Connect with us
Advertise With Us

BUSINESS

FMBN Seeks N500bn Recapitalisation

Published

on

The Federal Mortgage Bank of Nigeria (FMBN) plans to recapitalise to the tune of N500 billion, its managing director, Mr Ahmed Dangiwa, has said.

Dangiwa, who spoke with State House correspondents after a closed door meeting with Vice President Yemi Osinbajo, at the Presidential Villa, said the recapitalisation would boost service delivery.

“We came to see the vice president as a follow up to our request on recapitalisation and other requests and also to brief the vice president about our activities so far.

“We have briefed him on some of the activities we have rolled out like the Rent-to- Own and the introduction of equity contributions by the National Housing Fund (NHF) that we have just commenced.

“We have to seek recapitalisation because over time, even commercial banks have recapitalised; N5 billion has been the share capital of the bank, but only N2.5 billion has been paid.

“Even other Private Mortgage Banks (PMB) have recapitalised over N5 billion; with the recapitalisation of N500 billion, we will attract investment both local and informal-over 10 times of that investment and it is going to reposition the bank properly,’’ he said.

According to him, under the Rent-to-Own product, one does not need to have any equity contribution, as one will enter into the house as a tenant, and over the years, it becomes one’s property like owner occupier.

Dangiwa said that under the new programmes, one would find the estate that one wanted, enter there in collaboration with one’s employer; and then the house becomes one’s property.

The managing director said that the FMBN had funded estates in over 20 states of the federation, which any contributor to NHF could go and choose the house he wanted within the estates.

He said that the FMBN offices within the states would profile the buyer and then send to the head office for approval, adding that the bank had committed over N65 billion to the programme.

Dangiwa said that the vice president appreciated the efforts FMBN was making and promised to take the recapitalisation request  to the National Economic Council meeting for further deliberations.

He said that there was need for Nigerians to key into the Rent-to-Own programe and own their own houses.

Advertisement
Comments

MOST READ

NEWS2 hours ago

Assent To Forensic Investigators Bill, Reps Task PMB

A member of the House of Representatives, Hon. Uzoma Nkem-Abonta has urged President Muhammadu Buhari to sign the Chartered Institute...

POLITICS2 hours ago

I Am Not Bitter Over My Brother’s Loss At Supreme Court, Says Adeleke

The President and founder of Adeleke University, Ede, Dr. Deji Adeleke has said that he was not embittered by the...

NEWS2 hours ago

Edojobs, Mainone Partner On Data Science, AI Training For 100 Edo Youths

The Edo State Skills Development Agency (EdoJobs) has partnered with MainOne, West Africa’s leading connectivity and data center provider, to...

Peoples Democratic Party PDP logo Peoples Democratic Party PDP logo
NEWS2 hours ago

PDP Raises Alarm Over Alleged Missing $1bn ECA Security Fund

***Demands Immediate Public Explanation From PMB The Peoples Democratic Party (PDP) has described as shocking the confession by the National...

NEWS2 hours ago

Rivers Govt Moves To Eliminate Sea Piracy

The Rivers State government has declared that it is taking necessary steps towards eliminating sea piracy and other terror attacks...

NEWS2 hours ago

World Bank Engages SMEs In Edo, Declares Support For Obaseki’s Blueprint

A Senior Economist with the World Bank, Gloria Joseph-Raji, has said the Bank is committed to supporting Governor Godwin Obaseki’s...

NEWS2 hours ago

Confab Report: GEJ Has No Moral Right To Canvass Implementation

A civil society group, Civil Society Legislative Advocacy Centre, CISLAC has taken a swipe on the former president, Good luck...

Advertisement

MOST POPULAR

%d bloggers like this: