FCT REDAN backs FMBN recapitalisation

The chairman of the Abuja chapter of the Real Estate Developers Association of Nigeria, Osilama Emmanuel Osilama, has supported commercialisation and recapitalisation of the Federal Mortgage Bank of Nigeria, saying this will accelerate housing development in the country.

The Bureau of Public Enterprise had, last Wednesday inaugurated an eight- member committee for full commercialization and recapitalization of the FMBN.

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Osilama said the ongoing reform in the housing sector would reposition the FMBN as a profitable entity.

Osilama, who decried the nation`s huge housing deficit, said privatising the FMBN would “lead to optimum performance and accelerate housing development nationwide.”

He said: “A well-funded FMBN will have more mortgage loans to give out to real estate developers to improve the housing sector as against bank`s current low funding by government.”