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National Housing Fund contribution hits N22bn: FMBN

According to the bank, the increase in the fund is despite the constraints that have characterised its operation.The Chairman, Board of Directors, FMBN, Mr. Bisi…

According to the bank, the increase in the fund is despite the constraints that have characterised its operation.
The Chairman, Board of Directors, FMBN, Mr. Bisi Ogunjobi, said that the scheme had made tremendous progress in the last two years through the bank’s aggressive pursuit of more states to contribute to it.
He said contributions to the scheme rose from N17bn in 2011 to N22bn in 2012, accounting for about 40 per cent of total collection since inception of the NHF about 21 years ago.
Ogunjobi, who gave the statistics at a workshop in Abuja, stated that the bank had commenced strategic campaigns aimed at enlightening the general public and stakeholders on the role, rules and operations of the NHF in providing affordable housing for Nigerians.
He, however, noted that the scheme had failed to achieve its set target as a window for the adequate provision of houses in the country.
Ogunjobi outlined the limiting factors of the scheme to include failure by some states and corporate organisations to be contributors, lack of finance from the banks and insurance companies, and poor management of the fund. He said, “With the establishment of the NHF 21 years ago, like a child, it should have become an adult, having reached the age of puberty, and be eligible to vote and be voted for, and ready to take on responsibility for building his or her own family. Unfortunately, the high hopes enshrined in the NHF Act have not all been realised.
“For example, while NHF is a mandatory contributory scheme for all Nigerian workers; to date, not all states and organisations are contributors, while the investments expected from the banks and insurance companies are none existent. At the same time, the management and performance of the fund have been less than optimal.”
The chairman observed that the focus of the bank was to increase the NHF base, coverage, collection, remittance and achieve overall efficiency.

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