FMBN Recovers N5.4bn Debts In Two Years

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Onlookers at the site of the collapsed 7-storey building in Port Harcourt.

The management of Federal Mortgage Bank of Nigeria, FMBN says it has recovered N5.4 billion loan owed to the bank by debtors in the last two years.
The bank also announced that it is working in partnership with the Special Presidential Investigation Panel for the Recovery of Pubic Property in a move that would likely lead to recouping  N43billion from the Bank’s debtors within the next 18 months.
The Managing Director of FMBN, Arc. Ahmed Musa Dangiwa, who disclosed this at the 2018 Annual Management Retreat in Kano, added that the bank would be targeting robust capital base of N500 billion when the key amended laws of National Housing Fund, NHF, is assented to by President Muhammadu Buhari.
Dangiwa, who spoke through, Group Head, Corporate Communications, FMBN, Mrs. Zubaida Umar in a statement stated: “The bank has notched significant milestones in its strategic plan to reform and reposition the Institution as a more effective provider of safe, decent and affordable housing for Nigerians despite many challenges”.
The Managing Director specifically revealed at the retreat with the theme  “Improved Transaction Turnaround Time: Getting it Done”, that  “After twelve years of failed attempts at institutional restructuring, Management’s proactive stakeholder engagement drive has resulted in the successful passage of key amendments to the laws establishing the institution and the National Housing Fund, NHF, by both chambers of the National Assembly.
He said the amended laws, when assented to by the President, would birth a new, more independent and financially stronger FMBN with a robust capital base of  N500 billion.
“The additional liquidity and operational flexibility will greatly enhance FMBN’s capacity to more effectively deliver on its mandate to provide access to affordable mortgage finance for home ownership by Nigerian workers,” he said.