By Dipo Olowookere
Managing Director of Federal Mortgage Bank of Nigeria (FMBN), Mr Ahmed Dangiwa, has briefly explained the process of benefiting from the Rent to Own housing scheme of the federal government of Nigeria.
Addressing State House correspondents after a closed-door meeting with the Vice President, Mr Yemi Osinbajo, in Abuja recently, Mr Dangiwa said with the new Rent to Own, Nigerians don’t need to have any equity contribution.
“You enter into the house as a tenant and over years, it becomes your own just like owner occupier basis.
“It reduces debt turnaround time; you find out that off-takers, they do not need to go through any PMB to that loan.
“You just find the estate that you want and you enter there in collaboration with your employer and then the house becomes your own.
“It has started already; we have funded estates all over the country; over 20 states of the federation which are contributors to NHF can now go and choose the house you want within those estates.
“FMB offices within those states will then profile you and then send to the head office for approval,” he said.
Also, he said during his meeting with the Vice President, the issue of getting an approval of N500 billion from the federal government for its recapitalisation was discussed.
According to him, this would enable the financial institution attract over 10 times of both local and informal investment.
“We have to seek recapitalisation because even commercial banks have recapitalized over time and N5 billion has been the share capital of the bank but only N2.5 billion has been paid.
“Even other Private Mortgage Banks have capitalized over N5 billion. With the recapitalization of N500 billion, we will attract investment both local and informal; over ten times of that investment and it is going to reposition the bank properly.”
Modupe Gbadeyanka 
Adedapo Adesanya
It is very unfortunate that our so called country can not make housing available for her workers 20years of saving and building the nation, their is almost like nothing to show for it, many programs in national housing fund, but I tried to use it,it didn’t work, they say you are entitle to 15m to buy a house, then why is it so difficult to access it, if we work for the government, we should be able to enjoy all be benefits in the job, some people are enjoying it, while, so many of us are not, please I want the leaders to look into it, I applied for a renovation loan since 4years ago and am still on it, another one is rent to own, I don’t know how to go about it, the renovation loan, in my own opinion they should stop asking for guarantors because many of our colleagues don’t understand so they don’t want to guarantor for people so please remove it, if you ask of BVM NUMBER, IPPIS NUMBER ACCOUNT NUMBER, AP NUMBER and other details but please let guarantor be removed so that we can access the loan, since we have terminal benefits and it can be used to pay for it instead of going to our colleagues, some of our colleagues can’t see their fellow colleagues getting money and the will be happy so it I better to do it on your own,so that NO colleague Will be humiliated because of guarantor when our personal details can be used, thanks for hearing me, my name is Mrs Emeseh Sophia ojoma I work with the Nigeria police education unit my number is 07066525530, I am still waiting for the renovation loan and hopefully waiting to hear from you thanks.