The Managing Director/Chief Executive of the Federal Mortgage Bank of Nigeria, Shehu Usman Osidi, has announced that the Bank’s diligent management and prudent handling of its finances have led to significant progress in the first quarter, demonstrating substantial gains in various parameters.
He revealed this information during the inauguration of the seven Loan Recovery Task Teams at the Bank’s Headquters on Monday, June 3, 2024, aimed at collecting the Bank’s unpaid loans nationwide across the country’s six geo-political zones and the Federal Capital Territory (FCT).
The formation and inauguration of the Task Teams aligned with the present Executive Management Team’s commitment to decrease non-performing loans, as stated in its 7-Point Agenda.
The MD/CE emphasised the importance of the occasion by stating that the Task Teams’ formation represents a critical turning point in the Bank’s continuous efforts to improve its operational effectiveness and financial stability.
According to Osidi, “loan recovery is a critical component of our financial management strategy. This is to ensure that funds are available for disbursement to new beneficiaries while maintaining the integrity of our lending operations.”
Osidi highlighted the institution’s initiatives in offering housing financing at affordable rates to Nigerians in the middle and lower income groups, emphasizing the significance of successful loan repayment for the Bank’s success.
“Over the years, the FMBN has played a crucial role in providing affordable housing to Nigerians, thereby contributing significantly to the achievement of the national housing agenda and promotion of affordable homeownership. However, the sustainability of these efforts hinges on our ability to recover loans effectively and reinvest them in future projects,” he added.
Notwithstanding the obstacle of non-performing loans, which had been impeding the Bank’s progress, Osidi added that the Bank is moving forward according to the first quarter’s financial reports in every way, and he expressed optimism for improved outcomes in the upcoming second quarter.
The MD/CE proceeded to delineate ten directives to steer the Task Teams during their assignments, enjoining them to produce outcomes within ten weeks – two weeks for the desk review and eight weeks for finishing the task.
The Executive Director of Loans and Mortgage Services, Dr. Muhammad Sani Abdu, congratulated the recently established Task Teams and tasked them with diligently completing their assigned responsibilities in accordance with the Bank’s Loan Recovery Policy. He conveyed assurance that the Bank will increase its efficiency in loan recovery through the use of Task Teams.
The Executive Director of Business Development and Portfolio Management, Mrs. Chinenye Chinedu Anosike, charged the Task Teams to make the most of the opportunity and platform provided to them in order to demonstrate their skills and expertise, even though she expressed confidence that the Teams would produce positive results given the level of expertise of members on the Teams.
