Nigeria: FMBN Boss Makes Case for N100 Billion Recapitalisation

24 January 2011

THE Federal Mortgage Bank of Nigeria, (FMBN), should be recapitalization to the tune of about N100 billion to enable it aggressively address the issue of acute shortage of housing accommodation being experienced in the country.

Managing Director of FMBN, Mr. Gimba Yau Kumo who stated this in Abuja while receiving the leadership of the Association of Housing Corporations of Nigeria, (AHCN), lamented that the bank's current N2.5 billion capital base was insufficient and cannot make any reasonable impact in tackling the housing challenges faced by Nigerians.

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