FMBN Engages PenCom to Expand Access to Mortgage for Workers

2018-08-23 00:00:00.0

This Day 23 August 2018

FMBN Engages PenCom to Expand Access to Mortgage for Workers.

Nigerian workers who are contributors to the national contributory pension scheme may soon be able to use part of their contribution to pay for equity contribution in the National Housing Scheme (NHS), the Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Mr. Ahmed Musa Dangiwa, has disclosed. Dangiwa, stated this in his presentation as a guest speaker at the recent 2018 edition of the annual ‘Archibuilt’ conference and exhibition organised by the Nigerian Institute of Architect (NIA) in Abuja. He explained the FMBN discovered it was difficult for most Nigerian workers to come up with equity contributions whenever they filed for housing mortgage with it and has in this regard began consultations with the Pension Commission (PenCom) on possibilities of allowing contributors to the pension scheme use parts of their pension to pay for mortgage equity. As at June 2018, the PenCom indicated the contributory pension fund had hit N8.23 trillion. Dangiwa, however identified the lack of access to finance amongst applicants for the NHS as one of the major challenges.


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