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Federal Mortgage Bank: We disbursed N394bn to 80,000 beneficiaries in 30 years

Federal Mortgage Bank: We disbursed N394bn to 80,000 beneficiaries in 30 years
May 16
21:59 2022

The Federal Mortgage Bank of Nigeria (FMBN) says it has disbursed N394.57 billion to 84,088 beneficiaries of the National Housing Fund (NHF) from 1992 to 2022.

Lawal Sauri, group head, corporate communications (FMBN), disclosed this in an interview with NAN on Monday in Abuja.

According to Sauri, the home renovation loan disbursed N68.571 billion to 84,088 beneficiaries.

“The home renovation loan is given to contributors that want to renovate or refurbish their existing homes to make them more appealing and comfortable,” he said.

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“In construction loans, we disbursed N145.414 billion for the building of 34,158 units of houses to 34,158 beneficiaries in 30 years.

“On mortgage loans, 23,300 contributors benefited N128.861 billion and NHF refund to retirees was N51.729 billion to 386,045 retirees.”

Sauri said the bank had registered contributors numbering 5,500,72 and registered cooperative societies numbering 1,230.

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“We have 23,120 cooperative members and a total of N533.932 billion NHF collection in 34 states of the federation.”

FMBN is regarded as the apex mortgage finance institution in the country and regulates the activities of primary mortgage loan originators.

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