Federal Mortgage [/size]Bank of Nigeria [/font][/size](FMBN) has made a profit of N188,082,845 in its operations in the first quarter of this year.
[/size] This is the first time the bank is recording profit in the last 20 years.[/size]
Managing Director/Chief Executive Officer, FMBN, Mr Gimba Ya’u Kumo, disclosed this in Abuja. [/font]
[/size]He attributed the achievement to the reform strategy implemented by the new FMBN Management in line with the Transformation Agenda of President Goodluck Jonathan.
[/size]The bank’s first quarter figures for this year show a profit of N188,082,845 as against a deficit of N256,414,699 in the 2011 fiscal year. Before now, the bank had deficits of N4,419,624,000 in 2010; N8,897,871,000 in 2009; N6,559,844,000 in 2008 and N5,974,371,000 in 2007.
[/size]Kumo said the FMBN-administered National Housing Fund (NHF) scheme has been making gradual impact on Nigerians as the scheme has funded the building of more than 61,193 housing units in the six geo-political zones of the federation.
[/size]He added that the FMBN introduced the Informal Sector Co-operative Housing Scheme in December last year to ensure that the NHF Scheme accommodates more Nigerians irrespective of their economic status.
[/size]This FMBN Informal Sector Scheme is intended to integrate informal sector participants like farmers, market traders, mechanics, okada (motorcycle) riders, etc into the National Housing Fund Scheme using the co-operative societies they belong to as a means of mobilising them and making affordable housing loans available to them.
[/size]Kumo remarked that in order to ensure that NHF contributors enjoy improved services, the Bank has developed an e-platform for NHF collections to automatically deduct contributions from the payroll accounts of organisations and immediately alert their employees when such deductions hit FMBN accounts.
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TheNation