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Tuesday, August 9, 2022

New FMBN Boss Seeks Stakeholders’ Support, Reaffirms Commitment To Rejig Nigeria’s Mortgage System

The new Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Mr. Hamman Madu has revealed that every stakeholder in Nigeria’s housing sector is as important as the FMBN itself, adding that only with a combined effort can the bank achieve its set goals.

Madu gave the revelation at the welcome dinner organized by stakeholders in the housing and construction industry, to felicitate with him on his emergence as the new MD of the nation’s apex mortgage institution.

According to Madu, his administration is poised to reposition the bank in a bid to effectively deliver on FMBN’s mandate as stipulated in the bank’s establishment act.

He said: “We have come in at a critical stage in the history of the bank and our primary responsibility will be to reposition the bank. There are several issues that we are confronting like issues revolving around the need to recapitalize the bank to be able to play its roles effectively and efficiently. We are also challenged by loans that have been given out that are not performing. We need to recover these loans to be able to bring the bank back on the path of profitability.

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“Every stakeholder has a vital role to play in the development of the nation’s mortgage sector. The FMBN only supplies the blood to move the housing and mortgage sector to be able to perform smoothly and effectively. So, we need collaboration with primary mortgage banks, real estate developers, even building material suppliers, cement manufacturers, iron rod sellers, sand miners, everybody as a whole as part of the housing delivery sector. We believe in collaboration with all players in the housing sector. We are not a stand alone institution, we need everybody to perform effectively for us to be able to achieve our mandate.”

While stressing the need for constructive engagement of major actors in the sector, he reaffirmed his administration’s commitment to rejig the bank’s strategy in order to spur the bank to a greater height.

Madu added that with what his administration intends to put in place, FMBN should be able to effectively perform its roles without much intervention from either the supervising ministry or the federal government three years from now.

“This is a corporate organization owned by the federal government. However, it should be run profitably and be able to deliver on its mandate to give Nigerians affordable homes and finance at the same time”, he said.

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