Managing Director and Chief Executive of the Federal Mortgage Bank of Nigeria (FMBN), Shehu Usman Osidi has given the assurance that the Bank is finalising its due diligence to ensure the Diaspora Mortgage Product meets the highest possible standards with regards to safety and hitch-free transactions, considering its trans-border nature.
Speaking during a meeting with a delegation of the Nigerians in Diaspora Commission (NiDCOM) led by its Chairperson, Hon. Abike Dabiri-Erewa, Osidi noted that all hands are on deck to ensure a smooth introduction into the market, assuring that Nigeria will benefit greatly from the product.
The meeting held between the Commission’s leadership and the Bank’s Management Team at the Bank’s headquarters on Wednesday, August 21, 2024, was initiated by the FMBN Chief Executive to update the NiDCOM delegation on the progress of the Diaspora Mortgage Loan Product, a collaborative effort between FMBN and the commission.
Osidi praised NiDCOM’s support and drive towards launching the Diaspora product, emphasizing that the Bank is diligently finalizing the product’s details. “We are approaching the product with a strong sense of responsibility, ensuring it meets the highest professional standards,” he stated.
Alluding to the level of work already done, Osidi reported that a lot of progress has been made, with regards to the technicalities relating to the platforms and International Money Transfer Operators (IMTOs). He noted that the extensive engagements with the Central Bank of Nigeria (CBN) have been fruitful, adding that the CBN had mandated the establishment of a Technical Committee with membership drawn from the FMBN, CBN and NiDCOM.
“The CBN is pleasantly disposed to the product and is looking at other avenues beyond what we are thinking of doing,” he explained. He, therefore, requested NiDCOM to make available two nominees for the Technical Committee.
Osidi also took the opportunity to congratulate NiDCOM on the outstanding celebration of its National Diaspora Day 2024, noting that in as much as he is not in doubt about the capacity of Hon. Dabiri-Erewa, the celebration exceeded his expectations. He affirmed that the entire organization and calibre of attendees gave the event a status of a major government event and not one put together by a government agency.
The NiDCOM Chairperson, in her response, expressed strong confidence in the Diaspora Mortgage Loan Product, describing it as a driving force for significant accomplishments that will positively impact the Nigerian economy.
She thanked the FMBN Management for the cooperation and progress made so far. She expressed confidence that the Diaspora Mortgage Product would be a source of pride for all, given its positive economic implications.
She presented two nominees for the Technical Committee as directed by the CBN and informed that the Memorandum of Understanding (MOU) to be signed by both agencies was ready for review by the FMBN legal team and onward signing. She also urged for a swift finalization and launch of the product. “We look forward to a fantastic product and working relationship with the FMBN,” she said.
