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FMBN Promises Mortgage Sector Reforms

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15 years ago

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The Federal Mortgage Bank of Nigeria (FMBN) will unfold reforms aimed at boosting housing delivery in Nigeria.

The Managing Director and Chief Executive Officer of the bank, Mr. Gimba Ya’u Kumo, who disclosed this during a meeting with national executive council of Mortgage Banking Association of Nigeria (MBAN), said that the bank’s management was working on increasing the share capital of the bank to between N50 billion and N100 billion for a start.

A new capital base will place the FMBN in a better position to refinance mortgages, as it cannot meet the larger part of demands for mortgage loans from its various stakeholders at the moment.

Kumo said that a number of mortgage sector bills were receiving attention at the National Assembly, and those bills, when passed, would facilitate access to land and the general process of housing delivery.

Elaborating on the bills, Mr. Newman Ordia, FMBN executive director, Policy and Strategy/Loans Set-Up and Pay Off, said that the issue of Land Use Act had been adequately addressed in the bills, and it was expected that the lawmakers would act on the bills soon.

The Managing Director promised MBAN that the problems associated with the Land Use Act would be addressed, as indeed the Land Use Act was the most daunting challenge facing the mortgage industry.

He assured that PMIs would get mortgage loans within the ambit of the law. He also pledged to place NHF funds in PMIs, as the institutions were indeed the legs of mortgage delivery in Nigeria.

Kumo said that FMBN regarded MBAN as key partners in housing delivery, and promised that his management would work closely with the PMIs to usher in a new era in housing delivery in Nigeria.

He enjoined the morgage sector stakeholders to give the FMBN some time, noting that in the next six months, they would notice a lot of improvements in housing delivery in Nigeria.

The FMBN boss implored all PMIs and Real Estate Developers that took loans from the FMBN for construction of houses to always acknowledge in their advertisements that the FMBN financed their housing projects. He remarked that this was necessary because a lot had been achieved in housing delivery by the FMBN in the past, but members of the public were largely not aware of this.

He announced that the erstwhile technical committee involving the FMBN, MBAN and Real Estate Developers Association of Nigeria (REDAN) would be reconstituted and revived to harmonise issues that would take housing delivery to a new height. He assured that the recommendations of the committee would form the basis for a policy committee to work out new policies for the mortgage sector stakeholders.

Mr. Mike Nwogbo, FMBN executive director, Organisation Resourcing, added that the FMBN website was upgraded to serve contributors to the NHF and other stakeholders better.

Earlier, the Mortgage Banking Association of  Nigeria (MBAN) had advocated some far reaching reforms in the mortgage industry in order to enable players in the industry deliver more houses to Nigerians.

The association led by its President, Mr. Abimbola Olayinka, implored the FMBN to push for the removal of the Land Use Act from the 1999 Constitution. He argued that the removal of the Act from the Constitution would pave way for its quick amendment, which is urgently needed in the mortgage industry.   

The Land Use Act has been roundly criticized as a major hindrance to housing delivery in Nigeria, as the Act makes access to land a daunting, if not an impossible, task for most Nigerians.

Olayinka equally urged the FMBN to place National Housing Fund (NHF) money as deposits in Primary Mortgage Institutions (PMIs) rather than just in commercial banks. The MBAN president as well prayed the FMBN to allow PMIs to collect NHF from employers of labour, remarking that such a gesture would help in marketing of the NHF and boost collection of the fund.

He called for the recapitalisation of  FMBN to create more depth in the mortgage industry and improve housing delivery in the country. Olayinka argued that lack of depth was responsible for why the FMBN could not meet all the mortgage loan requests before it. The MBAN president said that the bank needed to recapitalise in order to be in a position to finance mortgages brought to it by PMIs.

Olayinka said that the FMBN also needed to update its website to enable NHF contributors have their records online.

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Association Woos Govt, Coys On  Boat Operators  Employments

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6 days ago

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June 12, 2026

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The leadership of Bonny Maritime Boat Association has called on Rivers state Government and oil companies operating in the state to provide sustainable employment to unemployed boat Operators.
The Association also want the government, companies and other relevant employers of labour to provide trainings for boat Operators to enhance their skills
Safety Officer of the Association, Comrade Kingdom Kingsley made this known in  a  telephone interview with  The Tide.
He noted that most of the boat Operators and owners plying Bonny route lacks jobs due to the fleets of boats introduced by Bonny Road Transport that had taken over the passengers to the Island
He noted that passengers are no longer patronizing boats owned by the Association, thereby rendering the operators redundant
“Most of our operators can not afford to feed their families due to no jobs, we don’t want to indulge in crime, government should fix our members with  sustainable jobs to take care of their immediate needs”
He called on oil companies operating in the state to engage their skilled boat Operators in their companies to reduce the sufferings faced by the Association.
The Safety Officer called on the state government  to made funds available to unemployed youths in the state to start up business than roam the streets.
He noted that provision of funds to youths would reduce crime rates and reposition their mindsets for a better life
“The  youths of Rivers state are suffering, have no job to feed their families, thereby indulging in criminality daily”
“The youths need empowerment,  jobs,  recreational facilities and better things of life as citizens of this Nation”, Kingsley said.
CHINEDU WOSU
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FG Approves $1 Bn AFCFTA Credit Facility For Nigerian Exporters

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6 days ago

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June 12, 2026

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The Federal Government has approved a whooping $1bn credit facility to support Nigerian exporters and small scale businesses to take advantage of the African Continental Free Trade Area (AfCFTA) in order to boost production, competitiveness and intra-African trade.
The $1bn AfCFTA Adjustment Fund Credit Facility is also expected to address some of the financing gap being faced by Nigerian exporters and enhance the competitiveness of African businesses within the continental market.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this  during the second quarter 2026 meeting of the AfCFTA Central Coordination Committee held in Abuja.
According to a statement issued by the ministry’s Head of Press and Public Relations, Obilor-Duru Okechi, Oduwole said the financing facility represented a major opportunity for Nigerian businesses seeking to expand operations, modernise production processes and increase exports to African markets.
The statement partly read, “?The Federal Government has reaffirmed its commitment to accelerating Nigeria’s export-led growth agenda under the African Continental Free Trade Area, unveiling opportunities for businesses to access a US$1 billion AfCFTA Adjustment Fund Credit Facility aimed at boosting production, competitiveness, and intra-African trade.”
She noted that despite the progress Nigeria had made in implementing the continental trade agreement, many local businesses continued to face obstacles that limited their ability to take advantage of the single African market.
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“Many businesses still face challenges relating to export documentation, certification, standards compliance and market access,” the minister said.
She explained that the Federal Government was addressing these bottlenecks through enhanced trade facilitation measures, simplified AfCFTA guidance tools, stakeholder engagement programmes and stronger collaboration with institutions such as the Nigeria Customs Service and the Nigerian Export Promotion Council.
Oduwole stressed the need to strengthen Nigeria’s legal and regulatory framework by domesticating key AfCFTA protocols, particularly the Digital Trade Protocol, to position the country as a major player in Africa’s growing digital economy.
The minister also highlighted some of the gains recorded in Nigeria’s AfCFTA implementation efforts.
According to her, the expansion of Nigeria’s Air Cargo Corridor Initiative to Rwanda, increased collaboration with development partners and private sector players, as well as sustained engagement with state governments, were helping to deepen awareness and participation in the continental market.
In her welcome address and first-quarter update, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Mrs Patience Okala, provided details of the financing initiative.
Okala said the $1bn AfCFTA Adjustment Fund Credit Facility was targeted at large African businesses with a minimum financing capacity of $10m.
She revealed that the National AfCFTA Coordination Office was working closely with fund managers to facilitate access for eligible Nigerian companies and had begun assembling a pilot group of businesses to ensure that Nigeria maximised the opportunities provided by the facility.
Nkpemenyie Mcdominic, Lagos
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NIWA Harps On  Avoidance Of Leaking Boats

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6 days ago

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June 12, 2026

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The National Inland Waterways Authority (NIWA) has advised Nigerians against boarding boats that require constant bailing of water in the interest of their safety.
 NIWA Area Manager for Cross River and Ebonyi, Mr Stanley Onuoha gave this warning in an interview with Newsmen in Calabar.
Onuoha who spoke on waterway
safety, said that passengers should take responsibility for their safety by inspecting boats before embarking on any journey.
According to him, repeated scooping of water from a boat is a clear indication that the vessel may be leaking.
“If you are entering a boat and see people using a bailer to remove water, it is the first signal that the boat is leaking,” he said.
He urged passengers to check the integrity of boats, including seating arrangements and other visible safety features.
The Manager restated the importance of using safety jackets, saying that damaged jackets may fail during emergencies.
He further said that passengers should ensure that safety jackets were appropriate for their body sizes in order to guarantee effective flotation.
 Onuoha reiterated the need for passengers to fill manifests before departure to aid accountability during emergencies.
The NIWA official further advised travellers to monitor weather conditions and avoid boarding boats when the weather is unfavourable.
According to him, poor weather conditions can trigger strong tidal waves capable of affecting small boats commonly used on inland waterways.
He said that waterway journeys should be embarked upon between 6.00a.m and 6.00p.m for clearer visibility.
Onuoha said  the Authority had continued to sensitise riverine communities to the need for safety precautions during waterway journeys.
He stated that sustained awareness campaigns and enforcement measures had contributed to safety waterway safety in Cross River.
CHINEDU WOSU
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