FMBN denies involvement in N40m mortgage scheme

The Federal Mortgage Bank of Nigeria has distanced itself from reports linking it to a N40 million mortgage pre-financing scheme offered by Housing Exchange Africa (HXAfrica).

In a formal disclaimer issued on Saturday, FMBN clarified that it has not entered into any formal partnership or approved any arrangement with HXAfrica for the purported mortgage initiative.

The clarification was issued by the Group Head of Corporate Communications at FMBN, Virginia Jang, who sought to correct misinformation circulating in the media regarding the scheme, which had been advertised as a collaboration with the bank.

“The management of the Federal Mortgage Bank of Nigeria wishes to disclaim reports in the media by HXAfrica (Housing Exchange Africa) on a purported N40 million mortgage pre-financing scheme, which referred to FMBN as a partner,” Jang said.
“Although HXAfrica applied for some engagement with the bank, it has not been granted any approvals, nor has the bank entered into any formal arrangement with it,” the statement added.
Jang stressed that while FMBN remains committed to supporting Nigerian citizens in the diaspora through the planned Diaspora Mortgage Scheme, any collaboration with external organisations must be properly vetted and approved.

“While the FMBN and NIDCOM remain committed to the roll-out of the Diaspora Mortgage Scheme after obtaining the necessary regulatory approvals, we will endeavour to provide official information and updates on our respective websites and social media handles to prevent the public from being misled,” she added.
The statement also highlighted that the National Diaspora Commission had issued a similar disclaimer regarding the scheme.

FMBN urged the public to be cautious of misleading information and to rely on official updates from the bank and NIDCOM.

For those interested in the official Diaspora Mortgage Scheme, FMBN and NIDCOM assured that relevant details would be shared through authorised channels once the necessary approvals are secured.