Mr Gimba Kumo, the Managing Director of Federal Mortgage Bank of Nigeria, (FMBN) has said that the bank will soon undergo reforms to enable it realise its primary aim.
Kumo was speaking on Thursday in Abuja, while answering questions from newsmen at the Housing Finance Roundtable organised by the Ministry of Lands, Housing and Urban Development and the Ministry of Finance.
He explained that the bank had not started its primary duties, as most primary mortgage institutions were undercapitalised
The News Agency of Nigeria (NAN) reports that one of the aims of the bank is to supply the mortgage markets with sustainable cash for the advancement of home ownership by Nigerians.
The managing director said the bank was yet to receive the N200 billion from the Federal Government for its re-capitalisation.?
He said that the high interest rate and non-accessibility of loans would soon be a thing of the past when the money was made available to the bank.
Kumo also said the long processes customers underwent to access loans would be cut down.
He said that “a loan that could be accessible in six months took six years to access'', adding that issues of high mortgage interest rates would be also addressed.
On allegations by contributors that funds were being transferred to personal businesses, the managing director said that refunds were made to contributors and records kept.
He said that the bank would welcome and investigate any reported cases of such illegal transactions.
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