13 March 2019

Nigeria: FMBN Pays N15 Billion Refund to Contributors in Two Years

Managing Director of Federal Mortgage Bank of Nigeria (FMBN), Architect Ahmed Musa Dangiwa, has said the bank has in two years, made a refund of over N15 billion to contributors of the National Housing Fund (NHF) who retired or resigned.

Arc. Dangiwa said this when officials from Media Trust Limited, publishers of the Daily Trust and other titles, led by the Editor-in-Chief/CEO, paid a courtesy call on the bank in Abuja, yesterday.

The MD/CE said as the foremost secondary mortgage institution in the country that manages the NHF, which is funded by the contribution of 2.5 per cent monthly income of Nigerian workers to enable them own houses, contributors to the scheme needed to know that their contributions were refundable.

He said since inception, the bank has refunded over N25 billion to contributors who exited the scheme.

"Out of this N25 billion over N15 billion was refunded within the last two years of our inception," he said.

He said the bank was working to reduce to three/four weeks the time within which contributors could get their refunds once they applied.

"The contribution is just like we are keeping it for you in trust," he said, and appealed to employers, in mostly the private sector, to join the NHF's 2.5 per cent monthly contribution to enable their employees obtain affordable housing loans.

Also speaking, the bank's Executive Director, Business Development & Portfolio Management, Dankane Umar Abdullahi, said before the current management assumed office two years ago, it took up to a year before contributors could access their refunds after applying for them.

"We are very happy to announce that refund is now in the shortest possible time of three weeks or at most one month," Abdullahi said.

Arc. Dangiwa had earlier said the bank was ready to partner with the Media Trust Ltd to enlighten Nigerians on the activities of the FMBN.

"One of the major observations Nigerians have made about FMBN is that we are doing so much in providing affordable housing but not engaging enough in public enlightenment and sensitization of its activities. This has been our major challenge," he said.

Responding, the Editor-in-Chief/Chief Executive Officer Media Trust Limited, Mannir Dan Ali said the newspaper was ready to offer the bank regular platform to pass its messages to Nigerians.

Nigeria

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