Mortgage bank to get N500b recapitalisation

Federal Mortgage Bank

The Federal Mortgage Bank of Nigeria is to be recapitalised to the tune of N500 billion.

The Minister of State for Power, Works and Housing, Mustapha Baba Shehuri, who dropped the hint yesterday during the commissioning of the ministerial pilot housing scheme in Ardo-Kola Local Council of Taraba State, said the move would go a long way in repositioning the institution to adequately cater for the mortgage finance needs of Nigerian workers, whom he said, “would be beneficiaries of houses built under the housing programme of this administration.”

He noted that all projects inaugurated in the past three years were funded “ from the limited resources of the National Housing Fund.”

The minister admonished workers to contribute to the fund “so that collectively we can strive to totally resolve or at least, reduce to the barest minimum the housing deficit in Nigeria.”

He reiterated government’s resolve to tackle the housing deficit nationwide.

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