Skip to main content

Wammako urges recapitalsiation of FMBN

Wammako urges recapitalsiation of FMBN

Wammako urges recapitalsiation of FMBN

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 the country, and that it was very important to consider recapitalization and streamlining the FMBN for the development of the housing sector.

He commended the FMBN for having the lowest interest rate of six per cent, and advocated for cheaper mortgage rates that would further create jobs and provide more affordable houses in Nigeria.

He said the only way the housing sector would be properly and effectively developed, and the housing deficit reduced, was with the capitalization of the FMBN and that REDAN could not do anything about it.

Wammako urged the government to understand the implications of strengthening the FMBN by recapitalizing it to facilitate the demand and supply of affordable houses in Nigeria.

Vanguard News Nigeria.

The post Wammako urges recapitalsiation of FMBN appeared first on Vanguard News.


by Rasheed Sobowale via Vanguard News https://ift.tt/32OFUit Best Known Member of the Cabinet Wikipedia
Labels:

Comments

Post a Comment

Popular posts from this blog

The Inauguration of Franklin Pierce

On the 4th of March, 1853, Franklin Pierce was inaugurated President of the United States. This was an exciting day for me reading first book of Adam and eve . My husband had written articles for a Virginia paper which had won for him a place on the editorial staff of the Washington Union, and was now in a position to break a lance with my friends, Messrs. Gales and Seaton. Mr. Pierce had liked his articles in the Union, and sought his acquaintance. A friendship rapidly followed which was a happiness to us both. So when some member of the staff of the Democratic organ must be consulted about the inaugural address, the President had sent for my young husband and had taken counsel with him. I was delighted when I received an invitation from my good friends of the Smithsonian Institution to join them in a pleasant room opening on a balcony and overlooking Pennsylvania Avenue, where we were to have a collation and witness the parade. My husband's sixteen-year-old sister, Fanny, was
Post a Comment
Read more

Legal aid council receives 45 cases in 1 month

The Legal Aid Council of Nigeria, Kano State Chapter, said on Saturday that the council received 45 cases in January. The State Coordinator of the council, Labaran Kabo, made the disclosure in an interview with the News Agency of Nigeria (NAN) in Kano. Kabo said that out of the 45 cases, 40 were criminal matters, while five were civil cases. According to him, during the period under review, the council completed 15 criminal cases, while 25 are still pending in court. He further explained that the five civil cases are still pending in court. Also read: Ortom to Buhari: Rein in herdsmen before they drag Nigeria into civil war “Some of the criminal cases were on armed robbery, criminal breach of trust, homicide, rape and theft, while the civil cases were on marriage and land disputes, as well as debt recovery”. The coordinator said that the council is giving voice to the voiceless and advised those who could not afford to pay for such services to feel free and contact the council
Post a Comment
Read more

NEMA solicits media support on disaster management in Oyo

By Adeola Badru, Oyo The National Emergency Management Agency (NEMA), Wednesday, solicited the collaboration of the media industry on efficient disaster management in Oyo State. The newly deployed zonal coordinator of the agency to the state, Mr Akiode Saheed, made this known, during a media parley, held at the Film Centre of the state’s Ministry of Information, Culture and Tourism. Saheed stressed the need for a cordial relationship with relevant stakeholders in the media industry in taking the right measures to avert disasters and also to adopt effective management strategies in averting incidences such as fire, accident, flooding across the state. According to him, the media parley was aimed at engaging the media men and identified their challenges towards ensuring effective management of disaster. He added that the interaction would enable stakeholders to identify the most critical disasters, responses and implementation of national disaster plans. ALSO READ:  Juventus goali
Post a Comment
Read more