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AN EVALUATION OF LENDING POLICY OF FEDERAL MORTGAGE BANK OF NIGERIA
ABSTRACT
The Federal Mortgage Bank of Nigeria (FMBN) is the first operator in the Nigeria’s formal institutional mortgage lending sector. The Bank has a history of retail and wholesale activities in the country’s mortgage industry; however, its performance was insignificant until the housing reforms of 2002. This paper evaluates the housing financing performance of the Bank in the post reform era. Data on fund mobilization, loan disbursement and housing production index are employed for the study. Findings revealed that between 2002 to 2005, the Bank was able to mobilized N18.164 billion compared to the pre-reform period (1992-2002) figure of N10.359 billion, representing a growth of 75%. Between 2006 to 2009, the Bank recorded more collection amounting to N41.963 billion. Within the period, the Bank granted loan valued at N3.628 billion to 3,915 National Housing Fund contributors to either build or renovate their houses. This is against the value of N1.327 billion disbursed to 2,347 in the pre-reform period. Between 2005 to 2008, the Bank through its concessionary lending window granted a loan of N10.743billion to 44 estate developers who have constructed more than 7106 housing units. This is a significant improvement on the pre-reform approved estate loan value at N406.500million, which achieved only 545 housing units. It was also discovered that as at 2009, 25 private developers owed the Bank varying sums of loan aggregating to N10.963billion. This has caused a great hindrance to the Banks’ operation. The study concluded that the FMBN has appreciably improved in terms of fund mobilization and loan disbursement, which has increased housing production quantitatively in Nigeria.
TABLE OF CONTENT
Title page- – – – – – – – – i
Approval page – – – – – – – -ii
Dedication – – – – – – – – -iii
Acknowledgement – – – – – – – -iv
Abstract – – – – – – – – – -v
Table of content – – – – – – – -vi
CHAPTER ONE
INTRODUCTION – – – – – – – -1
1.0 Background of the study – – – – -1
1.1 Statement of the problem – – – – -5
1.2 Purpose of the study – – – – – -6
1.3 Significance of the study – – – – -8
1.4 Research questions – – – – – -9
1.5 Scope of the study – – – – – – -10
CHAPTER TWO
LITERATURE REVIEW – – – – – – -11
CHAPTER THREE
Research methodology – – – – – – -39
Design of study – – – – – – – -40
CHAPTER FOUR
Presentation, analysis and interpretation of data – -48
CHAPTER FIVE
Summary of findings – – – – – – -60
Conclusion – – – – – – – – -61
Recommendations – – – – – – – -62
Suggestions for further research – – – – -64
References – – – – – – – – -65
Appendix I – – – – — – – – -68
Questionnaire. – – – – – – – -69
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