Home Banking FMBN disburses n14.7bn loan to beneficiaries

FMBN disburses n14.7bn loan to beneficiaries


The Federal Mortgage Bank of Nigeria (FMBN) on Monday indicated that it had disbursed N14.7 billion to 17,062 beneficiaries in the last two years under various loan windows.

Giving this hint during the presentation of cheques to staff members of the Federal Medical Centre, Birnin-Kebbi, who benefited from the Home Renovation Loan (HRL) scheme, the bank’s Executive Director, Business Development and Portfolio Management, Umar Abdullahi, said that the loans were specifically provided to beneficiaries to renovate their houses.

According to him, the loans afforded thousands of contributors to the National Housing Fund the opportunity to access the HRL up to N1 million per applicant repayable within five years at six percent interest.

He explained: “The FMBN has approved and disbursed the sum of N123,914,000 to 157 staff beneficiaries of the FMC, Birnin-Kebbi. It may also interest you to note that the sum of N19m was earlier disbursed by the bank to 19 staff members of the Kebbi State University of Science and Technology, Aliero.

“It may also interest you to note that the total sum of N14.7bn has so far been disbursed within the last two years by the bank to 17,063 beneficiaries across the country under this loan window”, Abubakar added

He appealed to the Kebbi State Government to ensure the immediate return of the state’s civil servants to the NHF scheme to enable them benefit from the FMBN loan facility.

In his remarks, Kebbi State Governor, Abubakar Bagudu, represented by the Permanent Secretary, Ministry of Establishment, Dr Mohammed Kende, assured the bank that the state government would key-in into the housing loan scheme and ensure judicious utilisation of the loans for the benefits of the people.

Commenting on the FMBN’s intervention in the FMC Birnin-Kebbi, the Chief Medical Director, Dr Ibrahim Abdullahi, described the facility provided by the FMBN as a long-term initiative that employees of the hospital would continue to thank the bank for a long time.