The Federal Mortgage Bank of Nigeria (FMBN) in 2021 recorded NHF refund payments totaling N11.027Billion to 53,972 retired contributors to the National Housing Fund (NHF) Scheme.
The remarkable increase in NHF refunds in 2021 reflects a four-year trajectory of steady improvements in the speed of processing NHF refund applications under the current FMBN Executive Management Team.
It also shows the departure from the perennial problem of lengthy delays in processing refunds to retired workers.
Between April 2017 and December 2021, FMBN made refunds totaling N39.5Billion to 247,521 NHF retirees.
The amount represents a 365 percent increase from N10.836Billion to 132,605 persons recorded by previous managements between 1992 – April 2017 to N50.417billion as of December 2021.
FMBN’s record in NHF refunds in the last four years exceeds that of 25 years spanning 1992 – to April 2017.
FMBN has improved the speed of processing NHF applications by decentralizing refunds processing from the Head office to the FMBN state branch offices enabling them to process and send qualified applications to the Head office for payment. This has led to a significant improvement in turnaround time.