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Federal Mortgage Bank Of Nigeria Re-writes Its Story: Disburses N58 Billion NHF Loans In 24 Months

Federal Mortgage Bank

The Federal Mortgage Bank of Nigeria, which is also known as the apex mortgage institution in Nigeria, has disbursed the sum of N58 billion mortgage loans to the National Housing Fund (NHF) beneficiaries in the last 2 years.

This sum comprised of the N29 billion disbursed annually by the bank that had been underperforming with very little impact on the nation’s mortgage sector, but has re-written its story within a 24-month period.

Analysis of the disbursement to the national housing fund

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The managing director / CEO of the bank, Architect Ahmed Musa Dangiwa, while providing a breakdown of the disbursement said “the amount included the provision of National Housing Fund (NHF) mortgages to 3,171 workers at N22.3 billion”.

He also noted that loans for home renovation gulped the sum of N16.9 billion for 20,429 workers, N2.7 billion was spent on corporate loans while the ministerial pilot housing scheme project gulped N2.5 billion. N13.6 billion was spent on loans for estate development.

The MD stressed that the FMBN within the period under review financed the construction of 6,538 housing units across the country, pointing to a total sum of N16.5 billion paid to contributors out of over 120 thousand NHF refund applications processed between April, 2017 and march, 2019.

Dangiwa, who lauded the responsiveness of the institution through its new management, when they took the mantle of leadership, said the mortgage institution recorded a huge success and strong performance in the processing of applications for refund to the contributors of NHF who retired after service within the period.

He revealed that the high level of loan disbursements, averaging about N29 billion annually, represented a significant rise in performance, compared to the N152 billion disbursed over a 24-year period at an average of N6.3 billion per annum by the bank between 1992 and April 2017.

What it means to Nigeria’s housing industry

This result reflects the passion of FMBN to tackle the lingering housing deficit and its capacity to reform the country’s housing sector in a bid to reposition the mortgage bank on the path of greater impact, responsiveness and professionalism.

About the Federal Mortgage Bank of Nigeria and National Housing Fund

Federal Mortgage Bank of Nigeria (FMBN), formerly known as the Nigerian building Society (NBS), was established in 1956. It is a joint venture of the Commonwealth Development Corporation and the Federal and Eastern Governments of Nigeria. Its mission is to supply the mortgage market
with supportable liquidity for the development of home ownership among Nigerians fastened on mortgage financing.

The National Housing Fund (NHF) is a social savings scheme designed to mobilize long-term funds from Nigerian workers, banks, insurance companies and the Federal Government in order to advance concessionary loans to contributors.

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