FMBN recovers N3bn debts, records stronger result in 2018

FMBN recovers N3bn debts, records stronger result in 2018
United Bank for Africa

Mr Ahmed Dangiwa, Managing Director, Federal Mortgage Bank of Nigeria (FMBN), said the bank has recouped more than N3 billion in its loan recovery drive in 2018.

Dangiwa made the disclosure in Abuja on Saturday in a statement signed by Mrs Zubaida Umar, FMBN’s Group Head, Corporate Communications.

He pointed out that the bank recovered N2.4 billion in 2017.

He said to energise the recovery efforts the bank was working in partnership with the Special Presidential Investigation Panel for the Recovery of Public Property.

The managing director said that the move could recoup N43 billion from the bank’s debtors within the next 18 months.

Dangiwa said that the bank was strengthening its collaboration with key stakeholders, especially the labour unions, whose members constitute the bulk of contributors to the National Housing Fund scheme.

He said this has culminated in the commencement of a need-targeted housing delivery programme across the country.

These included the National Affordable Housing Delivery Programme (NAHDEP) for Nigerian workers, in collaboration with the Nigeria Labour Congress (NLC), the Trade Union Congress (TUC) and the Nigeria Employers’ Consultative Association (NECA).

“Ground breaking ceremonies have been done and construction work has commenced in earnest in five states, across the geopolitical zones of the country.

“Others are in the pipeline as we intend to cover every state across the country; part of the central focus is to establish a template for affordable housing delivery in Nigeria.

“Accordingly, the implementation concept is unique with the housing designs and bill of quantities (BoQ) directly commissioned by the Bank to ensure the profit motive is greatly minimised.

“This template has given us the leverage to guarantee that the selling prices for the housing units range between N3.1m and N8.3m for 1, 2 and 3 bedroom dwellings.”

He said FMBN had made significant milestones in its strategic plan to reform and reposition the institution as a more effective provider of safe, decent and affordable housing for Nigerians.

He said after 12 years of failed attempts at institutional restructuring, management’s proactive stakeholder engagement drive had resulted in the successful passage of key amendments to the Laws establishing the Institution and the National Housing Fund (NHF) by the National Assembly.

He added that the amended laws when assented to by the President, would birth a new, more independent and financially stronger FMBN with a robust capital base of N500 billion.

He said that the additional liquidity and operational flexibility would greatly enhance FMBN’s capacity to effectively deliver on its mandate of providing affordable mortgage finance for home ownership by Nigerian workers.

He commended the bank’s employees for their hard work and encouraged them to continue to strive towards repositioning the bank on the path of sustainable growth.