NASS lauds FMBN’s efforts in tackling housing deficit

The Senate Committee on Housing has commended the management of the Federal Mortgage Bank of Nigeria (FMBN) for their efforts to reposition the bank as the leading mortgage institution and provider of affordable social housing in the country. The committee, led by its chairman, Sen. Barnabas Gemade, gave the commendation during their oversight visit to […]

The Senate Committee on Housing has commended the management of the Federal Mortgage Bank of Nigeria (FMBN) for their efforts to reposition the bank as the leading mortgage institution and provider of affordable social housing in the country.

The committee, led by its chairman, Sen. Barnabas Gemade, gave the commendation during their oversight visit to FMBN head office in Abuja.

Some of the reasons cited for the plaudits include the sustained push for the N500 billion recapitalisation of the institution, which has led to the passage of the NHF and FMBN amendment bills by the National Assembly; and the development of innovative housing products to cater to the unique needs of the Nigerian worker.

They also cited the bank’s aggressive drive to leverage technology towards increasing transparency and accountability in the operations of the bank.

Gemade said in the two years of carrying out their constitutional role to supervise and oversight the bank, they had noted a strong sense of direction and accountability by the management.

The Senate Committee’s visit also featured a detailed presentation by the MD/CEO of the FMBN, Arc. Ahmed Musa Dangiwa, on the key achievements of the bank in the last one year.

Some of the highlights of the report include the disbursement of housing loans totaling N40.9 billion to 1,843 contributors, provision of Home Renovation loans totaling N14.072 billion to 16,031 Nigerian workers, processing of N12.4 billion refunds to contributors to the National Housing Fund (NHF) and registration of 224,752 to the fund.

Dangiwa also listed innovative housing products that FMBN has tailored to tackle the housing affordability challenge for contributors to the NHF. These include the rent-to-own scheme, where contributors can own a home and pay by monthly or yearly rents over a 30-year period, and the NHF Individual Housing Construction loans that are payable over a 15-year period at interest rates of 7%.

Desarrollar partners top firms to improve real estate solutions

Desarrollar Limited a real estate solutions company in Lagos has partnered with Union Trustees Limited, First Bank Trustees Limited, Banwo & Ighodalo  and Lodt Legal Partners to improve real estate services and solutions.

The partnership, which was signed recently in Lagos, will unveil Nigeria’s most secure and institutionalised real estate trust consortium aimed at safeguarding the financial investments of Nigerians and Africans living abroad and in Nigeria.

According to the Lead Partner, Desarrollar Limited, Mr Ikemefuna Mordi, the trust framework includes Nigeria’s leading trustees, legal firms and real estate firms which will work towards ensuring and providing real estate solutions.

Ikemefuna said, “Desarrollar and its partners have created an institutionalised safe-haven to protect Nigerians and Africans in the Diaspora and those living on the African continent from fraud, deception and, sometimes, misplaced dependence on dishonest family-based relationships, through delivering full, seamless and stress-free lifestyle solutions to the Nigerian and African communities both at home and abroad.”