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Developers fault FMBN on NHF debtors’ list

Yinka Kolawole
Private real estate developers and other stakeholders in the housing development sector, under the aegis of Real Estate Developers Association of Nigeria (REDAN), have denounced the recent publications by the Federal Mortgage Bank of Nigeria (FMBN) of its purported list of bad debtors.

After a recent meeting of the association, National President of REDAN, Chief Olabode Afolayan, said that the FMBN publication did not paint a true picture of the situation, noting that, “Although there might be few cases of challenges but the fact is that majority of REDAN members have built and are building houses of which some of the houses have been occupied by the NHF contributors even when the Federal Mortgage Bank of Nigeria (FMBN) has not paid for them.

“We note the efforts and the activities of REDAN in ensuring the survival of the NHF Scheme by making themselves available for affordable housing. The activities of FMBN have constituted hindrance to Estate Developers and NHF Contributors in their quest to develop and own affordable houses in the country.”

Since the release of the publication, some developers, shocked by the development, are already compiling the list of National Housing Funds (NHF) deductions from their portfolio, noting that rather than being hounded for non-performance, it is the FMBN that should be blamed for its lack-lustre attitude in granting approval for loans.

Some of the names published by the FMBN included foremost industrialist, Chief Okoya Thomas whose company, Netconstruct Nigeria Ltd purportedly owes N454 million; Major General Magoro whose company, Modular limited is to pay N332 million; Hajia Amina Abubakar of Imani and Sons Limited that owes N249 million; Alhaji Lateef Jakande of Good Homes Estate Ltd with a debt portfolio of N219 million; Apostle Hayford Alile of Shelter Initiatives Limited owing N295 million; and Dr. Yemi Ogunbiyi of Tanus Property Dev Ltd with N198 million debt.

Others are: Chief Gabriel Karibo, whose company, Atasi-Isi Supplies and Services purportedly owes N723 million; Oludare Bello whose company CITEC International Estate Ltd is said to owe N1.7 billion, Yemi Obadeyi whose company Cambial Limited is to pay N2 billion and Ehi Musibau and Sijuades of Same Global system Ltd with a purported debt of N1.6 billion


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