FMBN Goes After Debtors, To Recover N43bn

FMBN Goes After Debtors, To Recover N43bn

The Federal Mortgage Bank of Nigeria (FMBN) in collaboration with the special presidential investigation panel for the recovery of pubic property have set a timeline of 18 months to recover about N43 billion from delinquent debtors.

This is even as the bank has recorded significant progress in its revenue drive by recovering N3billion from debtors in 2018, in addition to the N2.4billion recovered in 2017.

Managing director of FMBN, Ahmed Musa Dangiwa, stated this at the just- concluded 2018 Annual Management Retreat in Kano with the theme: “Improved Transaction Turnaround Time: Getting it Done.”

He hinted that after twelve years of failed attempts at institutional restructuring, that the management’s proactive stakeholders’ engagement drive resulted in the passage of key amendments to the laws establishing the institution and the National Housing Fund (NHF) by both chambers of the national assembly.

The amended laws, when assented to by President Muhammadu Buhari, would lead to more independent and financially stronger FMBN with a robust capital base of N500 billion.

He emphasised that the bank was strengthening its collaboration with key stakeholders, especially the labour unions, whose members constituted the bulk of contributors to the NHF scheme.

This he said, culminated in the commencement of the National Affordable Housing Delivery Programme (NAHDEP) for Nigerian workers, in collaboration with the Nigeria Labour Congress (NLC), the Trade Union Congress (TUC) and the Nigeria Employers’ Consultative Association (NECA).

He stated that the bank intend to cover every state across the country adding that the central focus was to establish a template for affordable housing delivery in Nigeria.

Dangiwa hinted that the implementation concept was in line with the housing designs and bill of quantities (BoQ) directly commissioned by the bank to ensure the profit motive was greatly minimised.