The minister of Power,Works and Housing, Babatunde Fashola has expressed delight that FMBN under the Acting Managing Director Richard Esin is already on a recovery trend after six years of loss balance sheet, hinted that FG would  inject fund into the bank .

According to the minister, the new management of the federal mortgage bank still in an acting capacity has reversed the loss balance sheet of the company and for the first time in about six years, they are returning surplus from deficit in billions. They have surplus of about 472 million as of Q3 from 3-4-5 billion negative position.

Fashola made the statement on Thursday in Abuja during an inspection tour of some housing units built by private sector initiatives.

Reacting to the statement in Abuja on Tuesday, Mr Edet Iyamba, Secretary General of Shelter Initiative, an Abuja based leading NGO on housing described the acting managing director Mr Richard Esin as a transparent and honest personality, with a sound background that can move FMBN to the next level at this period. He called on all stakeholders to rally round him for a better housing finance in Nigeria.


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