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Published On: Wed, Aug 15th, 2018

FG spends N197bn to renovate 13,953 houses -says FMBN Boss

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By Mashe Umaru Gwamna

The Federal Government yesterday disclosed that it has so far spent about N197 billion to renovates 13,953 houses across the nation.
Managing Director, Federal Mortgage Bank of Nigeria (FMBN), Arc. Ahmed Dangiwa made the disclosure yesterday while delivering his keynote address at the Archibuilt 2018 Expo, held in Abuja.
Dangiwa explained that the huge sum included the renovation of 13,953 homes across the country, covering 18, 476 mortgage loans as at second quarter of 2018.
His words: “As at the end of 2nd quarter of 2018, NHF has funded the origination of 18,476 mortgage loans, the delivery of 26,002 housing units across the country and 13,953 FMBN Home Renovation loans, with N197billion invested in these assets.”
Dangiwa, who identified funding, access to land title and cost of infrastructure as major challenge affecting the sector, restated commitment of the federal government to affordable homes.
He disclosed plans of the FMBN to roll-out several products to ehanance home affordability, eliminate down payments and other costs associated to mortgage loans arrangements within the third quarter of the year.
He said this was targeted at various housing estates being constructed, stressing that the project is expected to inject over 2,000 housing units into the housing stock by 2020
According to him, FMBN is collaborating with several stakeholders in the sector to source alternative funding in order to increase housing delivery stunting growth of the built industry.
“The Rent-to-Own Products, a product designed ti enhance affordability by eliminating the need for down payments and other costs associated with normal mortgage loan arrangements has also been approved and set to be rolled out within the 3rd quarter of 2018.
“With the collaboration with National Assembly and other stakeholders, the FMBN Act as well as the NHF Act has been amended and pased by the House of Representatives and transmitted to the Senate for concurrence.”
In his remark, President, Nigeria Institute of Architect, Njoku Adibe advocated need to embrace modern technology in the built sector.
He emphasised need to developing local capacity and strengthening synergy among engineers in the industry in order to check quacks, thus reducing incident of building collapse.
Representative of the Inspector General of Police, Assistant Commissioner of Police, Obiora said the force has so far constructed about 1000 houses for the officers through Rent-to-Own model.
He noted that the police has over 30 professional building engineers, who are working in partnership with a private firm responsible for the home construction.
Other dignitaries present called for more professionalism in the sector and need to fix 17 million housing deficit in the country.

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