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FMBN and the Strides for Affordable Housing

In a conscious effort to bridge Nigeria’s huge housing deficit which is currently put at about 17 million, the Federal Government had, among other thing,  established the Federal Mortgage Bank of Nigeria (FMBN) to provide quality and affordable housing to Nigerians.  James Emejo examines its impact on the mortgage sector It is estimated that it would require a minimum of N60 trillion to address the current housing deficit of which about 80 per cent of Nigerians live in indecent informal housing structures with no basic amenities and in deplorable conditions. Yet, the vision of the current administration under the Vision 2020 aspiration is to provide decent shelter for all Nigerians by 2020. Although this appears to be a daunting task for government to realize given the present economic realities and the country’s dependence on oil as major source of revenue, efforts have been put in place by government, notwithstanding, to actualise the target through innovative finan...

When FMBN embraces technology with e-card platform for NHF

At a time when people think that the Federal Mortgage Bank of Nigeria (FMBN) should be taken to the cleaners, the apex mortgage bank is springing pleasant surprises with an innovative, technology-driven idea that has given birth to e-Card platform which has enabled it to take the National Housing Fund (NHF) scheme to a new level. With this NHF e-Collection Platform, FMBN has raised the NHF monthly collection by 214 percent to N2.2 billion, up from N700 million it collected before the platform was deployed six months ago. The bank estimates a further 100 percent increase in collection to achieve about N4 billion per month before the end of this year.