The Federal Government has mandated the recently appointed Executive Management team of the Federal Mortgage Bank (FMBN) to reposition the bank for greater efficiency.
Mrs Mercy Dominic, Unit Head, FMBN Public Affairs Department made this known in a statement on Thursday in Abuja.
Dominic quoted the Managing Director, Mr Ahmed Dangiwa as saying this in a meeting between the FMBN Executive Management Team and Heads of selected Primary Mortgage Banks (PMBs).
Dangiwa said that the objective of the meeting was to brief the PMBs on the focus of the new management team of the Bank.
He noted that the meeting was to address issues of PMBs’ Non-Performing Loans in order to chart a way forward towards liquidation and to conclude transactions pending with PMBs for estates funded by the Bank.
Dangiwa noted the strategically important role played by PMBs in the operations of the Bank, being the only disbursement channels for National Housing Fund (NHF) mortgage loans as prescribed by the NHF Act.
He outlined the focus of the new team as to encourage Public Private Partnerships for Housing Delivery, to leverage private investments to bridge housing finance gap and to stimulate a viable mortgage system.
He listed others as strengthening partnerships with regulatory, financial and development partners, towards achieving set goals.
“Achieving set goals depends on improving the financial performance of the bank, which presently, is not in the best of shape.
“One major challenge of FMBN is its huge Non-Performing Loan portfolio, which has eroded its Shareholders funds and led to accumulated losses over the years.
“As a team, we have targeted aggressive loan recovery and improvement in the quality of the Bank’s loan portfolio as our immediate priorities”. The FMBN boss said.
Dangiwa assured the PMBs of the commitment and support of the new management.
He, however, promised to work towards the resolution of nagging issues in the system to create an efficient operating environment for the overall benefit of Nigerians.
Speaking on behalf of the PMBs, the Managing Director, Federal Housing Authority Homes Ltd., Mr Hayatuddeen Awwal congratulated the new management on their recent appointment and readiness to achieve success.
Awwal added that the PMBs are open to mutual cooperation, and urged the management to look into issues raised at the forum for better efficiency.