The Federal Mortgage Bank of Nigeria (FMBN) has disbursed N15.7bn to Nigerians under the Home Renovation Loan programme.
According to FMBN’s Managing Director, Ahmed Dangiwa, the money was distributed to 19,169 beneficiaries.
Dangiwa said this on Wednesday in Abuja when he presented N640m cheques to 640 beneficiaries of the Federal Road Safety Corps (FRSC) under the bank’s home renovation loan scheme.
According to him, N1.8bn was approved for 195 staff of the FRSC as mortgage loans to buy their homes.
He said that the FMBN had disbursed N1.2bn to the FRSC.
In addition, he noted that the home’s renovation loan window would give Nigerians the chance to access mortgage loans to renovate or improve their homes.
He said, “In consideration of these challenges, it became necessary for FMBN to develop some quick-wins that will allow a greater number of Nigerians access to the National Housing Fund. Consequently, the FMBN Home Renovation Loan was introduced by the bank.
“While the bank continues to face considerable challenges particularly on its lack of adequate capital, all these indices indicate that we have performed creditably well in the discharge of our mandate given the lean resources at our disposal.”
Dangiwa said that “We have also given succour to Nigerians with the cancellation of equity requirement for NHF loans under N5m and a reduction in equity percentage payment to 10 per cent for loans from N5m to N15m from the initial 20 per cent to 30 per cent. This is bound to further boost the affordability of many Nigerians in accessing mortgages.”