FG to support FMBN re-capitalisation, re-positioning

The Federal Government has said it would support the re-capitalisation and re-positioning of the Federal Mortgage Bank of Nigeria (FMBN) to enable it meet the housing needs of Nigerian workers.

Minister of State for Power, Works and Housing, Mustapha Shehuri, said this on Sunday at the inauguration of 125-units housing estate in Enugu State.

A statement signed by Mohammed Ahmed, an Assistant Director of Information, Ministry of Power,Works and Housing, said the estate was financed by FMBN and a private developer, LCK Projects Limited.

Shehuri said that the support was to demonstrate government’s resolute commitment to the provision of affordable housing to Nigerians, especially the low income earners.

According to him, the federal government has approved a waiver in which mortgages below N5 million will no longer attract initial payment of 10 per cent equity from off takers.

He said that the ministry planned to build mass houses in every state of the federation for public workers and other interested parties over the next three years.

This, he said, would be achieved using Public-Private Partnerships.

According to Shehuri, the newly-approved National Housing Models for each geo-political zone takes care of cultural and climatic diversities in choosing house type and standardisation in using local building materials.

This would translate to affordable housing for Nigerians and create employment opportunities for the teaming youths that were roaming the streets, the minister said.

He said that the apex mortgage bank had a pivotal role to play in the actualisation of the aspirations of many Nigerians to own a home through mortgage.