Skip to main content

FG Approves Insurance Coverage For National Housing Fund

BY CHIKA OKEKE, Abuja


L-R: Chairman, Board of Directors, Federal Mortgage Bank of Nigeria (FMBN), Mr Ayodeji Gbeleyi; Minister for Works and Housing, Babatunde Raji Fashola; Managing Director/ Chief Executive of FMBN, Mr Madu Hamman; President of Real Estate Development Association of Nigeria (REDAN), Mr Aliyu Wamakko and others at the 2022 Board and Management Retreat of Federal Mortgage of Nigeria (FMBN) and official launch of its Corporate Statement in Abuja Monday. PHOTO BY CHIKA OKEKE. 

The federal government through the National Council on Housing and Lands has approved insurance coverage for National Housing Fund (NHF) contributions, managed by the Federal Mortgage Bank of Nigeria (FMBN). 

With the recommendation, the bank is expected to seek the support of Nigeria Deposit Insurance Corporation (NDIC) in protecting the contributors funds as done for depositors in commercial banks across the States. 

The Minister for Works and Housing, Babatunde Raji Fashola stated this in Abuja yesterday while declaring open the 2022 Board and Management Retreat of Federal Mortgage of Nigeria (FMBN) and official launch of its Corporate Statement.

The event iwas organised by the Federal Mortgage of Nigeria (FMBN) with the theme, "Strategic Repositioning for Optimised Performance", and the sub-theme, "Organisational Culture Change and Informal Sector Integration."

He said that one of the obstacles impeding affordable housing is access to finance,  which should be eradicated, just as he appealed to the bank to unearth policies that would ease the rental burden for its contributors. 

The minister added, "I know that the bank is issuing mortgages, home renovation loans and has started a Rent-to-Own initiative. What can the bank do for contributors. who need to pay two to three years rent in advance for monthly salary received in arrears?. 

In his address, the Managing Director/ Chief Executive of FMBN, Mr Madu Hamman said that since the approval of the bank's 5-year strategic blueprint by the immediate past management in 2020, that the operating environment had witnessed significant challenges. 

He listed the challenges as the outbreak of COVID-19 pandemic, Russia-Saudi Arabia oil price war and Russia-Ukraine conflict, which introduced macroeconomic and social-economic fallouts at international and national spheres. 

Hamman said that Nigeria is battling with high inflation, driven by energy and food prices, local currency devaluation, insecurity and other changes in political activities ahead of the 2023 general elections. 

The managing director stated that despite the crisis, which impacted on its  operational and financial performance, that the bank envisages a financially viable and highly adaptive institution that is capable of coping with the vagrancies associated with the pandemic and other unfolding factors. 

Also, the President of Mortgage Banking Association of Nigeria (MBAN), Mr Ebilate Mac-Yoroki said that the 5-year strategic blueprint articulated by FMBN management demonstrated its commitment towards fostering housing finance in Nigeria, in view of the importance of housing mortgage to economic development as well as its multiplier effect on building materials. 

He was optimistic that the retreat would provide an opportunity to address longterm issues, develop initiatives and intervention plans that could be implemented for the transformation of the housing sector. 

The President of Real Estate Development Association of Nigeria (REDAN), Mr Aliyu Wamakko pleaded with the federal government to hasten the recapitalisation of FMBN for optimum delivery of affordable housing to Nigerians. 

Comments

Post a Comment

Popular posts from this blog

11- month Unpaid Salaries: FG Returns EHCON To Budget Circle By 2025

BY CHIKA OKEKE, Abuja Stakeholders and Staff of EHCON in a group photograph at the unveiling of EHCON’s Electronic Documentation Management Center (EDMC) in Abuja on Wednesday. The Federal Government has stated that plans are underway to return the staff of Environmental Health Council of Nigeria (EHCON) to budgetary allocation by 2025 and facilitate the payment of 11-month unpaid salaries. Minister of Environment, Alhaji Balarabe Abbas Lawal stated this on Wednesday in Abuja at the unveiling of Environmental Health Council of Nigeria's (EHCON) Electronic Documentation Management Center (EDMC).  The centre, which is domiciled at the headquarters of EHCON in the Federal Secretariat, was built by EHCON in partnership with Agro - Climate Resilience in Semi Arid Landscape (ACReSAL) and financed by the World Bank. News Rider reports that the staff of EHCON received their last salary in December 2023, which  implied that from January to November 2024, the workforce are y...
1 comment
Read more

EHCON Seals Deal With SEPHON, EPHPAN, WAHEB To Revamp Environmental, Public Health

BY CHIKA OKEKE, Abuja Registrar of  Environmental Health Council of Nigeria (EHCON) Dr Yakubu Baba  displaying a Memorandum of Understanding (MoU) signed with the Registrar of West African Health Examination Board (WAHEB) Mrs Bola Oladejo in Abuja on Tuesday.  In line with global best practices, the Environmental Health Council of Nigeria (EHCON) has sealed deal with strategic professional bodies to revamp environmental and public health issues across the country.  They are Society for Environmental and Public Health of Nigeria (SEPHON), Environmental and Public Health Practitioners of Nigeria (EPHPAN), and West African Health Examination Board (WAHEB).  Registrar of EHCON, Dr Yakubu Baba stated this on Tuesday at the signing of a Memorandum of Understanding (MoU) with the professional bodies in Abuja.  He noted that Environmental Health (EH) is a profession recognised and established by Act 11 of Environmental Health Officers Registration Counc...
Post a Comment
Read more

CCB, NILDS Endorse CIFCFIN Agenda To Eliminate Fraud

BY CHIKA OKEKE, Abuja Iliyasu Gashinbaki  The Code of Conduct Bureau (CCB) and National Institute for Legislative and Democratic Studies (NILDS) have endorsed the agenda of the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN), aimed at eliminating fraud from systems of government.  This was one of the major highlights during the Institute’s 13th Direct Training/Licensed Practitioners Training/graduation and award of Fellowship at NILDS headquarters, Abuja.  Speaking after his investiture as an Honourary Fellow of the Institute, Chairman of CCB, Dr. Abdullahi Bello noted that CIFICFIN embodies excellence, integrity and a steadfast commitment to combating fraud and upholding justice. He pointed out that to be recognised and honoured as a fellow of the institute is a privilege that he will cherish and carry with great responsibility.  “As the Chief Executive of CCB, I am reminded of the critical role we play in fosterin...
Post a Comment
Read more