FMBN PAYS N10.315billion TO 50,572 RETIRED NHF CONTRIBUTORS IN 10 MONTHS

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• Records N38.8billion NHF Refunds to 244,121 retirees in four years

The Federal Mortgage Bank of Nigeria (FMBN) has successfully processed refund payments totaling N10.315billion to 50,572 contributors to the National Housing Fund (NHF) Scheme between January to October 2021.

“The quantum of NHF refunds within this period results from the business process reforms that we introduced to eliminate delays. They reflect FMBN Management’s resolve and commitment to the speedy processing of applications from retired workers.” Arc. Ahmed Musa Dangiwa, FMBN MD/CEO

Over the past four years alone, FMBN has processed 244,121 NHF refund applications to retired workers totaling N38.8billion. This figure is more than thrice the N10.8bbillion in NHF refunds that FMBN recorded from 1992 to April 2017 – a 25-year period.

Contribution to the National Housing Fund (NHF) Scheme offers Nigerians a path to accessing FMBN’s affordable housing products through the monthly payment of 2.5% of their monthly income. Upon retirement, FMBN refunds contributions at a 2% interest rate.

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