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FMBN Disburses N55bn Loan To 17, 874 Nigerians



The Federal Mortgage Bank of Nigeria (FMBN) has disbursed about N55 billion as housing loans to 17, 874 Nigerians even as the bank is processing the sum of N12.4billion as refund to contributors of the National Housing Fund (NHF) .

The managing director/chief executive officer of FMBN, Arc Ahmed Dangiwa stated this in Abuja when the senate committee on lands, housing and urban development visited the headquarters of the bank as part of its legislative duties.

Giving a breakdown of the disbursement, the MD noted that 1,843 contributors received the sum of  N40.9 billion as housing loans while N14.072 billion was disbursed to 16,031 workers as Home Renovation Loans (HLR) adding that the bank enrolled 224,752 workers into the NHF scheme.

He pointed out that the bank unveiled its rent-to-own scheme which enabled contributors to own a home and pay monthly or yearly rental fees over a 30-year period.

Dangiwa hinted that FMBN also reduced the equity contribution for accessing NHF loans from zero percent for N5 million and below, while N5m to N15m would attract 10 percent equity.

He maintained that the bank would continue ongoing efforts to fully automate its business operations like NHF collection, loan processing, issuance of statement of accounts, NHF refunds and amongst others for efficient service delivery to workers.

The MD thanked the committee for their unprecedented support to the bank, even as he appreciated the committee for the accelerated hearing and passage of the NHF and FMBN amended bills, ready for presidential assent.

Responding, the committee chairman, Sen. Barnabas Gemade asserted that in  two years of supervising the banks’ activities that they discovered a strong sense of direction and accountability by the management.

He said this has energised the committee to believe that government’s investment is in safe hands, just as he called on stakeholders to support their efforts to strengthen the bank for greater impact.