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FMBN Plans To Build 962 Homes On Recovered Abuja Land

BY CHIKA OKEKE, Abuja


The Federal Mortgage Bank of Nigeria, FMBN, has set out plans to build 962 housing units on the Kaba District, Abuja land recovered by the Independent Corrupt Practices and Other Related Offences Commission, ICPC.

This followed a Federal High Court order mandating the return of the forfeited property to FMBN, as the victim of the unlawful diversion of funds originally meant for the housing project.

Managing Director/Chief Executive of FMBN, Shehu Usman Osidi, who received the property, described the development as a significant milestone in the Bank's drive to expand affordable housing delivery and safeguard the contributions of millions of National Housing Fund, NHF, subscribers.

‎He noted that the event represented a significant milestone in its collective efforts to advance affordable housing and expand access to decent homeownership for Nigerians.

‎Osidi praised the ICPC for its diligence, professionalism and commitment in recovering and returning the asset, adding that the Commission's intervention had protected a valuable public asset and safeguarded the interests of millions of NHF contributors whose resources support the Bank's housing finance mandate.

He noted that the recovery also presented FMBN with an opportunity to recoup the substantial investment already committed to the project.

‎The MD said: "The development of the estate will enable FMBN to unlock the value of the resources already invested, strengthen the Bank's financial position and ensure that funds committed to the project ultimately deliver the intended value to the Bank and, by extension, to the generality of Nigerians.”

‎He hinted that as a responsible public financial institution, FMBN remains committed to ensuring that resources committed to housing projects are converted into tangible assets that deliver affordable homes while supporting the Bank's long-term financial sustainability.

‎Chairman of the ICPC, Dr. Musa Adamu Aliyu, SAN, disclosed that the recovery and transfer of the property demonstrated that recovered public assets must be put to productive use for the benefit of Nigerians.

‎ Aliyu said: “The land before us is not being handed over as an abstract asset. It is being handed over to the institution that was wronged, for the specific purpose for which it was acquired: housing for Nigerians.

‎He informed that the Commission would continue to work with FMBN, in line with the court's directive, by monitoring and supervising the construction of the 962 housing units through a joint committee to ensure that the houses are completed and allocated to their intended beneficiaries.

The recovery and plans to build new homes indicate the Federal Government’s readiness to bridge the housing deficit especially for the low-income earners.

 

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