Abuja – April 18, 2024 – Viewpoint Housing News.
In an effort to increase the efficiency of providing homes to Nigerians, the Federal Mortgage Bank of Nigeria (FMBN) has begun a recapitalization programme, according to managing director Shehu Usman Osidi.
The revelation was made by Osidi on Wednesday during a courtesy visit to the bank’s Abuja headquarters by the federal housing delivery reforms task committee.
He said, “The bank is one of the enterprises slated for commercialisation by the government, with focus on repositioning and capitalisation after a series of engagements with the BPE on the need for the bank to stay true to its mandate of affordable mortgage financing by the federal government.
“Already we have a 5-year strategy blueprint, approved by the board guiding our operations and a major ICT project in core banking application is nearing completion (95%) to prove service delivery and process efficiency,” he explained.
He went on to say that the National Assembly has begun working on amending the FMBN and NFH Acts and that the ambiguities that prevented the bill’s passage had been addressed.
Federal Housing Authority, Federal Mortgage Bank of Nigeria, and Family Homes Fund operations and governance structures would be thoroughly reviewed by the committee, according to Mr. Adedeji Adesomoye, chairman , federal housing reforms task team in his succinct remarks.
He highlighted that, “The minister has set up a target of 20,000 housing units for 2024 and 50,000 housing units in subsequent years.”
