N40m mortgage: No formal arrangement with HXAfrica —FMBN

The Management of the Federal Mortgage Bank of Nigeria (FMBN) said it has not granted any approvals nor entered into any formal arrangement with HXAfrica (Housing Exchange Africa on a purported N40 million mortgage pre-financing scheme, which referred to FMBN as a partner.

This was contained in a statement signed by the Group Head, Corporate Communications Federal Mortgage Bank of Nigeria, Mrs Virginia Jang, dissociating the bank from such arrangement. Statement endorsed by Jang read: “The Management of the Federal Mortgage Bank of Nigeria (FMBN) wishes to disclaim reports in the media by HXAfrica (Housing Exchange Africa) on a purported N40 million mortgage pre-financing scheme which referred to FMBN as a partner.

“The FMBN wishes to inform the general public and our esteemed National Housing Fund (NHF) Scheme customers, particularly Nigerians in the Diaspora that although HXAfrica applied for some engagement with the bank, it has not been granted any approvals nor has the bank entered into any formal arrangement with it.”

While the FMBN and NIDCOM remain committed to the roll-out of the Diaspora Mortgage Scheme after obtaining the necessary regulatory approvals, Jang said in the statement that the management of the bank will endeavour to provide official information and updates on its respective websites and social media handles to avoid the general public being misled.

“NIDCOM has issued a similar disclaimer on the purported HXAfrica mortgage pre-financing scheme and the general public is invited to note accordingly,» the statement read.

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