27th October, 2016
Mr Richard Esin, the Acting Managing Director, Federal Mortgage Bank of Nigeria (FMBN), says no fewer than 120,000 National Housing Fund (NHF) contributors have got their refunds in 2016.
Esin made the disclosure on Thursday in Enugu during the 1st Enugu Housing Development Forum, adding that the recipients were retirees that met the conditions for refund.
He said that about N6 billion was expended in the refunds and that FMBN was committed to meeting its mandates of providing affordable accommodation for Nigerians.
The acting managing director said that the bank was currently reforming its payroll system to make its services more responsive to the yearnings of contributors.
He said that as part of the moves to instill confidence in contributors, the FMBN would soon commence the disbursement of quarterly e-statement of account through contributors’ emails.
Esin said that the bank was committed to seamless processing of refunds.
“We are partnering with the Nigerian Interbank Settlement Systems to harmonise the NHF contributors’ database with their BVN.
“This will help us to ensure that when it comes to refunds we should not take more than 30 days,’’ he said.
Esin said that the bank had registered 4.2 million contributors through 22,000 employers under the NHF between January and August 2016 and had disbursed N140 million as loans within the same period.
“We also expended N63 million to fund NHF mortgages. Under the estate development window, we have also funded different construction programmes totalling about N63 billion,’’ he said.
He noted that FMBN had made some recommendations to the appropriate quarters in a move that would improve the effectiveness of the bank in achieving its mandate.
Esin said there was the need to enforce compliance to the provisions of the NHF Act by all tiers of government, including the private sector.
The acting managing director restated the earlier call for the recapitalisation of the bank to the tune of 500 billion naira to make it more responsive to the needs of Nigerians.
“We are discussing with the Central Bank of Nigeria for the provision of an intervention fund to be administered through FMBN for the provision of mortgage financing.
“This is for housing units not to cost more than N5 million per unit,’’ Esin said.