Tuesday, September 23, 2025
23.7 C
Lagos

FMBN Clears Pension Arrears of N364m

Federal Mortgage Bank of Nigeria (FMBN) is set to pay up the pension arrears of its pensioners totaling N363,585,854.28. This amount was arrived at after a pensioners’ verification exercise conducted in April by the FMBN Management and series of consultations between the Bank and its pensioners as well as with National Pension Commission (PENCOM) officials and independent pension consultants.
FMBN Managing Director, Mr. Gimba Ya’u Kumo, who disclosed this, said the Bank had paid N145,434,341.71 in April, 2011 while the balance of N218,151,512.57 would be paid in two installments of N109,075,756.28 in May 2012 and N109,075,756.28 in August this year.

The FMBN had on February 20,2012 advertised in two national newspapers (Daily Trust and ThisDay), a verification exercise for its pensioners, in a bid to ascertain the true number of its pensioners and how much the pensioners were being owed. This exercise lasted for eight days starting from March 5 to 12, 2012, in FMBN head office, Abuja and all FMBN state offices nationwide.
After the exercise and wide-ranging consultations with the pensioners and their stakeholders, the N363,585,854.28 was arrived at.
The FMBN Management as well increased the pensioners’ monthly pay by 25 per cent, and this became effective since April 2011 when the first batch of pension arrears of N145,434,341.71 was paid.
FMBN pensioners are advised to liaise with the leaders of their pensioners’ union to collect their pension arrears as from this May.
Kumo enjoined FMBN Pensioners to use this gesture as a platform for joining hands with the Bank’s Management in its drive to provide affordable shelter for the generality of Nigerians who are contributors to the National Housing Fund Scheme.
The FMBN had under the National Housing Fund (NHF) Scheme and through capital market operations, financed the delivery of more than 61,000 housing units to NHF contributors in various parts of the country.
It recently witnessed the laying of foundation stone for the construction of a housing estate consisting 450 housing units in Gombe State by Gombe State Property Investment and Development Company. FMBN is funding the estate which will be delivered to NHF contributors.

spot_img
spot_img

Hot this week

NCDMB ES: African Nations Must Collaborate to Develop Oil Sector

Close partnership and collaboration among African oil and gas...

NCDMB Boss Commends West African Ventures, Seeks Investment in Deepwater Operations

The Executive Secretary of the Nigerian Content Development and...

Ecobank Design & Build Expo: Global & Local Giants to Showcase Cutting-Edge Products in Lagos

Leading global and local brands in the building, design,...

Fidelity FNITCC Confab: Atlanta Mayor Highlights Economic Ties with Africa

L – R: Managing Director/Chief Executive Officer, Fidelity Bank...

HRM Igwe Maduagwuna of Awba-Ofemili Commends The Village Priest Author, Remmy Nweke

His Royal Majesty, Igwe Ezekwesili Maduagwuna, Ofemili I of...

Topics

FG Reiterates Commitment to Utilise Gas for Economic Growth, Prosperity

Deputy Governor of Imo State, Lady Chinyere Ekumaro cuts...

NLNG Advocates for Urgent Action to Secure Gains from Gas

(L-R) Busari Kamaru, representing the Permanent Secretary of the...

TotalEnergies, Aramco to Build Giant Petrochemical Complex in Saudi Arabia

TotalEnergies and the Saudi Arabian Oil Company (ARAMCO) have...

INEC: Continuous Voter Registration (CVR) Weekly Update: Quarter 2, Week 3, as at 25th October 2021.

1. Fresh Registrants: 3,733,068 2. Completed Online & Physical Registration:...

Ghana Forecasts 5.4% Economic Growth in 2016

Ghana forecasts for 2016, an economic growth of 5.4%...

TRUMP: Global Economic Impact of Victory

FROM late January, Donald Trump will have all the...

Nigerian Content Level Hits 54% in 2022, NCDMB Tasks Indigenous Firms on Compliance

Mid-way into a 10-year Strategic Road Map for enhanced...

Union Bank Upgrades to PCIDSS v4.0 Certification

Union Bank, one of Nigeria’s most noteworthy and trusted...
spot_img

Related Articles

Popular Categories

spot_imgspot_img