N500bn Capitalisation Will Reposition FMBN, Says Fashola

• N500bn Capitalisation Will Reposition FMBN

The Minister of Power, Works and Housing, Mr. Babatunde Fashola, on Friday said the recapitalisation of the Federal Mortgage Bank of Nigeria to the tune of N500bn would reposition it to efficiently carry out its mandate under the Federal Government’s National Housing Programme.

He stated that the President Muhammadu Buhari administration was determined to recapitalise the bank.

Fashola, represented by the Minister of State for Power, Works and Housing, Mr. Mustapha Shehuri, spoke during the inauguration of the FMBN/Kam Abioye Housing Estate, Balla Road, Eyenkorin, Ilorin.

The minister said the ministry would continue to strive to solve the housing deficit in the country, which has been put at between 16 million and 17 million units.

“Indeed, the ministry’s plan to build several housing units in every state of the federation for public workers every year over the next three years under a Public-Private-Partnership arrangement has reached an advanced stage in terms of implementation,” he stated.

The Acting Managing Director/Chief Executive, FMBN, Mr. Richard Esin, said the bank had funded eight housing estates in Kwara State with a total investment of about N3.7bn for the development of 1,434 units, most of which he said had been completed.

He added that efforts were being made to complete outstanding work in the remaining estates and get them ready for occupation.

Esin said the real estate development loan advanced by the bank to Messrs Kam-Abioye Nigeria Limited had delivered 250 housing units.

According to him, they comprise 170 units of three-bedroom detached bungalows; 40 units of three-bedroom semi-detached bungalows; and 40 units of two-bedroom fully detached bungalows.

Kwara State Governor, Alhaji Abdulfatah Ahmed, who was represented by the Commissioner for Housing, Mr. Muyideen Ololade, said the state had 970,334 housing deficit.

According to him, in the face of population growth, housing has become a major concern for individuals and governments in Nigeria.

He added that this had strengthened the need for a robust strategy for the housing needs of the citizens as well as appropriate policies for the sector.

The governor noted that a vibrant housing sector would stimulate economic development, the building sector, as well as create critical jobs and instil investor confidence.

“We are presently constructing 1,000 units of houses at Budo Osho, the new GRA through PPP. We have also allocated about 10 hectares of land for the Federal Government’s mass housing scheme in the Asa Dam area,” Ahmed said.