By Akanimo Sampson
President Muhammadu Buhari’s administration has set up an eight-man committee to reform the Federal Mortgage Bank of Nigeria (FMBN) for optimum performance.
The administration’s reform agenda for the Bank is to be achieved through the instrumentality of commercialisation and recapitalisation.
The development is coming as the Securities and Exchange Commission (SEC) is having discussions with the Central Bank of Nigeria (CBN) on how to better understand and regulate the cryptocurrency market in the country.
SEC on Thursday said it will continue to engage players in the financial technology space and support them to operate lawfully in a bid to ensure the delivery of safe products and services without stifling innovation.
SEC’s Director-General, Lamido Yuguda, said in a statement that a recent circular was issued by the commission in its desire to ensure that only fit and proper persons continued to operate in the capital market.
“It became imperative for the commission to issue this notice for the protection of investors and to preserve the sanctity of the Nigerian capital market as only registered capital market operators are permitted to intermediate in the Nigerian capital market and only through approved channels”, he said in a press briefing at the end of the Capital Market Committee meeting.
According to the SEC chief, “we do not want any unregulated entity to participate in the market because if there are issues, it becomes very difficult to resolve.
‘’I therefore encourage fintech firms to approach the commission for due registration and desist from operating illegally.
“In the same vein, registered CMOs are advised to refrain from providing any form of support to unregistered entities operating unlawfully within our market, as such action would not be condoned.
“Furthermore, we urge CMOs to improve on their level of compliance, timeliness and correctness of disclosures and other filings made to the commission.”
Continuing, Yuguda said the commission was also mindful of developments in the crypto-asset space.
However, inaugurating the FMBN committee, Director-General of Bureau of Public Enterprises (BPE), Alex A. Okoh, said efforts to reposition it are to bridge the country’s huge housing deficit estimated at 22million as at 2019.
According to him, “the proposal is in tandem with the ongoing efforts of the FMBN’s Management to reposition the Bank for optimum performance as articulated in the 5-year strategic plan developed by the bank.
“It was after this that it was resolved that a joint Technical Committee be constituted to prepare the bank for commercialization and re-capitalisation by reviewing the 5- year strategic plan with the view of embedding it within the overall reform plan of the Bureau for FMBN.”
The bank’s Managing Director, Ahmed Dangiwa, in his remarks, said the inauguration of the panel has further consolidated the relationship between BPE and FMBN.
The FMBN panel has two months to conclude its task.
