The Federal Mortgage Bank of Nigeria (FMBN) says in two years, the Integrated Personal Payrol information System (IPPIS) failed to remit N26.6 billion of workers contributory funds.
The Managing Director Mr Madu Hamman, stated this when he appeared before the House of Representatives Ad hoc committee probing the non-remittance to the National Housing Fund (NHF) and Utilisation.
Mr Hamman said from October to December 2022 there were 40 per cent unremitted payments to FMBN resulting from revenue drive by the Federal Government and a total of N11.630 billion was involved.
“From January to December 2022, N11.587 billion was not remitted as backlog payments for MDAs from IPPIS, while N3. 356 billion was not remitted from April to July 2021 as outstanding failed payments for 2021 from IPPIS,” he said.
He explained that some NHF payments meant to be paid to FMBN as housing contributions had been wrongly made into the Federal Government Loan and Scholarships Board, adding that 14 MDAs were affected by the wrong payments.
According to him, all contributors are eligible for a full refund of their contribution over the years including accrued interest of 2 per cent upon retirement.
The Director added that others were by attainment of 60 years or inability to continue due to incapacitation or death, adding that FMBN had refunded N66.678 billion to 444,637 beneficiaries.
Speaking on projects executed through various means, Hamman said, FMBN ensured it gave loans to register members of the association of developers.
He said that FMBN also had the regular primary mortgage bank from interested individuals where it disbursed N139.6 billion to 24,332 beneficiaries.
On the ministerial pilot scheme, he said the Federal Ministry of Works and Housing provided land for those on the scheme and it had spent N38 billion to build 5,443 units of housing.
A Deputy Director in the IPPIS office Mr Ekwem Dem, said this is the first time they arere hearing the allegations.
Mr Dem gave an example with the no work no pay policy for members of ASUU remittances, which is still hanging, adding that there was a need for a reconciliation window to see the area of convergence.
The Chairman of the Committee Mr Dachung Bagos, said they would go on oversight of some of the projects claimed to have been executed by FMBN and where they were located.