The Managing Director/Chief Executive of the Federal Mortgage Bank of Nigeria, Shehu Usman Osidi, has emphasised that businesses wishing to utilise the Bank’s mortgage services must be properly registered and in good standing with the Corporate Affairs Commission (CAC).
He stated this during a visit by the CAC management team, led by the Registrar General, Hussaini Ishaq Magaji, SAN, to the Bank, on Wednesday, May 22, 2024.
The purpose of the CAC team’s visit to the Bank was to discuss potential areas of cooperation between the two organisations and exchange experiences.
The MD/CE commended the CAC’s proactive approach and highlighted that, strengthening strategic alliances with organisations like the CAC that are essential to the country’s development is one of his administration’s top priorities.
He noted that the CAC plays a pivotal role in shaping the Nigerian business environment by regulating and licensing companies.
“As an institution, we are saddled with the primary responsibility of advancing mortgage facilities to corporate institutions and it will not be in the Bank’s interest to advance loans to companies that are not duly registered or in good legal standing with the CAC.”
“Counterparties must meet CAC’s regulatory requirements to access mortgage services,” he asserted.
Osidi further presented the Bank’s array of products, encouraging CAC staff to take advantage of the opportunity to achieve their homeownership dreams.
He explained that CAC staff could access the National Housing Fund (NHF) Loan through a Primary Mortgage Bank while the Rent-to-Own (RTO) product can be accessed directly from the Bank.
The MD/CE also informed the team about the Bank’s Home Renovation Loan (HRL), Individual Construction Loan (ICL) and the Cooperative Housing Loan (CHL), urging them to take advantage of the products to enjoy the benefits therein.
Earlier, the Registrar General had informed the bank’s management of the Commission’s interest in cooperating with the Bank to ensure that corporate entities that have direct interface with the Bank are properly regulated in terms of meeting up with regulatory filings that make such entities active or inactive on the CAC platform.
“A company that is inactive is a red flag for dormancy and should not be patronized for any service,” he affirmed.
Mr. Magaji further appealed to the MD/CE for support towards access to the Bank’s products by staff of the Commission, while also pledging the CAC’s readiness to work with the Bank towards the delivery of their respective mandates.
Concerned about CAC’s feedback-and-response mechanism, the Executive Director, Finance and Corporate Services, Ibidapo Odojukan, sought to know the organisation’s level of effectiveness and efficiency. Responding, the Registrar General revealed that the CAC feedback mechanism provides responses to enquiries three times every week.
In his remarks, the Executive Director, Loans and Mortgage Services, Dr. Muhammad Sani Abdu, affirmed that the visit has opened a vista of collaboration between the Bank and the CAC for improved service delivery to Nigerians.
