…Says it will trigger rapid affordable housing delivery
By Chris Ochayi
Real Estate Developers’ Association of Nigeria REDAN, key players in the real estate sector of the nation’s economy, have called on the Federal Government to recapitalize the Federal Mortgage Bank of Nigeria FMBN, to the tune of N1trillion to enable the apex mortgage bank increase delivery of affordable housing to subscribers of the National Housing Fund NHF, Scheme.
They argued that with over four million subscribers to NHF, FMBN’s current capital base of N5 billion is grossly inadequate to solve the huge housing deficit confronting the country.
The President of REDAN, Aliyu Oroji Wamakko, made this disclosure when he led the newly inaugurated National Executive Council of REDAN on a visit to the Board and Management of the FMBN in Abuja weekend.
Wamakko emphasized that the long-overdue recapitalization of the bank is fundamental to the growth of the housing industry as it will empower the FMBN to…
Source: Vanguard Newspaper
