National Housing Fund (NHF) Registration in Nigeria

National Housing Fund (NHF) Registration in Nigeria

August 05, 2022

Act 3 of 1992 established the National Housing Fund (NHF) with the aim of Mobilization of funds for the provision of affordable residential houses for Nigerians.

All Nigerians in employment, whether self-employed or in paid employment, are required by the NHF Act No.3 of 1992 to contribute 2.5% of their basic salary/income to the fund.

The procedure for registration is as follows:

  1. The Federal Mortgage Bank of Nigeria (FMBN) will supply Employer Registration   Form (NHF1) to employers.
  2. Employers will complete form NHF1 and return to the nearest branch of the Federal Mortgage Bank of Nigeria.
  3. Federal Mortgage Bank of Nigeria will register the Employer and issue an employer’s registration number.
  4. Federal Mortgage Bank of Nigeria will issue form NHF2 to employers for completion by employees or directly to self-employed or individuals.
  5. An employee will complete the form NHF2 and return it to the employer.
  6. The employer or self-employed individuals will return the completed form NHF2 to the Federal Mortgage Bank of Nigeria.
  7. Federal Mortgage Bank of Nigeria will register Employees on Form NHF2 and allocate employees’ participation number to each employee/self-employed individual.
  8. Federal Mortgage Bank will issue a passbook to each of the registered employees, where the monthly deduction of his/her 2.5% basic salary will be posted by the employer
  9. At this point, an employee is now a registered participant of the National Housing Fund.
  10. Employer will commence deduction of contributions at source. Such deductions/contributions are remitted to the Federal Mortgage Bank of Nigeria with schedule of payment indicating the amount contributed by each employee and the period covered.
  11. Self–employed contributors will also commence monthly remittances of contributions to FMBN.
  12. Federal Mortgage Bank of Nigeria will accept contributions and issue receipts for payments.

 

Team 618 Bees

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached

More Articles

Search

Connect With Us

Got any questions?

If you are having any questions, please feel free to ask.

Send us an email

Frequently Asked

  • When are Annual Returns due for filing?

    A company’s first Annual Returns are due for filing after 18 months of its inception, subsequently it should be filed annually as the name implies. The filing dates could differ for each company depending on their financial year end but must be filed not later than 42 days after its Annual General Meeting.

    The Annual Returns for Business Names is due not later than the 30th of June each year except in the year the business was registered.
  • What’s the difference between a business name and an LLC?

    • A business name is a sole proprietorship, usually owned and managed by one individual only. Legally, the sole proprietor and his business are one. It simply means an individual trading with an alias. The sole proprietor is personally liable for all business related obligations.

    • A limited liability company on the other hand is a separate business entity from the individuals that hold its shares and act as directors. Legally, it’s a separate business entity and a person on its own who can transact business, own property separate from its owners and can sue or be sued. 
  • Why is mutual assent important in a contract?

    This is one of the key elements of a contract because is shows the meeting of the minds of both parties
  • Can I process/register multiple products at NAFDAC at the same time?

    Yes, you can process/register multiple products at the same time
  • What is personal data?

    This is any information that can be used to identify an identifiable human person such passport photograph.
  • Can an industrial design be sold?

    An industrial design is a company asset and the right to sell is in the hands of the registered owner.
  • When can I start renewal of the registration of my product(s) with NAFDAC?

    You can start renewal 6 months to the date of expiry.
  • What is the first thing I must do to register a business in Nigeria?

    To register a business in Nigeria; you would need to conduct a name search of the business. You can achieve this using your CAC-CRP account.
  • What do I need for a trademark search in Nigeria?

    To do a trademark search you will need the name or/and logo (device) of the trademark to be searched and the Class of the trademark that accurately describes it.
All FAQs
Call Us Now on +234 901 719 0079 Chat on WhatsApp