positions in the establishment, so as to put an end to the era of appointing politicians in all the key positions in the bank.

He said, looking at the amendment, it appears that the bank is performing the functions of both a primary and secondary mortgage bank. Joshua said further that the bill should clearly specify whether FMBN is a Primary Mortgage Bank or Secondary Mortgage Bank.

He queried, why CBN will discount the liabilities of any bank that is not under its control, this may be another issue when the law is passed. He commended the efforts of the stakeholders who have over the years called for the amendment of the law, for FMBN to perform its mandate.

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He said every financial institution in Nigeria must conform to the provisions of the Banks and Other Financial Institutions Act (BOFIA) 1991 (As amended) which, together with the Central Bank of Nigeria Act 2007, gives the CBN powers to supervise and regulate banks and other financial institutions in Nigeria.

Speaking on the same issue, Gbenga Adeola, a Lagos based real estate developer, commended the current management of FMBN, but advocated that the new amendment to the FMBN act should include stakeholders such as representatives of Labour unions, representatives of Mortgage Banking Association of Nigeria (MBAN) and representatives of Real Estate Developers Association of Nigeria (REDAN), on the board of FMBN.

He however said that the CBN should assist in ensuring that banks and companies that are supposed to be contributing to the scheme are compliant. This can not also be done except CBN is allowed to perform its statutory responsibilities.

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