Wammako urges recapitalsiation of FMBN - Enjoy this Awesome Report

Wammako urges recapitalsiation of FMBN

Wammako urges recapitalsiation of FMBN

By Nnamdi Ojiego

New President of the Real Estate Developers Association of Nigeria (REDAN), Dr. Aliyu Wammako, has made a call for the urgent recapitalization and streamlining of the Federal Mortgage Bank of Nigeria (FMBN).

Wammako made the call at his investiture as the 4th President of REDAN in Abuja.

The new REDAN boss stated that the FMBN had a low capital in the area of five billion naira with other institutions pegging about eight billion according to the Central Bank of Nigeria’s indices.

He added that its inadequacy makes the provision of more homes a herculean task for real estate developers.

ALSO READ: FMBN needs 500bn recapitalisation to provide affordable houses — Umar Abdullahi

He advised the Federal Government to look into the challenges of housing development and the underlying responsibilities of the FMBN in providing affordable houses for Nigerians

Wammako said Real Estate development contributed to about 6.4 per cent of the Gross Domestic Product (GDP) of the country, and that it was very important to consider recapitalization and streamlining the FMBN for the development of the housing sector.

He commended the FMBN for having the lowest interest rate of six per cent, and advocated for cheaper mortgage rates that would further create jobs and provide more affordable houses in Nigeria.

He said the only way the housing sector would be properly and effectively developed, and the housing deficit reduced, was with the capitalization of the FMBN and that REDAN could not do anything about it.

Wammako urged the government to understand the implications of strengthening the FMBN by recapitalizing it to facilitate the demand and supply of affordable houses in Nigeria.

Vanguard News Nigeria.

The post Wammako urges recapitalsiation of FMBN appeared first on Vanguard News.

Tyranny of God

Comments

Post a Comment

Popular posts from this blog

Keystone Bank partners NCF on tree planting campaign - Enjoy this Awesome Report

Image
Keystone Bank KEYSTONE Bank Limited has partnered with the Nigerian Conservation Foundation (NCF) on a tree planting campaign in Lagos State. The trees are expected to absorb carbon dioxide in the environment and create an ecosystem that will help to reduce pollution. The bank in a statement said the campaign was to support ongoing global efforts  to ensure sustainable cities and communities under the Sustainable Development Goal (SDG) 11 of the United Nations (UN). Speaking on the campaign in Lagos recently, Mr. Adeyemi Odusanya, an Executive Director of the bank, said some staff members of Keystone Bank recently visited the NCF office in Lagos to plant some Mahogany trees. READ ALSO: More Chinese cities shut down as virus death toll rises He said the objective was to further the operations of the bank with the Sustainable Development Goals, adding that under the arrangement, NCF will nurture the plants to maturity. Under the SDG 11 of Sustainable Cities and Communities, citie
Read more

Death toll rises to 39 after earthquake in western Turkey - Enjoy this Awesome Report

Image
At least 39 people have died after a major earthquake struck western Turkey, President Recep Tayyip Erdogan said, adding that as many as 103 survivors have been freed from collapsed buildings. A total of 885 people were hospitalized, 667 of whom have already been dismissed, Erdogan told reporters in Turkey’s third-largest city, Izmir, where a 6.6-magnitude earthquake destroyed nearly 20 buildings and triggered a sea surge. Around 3,000 tents have been set up, while student dormitories are ready to host locals who must stay away from damaged buildings, Erdogan said. The Turkish president thanked world leaders for messages of solidarity, adding that over 90 countries have shared condolences. More than 30 hours into operations, as many as 5,000 rescue workers were still searching for signs of life under the rubble of at least nine collapsed buildings in central Izmir on Saturday, the state-run broadcaster TRT showed. On top of an eight-storey Riza Bey apartment block in Bayrakli dis
Read more

2021 Hajj: Kwara Muslim Pilgrims Board begins preparations - Enjoy this Awesome Report

Image
The Kwara Muslim Pilgrims Welfare Board has said that preparations for the 2021 Hajj operation for intending pilgrims willing to travel with the board will commence on September 7. Alhaji Mohammed Tunde-Jimoh, the Executive Secretary of the board, said this in an interview with the newsmen in Ilorin recently. Tunde-Jimoh said the board had mapped out a strategy to ensure a hitch-free Hajj for intending pilgrims for the 2021 holy pilgrimage to Saudi Arabia. He said that only 100 of 1,800 intending pilgrims, who paid their Hajj fare for the aborted 2020 Hajj, had so far requested for refund. He assured that the remaining 1,700 who rejected refund would first be considered in the 2021 Hajj operation. “Intending pilgrims for 2020 Hajj, who did not collect their money had taken the right decision. “This is because Saudi Authorities may reduce the number of intending pilgrims and the board will first treat those that left their fare with us,” he said. The executive secretary of the
Read more