In a bid to bolster its operations and address Nigeria’s pressing housing needs, the Federal Mortgage Bank of Nigeria (FMBN) is set to undergo a significant capital raise to the tune of 500 billion naira.
The announcement came from the Minister of Housing and Urban Development, Mr. Ahmed Dangiwa, during the FMBN’s management retreat held in Niger State.
Mr. Dangiwa revealed that a formal proposal will be submitted to the Federal Executive Council seeking approval for the capitalization plan. Emphasizing the pivotal role of FMBN in providing affordable housing solutions to Nigerians across all income brackets, the minister stressed the imperative of enhancing the bank’s efficiency.
“We must see FMBN as a tool of service to Nigerians. Ensuring quality customer service is paramount,” stated Mr. Dangiwa.
Furthermore, Mr. Madu Hamman, the Managing Director of FMBN, outlined various initiatives aimed at reducing the nation’s housing deficit. These initiatives include the approval of National Housing Fund Individual Construction Loans, Rent-to-Own Loans, and the Revamping Cooperative Housing Development Loan.
Senator Aminu Tambuwal, Chairman of the Senate Committee on Housing and Urban Development, represented by Vice Chairman Senator Victor Umeh, pledged legislative support to collaborate with the government in transforming Nigeria’s housing sector.
With the theme “Transformational Innovation for Sustainable Development in Uncertain Times,” the event underscores the government’s commitment to driving positive change in Nigeria’s housing sector. The proposed capital injection into FMBN raises hopes for significant progress in addressing the country’s housing challenges.