Reps probe FMBN over 23-year housing fund contributions Representatives has ordered an investigation into details of contributions of over the last 23 years by Nigerians into the National Housing Fund, in the custody of the Federal Mortgage Bank of Nigeria (FMBN). To this end, its committee on Housing has been mandated to obtain the details of all contributions since inception of the scheme, and to also determine to what use the funds have been committed over the years, and report back its findings within eight weeks. Hon. Joseph Edionwele, had in a motion on the need to investigate the matter recalled that the Act establishing the scheme provided for the contribution of 2.5 percent of worker’s salary to the fund, to crate a pool from which contributors can borrow to own their personal homes as a way out of the housing deficits in the country. He noted however that; “23 years after the establishment of the Fund, there are no visible signs of the envisaged mass housing project, or any known beneficiary of the scheme, yet the contributions have continued as deductions are still being made at source,” adding that the cumulative over the years ought to have amounted to so much, but yet not being deployed for the purpose for which it was intended. The lawmaker also lamented that “some of the contributors may have died without realizing their dreams of owning their own houses, and without any refund,” expressing fears that the huge accumulated funds may be tempting to administrators of the scheme.