The House of Representatives at its plenary today Thursday March 19,2020 considered the need to investigate the activities of Federal Mortgage Bank of Nigeria.
Hon. Julius Ihonvbere who raised the motion said by virtue of section 5 of Federal Mortgage Bank of Nigeria act, it is mandated to provide long term credit to Mortgage Institutions, manage and administer National Housing Funds but it has not done much.
According to the Daily Trust Newspaper of Wednesday February 26,2020, the Federal Mortgage Bank of Nigeria has over N360bn in its coffers however, only a few out of the five million contributors have been able to access the fund for the past 28years.
The House is concerned that the Bank has delivered only twenty-eight thousand Housing units across the Country while millions are left at the mercy of landlords. Hence the pace at which the Bank is going, a large number of contributors will not be able to actualise the dream of owning a House.
Despite the large sum of contributor’s money with Federal Mortgage Bank it has failed to deliver its mandate of providing housing for Nigerians and the continuous retention of such money is corruption that must be discouraged.
The House, therefore urged the Federal Government to step in and overhaul the Bank in order to address the Housing problem.
Olalere Taiwo
For: Head of Press
Office of the Special Assistant to the President on National Assembly Matter-Reps
Thursday March 19,2020
