Business
‘FMBN ‘II To Deliver 16 million Housing Units’
The Federal Mortgage Bank of Nigeria (FMBN) has assured that the nation’s housing gap of 16 million housing units will be delivered by the bank in line with Vision 2020 which has a target to provide accommodation for the majority of the people.
The chairman, Board of Directors of the Bank, Alhaji Deda Atta who gave the assurance said the bank is restrategising to develop the mortgage market.
Atta said part of approach is to transform the bank from a mono-product entity operating the NHF into a multi-product organisation; fulfilling its statutory responsibility as a viable secondary mortgage.
He said the bank, in conjunction with private developers, will produce 1.5 million housing units each year for the next 11 years if the bank is to meet or cover housing provision by year 2020.
He promised that decent and affordable housing for all Nigerians will be achieved for the benefit of citizens, right from the grassroots level adding that before the end of 2009, FMBN will provide Nigerians with over 40,000 housing units.
Atta said the bank will be issuing mortgage based financial instruments on a regular basis to provide cheap, long-term funds for housing development.
Further more, he revealed that they have adopted additional strategies for the delivery of the housing unit, which include consolidation of capital market activities, attracting foreign funding and consolidation of national housing fund collection and funding operations.
Atta, who was optimistic about the full transformation of the bank, noted that the management is already exploring other sources of funds to assist in the recapitalisation of the bank, particularly the housing aspect.
He said the bank can only be positioned to meet its obligation on recapitalisation to at least the tune of N900 billion.
The chairman assured that the bank is poised to achieve this within a short term, adding that the step towards the objective is the issuance and the subsequent trances of the N100 billion bond to refinance the sale of federal government houses in the federal capital.
FMBN, the chairman said, will soon work on new mortgage-related products, such as Real Estate Investment Trust (REITS) mortgage and little insurance; to enhance the growth and widen participation of investors.
He said microfinance banking strategy for mortgage delivery and recently developed by the Central Bank of Nigeria (CBN) among the middle and low income class provides opportunities to tap into the stream of unbanked income cash flows of participating individuals to develop appropriate mortgage productions.
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