The Managing Director/Chief Executive of the Federal Mortgage Bank of Nigeria (FMBN), Shehu Usman Osidi, has charged the newly inaugurated Loan Recovery Task Teams Monitoring Committee to see their new assignment as a call to contribute their own quota to the sustainability and continued existence of the Bank.
Osidi gave this charge while inaugurating a 13-member committee, tasked with monitoring the activities of the Loan Recovery Task Teams established to recover delinquent loans across the six geo-political zones of the country and the FCT. The committee was inaugurated on Wednesday, July 3, 2024, at the Bank’s head office.
The MD underscored the critical role of the Monitoring Committee in ensuring the financial sustainability of the Bank, noting that “Loan recovery is not just a financial imperative, but a cornerstone of our mission to provide sustainable financing for affordable housing.”
He noted that “every loan recovered is another step towards empowering more Nigerians with the dignity of homeownership,” adding that efficient loan recovery would ensure that the FMBN has the resources to continue financing new housing projects, thereby expanding the reach of its impact across the nation.
Osidi recalled the earlier formation of the seven Loan Recovery Task Teams on June 3, 2024, emphasizing the seriousness with which the current Executive Management views the issue of Non-Performing Loans (NPLs).
He explained that the primary objective of the Monitoring Committee is to oversee the activities of the Loan Recovery Task Teams, ensuring they operate within the framework of best practices and the established guidelines and policies of the Bank.
He outlined the committee’s terms of reference, which include determining the progress level of the Loan Recovery Task Teams, facilitating smooth implementation of recovery initiatives, ensuring adherence to the highest standards of integrity and accountability, reviewing performance data, preparing periodic reports, and providing constructive feedback to improve recovery strategies and the efficiency of the Task Teams.
The 13-member Committee has the Group Head, Strategy & Performance Management, Mr. Oladapo Fakeye as Chairman, with the Zonal Manager, Enugu, Christian Ibuzo; Zonal Manager, Ibadan, Fashina Abiodun; Zonal Manager, Jos, Virginia Jang; and the Zonal Manager, Kaduna, Ahmed Abubakar as members.
Others are the Zonal Manager, Lagos, Ijaiya Taofeeq; Zonal Manager, Maiduguri, Abdulrahman Yahaya; Zonal Manager, Port Harcourt, Simeon Agada; Zonal Manager, Abuja, Ene Nduka-Nwagbo; Special Assistant (Technical) to the MD, Ibrahim Abubakar Mohammed, as well as the President, Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), FMBN Chapter, Okezie Nzeako.
The team also comprises Agunbiade Adekunle from Loan Administration Group to act as Secretary I and Olukemi Ibiloye from Legal Group as Secretary II.
Accepting the responsibility on behalf of the Committee, Mr. Fakeye thanked the Executive Management for the opportunity to serve. He called for collaboration between Committee members and urged them to work as they should, towards the growth of the Bank. He also assured the Executive Management of their ability and commitment to deliver on the assigned task.
The inauguration of the Loan Recovery Task Teams Monitoring Committee is part of ongoing efforts to ensure the financial sustainability and operational efficiency of the Federal Mortgage Bank of Nigeria, being driven by the Shehu Osidi-led management.
