The Federal Mortgage Bank of Nigeria (FMBN) and the Nigeria Social Insurance Trust Fund (NSITF) says it is partnering to unlock affordable housing opportunities for Nigerian workers through their statutory contributions to both institutions.
This was the outcome of the meeting between the management teams of the two agencies at the headquarters of the Federal Mortgage Bank in Abuja.
Speaking during the visit, the Managing Director/Chief Executive of FMBN, Shehu Usman Osidi, said the proposed partnership aligns with the Bank’s mandate to mobilize long-term funds for housing development and provide affordable mortgage financing to Nigerian workers through the National Housing Fund (NHF) Scheme.
Osidi noted that historically, NSITF was among the institutions originally contemplated as shareholders in the ownership structure of the Federal Mortgage Bank when it was established as Nigeria’s apex mortgage finance institution.
According to him, the arrangement was designed to ensure that Nigerian workers, whose contributions power the National Housing Fund Scheme, had institutional representation in the housing finance system.
