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Why we are positioning FMBN towards affordable housing for all – MD

By Charles Nwaoguj

Managing Director/Chief Executive Officer of the Federal Mortgage Bank of Nigeria (FMBN), Architect Ahmed Musa Dangiwa has said the bank  have  reposition itself towards affordable housing for all Nigerians.

Dangiwa, who stated this at the sensitization programme for Alaba International Market, held yesterday in Lagos, said that the bank is ready to offer its services to formal and informal sector of the economy.

“You matter the sector you find yourself , we are already to deliver our services to your door step. Gone are the days, we face more on the formal sector of the economy, today we are ready to offer our services to all sectors of the economy,” he stated.

Dangiwa, who was represented at the event by the Coordinator of Field, FMBN, said the current administration is passionate about providing houses for the low-income earners in the country.

According to him, the informal sector, the traders is key to the bank, we are very passionate to provide houses to them.  The bank has positioned itself towards providing mortgages, at least, for the houses that are on ground for interested contributors and members of the public.

On why the bank’s housing programmes and policies are  targeted at private and public servants , he noted that the housing products of the bank include both the formal and informal sectors, adding that the fund is also to service the non-salaried informal sector.

Dangiwa explained that the corporate housing funds are loans given to the informal sector through cooperative societies.

He continued: “The cooperative societies approach us for loans or funds for individual or housing estate, and we oblige them as long as they can make remittance or deductions.

On the recapitalization of the bank, he said,  discussion is on going to recapitalized the bank from the current N5 billion to N500 billion to improve its liquidity.

He explained that when this done, it will enable the bank  to play its role of providing affordable housing finance at single digit interest to Nigerians, particularly the low and middle income earners in Nigeria.

Speaking at the occasion, the Chairman of Joco James Group, Owelle James Okwudili thanked organizer of the programe and promised to carry the message to his members, so that they can key into the programme.

He noted that now is the time for the informal sector should enjoy what the formal sector has been enjoying from the government.

“We cannot wait for this golden opportunities to by- pass us, we have to start contributing to the housing fund, so that we can start enjoying the facilities,” he said.

Responding the Chairman of International Market Association Electronic (IMAE), Mr. Paulinus Ugochukwu, said that his members are ready to contribute towards the  housing fund to enable them own their houses without stress.

Ugochukwu explained that for the past 25 years, they have been expecting this type of  opportunities to come to Alaba international.” In fact we are ready to participant in this programme, he added.

He thanked the organiser of the programme and promises to carry the message to other members of the market.

“For us this is a welcome development, we will let our members to participant in this noble programme. The time we have to struggle to build our own house by ourselves has gone, at least we can collect loans to build, then later pay back. This is good one for us as traders, who are in the informal sector,” he said.

He called on the traders who were present at the occasion to participant at housing programme, as this would enable them to own their houses.



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