Bankers Seek N2tn Pension Fund To Finance Homes For Contributors

The Bankers’ Committee Thursday canvassed for the release of N2 trillion out of the N9 trillion pension fund assets, for pension contributors to own houses. 

The Managing Director of FSDH Merchant Bank, Hamda Ambah, told reporters Thursday that the decision was one of those taken at the committee’s meeting in Abuja. According to her, the contributors of the fund will use the 25 per cent, amounting to N2 trillion as equity injection, to own houses. She said: “Twenty-five per cent of N9 trillion is worth over N2 trillion and this fund can be used to stimulate demand for mortgage loans in our economy. 

“It was agreed that the central bank would talk to fellow regulators and also work with government of various states to make the whole process of land transfer and titling a lot easier so that many more people across the nation can access mortgage financing thereby stimulate demand in our economy.” 

(This Day)