By Daniel Edu
The Nigerian Labour Congress (NLC) and the Federal Mortgage Bank of Nigeria (FMBN) are engaged in a dispute concerning the management of the contributory National Housing Fund (NHF), amounting to N238 billion.
The NHF was established as a result of the NHF Act of 1992, which mandates both private and public sector employers to make monthly contributions to the fund. The primary objective of the fund is to mobilize resources for providing affordable housing to Nigerians.
Differences between the NLC and the FMBN have arisen due to the NLC’s expressed dissatisfaction with how the fund is being managed. The NLC threatened to withdraw from the contributory fund, alleging that administrative complexities in accessing the mortgage scheme have fostered corruption within the system.
However, the Group Head of the Federal Mortgage Bank of Nigeria, Mrs. Timan Elayo, refuted the NLC’s claims. She stated that while numerous applications had been received for the NHF, not all could be met due to funding limitations and the ineligibility of some applicants. Elayo clarified that workers were indeed accessing mortgages, though the demand surpasses the available resources.
The National Secretary-General of the NLC, Chris Onyeka, countered the FMBN’s statement by asserting that workers were not genuinely accessing mortgages through the NHF. Onyeka accused the FMBN of failing to provide proper accounts of the funds to the intended beneficiaries and emphasized that the funds belong to the workers and should be readily accessible.
This conflict underscores concerns about transparency, eligibility, and efficient utilization of the NHF. As the dispute continues, the future direction of the fund’s management and accessibility remains uncertain.
