FMBN seeks N500b recapitalization to address housing deficit

Rasaq Ibrahim, Ado EkitiTHE Managing Director of Federal Mortgage Bank of Nigeria, Ahmed Musa-Dangiwa, has stressed the need for increment in the banks capital base to the sum of N500 billion to bridge the countrys housing deficit, estimated at 17- 20 million.The FMBN boss, represented by the banks Group Head (Risk Management), Mr Kabir Yagboyaju, spoke in Ado Ekiti, Ekiti State yesterday at the 9th Annual Public Lecture of the Forum of Heads of Federal Government Establishments, Ekiti State Chapter, entitled National Housing Fund: Justification, challenges and prospects.Read Also:FMBN boost housing delivery for Lagos workersAccording to him, although the banks authorized capital share is mere N5 billion, only a paltry N2.56 billion had been paid up, adding, Recapitalisation of the FMBN is imperative and the Federal Government needs to take it as a priority.Musa-Dangiwa said the shortcomings notwithstanding, It must be placed on record that the National Housing Fund Scheme remains the most cost-effective means for affordable housing delivery in Nigeria as he solicited the support of stakeholders especially employers and labour in improving the schemes efficiency.He said: Considering the humongous gap in housing in Nigeria, which is put at between 1720 million, there is need to shore up the capital base of FMBN.
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