Managing Director, FMBN, Ahmed DangiwaThe Federal Mortgage Bank of Nigeria (FMBN) has blamed banks and insurance companies for non-compliance with provisions of the National Housing Fund (NHF) Act since its inception.
The FMBN Managing Director, Mr Ahmed Dangiwa spoke on Tuesday in Abuja at a public hearing on “A Motion on the Need to Ensure Full Compliance with the NHF Act for effective housing delivery in Nigeria’’.
The public hearing was organised by the House of Representatives Committee on Housing, held at the National Assembly.
The News Agency of Nigeria (NAN) reports that the NHF is a pool which mobilises long-term funds from Nigerian workers, banks, insurance companies and Federal Government to advance loans at a single digit interest rate to its contributors.
The NHF was established by Decree No. 3 of 1992 (Now NHF Act Cap N45, LFN 2004).
Presenting a memorandum on the motion, Dangiwa stated that banks and insurance companies in Nigeria were required to be investing in the NHF scheme, but unfortunately they defaulted.
NHF Act: FMBN blames banks, insurance companies for non -compliance
