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MD says bank is determined to provide low and affordable housing schemes across the federation

January 1, 2016 7:07 PM

The Managing Director of Federal Mortgage Bank of Nigeria (FMBN), Gimba Ya’u Kumo, is stressing the need for affordable houses in the country.

MD of Federal Mortgage Bank of Nigeria (FMBN), Gimba Ya’u Kumo

The Managing Director of Federal Mortgage Bank of Nigeria (FMBN), Gimba Ya’u Kumo, is stressing the need for affordable houses in the country.

In a public statement made available to Daily Times, Kumo said, “housing is a human right”.

According to him, the FMBN is working towards providing low and affordable housing schemes across the 36 states of the federation.

“It operates as an effective vehicle for increasing the mobilisation of long-term funds, wholesale lending, and expansion of mortgage lending services to all segments of the Nigerian population. The management and administration of the contributory savings scheme known as the National Housing Fund (NHF) established by Act 3 of 1992. The NHF is a pool that mobilises long-term funds from Nigerian workers, banks, insurance companies and the Federal Government to advance soft loans at single digit interest rate to its contributors.”

Last month, FMBN announced plans to provide affordable housing for Nigerian Navy.

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