Federal Mortgage Bank of Nigeria (FMBN) has disclosed readiness to lift embargo on Estate Development Loan (EDL) subject to commitment on timeliness by developers.

Managing Director/Chief Executive, FMBN, Mr. Gimba Ya’u Kumo, stated this when the new executive members of Real Estate Development Association of Nigeria (REDAN) paid a courtesy visit to the bank in Abuja.

He said this was part of the bank’s efforts to facilitate delivery of quality houses to Nigerians and thus reduce the housing deficit.

Kumo explained that the bank would review the estate development loan window to remove observed lacuna. He added that the National Housing Scheme would be reviewed to ensure better collection of contributions from the primary mortgage banks (PMBs), noting that FMBN was reforming its operations to enforce discipline and transparency.

FBN Mortgages appoints new board

FBN Mortgages Limited, a subsidiary of First Bank of Nigeria Limited, has announced the constitution of a new Board of Directors. The mortgage company was established to provide integrated mortgage solutions to individuals and property investors, fund the development of quality residential and commercial accommodation choices as well as facilitate acquisition via a wide range of financial products.

The new board is led by its Chairman, Mr. Tunde Odunayo with Mr. Adenrele Oni as MD/CEO. Other members are Abdullahi Ibrahim, Otunba Bosede Osibogun, Olatubosun Ashiru, Titilayo Ahmadu and Dr. Umaru Kwairangfa.

In a statement, the MD/CEO said the new board will continue to build on the excellent records of its predecessors whilst remaining committed to building and developing FBN Mortgages to make it the preferred Mortgage Solutions provider. “FBN Mortgages is strategically positioned to help customers make that final critical step to owning a home in Nigeria and with the calibre and the antecedents of our board members, our dream is to create homes with superior build quality for today’s families,” he asserted.