As part of efforts to reform the Federal Mortgage Bank of Nigeria (FMBN) as a more business-driven affordable housing provider, the Board of Directors of the bank has engaged KPMG, a professional services firm to provide top-level corporate advisory services.
The move was in line with the FMBN’s desire to strengthen its market position, optimise internal business processes, develop innovative housing products on the back of a sound strategic action plan and a thorough understanding of current trends in the local and global housing and mortgage industry.
Under the terms of the Strategic Advisory Engagement, KPMG would work closely with FMBN to develop a 5-year Strategic Action Plan for the bank.
This would include diagnosis of the current macro-environment, review of FMBN business operating models, market and industry positioning and a visionary road map for the institution’s future.
This development was revealed by MD/CEO of the FMBN Arc. Ahmed Dangiwa, during the 2019 Management & Board Annual Retreat, which held recently in Uyo, Akwa Ibom, recently.
The retreat, the first to include FMBN board members, according to a statement signed Mrs. Zubaida Umar, Group Head, Corporate Communications, FMBN, featured brainstorming sessions between the FMBN team and KPMG professionals on creating a desirable and visionary future for the bank in its bid to better deliver affordable home ownership to Nigerians.
Dangiwa said: “The bank needs to move to the “Next Level” in terms of market penetration, business expansion and more impactful service delivery.
“I am therefore pleased that we have commenced a journey of destiny with the commencement of the project to develop a 5-year Strategic Growth Action Plan for the Bank.
“The next five years in the life a 63-year old institution like FMBN is a relatively brief period. However, no one needs to consult a crystal ball to know that the next five years are perhaps, going to be the most critical in the bank’s history.”
He added: “We have a social mandate for affordable housing, but the business environment gets tougher by the day and the FMBN is expected to commercialise its operations in order to cover its costs.”