The Managing Director, Abuja Housing Show, Festus Adebayo, has called for restructuring of the Federal Mortgage Bank of Nigeria (FMBN) in enhancing its mandate. Adebayo made this known to the News Agency of Nigeria (NAN) in Abuja on Tuesday.
He also called for the recapitalisation of the bank to encourage contributors to have access to the fund. According to him, this problem of contributing money and not having access to the fund will be addressed if the bank is recapitalised.
“The Minister of Power, Works and Housing, Babatunde Fashola has started on a good note. If restructuring is what is required for FMBN to perform its mandate, then it should be done.
“In 2017 the minister, having promised us an improved mortgage system should do something about the FMBN. As at today, one year after he has taken over as the minister, the FMBN has not been given board of directors.
“The Managing Director is still acting; the position of the bank in the sector is so big that if there are no activities in the sector, there will be no money. So the Federal Government has to do something by constituting the board of FMBN and also recapitalise the bank.’’
Adebayo stressed the need for adequate funding of the bank so as to give room for efficient involvement of the housing sector.
He explained that the Federal Housing Authority (FHA) had also over the years not been able to perform its roles.
While calling for the reconstitution of the FHA Board, he said efforts should be geared toward repositioning these two agencies.
“The minister should be reminded that the FHA is also not working. The board for the FHA needs to be reconstituted so that it can also live up to its expectations.
“These are the two major parastatals that the minister has to work with to create activities. They should be repositioned before the first quarter of 2017.
“Fashola also promised in December 2016 that the FMBN would be recapitalised.
“If he recapitalises the bank, the door will be opened for those who have contributed to have access to the fund. And if your money has been deducted and tomorrow you are leaving the establishment, you apply to get all that you have contributed.’’
He further called on the minister to fulfill his promises of delivering the 40 blocks of housing in each states of the federation adding that doing this would ease the stress of owning housing in the country.
“All we are doing is to set agenda for the minister and the Federal Government on the delivering of affordable housing to the citizenry. The minister promised that he will deliver 40 blocks of housing in each state of the federation. And I think before the end of 2016, the minister reported that 27 states have so far donated lands to him for the actualisation of those 40 blocks of housing.
“Fashola also promised that he would strengthen the mortgage bank in such a way that civil servant would now have a better access to owning a home through mortgage. The minister also promised to promote local contents and standardisation of building materials to pave way for building and construction of affordable houses.”
Adebayo, however, urged the minister to live up to his work by ensuring that the promises are fulfilled.
“We want to see the 40 blocks housing unit standing, Nigerians need houses in 2017, for those lands that has been given to him, he should start converting them to buildings,’’ he said.
Adebayo canvassed for a public-private partnership that would that would pave way for real estate developers to operate in providing affordable housing to Nigerians.
