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FMBN to lift embergo on development loans

IN its desire to assist the Federal Government in bridging the 17million housing deficit gap in the country, the Managing Director/Chief Executive, Federal Mortgage Bank of Nigeria (FMBN), Mr Gimba Ya’u Kumo, has disclosed that the bank is looking at the possibility and process of lifting embargo on Estate Development Loan (EDL) but subject to commitment on timeliness by developers.

Kumo, who spoke when the new executive management team of Real Estate Development Association of Nigeria (REDAN) paid a visit in Abuja, on Thursday, said this was part of the efforts of the bank to deliver quality houses that Nigerians will be proud of as the bank continued in its efforts to reduce the housing deficit.

While congratulating the association for conducting a transparent election which saw the emergence of the new management team, Kumo acknowledged that most members of the association were committed and serious toward meeting the yearnings of Nigerians.

Speaking earlier, the new President, Mr Ugo Chime, thanked the bank for listening to the association’s complaints and grievances on issues affecting its members in the areas of operations, saying the visit was part of efforts to build harmonious working relationship with the bank.

He commended the management of the bank for organising sensitisation workshop for its members on Estate Development Loan (EDL) and other dynamics involved in housing industry.

Also, immediate past President of REDAN, Chief Olabode Afolayan,appreciatedthe bank for the support it has been giving the association and solicited for the extension of same to the in-coming team.

He enjoined the new management team of the association to work with the bank in order to deliver on its mandate.

Only recently, the bank embarked on an aggressive drive to recover loans from its clients in order to meet its obligations to its shareholders.

The Board of Directors of the bank, while mandating the management to recover loans given through the NHF, it also resolved that primary mortgage institutions would be included in the loan recovery exercise.

Kumo, who declined to mention the amount being owed the bank, said the figure was not important but added that the management needs to recover the loans in order to enable other Nigerians benefit from the fund.

He explained that the bank would review the estate development loan window to remove observed lacuna, adding that the National Housing Scheme would be reviewed to ensure better collection of contributions from the PMIs, noting that the FMBN was reforming its operations to enforce discipline and transparency.

(Culled from www.tribune.com.)

February 13, 2015

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