Affordable Housing: FG recapitalizes mortgage bank with N500b

The federal government has said that it will recapitalise the Federal Mortgage Bank of Nigeria to the tune of N500 billion to reposition and enable it carry out its mandate under the national housing programme.

Speaking at the commissioning of 250-unit housing estate of FMBN/kam Abioye in Ilorin on Thursday, the minister of state for Power, Works and Housing, Hon Mustapha Baba Sheuri, said that the apex mortgage institution has a major role to play in realisation of aspiration of many Nigerians towards owning a home through mortgage.

The minister, who put the housing deficit in the country between 16-17 million units, added that government would continue to strive to meet the challenge of the deficit.

He said the ministry planned to build several housing units in every state of the federation for public workers, every year, over the next three years under a public-private partnership arrangement, adding that arrangement and implementation had reached an advanced stage.

The minister also said that national housing models had been designed and approved for each geopolitical zone, adding that it took into cognisance the nation’s cultural diversities and climatic conditions in the choice of the houses.

He also said that it was in line with the present administration’s vision of standardizing building materials to boost local content by encouraging artisans and craftsmen, as well as create employment.

Also speaking, the managing director of the FMBN, Mr Richard Esin, said that the mortgage institution had funded eight housing estates in Kwara state with a total investment of about N3.7billion for the development of 1,434 housing units, adding that most of it had been completed.

He said that efforts were on to complete outstanding works in the remaining housing estates for occupation.

The FMBN boss, who said that the construction lian advanced by the bank to Messrs Kam-Abioye company had delivered 250 housing units of 170 units of 3 bedroom detached bungalows, 40 units if 3 bedroom semi detached bungalows and 40 units of 2 bedroom  fully detached bungalows, adding that the bank was committed to sustaining partnership with the state government and its workers.