The Federal Mortgage Bank of Nigeria (FMBN) and the Mortgage Banking Association of Nigeria (MBAN) have reaffirmed their commitment to tackling the obstacles militating against effective mortgage delivery in Nigeria, including delays recorded in National Housing Fund Disbursements and Non-remittance of NHF repayments.
Committing to a long-standing partnership aimed at enhancing the mortgage banking sector, improving the housing finance system in Nigeria, and generally fostering the delivery of affordable housing to Nigerians, the move is geared towards ensuring better and more efficient service delivery to Nigerians.
This was the focus of a meeting between the Management of the FMBN and a delegation from the Mortgage Banking Association of Nigeria (MBAN), led by its President, Mr. Ebilate Mac-Yokori at the Bank’s headquarters in Abuja on Friday, July 26, 2024.
In his address, the Managing Director/Chief Executive of the Bank, Shehu Usman Osidi, highlighted the shared vision and commitment between FMBN and MBAN which have brought about tangible benefits in Nigeria’s mortgage ecosystem.
“Our collaboration has not only been longstanding but has also been remarkably effective. Through this partnership, we have continued to successfully navigate the mortgage financing landscape while leveraging on our individual organisations’ mandates and strengths,” he noted.
While he lauded the successes of the past, Osidi emphasized the need for continuous dialogue to address lingering issues such as the non-submission of audited accounts, delays in disbursing NHF funds, and non-remittance of NHF loan repayments.
He reiterated the Bank’s commitment to effective and efficient service delivery, stating, “We understand the dynamic nature of the mortgage banking sector and the need to adapt to evolving market conditions and customer needs. As such, we are focused on strengthening our operational frameworks, enhancing our service delivery, and leveraging technology to improve efficiency and accessibility,” he said.
Highlighting the challenges ahead, the Chief Executive shared the strategic 7-Point Agenda set by the new Executive Management since assuming leadership in mid-February, which are focused on deepening process automation, promoting cost efficiency, enhancing credit quality, providing effective project management, expanding strategic partnerships, and improving organizational performance and talent management.
He acknowledged the reduced interactions in the post-COVID-19 pandemic era and announced plans to reinstate the quarterly FMBN/MBAN meeting platform which would afford direct interface with PMBs for exchange of ideas and resolution of issues of common interests. “We need a common front to confront issues like the single obligor limit that has limited our abilities to deepen mortgage financing,” he stated, expressing optimism about ongoing discussions with the Central Bank of Nigeria (CBN).
On his part, the President of MBAN, Mr. Ebilate Mac-Yokori expressed joy at having a former Managing Director of the Bank as the Minister of Housing and Urban Development, in the person of Arc. Ahmed Musa Dangiwa, and a former staff of the Bank as Managing Director/Chief Executive, in the person of Shehu Osidi.
Mr. Mac-Yokori commended the Bank for its laudable ongoing initiatives, especially in the area of knowledge building on mortgage banking. “What FMBN is doing is the university of mortgage banking,” he stated.
Also speaking, the Pioneer Executive Secretary/Chief Executive Officer of MBAN, Mr. Kayode Omotoso, expressed pleasure at the transformation and growth going on in the FMBN, stressing that the Bank should be at the driving seat of mortgage banking in Nigeria.
The Executive Secretary/Chief Executive Officer of MBAN, Dr. Adedeji Ajadi, while expressing optimism for more positive results given the ongoing technical advancements at the Bank, called for more visibility towards greater awareness about the Bank’s products and activities.
In her remarks, the Executive Director, Business Development and Mortgage Services, Mrs. Chinenye Chinedu Anosike, appreciated MBAN for the support so far, noting that the association’s role is pivotal to FMBN’s business.
