The Managing Director and Chief Executive Officer (MD/CEO) of the Federal Mortgage Bank of Nigeria (FMBN), Architect Ahmed Musa Dangiwa, has said the bank’s board and executive management team remain committed to achieving the core components of a strategic roadmap to reposition the bank.
Arc. Dangiwa who spoke during a ceremony to mark the third year anniversary of the current FMBN Executive Management Team which came on board in April, 2017, said implementing the strategic roadmap would increase the bank’s capacity to promote access to affordable housing for Nigerians.
He said the N500bn recapitalisation of the bank was on course while the review of the National Housing Fund (NHF) and the FMBN Establishment Act and the overall automation of all FMBN business processes were being undertaken.
He noted that while FMBN in the last three years surpassed all key corporate performance indicators such as the size and speed of mortgage loan disbursements, refunds to retired contributors to the NHF scheme, housing stock construction, among others, the overall goal was to turn around the bank by increasing the size of its capital, restructuring its legal framework and putting technology at the heart of its operations.
He further said, “We are proud of what we have achieved in the past three years. Our performance shows the potential of FMBN to make a difference in affordable housing delivery if properly empowered.
“However, our goal is to leave a legacy of a structurally transformed, financially robust and highly efficient FMBN that is leading in the delivery of affordable social housing to Nigerian workers. We are making progress in our advocacy to the Federal Government to increase FMBN’s capitalisation from the current N5bn to N500bn. This will give the bank the financial resilience to leverage additional financing to tackle the rising housing deficit. With the support of the Minister of Works and Housing, Babatunde Fashola, we believe this is realizable.”
He added that the bank was working with relevant stakeholders to resolve the issues that caused the president to withhold assent to the reviewed NHF and the FMBN Establishment Act.
Meanwhile, the bank has expressed willingness to support the Ahmadu Bello University (ABU) authorities’ drive to provide affordable housing for its staff and ensure adequate hostel accommodation for students.
Dangiwa pledged the support during a recent courtesy visit by the newly appointed Vice Chancellor of ABU, Prof. Kabir Bala, and top management officials of the university.
Dangiwa who is an alumnus of ABU, encouraged its management to leverage on FMBN’s unique portfolio of affordable housing products in its bid to enhance the welfare conditions of staff, saying this included the Individual Construction Loan (ICL) that provided up to N15m at seven per cent interest rate to NHF contributors, with unencumbered land, appropriate titles and approved building plans to undertake self-construction.
The MD said, “Beneficiaries can pay back over a period of up to 30 years; depending on their age and number of years left in service.”
The FMBN boss added that ABU could also organise staff to take advantage of the bank’s Cooperative Housing Development Loan (CHDL).
CHDL enables structured groups with a plot of land to develop houses for allocation to its members.
Dangiwa explained that, “Key features include tenors of up to 24 months with a moratorium of 12 months and an interest rate of 10 per cent. Up to N500m is accessible by qualified cooperative societies under the facility.”
He, therefore, charged the university to come up with comprehensive building plans which would involve quantitative, civil and architectural designs that would be cost effective for its staff.
The ABU VC, Prof. Kabir Bala, appreciated the FMBN MD/CEO and his team for the reception and willingness to support his administration’s affordable housing plan for staff.
Prof. Bala also sought FMBN’s support towards tackling the lingering hostel accommodation problem in the university.
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