We ‘II redirect focus to FMBN loan operations, says FMBN Team

By Mashe Umaru Gwamna 

Newly inaugurated  Federal Mortgage Bank  of Nigeria (FMBN) Executive Management  said  the team would redirect the focus to FMBN loan operations to ensure essential alignment with the Bank’s core mandate.

This was according to a statement  signed and issued by Group Head, Corporate Communications FMBN, Lawal  Sauri , said the new management made the disclosure during a staff town hall meeting at the headquarters yesterday in Abuja . 

The Managing Director/Chief Executive, Madu Hamman, said “We will be looking at how our products are performing, identify areas of improvement, and explore ways to address the serious issue of Non-Performing Loans (NPLs). 

“We are going to x-ray all the FMBN housing loan products as well as the underwriting framework guiding their operations. Our strategic goal is not only to make the products and processes more efficient but to also ensure maximum protection of the Bank’s investment”.

Madu disclosed that,as part  of efforts to move  FMBN forward, the new Management Team will re-energize the pursuance of FMBN recapitalization from the current N5billion to N500billion. 

“This, will help provide a robust financial foundation for expanding FMBN’s capacity to enhance access to affordable housing for Nigerians.

“We will re-energize the pursuance of our recapitalization agenda, without this it will be very difficult for FMBN to move forward. Right now, our N5billion capital base is that of a State Primary Institution. That cannot hold. So, it is going to be a front-burner for the new Executive Management. 

“The same thing with our two FMBN Enabling Laws that is the National Housing Fund Act and the Federal Mortgage Bank of Nigeria (FMBN) Act some of which provisions have become obsolete.”,he emphasized. 

He also unveiled the new Management’s strategic  is focus on the completion of the Bank’s ICT transformation project,recapitalization drive, implementation of the five-year FMBN Strategy Plan, and review of FMBN Establishment Acts as part of a broad range of its priorities.

“The Management Team is fully aware of the systemic challenges facing the Bank internally and externally and intends to hit the ground running”. 

He also sought the cooperation of FMBN staff and urged them to work hard as a team toward meeting set goals.

Similarly, Executive Director, Loans & Mortgage Services (L&MS),Mustapha Olayiwola, said the new Management Team has a lot of innovative ideas that would make FMBN a more impactful institution and a better place to work.