FMBN seeks additional N500bn recapitalisation fund

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The Federal Mortgage Bank of Nigeria (FMBN) says it has sought for legislative intervention for the upward review of its capital base to N500 billion as endorsed by the National Council on Housing to enable it meet its mandate and adequately provide the needed housing funds for Nigerians.

Ag. MD/CEO FMBN, Mr. Richard Esin, who revealed this at a 3-day staff performance review retreat in Abuja, said the additional funds from the National Housing Fund (NHF) and PENCOM would be used as debt instruments for the creation of mortgages. The Ag. MD/CEO said from 1999 to 2015, the bank operated at a deficit until his administration came and turned things around.

He said a profit of N2.7 billion has so far been recorded for the year ending 2016, and called for sustained performance and new approach in accountability culture as the bank looked at where it is and where it wants to be.

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