By Nkiruka Nnorom

The Managing Director/Chief Executive, Federal Mortgage Bank of Nigeria (FMBN), Mr. Gimba Ya’u Kumo, has said that the bank is looking at the possibility and process of lifting embargo on Estate Development Loan (EDL).

However, he said that consideration for lifting of the embargo should be dependent on commitment to timeliness by developers.

Kumo, who spoke when the new executive management team of Real Estate Development Association of Nigeria (REDAN) paid a courtesy visit to the bank in Abuja said this was part of the efforts of the bank to deliver quality houses that Nigerians would be proud of as the bank continues in its efforts to reduce the housing deficit.

While congratulating the association for conducting a transparent election which saw the emergence of the new management team devoid of rancour and acrimony, Kumo also acknowledged that most members of the association are committed and serious toward meeting the yearnings of Nigerians.

Speaking earlier, the new President, Mr. Ugo Chime, thanked the bank for listening to the association’s complaints and grievances on issues affecting their members in the areas of operations, saying the visit was part of efforts to build harmonious working relationship with the bank.

He seized that opportunity to commend the management of the bank for organizing sensitization workshop for its members on Estate Development Loan (EDL) and other dynamics involved in housing industry.

Also, immediate past President of REDAN, Chief Olabode Afolayan, expressed appreciation to the bank for the support it has been giving the association and solicited for the extension of same to the in-coming team.

He enjoined the new management team of the association to work with the bank in order to deliver on its mandate. Only recently, the bank embarked on an aggressive drive to recover loans from its clients in order to meet its obligations to its shareholders.

The Board of Directors of the bank while mandating the management to go all out to recover loans given through the NHF, also resolved that Primary Mortgage institutions would be included in the loan recovery exercise.

Kumo who declined to mention the amount being owed the bank, said the figure was not important but added that the management needs to recover the loans in order to enable other Nigerians benefit from the fund.

He explained that the bank would review the estate development loan window to remove observed lacuna, adding that the National Housing Scheme would be reviewed to ensure better collection of contributions from the PMIs.