FHA seeks partnership with FMBN to deliver affordable housing

By Angela Atabo

The Federal Housing Authority (FHA), has sought the partnership of the Federal Mortgage Bank of Nigeria (FMBN) to deliver affordable housing to Nigerians in the bid to address the spiralling housing deficit.

The Managing Director and Chief Executive of FHA, Oyetunde Ojo, made this known during a courtesy visit to the Managing Director and Chief Executive of FMBN, Shehu Osidi in Abuja.

According to Ojo, there has been a very good relationship between FHA and FMBN, adding, ”it is obviously so because of FHA’s mandate to build houses and FMBN’s mandate to make finance available.

“Our job at FHA  is to look for land and to build for Nigerians. We are very happy that since the inception of these two,  FHA and FMBN, we have  been on good terms,  so we are going to see a good synergy  for a better Nigeria.

“Let us come together. See us as partners in progress that wants a good development for Nigeria and for both of us to carry the mandate of the Renewed Hope Agenda of Mr  President Bola Tinubu in the area of delivering houses for people.

“However, it is not just about delivering houses. It is also about delivering affordable houses, for Nigerians to live in and in doing that, a lot is involved.’’

Ojo said that social housing could only be provided with government funds.

He, however, said the best way for FHA to go since it has been out of  appropriation since 2002 was to leverage other means to deliver affordable housing, thus the meeting with FMBN.

Ojo said that the management of FHA had been to 23 states so far in the quest to provide affordable housing for Nigerians  and the good thing was that governors had made some promises of free lands.

He said, ”Once the state governments give FHA the off-takers(lands) , part of the requirement was to have a mortgage bank to stand for the off takers.

”But that is yet to happen and that was what initiated the meeting with FMBN.”

Ojo urged FMBN to support FHA, adding, “I have checked through history and seen that we have been making loan repayments and we have also ensured that our books are opened between us and FMBN.

“In doing so, we are here to ask for more because very shortly Nigerians will soon enjoy a housing revolution, but we need your  support critically to make these things happen in line with the president’s mandate.

“It is not about FHA nor FMBN, see it that it is about Nigerians and our collaboration and partnership will be able to go a long way.

“ I can assure you that the lands are available all over the country as we speak  in 22 states already not application given,  minimum of 50 hectares some 100 some 150  what is needed is finance for development .’’

Responding, the CEO of FMBN, Shehu Osidi, commended the FHA team for the initiative, adding that a collaboration between the duo was the best thing that can happen to the housing sector in Nigeria .

He said, “FHA as an institution has the largest land bank in this country and the FMBN  is the only institution in this country that can also offer mortgages in single digit.

“That means it is a synergy that nobody can beat and that strategically places our two organisations on the front burner and the best that we can do is to collaborate to pursue the same objective. ‘’

Osidi said that the FMBN would continue to provide mortgages in order to actualise the vision of the president in the housing sector.

He said that the FMBN was making an effort to complete all its outstanding housing estates located in different parts of the country and ensure they are taken.

Osidi added, “Going forward ,we are introducing a lot of professionalism and diligence in the identification of locations for our new projects.

“The profiling  and selection  of potential off takers to ensure that only those with ability and capacity to repay their mortgage loans are offered mortgages  is key.

“We are creating easy access to our various products and our processes will be seamless for people to get their mortgages approved and get houses .’’

Osidi welcomed the partnership and commended the FHA mortgage for not owing and always on track to deliver its mandate on time (NAN)

Edited by Bashir Rabe Mani