The Managing Director, Federal Mortgage Bank of Nigeria, Mr Ahmed Dangiwa, says the lender has created more than N80bn mortgages since inception.

Dangiwa stated this during the tour of Sedona Housing Estate in Igbogbo, Ikorodu, Lagos, which was financed by the FMBN and developed by Sedona Business Consults, an Abuja-based firm.


The figure shows a 10.4 per cent increase in mortgage origination in one year, as the bank had in July 2017 stated that it had disbursed N72.47bn to about 17,260 homeowners under the National Housing Fund.

Dangiwa said the bank had created various initiatives to provide housing stocks for the low and medium income earners in the country.

He stated, “The FMBN has gone a long way so far and has created up to N80bn mortgages since inception with more than 20,000 housing stocks for the low and medium income earners. If you give these houses to developers, the prices will not be the same, because cost of finance influences the prices of buildings.

“If developers get credit from financiers with up to 20 per cent interest and add that to the cost of development, the prices of houses will definitely increase. But we got this land for free and funding is minimal, all these are in order to make it affordable to contributors of the National Housing Fund.”

According to him, the Sedona scheme was conceived in 2012 to increase housing stock in the country, and will soon be inaugurated.

“People need to know what the government is doing about housing. This scheme was supposed to be completed earlier, but now, we have made sure it is completed and about to be put to use. The FMBN targets low and medium income earners who contribute to the NHF; we provide what they can afford,” he said.

Dangiwa added that the developer was working on securing the site and creating landscape around it to protect the estate from encroachment.

He said the FMBN was also currently collaborating with labour unions, especially the Nigeria Labour Congress, for housing provision.


“We want to ensure that we produce better designs, better quality buildings and efficient houses with cost-effectiveness in order for the low and medium income earners to have access to housing,” he added.

http://www.akelicious.net/2018/07/fmbn-has-created-n80bn-mortgages-since.html

He stated, “The FMBN has gone a long way so far and has created up to N80bn mortgages since inception with more than 20,000 housing stocks for the low and medium income earners



Interesting .
We will be Interested to know where these building are located.

897t6re5r4dtf

Maybe I'm the only one that noticed that in Nigeria, there is too much talk and lessser actions. SMH

Check my signature if you want to be smiling to the bank every month end for performing simple task on facebook

overhypedsteve:
897t6re5r4dtf

Which one be this one again?
You wan check winning ticket?!
If you know you know!

post=69154344:

Which one be this one again?
You wan check winning ticket?!
If you know you know!

......e be like so!

Nice one.

80 billion definitely for north alone. Can we see those who benefited from your imaginary 80 billion naira

At a modest rate of N2mllion per house it implies that only 40,000 houses have been financed by FMBN........The present housing deficits is 17million. Nigeria is a joke!

How can I benefit, very urgent sir/ma in charge.
Am a qualified Nigerian that fall into this category.
Thank you.

Only a fool will go into mortgage in Nigeria or Africa as a whole look what it's done in the US.
Why mortgage when you can buy outright or rent. Just save up and don't slave for no man while Pilling up interest you may not be able to pay up. You get too sick, lose your job, or die and it's game over house goes back to the bank or mortgage firm. Meanwhile you might have already paid up the mortgage sum but failed to pay the interest which keeps growing.
Banks and other such financial systems are A BROOD OF VIPERS steer clear

He is a mad man that is what he is.
NHF I applied for since 2012 till date nothing has come out. BTW who is putting all these northerners is such offices? It is known that they are inefficient managers

post=69154302:
He stated, “The FMBN has gone a long way so far and has created up to N80bn mortgages since inception with more than 20,000 housing stocks for the low and medium income earners



Interesting .
We will be Interested to know where these building are located.

One is in IMO state here, that is where I sm residing

I had to collect my 40k deposit after over ten years when workers there said there was no information from government. l collected my cheque at FESTAC office, Lagos. Where do i go from here?

DuBLINGreenb:
Only a fool will go into mortgage in Nigeria or Africa as a whole look what it's done in the US.

how many ppl own homes in Africa
how many in US?

Why mortgage when you can buy outright or rent.

HOW DO YOU SAVE WHILE SAYING ASTRONOMICAL RENT

Just save up and don't slave for no man while Pilling up interest you may not be able to pay up.

INTEREST RATE IS WHAT YOU SHOULD BE TALKING ABOUT

You get too sick, lose your job, or die and it's game over house goes back to the bank or mortgage firm.

THAT IS NIGERIA
IF YOU RENT YOU WILL NEVER SEE THAT MONEY AGAIN
MORTGAGE IS 50 50
I'LL TAKE THOSE ODDS UNLESS I HAVE BETTER INVESTMENT ALTERNATIVES

Meanwhile you might have already paid up the mortgage sum but failed to pay the interest which keeps growing.
Banks and other such financial systems are A BROOD OF VIPERS steer clear

THEN I suggest you GET YOUR MONGOOSE ON

Nice , I read through comments here and only shake my head, rather only the wise will go for mortgage, there is practically nothing wrong mortgage, where are where we are today because of ignorance and information and this is the difference BTW the poor and the rich. The money you pay to FMBN is your NHF contributions and can only access the 15m through a PMI or PMB, however its subject to what you earn, age, affordability score, equity contribution etc, now there is always a delay because of process since its government fund. But it does come. Most of us are contributors if you are working in a structured firm 2.5% of your salary goes to NHF check your pay slip, but because its very small we don't care or try to make inquiries.
For those who would want more info on NHF contact via WhatsApp only 08064134851 all information you need I will provide for free.