Group Hails Federal Mortgage Bank Boss, Kumo



A non-governmental organization, National Scorecard Group (NSG) has scored the Managing Director of the Federal Mortgage of Nigeria (FMBN), Mr. Gimba Ya’u Kumo high in the delivery of mass housing to Nigerians.

Rising from its Quarterly Conference held in Lagos recently, the group beamed its searchlight on the housing sector and did painstaking analysis of the present government’s effort at delivering housing to the teeming populace.

This, the group noted was in “tandem with our avowed commitment as the vanguard of genuine transformation of the Nigerian Nation for the best, through periodic monitoring of events as they relate to the utilization of Payers’ money and deployment of the Nation’s wealth”.

A statement signed by the trio of the National Coordinator, Wole Badmus;  Eze Obialo, National Secretary and the Publicity Secretary, Alli Yusuf reads, “A Cursory of events in the Housing sector are pointers to the sacrosanct roles being played by the FEDERAL MORTGAGE OF NIGERIA (FMBN) aimed at consciously transforming the housing fortunes of Nigerians. Within the years under scrutiny, it was observed that the under the leadership of Mr Gimba Ya’u Kumo performed creditably well at delivering the dividends of democracy in the Housing sector.

“In the specifics, our findings revealed an excellent discharge of responsibility in the provision of affordable mortgage financing to low and medium income earners; increment in the National housing stock for mortgage-able assets; collection, management and administration of the National Housing Fund (NHF); drastic improvement in the finance for housing via high quality, low cost capital market instruments; attraction of foreign financing; and expansion of mortgage financing to the informal sector.

“The disbursement of over N39 billion which represented 46.37% of the total approved loan to over 22,246 beneficiaries is most commendable. Also, in the period under focus, a total number of 36,348 Houses had been built with the Estate Development Loans. In the same vein, the has been able to recover refund of loans from 73,676 beneficiaries which is 19.5% of contributors.

“In terms of Expansion Initiatives, the bank partnered with Shelter Afrique which recently produced an off-taker guaranteed to some private mortgage investors for a long term facility for affordable housing finance. The Bank is also discussing China Export and Credit Insurance Corporation (SINOSURE) and international commercial bank of china, SINOSURE is to provide a single digit loan facility of N6Billion to FMBN with a view to increasing the National Housing Stock and also provide affordable finance to Nigerians.

“Presently, about 50 Housing Estates are either completed or near completion in various part of the country. These Housing Estates are being financed by the FMBN. Some of these Housing Estates are: The Trademore Mega City  Estate, Lugbe, Abuja which comprises of 1,500 Housing units; the Ehimiri Housing Estate, Umuahia, Abia State; the Adasolid Property Limited , Yola, Adamawa state; the 198 Housing units “Life Partners Property and Development Company Estate at Omu-Osoko, Ofada, Ogun State; the 400units Afrostuff Sas Nigeria Ltd Estate, Ondo; the Suntrust Estate, Dutse Apo district, Abuja; the Ebonyi State Housing Development Corporation Estate, Abakaliki, Ebonyi State; the Tola Tos Construction Nig Ltd, Odonla Elewa Bola Estate, Ibadan (216 units), the Delrot Nig Ltd, Kulende-Sobi Rd.,   Ilorin; the 200units Shedrapus Co. Nig. Ltd, Asaba, Delta State; the 144 Housing units. Shungrilla Estate Ltd, Wumba District, Abuja etc.  The GOODLUCK JONATHAN Legacy Model Housing Estate is 1000units of Staff Housing Estate at Kagini, . The Housing Estate is aimed at being a model project for estate development in Nigeria.

“It is also heart-warming that after years of wrangling about the actual level of indebtedness, the Federal Mortgage Bank under the leadership of Mr. Gimba has covered some grounds by recovering half of the amount given to developers as loans for the development of low income houses. The Management recovered about N5.7B out of N11.24B non-performing loans it granted real estate development companies from the National Housing Fund under the Estate Development Loan Scheme.

“This recovery has been timely and most gladdening considering the fact that the FMBN is cardinal to the implementation of the social housing policy of the federal government. It is equally a major boost to the anti-corruption crusade in the housing sector. This coupled with the transparent and regular dissemination of transactions within the banks has put the bank at the front burner of probity and accountability in the public sector.

“It is in view of the aforementioned and other sterling qualities that bother on good leadership skills that the NATIONAL SCORECARD GROUP considered Mr. Gimba Ya’u Kumo worthy of the conferment of the ‘OUTSTANDING ACHIEVERS AWARD ‘in the public sector. The itinerary and details of the award ceremony will be made public in due course,” the group announced.



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