By Nnamdi Ojiego New President of the Real Estate Developers Association of Nigeria (REDAN), Dr. Aliyu Wammako, has made a call for the urgent recapitalization and streamlining of the Federal Mortgage Bank of Nigeria (FMBN). Wammako made the call at his investiture as the 4th President of REDAN in Abuja. The new REDAN boss stated that the FMBN had a low capital in the area of five billion naira with other institutions pegging about eight billion according to the Central Bank of Nigeria’s indices. He added that its inadequacy makes the provision of more homes a herculean task for real estate developers. ALSO READ: FMBN needs 500bn recapitalisation to provide affordable houses — Umar Abdullahi He advised the Federal Government to look into the challenges of housing development and the underlying responsibilities of the FMBN in providing affordable houses for Nigerians Wammako said Real Estate development contributed to about 6.4 per cent of the Gross Domestic Product (GDP) of