The Senate Committee on Lands, Housing and Urban Development has urged shareholders to pay up their equities in order to actualise the planned recapitalisation of the Federal Mortgage Bank of Nigeria (FMBN).
A statement issued in Abuja on Tuesday by FMBN Managing Director, Mr Ahmed Dangiwa said that the Chairman of the Committee, Sen. Barnabas Gemade made the call while on an oversight visit to the bank.
He observed that the CBN had vital role to play in making the FMBN function effectively by exercising its statutory roles, especially in the areas of funding and regulation.
“There is no way FMBN can address the plethora of daunting challenges in the mortgage industry without being supported by the CBN and the Federal Government.”
“The N5billion capital base of the FMBN is abysmally low and the shareholders should hasten up by increasing the capital base to reflect current realities.”
“CBN should sanction commercial banks that defaulted in remitting 10 per cent of their loan portfolio to FMBN as investment to the development of a virile mortgage industry as required by the law.’’
Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate