By Angela Atabo,Abuja
Gov. Abdullahi Sule of Nasarawa State has called for a diversified funding model to drive the proposed N750 billion recapitalisation of the Federal Mortgage Bank of Nigeria (FMBN)
Sule made the call when he paid a courtesy visit to the management of the Federal Mortgage Bank of Nigeria (FMBN), led by its Managing Director, Shehu Osidi, on Tuesday in Abuja.
- Advertisement -
The News Agency of Nigeria (NAN) reports that FMBN is pursuing a N750 billion recapitalisation to expand housing finance and address Nigeria’s housing deficit because its current capital of about N2.56 billion is inadequate for its market mandate.
The governor emphasised that the initiative to recapitalise should attract private and institutional investors in addition to Federal Government’s support.
He explained that relying solely on government funding would limit the bank’s capacity to meet Nigeria’s growing housing finance needs.
He added that the private sector has the resources and appetite to invest if transparency and good governance were guaranteed.
“If we want to achieve this goal, we need to go outside the Federal Government. I come from the private sector, and I believe even if you are not going into the market, you can do some private placements.
“There are a lot of people who have resources in Nigeria that will be interested if they know their resources will be well managed; the people will be interested in investing in such a project.
“We also have a lot of institutions in Nigeria that have a lot of money that is resting. If you go to Pencom, you will see a lot of money actually that is sitting there.
“This is an opportunity that can attract some of those funding. So, it is not necessarily just federal government giving resources to federal mortgage bank.”
According to the governor, recapitalising the FMBN should be viewed as a national investment opportunity rather than a responsibility of the Federal Government alone.
On Nasarawa State’s housing programme, Sule said his administration had laid the foundation for sustainable urban development through the establishment of the Nasarawa Geographic Information Service (NAGIS).
According to him, NAGIS has completed the comprehensive mapping of the state to identify suitable locations for residential and commercial expansion.
He explained that the mapping exercise has enabled the government to plan infrastructure ahead of housing development, making investment in the sector more attractive.
The governor said the state was already partnering with private developers on several large-scale housing projects, including the Peninsula Housing Estate in Masaka, where thousands of housing units are under construction.
He added that the Technology Village in the Mararaba axis was another flagship development designed to integrate renewable energy through solar-powered infrastructure.
Sule added that the state, in collaboration with the Federal Mortgage Bank of Nigeria, was expanding affordable housing projects for low-income earners in Lafia, Akwanga, Keffi, Toto and other communities across the state.
He said the developments were intended to address the nation’s housing deficit while responding to rising demand created by increasing investments and Nasarawa State’s strategic location bordering the Federal Capital Territory.
In his remarks, FMBN Managing Director and Chief Executive, Shehu Osidi, praised the Nasarawa State Government for what he described as exemplary support for affordable housing delivery.
Osidi said Nasarawa was among the bank’s most reliable partners, recalling that Gov. Sule was the first governor in Nigeria to allocate land for the Federal Government’s Renewed Hope Housing Programme.
The FMBN Chief urged other state governments to adopt similar measures to unlock housing investments and improve access to affordable homes across the country.
He thanked the governor for the state’s continued partnership with the bank, expressing optimism that the collaboration would deepen homeownership opportunities for Nigerians.(NAN)
