FMBN Delivers 39, 000 New Homes In 30 Years

The Federal Mortgage Bank of Nigeria, (FMBN) has delivered about thirty nine thousand (39, 000) new homes with about twenty five thousand five hundred (25, 500) mortgages since its establishment in 1993.

The managing director/chief executive officer of the FMBN Shehu Osidi who was speaking at the 18th Edition of Africa International Housing Show, also revealed that the Bank within this period has issued over one hundred and twenty thousand (120, 000) micro housing loans, all within a single-digit interest rate.

Osidi said under the National Housing Fund (NHF) Scheme, his Bank has registered about 26,350 organisations and over 5.8 million cumulative contributors with over 1 million accounting for the self-employed sector.

He revealed that the FMBN has so far also disbursed the cumulative of N440 billion under its various loan windows to drive affordable housing finance for the Nigerian economy. Adding that to its record, the sum of N84.8 billion has been refunded to 492,604 contributors who exited the Scheme in line with the provisions of the National Housing Fund (NHF) Act.

While reiterating that the occasion of the Africa International Housing Show, presents the FMBN the opportunity to showcase its invaluable historic contributions to affordable housing in Nigeria over the years, Osidi stressed that it will also unveil the potentials and strategic re-direction of the Bank to meet the growing challenges of housing in Nigeria under the Management led by him.

Under the Renewed Hope Cities and Programmes anchored by the Federal Ministry of Housing and Urban Development, the managing director revealed that his Bank extended about N100 billion off-taker guarantee to a consortium of developers.

“To support Mr President’s Housing Agenda, the Bank extended a N100 billion off-taker guarantee to the consortium of developers undertaking the Renewed Hope Cities & Estates Programme which commenced with the groundbreaking of the 3,112-housing unit Renewed Hope City in Karsana, being part of the 100,000 housing units to be built nationwide”, he said.