Federal Mortgage Bank Commits to Quick Reforms in Nigeria’s Housing Sector

Emmanuel Addeh in Abuja

The Federal Mortgage Bank of Nigeria (FMBN) has restated its commitment to ensuring speedy reforms to boost efficiency and access to affordable and quality housing in Nigeria.

Speaking when he received the Housing Institutions Reform and the Multi-Agency Project Delivery task teams in Abuja, the Managing Director/Chief Executive of the bank, Shehu Osidi, pledged his total support for the committees recently set up by the Minister of Housing and Urban Development, Ahmed Dangiwa.
The two committees were led by Mr Adedeji Adesemoye, who heads the Housing Institutions Reform Task Team and Brig.Gen Tunde Reis, who leads the Multi-Agency Project Delivery task teams. Reis was represented on the occasion by Chioma Wogu-Ogbonna, an architect.

Stressing the importance of the two important teams, Osidi stated that they are expected to work on the reforms of housing delivery agencies under the ministry, including the FMBN and the Federal Housing Authority (FHA).
He explained that the visit underscored the importance of collaboration between the task teams and the agencies in achieving the aims and objectives of their assignment.

As the committees set out to churn out critical reform recommendations for the bank and other government agencies, the FMBN boss, reminded them that they had been entrusted with the important responsibility of reshaping the landscape of home ownership financing in Nigeria.
Besides, Osidi explained that they have the task of advancing the goals of affordable housing and urban development, describing it as a major assignment by all means.

“Accordingly, the Federal Mortgage Bank of Nigeria is committed to supporting you in fulfilling the ministry’s dreams of reforming and improving the housing sector, which is crucial for sustainable development and improving the quality of life for all citizens.
“It is important to acknowledge that the bank has had a remarkable journey in the history of mortgage and housing finance in Nigeria and we are happy that this interaction is taking place today to share our perspectives.

“It is equally important to share with the task teams that the bank, on its own, has recognised the need for reforms and has taken the initiative to commence a journey of repositioning and recapitalisation in conjunction with the  Bureau of Public Enterprises (BPE),” he explained.
According to him, the FMBN was one of the enterprises hitherto slated for commercialisation by the federal government.
He added: “This focus was shifted to repositioning and recapitalisation after a series of engagements with the BPE on the need for the bank to stay true to its mandate of affordable mortgage financing.
“No doubt, the bank is bedevilled with a litany of challenges particularly with the performance of our estate development loans, but it is important to note that we are gradually turning the corner.

“We have a five-year strategy blueprint, approved ay the board guiding our operations and a major ICT project- the core banking application is nearing completion, that is 95 per cent, to improve service delivery and enthrone process efficiency.”
The amendments of the FMBN and NFH Acts, he said, have also commenced in the National Assembly, pointing out that a copy of the draft FMBN bill was sent to the bank a couple of weeks ago, while the draft NHF bill is being awaited.

He stressed that the FMBN is concentrating on seven core but broad agenda to further deepen the ongoing reforms and usher remarkable turnaround.
“These include deepening process automation, promoting cost efficiency, enhancing credit quality & reducing non-performing loans, effective project management, expanding strategic partnerships, enthroning a robust organisational/employee performance management system and building/talent management and standardised capacity,” he added.

In their separate remarks, Adesemoye and Reis listed some key areas of focus for both teams, promising to ensure thorough and usable reports that will help grow the sector.

Related Articles