According to Nigeriarealestatehub, Kumo is upset because banks and insurance companies have refused to contribute to the housing scheme.

READ: '68 million Nigerians are either improperly housed or not housed at all', FMBN MD says

The MD also called out CBN for refusing to enforce compliance.

“Section 5 of the NHF Act, provides that commercial banks are supposed to invest 10 percent of their portfolio to the fund. Insurance companies, on their part, are supposed to invest 20 percent of their life insurance funds and 25 percent of their non-life funds into the fund.

Section 11 provides that where the banks refuse to pay, the CBN is supposed to force the banks to contribute to the fund at an interest rate of 4 percent. This has not been complied with since 1992.We have been following up with the CBN, but nothing has been done. So, this is an area that we need you support to ensure that the law is enforced. FMBN is supposed to be recapitalised to the tune of N250 billion. But as I talk to you today, the capital base of the bank is only N5 billion.

Even the N5 billion, it is only the Federal Government that has paid its own share of 50 percent, CBN that has 30 percent is yet to pay, the which has the remaining 20 percent is yet to pay. I am happy to inform you that the current Minister of Power, Works and Housing has written to the CBN and the NSITF to pay their contributions immediately”.

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

Kumo disclosed these details while briefing the Senate Committee on Banking and other Financial Institutions.