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Press Release on 22 July, 2018

*219 launch event

Alhaji Aliko Dangote GCON and Alhaji Abdul Samad Isyaku Rabiu CON, Chairmen & CEOs of Dangote and BUA Groups of Companies respectively have expressed strong willingness to partner the Federal Mortgage Bank of Nigeria (FMBN) towards boosting affordable social housing delivery for Nigerians.

Dangote, who ranks as Africa’s richest business magnate and investor and Isyaku Rabiu, a leading Nigerian businessman with vast investments in manufacturing, infrastructure and agriculture are Africa’s two largest producers of cement, a critical input in the housing construction industry.

They extended the hand of partnership to FMBN during a joint courtesy call on the bank’s Board of Directors last week Friday.
The Chairman & CEO, Dangote Group commended FMBN for the renewed aggressive drive to provide affordable housing for Nigerians. He lent his support to the proposed N500billion recapitalization of the bank stating that it is a much needed development that will help power FMBN’s efforts to more effectively discharge its mandate.

Additionally, he said that his company is ready to collaborate with FMBN towards lowering the housing deficit by increasing the tempo and scale of social housing provision across the country.

In his words: “Count me as a friend of FMBN. We are open to collaborating and supporting the good work that your bank is doing towards ensuring the provision of affordable housing to medium and low income earners in Nigeria”.

Considering the urgent need to close the massive housing deficit currently put at over 17million units, Dangote advised FMBN to consider adopting mass housing models that have worked in other countries such as Ethiopia.

In the same vein, the Chairman, BUA Group of Companies, Abdul Samad Isyaku Rabiu also said that he is committed to a close partnership with FMBN.

In his words: “I am committed to forging a partnership that will add value to FMBN’s work and I look forward to further engagements in this regard”.

In his response, the FMBN Board Chairman, Dr. Adewale Adeeyo on behalf of the Board and Management thanked and applauded the two distinguished business moguls for their visit and good intentions to partner with FMBN. He said that FMBN will work closely with them towards the consolidation and implementation of the partnerships.