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Economy, Mortgage

FMBN Tasks FG to Implement N500b Recapitalisation

The managing director of Federal Mortgage Bank of Nigeria, Arc Ahmed Dangiwa has appealed to the Federal Government to recapitalise the Federal Mortgage Bank of Nigeria to the tune of N500b as recommended by the National Council on Housing and Urban Development in 2017 and 2018 to provide homes through affordable mortgage financing.

He made it known when giving his goodwill message at the opening ceremony of the 30th anniversary of Archibuilt 2019 Exposition that took place at international conference center, Abuja on Thursday with the theme ” Driving Nigerian Architecture Through Technology”.

Dangiwa said that the recapitalisation of FMBN will be a game changer for the country’s mortgage finance sector and ordinarily Nigerians desiring to own their homes through affordable mortgage financing.

He noted that FMBN is placing a leading role to address housing deficit in the country through its housing mortgage finance. “there is no player in the financial market that offers mortgage rates lower than what FMBN offers”.

“Despite this, we have continued to lower the bar to ensure more Nigerians have access to mortgage loan of 5m and below with a reduction to 10percent flat rate for loan above 5m to 15m from the initial 20 percent and 30 percent”.

According to him, “FMBN has developed Rent to Own mortgage product that requires no down payment aside from the capacity to make monthly repayment which is indisputable that no other institution provide affordable mortgage financing for low and middle income earners comparable to FMBN and the achievement of the vision to recapitalise the bank”.

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Furthermore, he commended the Archibuilt for their enormous contribution to Nigeria’ housing and construction sector.

He said the Nigerian institute of Architects has a key role to play in tackling the issue of building collapse across the states of the Nigerian Federation by continue to engage the government and policy makers on the enthronement of essential regulations to guide all facets of the operations in the sectors and eliminate quackery.

He concluded that the FMBN will continue to partner with Archibuilt towards achieving the nation’s dream where everyone that deserves a home, get one.

Source: nigeriannewsdirect

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