Finance

FMBN explains reasons for inconsistencies in NHF accounts for subscribers


The Federal Mortgage Bank of Nigeria (FMBN) has explained the reasons for the inconsistencies in the accounts of the National Housing Fund (NHF) for workers or subscribers to the funds.

The foremost mortgage institution attributed that to delays in the payment schedules by ministries and agencies.

According to NAN, this was made known by the Group Corporate Communications of FMBN, Mr. Isa K-Sauri, during an interview on Friday in Abuja.

Sauri said some federal agencies released the payment schedule of their staff late, which made it difficult for the bank to collate reports and send out alerts as at when due.

He said that the non-updating of subscribers’ bio-data poses a challenge to the bank as change of emails, phone numbers, and other crucial information needed to make comprehensive records are usually missing.

What the FMBN Spokesman is saying 

Sauri said, “The agencies submit these schedules late. The bank cannot release what it does not have; when we finally release it, it comes as if it is backdated, which is no fault of the bank but the NHF units of these agencies”. 

“So, we appeal to the agencies to roll out and release the schedules of their staff who are subscribers of NHF on time so that the bank can do their bit. 

“Also, the non-updating of subscribers’ bio-data poses a challenge to the bank as changes of email, phone numbers, and other crucial information needed to make comprehensive records are usually missing.”

A source who wished to remain anonymous said that the backlog of subscribers’ information that was being transferred from the analog files to the digital system was another contributory factor.

The source, however, assured that all issues that relate to discrepancies in the accounts of subscribers would soon be resolved, as the bank was not leaving anything to chance at satisfying the customers.

It also emerged that many of the NHF subscribers’ accounts were not accurate and did not reflect the amounts expected in them.

What you should know 

The NHF is a scheme created by the Federal Government for Nigerian workers to help them access flexible financing to get their own homes.

The aims and objectives include; 

  • Mobilization of funds for the provision of affordable residential houses for Nigerians.
  • Commercial and Merchant Banks to invest 10% of their loans and advances portfolio.
  • Insurance Companies are mandated to invest 20% of non-life and 40% of life funds in the housing sector, with 50% directly in the funds.
  • Providing financial contributions to the Federal Government.



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