Press Room

FMBN, FIRS partner on NHF scheme

The Federal Mortgage Bank of Nigeria (FMBN) has sought for partnership with the Federal Inland Revenue Service (FIRS) to get non-contributing corporate organisations to key into the National Housing Fund Scheme by accessing FIRS’s database to obtain list of corporate organisations in the country.

The Managing Director of the Bank,  Ahmed Musa Dangiwa said this when  he  paid  a courtesy call on the Management of the FIRS in Abuja.

Dangiwa said the data is required by the bank to expand its client base, boost NHF collection and increase the bank’s liquidity in order to provide long term housing finance to Nigerians.

The FMBN Managing Director  said that the partnership with the  FIRS management was part of the efforts of the bank to reach out to its customers, sensitize them on the activities of the bank and the benefits of the NHF scheme of providing decent and affordable housing to low and medium income group at soft interest rate of 6%.

The Managing Director highlighted some of the products market by the bank to include Cooperative loans, Rent-to-own, Home Renovation Loan and the National Housing Fund Loan. He said  that to enhance the affordability status of borrowers, the bank has recently reviewed downward the personal equity contribution.

Dangiwa who  lamented   the reluctance by some corporate organisations and state governments to deduct and remit 2.5% of basic salary of their workers to the bank, thus having an adverse effect on the operations of the bank and the NHF scheme. He said the bank is presently collaborating with relevant agencies of government to enforce compliance.

In his response, the Executive Chairman of Federal Inland Revenue Service, Mr. Tunde Fowler, assured FMBN Management of  readiness to partner with the bank in achieving  its mandate. He promised to allow the bank access FIRS database inorder to have list of all corporate organisations with a view to boosting the bank’s NHF collection.

Mr. Fowler also called on FMBN to offer its services to staff of FIRS to enable them own their houses.

Originally published in Daily Trust

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