• About
  • Privacy Policy
  • Contact
Friday, July 18, 2025
No Result
View All Result
NEWSLETTER
Diplomatic Info
  • Home
  • Diplomacy
  • Embassy News and Info
  • Events
  • Nigeria
  • Business
  • Politics
  • Security
  • Cover Story
  • ECOWAS
    • Togo
    • Sierra Leone
    • Senegal
    • Nigeria
    • Niger
    • Mali
    • Liberia
    • Guinea Bissau
    • Guinea
    • Ghana
    • The Gambia
    • Cote D’Ivoire
    • Cabo Verde
    • Burkina Faso
    • Benin
  • Advertise
    • mail
  • Home
  • Diplomacy
  • Embassy News and Info
  • Events
  • Nigeria
  • Business
  • Politics
  • Security
  • Cover Story
  • ECOWAS
    • Togo
    • Sierra Leone
    • Senegal
    • Nigeria
    • Niger
    • Mali
    • Liberia
    • Guinea Bissau
    • Guinea
    • Ghana
    • The Gambia
    • Cote D’Ivoire
    • Cabo Verde
    • Burkina Faso
    • Benin
  • Advertise
    • mail
No Result
View All Result
Diplomatic Info
No Result
View All Result
Home ECOWAS Nigeria

Reps committee seeks urgent intervention for FMBN to deliver mandate

by Diplomatic Info
November 19, 2024
in Nigeria
0
Reps committee seeks urgent intervention for FMBN to deliver mandate
0
SHARES
6
VIEWS
Facebook ShareShare on WhatsAppTweet it!

The House Committee on Housing and Habitat has called for urgent intervention and support for the Federal Mortgage Bank of Nigeria (FMBN) to deliver on its mandate of providing affordable housing to Nigerians.

The chairman of the committee, Abdulmumin Jibrin, said this after an oversight visit to FMBN on Monday in Abuja.

After examining the management’s presentation, Mr Jibrin said the committee has decided to call for more support so the bank can work effectively to serve the nation.

Mr Jibrin said that the committee had taken a position to draw the federal government’s attention to take all necessary measures with urgency to resuscitate the organisation.

“This has to be done without further delay. Otherwise, if the bank collapses, the nation will be in real trouble.

“So, as a committee, we have taken a position to make a presentation to the federal government to ensure that any intervention that will come, a special component is put aside to be extended to FMBN so that they can continue to carry out their function,” Mr Jibrin explained.

FMBN boss Shehu Osidi said the bank’s main focus is collecting, managing, and administering the national housing fund scheme, which is mandatory contributory savings.

He said that in support of the ‘Renewed Hope Agenda’ for the housing sector, FMBN provided a N100 billion bankable off-takers guarantee to real estate developers executing the construction of affordable houses.

He added that the ongoing process automation in the bank and adoption of the enterprise Core Banking Application is currently at 94 per cent and expected to be concluded before the year runs out.

Mr Osidi said the bank introduced new products to drive the integration of the informal sector into the national housing fund to expand access to more Nigerians.

He listed the products as home improvement loans, rent assistance,non-interest rent-to-own, and NHF diaspora mortgage loans. He added that  the bank increased its loan limit from N15 million to N50 million to meet the financing needs of higher medium-income earners and address challenges of higher construction costs.

He said there was a need for the recapitalisation of FMBN to a minimum of N500 billion.

Mr Osidi, however, lamented that the resolution of the CBN prudential guidelines on single obligor was limiting FMBN’s lending capacity to 50 per cent of its shareholders funds unimpaired by losses.

(NAN)

Diplomatic Info

Diplomatic Info

Next Post
British Airways flights grounded after major IT outage: Reports

British Airways flights grounded after major IT outage: Reports

Recommended

Buhari disobedient to Supreme Court, Jigawa will keep spending old naira notes: Gov Badaru

Buhari disobedient to Supreme Court, Jigawa will keep spending old naira notes: Gov Badaru

2 years ago
Africa seeks $25 billion for climate adaptation, green recovery

Africa seeks $25 billion for climate adaptation, green recovery

4 years ago

Popular News

  • NDLEA nabs man with N1bn worth of cocaine, largest seizure in Sokoto

    NDLEA nabs man with N1bn worth of cocaine, largest seizure in Sokoto

    0 shares
    Share 0 Tweet 0
  • Buhari arrives Washington for U.S.-Africa leaders summit

    0 shares
    Share 0 Tweet 0
  • Kenyans hold candlelit vigil in solidarity with Palestine amid deuterating situation in Gaza Strip

    0 shares
    Share 0 Tweet 0
  • Israeli president says situation ‘very serious’ amid judicial overhaul debate

    0 shares
    Share 0 Tweet 0
  • I snubbed governors Tinubu sent to beg me after election; I’ll not stop fighting until Supreme Court rules: Atiku Abubakar

    0 shares
    Share 0 Tweet 0

Connect with us on Facebook

Subscribe to Our Newsletter

Enter your email now to join our community of readers, and get new contents straight to your inbox

We promise to not spam you

Thanks for joining in.

Category

  • Africa
  • Benin
  • Burkina Faso
  • Business
  • Cote D'Ivoire
  • Cover Story
  • Diplomacy
  • ECOWAS
  • Education
  • Embassy News and Info
  • Events
  • Ghana
  • Guinea
  • Guinea Bissau
  • International
  • Liberia
  • Mali
  • News
  • Niger
  • Nigeria
  • Politics
  • Programs
  • Security
  • Senegal
  • Sierra Leone
  • The Gambia
  • Togo
  • Uncategorized

Quick Links

  • About
  • Contact
  • Privacy Policy
  • Advertise

About Us

Providing strategic insights into important social, cultural, political, and economic factors that significantly influence business and nations, Diplomatic Info will examine these critical issues and provide strategies that create competitive advantages.

© 2023 Diplomatic Info - Built with Love by Creovantage.

No Result
View All Result
  • Home
  • Diplomacy
  • Embassy News and Info
  • Events
  • Business
  • Politics
  • Security
  • News
  • Cover Story
  • Africa
  • ECOWAS
    • Togo
    • Sierra Leone
    • Senegal
    • Nigeria
    • Niger
    • Mali
    • Liberia
    • Guinea Bissau
    • Guinea
    • The Gambia
    • Cote D’Ivoire
    • Ghana
    • Cabo Verde
    • Benin
    • Burkina Faso
  • International
  • Contact

© 2023 Diplomatic Info - Built with Love by Creovantage.