fbpx
Edit Content

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

Start Your Business in 30 Days Even If You Don't Have An Idea
Start Your Business in 30 Days Even If You Don’t Have An Idea

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.

Entrepreneurship is a lonely journey, let us help you get through it with our services.

Share:

Facebook
Twitter
LinkedIn

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Join Entrepreneurs Family

No spam, only business insights and tips. 

Entrepreneurs Sign Up

Business Registration

Most Popular

Join Entrepreneurs Family

No spam, only business insights and tips. 

Entrepreneurs Sign Up

Related Posts

Business mentor

How Entrepreneurs Can Find a Business Mentor

Who is a Business Mentor? Think of a business mentor as a seasoned guide in the jungle of business. They’ve already walked the paths you’re on and know where the quicksand is and how to avoid it. It’s like they have a map to the treasure in this case business

Cheapest Business Ideas To Start

10 Cheapest Business Ideas To Start In Nigeria

Nigeria’s heartbeat is its entrepreneurial spirit. In a country with endless opportunities, the concept of entrepreneurship is not just a path to personal success; it’s a necessity for national progress. We will be exploring the 10 cheapest business ideas you can start to contribute to the national growth of Nigeria.

Small Business Insurance

Small Business Insurance- Everything You Need To Know

Why does a small business need insurance? Imagine small business insurance as a safety net for your business. It is designed to catch you when unexpected events threaten to tumble your hard work into chaos. This form of insurance comprises various policies designed to provide a financial cushion against the

Power of Trading Signals

The Power of Trading Signals for Financial Market Success

Trading has long captured the hearts and minds of many entrepreneurs worldwide. It offers the opportunity to master the financial markets and capitalize on market movements within its hallowed walls. In today’s article, we will explore the modern tools that assist traders in making potential profits, delving deeper into the

Scroll to Top

Join Entrepreneurs Family!

Get access to FREE business insights and funding opportunities daily.

Entrepreneurs Sign Up