FG Inaugurates FHA, FMBN Boards


* N20.237bn disbursed under NHF mortgages since 2015
Ndubuisi Francis in Abuja

The Minister of Power, Works and Housing, Mr. Babatunde Fashola inaugurated the governing boards of the Federal Housing Authority (FHA) and the Federal Mortgage Bank of Nigeria (FMBN) with a charge to actualise the nation’s housing delivery drive.

Fashola also disclosed that
since May 2015 to date, FMBN issued 2,724 mortgages worth N20.237 billion to assist Nigerians buy their own homes; under the National Housing Fund (NHF).

Inaugurating the 13-member NHA and eight-member FMBN Boards respectively, the minister since the FHA and FMBN were set up, they have experienced their fair share of challenges, while they have also become well-known brands within the country.

“This is now your responsibility to reposition these brands and utilize them, by providing the guidance for the managing directors and management teams of FHA and FMBN to enable them deliver service to Nigerians.

“For the avoidance of doubt, let me state that the policy of government is to deliver affordable housing, acceptable to Nigerians and these agencies, whose brands you will now administer are the implementing arms of government for: a) Housing delivery (FHA) and b) Housing Financing (FMBN),” he said.

The minister stated that the managing directors and their management teams have the executive responsibility for carrying these out, subject to board oversight, approvals and advice, while the ministry plays a supervisory role.

The new FHA Board is chaired by Senator Lawal Shuaibu while that of FMBN is chaired by Mr. Adewale Adeeyo.

While assuring that his ministry will not interfere in the affairs of the FMBN and NHA in the discharge of their functions, he told the members of the new governing councils that they will individually and collectively be the conscience of these agencies for implementing the policies of government, with respect to public housing and mortgage financing in Nigeria.

“Some of the programmes and projects of these Agencies will come to you for approvals, and it will be your duty to decide whether to approve or not.

,’In doing so, you will have to decide whether the proposals are consistent with Law, whether they advance public good, whether they will bring the greatest good to the greatest number of people.

‘As you undertake this responsibility, please permit me to remind you that it is men and women who build institutions and not the other way around.

“Therefore, good institutions are the aggregate of good deeds of good men and women, while unsalutary institutions similarly represent the aggregate of the unsalutary deeds of men and women who, perhaps, were never worthy of the responsibility they were entrusted with,” he said.

Responding on behalf of the two boards, the Chairman of the NHA Board promised to deliver on government’s manifesto of providing affordable housing to Nigerians.