Saturday, April 1, 2023
HomeHousing NewsFMBN Has Performed Well Under Buhari - Fashola

FMBN Has Performed Well Under Buhari – Fashola

Published on

The minister of works and housing, Babatunde Raji Fashola, has claimed that the Federal Mortgage Bank of Nigeria (FMBN), under President Muhammadu Buhari’s administration, had made positive contributions to the growth of the housing sector in Nigeria by providing laudable services.

Fashola made this known in Abuja recently.

According to the him, the equity contribution ratio for certain types of loans has been reduced. 

”Since the inception of the Muhammadu Buhari administration in 2015, FMBN has a positive story of service delivery to tell with the number of mortgages that have been issued, housing schemes that have been funded and completed and changes that have been made to the eligibility conditions to improve access to funding”, he said.

Fashola challenged the bank to do more, noting that the federal government has instilled in the board and management a sense of how to reposition itself for greater and optimal performance in serving members of the public, particularly those who contribute to the National Housing Fund.


He revealed that the federal government has assisted the FMBN in acquiring core banking applications and software that reflect the reality of the current banking environment, allowing them to operate comfortably like any ideal bank.

He disclosed that the National Council on Housing and Land, which met last week in Sokoto, recommended that the bank seek NDIC insurance for its contributors’ fund, just as it does for depositors in other banks.

Although the minister expressed appreciation for services such as mortgage lending, home improvement loans, and the implementation of the Rent-to-Own Initiative, he charged them with devising other ways to alleviate people’s concerns, particularly the problem of landlords demanding two to three years’ rent in advance from tenants.

He observed that the problem of housing deficit is frequently viewed from the perspective of ownership, despite the fact that no country in the world has 100% housing ownership, adding that it is a balance of ownership and rental.

Latest articles

US nominee Ajay Banga emerges sole candidate for World Bank top job

Ajay Banga, an Indian-American business leader, is set to head the World Bank after emerging as...

Experts, stakeholders set economic agenda for in-coming govt

The state of Nigeria’s economy has got many fearing for the worse due to...

Shareholders blame Aso Savings of breach of corporate governance rules, asset stripping inmanagement of Union Homes, Petitions SEC,FRCN and CAC

Key HighlightsShareholders have lodged a petition with the Securities & ExchangeCommission (SEC), Financial Reporting...

Debt trap and incoming administrations (2)

In 2020, one of the reputable national newspapers in Nigeria in its editorial comment...

More like this

BREAKING: Court Freezes Abia State Government Accounts Two Months To End Of Ikpeazu’s Tenure

The High Court of the Federal Capital Territory in Apo, Abuja has granted an...

Housing trends shaping the future of residential real estate

India’s residential sector is abuzz with excitement riding the crest of a wave of...

Timipre Sylva resigns as oil minister, seeks Bayelsa governorship

Timipre Sylva has resigned as Nigeria’s minister of state for petroleum resources to govern...