REDAN ADVOCATES N1TRILLION RECAPITALIZATION OF FMBN FOR RAPID AFFORDABLE HOUSING DELIVERY

The president of the Real Estate Developers Association of Nigeria
(REDAN), Alhaji (Dr.) Aliyu Oroji Wamakko, has called on the Federal
Government to recapitalize the Federal Mortgage Bank of Nigeria (FMBN)
to the tune of N1trillion to enable the bank increase delivery of affordable
housing to subscribers to the National Housing Fund (NHF) Scheme.
Alhjai Wamakko made this call when he led the newly inaugurated National
Executive Council of REDAN on a courtesy call to the Board and
Management of the FMBN in Abuja recently.
He emphasized that the long-overdue recapitalization of the bank is
fundamental to the growth of the housing industry as it will empower the
FMBN to service both the demand and supply side of the housing market in
Nigeria.
“We know that with over 4 million subscribers to the National Housing Fund
(NHF) scheme, FMBN’s current capital base of N5billion is grossly
inadequate to provide both mortgage and construction loans to lessen the
housing deficit in the country. We shall sustain this advocacy until the
federal government increases FMBN’s capitalization to grow the housing
sector” Alhaji (Dr.) Aliyu Oroji Wamakko