Friday, October 30, 2020

Federal Housing Authority accuses Banks and Insurance Firms of investing poorly in housing

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The Federal Mortgage Bank of Nigeria says banks and insurance companies have failed to make the required investment in the National Housing Fund scheme since the enactment of the Act.

Managing Director of FMBN, Ahmed Dangiwa, said this while playing host to the Senate Committee on Housing which visited the bank in Abuja as part of its oversight function on ministries, departments and agencies of government.

Dangiwa told his guests that the potential of the investment by banks and insurance firms in the fund was significant to addressing housing needs across the country.

He said in 2016 alone, Deposit Money Banks had a combined loan of N15tn, which would have attracted not less than 50 per cent of N1.5tn investment in the NHF schemes as 10 per cent of the banks’ loan portfolio.