Differences have emerged between the Nigerian Labour Congress (NLC) and the Federal Mortgage Bank of Nigeria concerning the management of the contributory National Housing Fund (NHF).
Established as a result of the NHF Act of 1992, this initiative mandates both public and private sector employers to make monthly deposits into the fund, aimed at facilitating affordable residential housing for Nigerians.
At the heart of the dispute lies the NLC’s discontent with how the fund is being handled.
The NLC has even gone so far as to threaten withdrawal from the contributory funds due to their dissatisfaction.
The President of the NLC, Joe Ajaero, expressed his concerns during an investigative hearing organized by a House of Representatives ad hoc committee.
Ajaero cited administrative complications in accessing the mortgage scheme as fostering corruption within the system.
However, the Group Head of the Federal Mortgage Bank of Nigeria, Mrs. Timan Elayo, countered these claims, pointing out that the FMBN had encountered a substantial number of NHF applications.
Unfortunately, due to financial limitations, the bank was unable to fulfill all these requests, leading to some being denied mortgage access.
Elayo explained, “While we strive to meet as many requests as possible within our available resources, the reality is that the number of Nigerians seeking houses exceeds the funds we can disburse.”
Chris Onyeka, the National Secretary-General of the NLC, challenged the FMBN’s assertion that Nigerian workers were successfully obtaining mortgages through the NHF.
He accused the bank of failing to provide transparent accounts of the funds to the intended beneficiaries.
Onyeka emphasized that the fund should be easily accessible to the contributors, without hindrance.
He argued, “Access to these funds seems limited to a privileged few, which is a recurring issue. We have the right to use our hard-earned money without obstacles.”
