Stop delaying disbursements to developers once approval is made by FMBN—Dangiwa
Managing director/chief executive of Federal Mortgage Bank of Nigeria (FMBN), Arc. Ahmed Musa Dangiwa has warned against refrain from delaying disbursements to developers once approved by the bank.
He has also called on Primary Mortgage Banks (PMBs) to harmonise their interest rates in order to conform to the laid down uniform underwriting standards and advised them to spread their branches to cover the entire country for easy access of mortgages by Nigerians.
Explaining more in Abuja during the monthly meeting of FMBN with Mortgage Bankers’ Association of Nigeria (MBAN) and Real Estate Developers’ Association of Nigeria (REDAN) on ways to address issues bordering on housing acquisition and mortgages, vowed to sanction defaulting PMBs adding that REDAN should produce affordable housing models and avoid unilateral changing of building designs, specifications and scope.
In his submission, the president of MBAN, Mr Adeniyi Akinlusi assured that MBAN would key into the vision of FMBN, just as he commended the bank for unveiling uniform underwriting standards for the industry.
While advocating for non-interest mortgages especially for victims of insurgency in the North East for reconstruction of houses destroyed by Boko Haram, Akinlusi urged members to consider the enormity of the housing gap and work towards bridging the deficit.
Also speaking, president of REDAN, Rev. Ugochukwu Chime expressed satisfaction with the leadership of FMBN which he described as responsible and responsive.
He said one of the best bets in driving efficiency in housing delivery remains the integration of Nigeria Mortgage Refinancing Company (NMRC), Central Bank of Nigeria (CBN) and Land Administrators into the forum, enjoining members to fully implement the provisions of the National Housing Policy (NHP).
