FOLLOWING sharp practices by some unscrupulous employers of labour to misappropriate National Housing Fund (NHF) monies or even embezzle such funds, the Federal Mortgage Bank of Nigeria (FMBN) has launched an electronic platform for collection of deductions, which is expected to boost transparency, sustainability, reliability and acceptance of the scheme.
Christened NHF e-collection platform, the device makes it possible for NHF deduction, collection and remittance to be done electronically by all designated commercial banks in Nigeria through their existing information technology structures.
Over N100billion revenue accrued to the NHF scheme is lost annually due to unlawful practices by some employers especially failure to effect statutory deductions and failure to remit deductions to FMBN.
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