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Monday, February 6, 2023

Primary Mortgage Banks Critical To Meeting Affordable Housing Delivery Targets – FMBN

The Federal Mortgage Bank of Nigeria (FMBN) has said that Strategic partnerships with reputable Primary Mortgage Banks (PMBs) are important in its efforts to provide affordable housing to Nigerians.

The Managing Director and Chief Executive Officer of FMBN, Madu Hamman, stated this last week when the bank hosted a delegation from Platinum Mortgage Bank Plc. at the Bank’s Head Office in Abuja. 

The team was led by the Board Chairman, M.D Abubakar, former Inspector General of Police (Rtd), and the Managing Director and Chief Executive Officer, Emmanuel Ndubuisi Mbaka.

Mr. Hamman stated that FMBN requires well-functioning Primary Mortgage Banks as retail outlets in order to provide Nigerians with affordable home loans.

“As a wholesale housing finance institution operating in the Secondary Mortgage Market, FMBN considers Primary Mortgage Banks (PMBs) as critical partners in our efforts to deliver affordable housing to Nigerians. We cannot do our part well if the PMBs are not living up to expectation. We therefore, welcome opportunities to deepen collaboration with PMBs, because doing so helps us strengthen the housing delivery chain, while enabling us to make affordable homes possible for Nigerians,” he said.

The FMBN MD/CEO also stated that Platinum Mortgage Bank has been a long-standing partner of the bank and welcomed the visit as a starting point for charting a more progressive and impactful path forward.

“We recognize Platinum Mortgage Bank Plc as an active player in Nigeria’s housing and mortgage market. Therefore, we are pleased with the visit and ready to deepen our partnership in a way that delivers value.”

We continue to encourage those PMBs that are doing well to continue to do so. We also encourage those falling behind to also up their game, so we can build synergies that help us deliver affordable housing to Nigerians,” he said.

In his remarks, MD Abubakar, the Board Chairman of Platinum Mortgage Bank Plc, thanked the FMBN Management for its willingness to collaborate with the PMB.

He expressed his eagerness for the resolution of all outstanding issues and the resumption of the partnership.

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6th February 2023