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Nigerian Government Considers Commercializing Federal Mortgage Bank

The Nigerian government is contemplating the commercialization of the Federal Mortgage Bank of Nigeria (FMBN) to boost the efficiency of housing delivery across the nation.
 
This development was disclosed by FMBN Managing Director, Shehu Osidi, during a visit from the Federal Housing Delivery Reforms Task Team at the bank’s headquarters in Abuja. The visiting committees were led by Mr. Adedeji Adesemoye, head of the Housing Institutions Reform Task Team, and Brig. Gen. Tunde Reis, leader of the Multi-Agency Project Delivery Task Teams, with Reis represented by architect Chioma Wogu-Ogbonna.
Federal-Mortgage-Bank-of-Nigeria-FMBN
Osidi highlighted that after numerous discussions with the Bureau of Public Enterprises, the focus has shifted towards repositioning and recapitalizing the bank to adhere to its core mandate of providing affordable mortgage financing. He stressed the bank’s commitment to supporting the Ministry’s initiative to reform and enhance the housing sector, which is essential for sustainable development and improving citizens' quality of life.
 
“The Federal Mortgage Bank of Nigeria has embarked on a significant journey in the landscape of mortgage and housing finance in Nigeria," Osidi said. "We are pleased to have this opportunity today to exchange views."
 
He revealed that FMBN is currently implementing a 5-year strategic plan approved by its board, nearing completion of a major ICT project in core banking application at 95% completion, which is set to enhance service delivery and operational efficiency. Moreover, amendments to the FMBN and National Housing Fund (NHF) Acts have begun in the National Assembly, addressing previously contentious issues.
Osidi acknowledged various challenges, especially with estate development loans, but noted progress in overcoming these hurdles. He outlined seven key focus areas for ongoing reforms, which include enhancing process automation, improving cost efficiency, boosting credit quality, effective project management, expanding strategic partnerships, implementing a robust performance management system, and building talent management capabilities.
 
In his remarks, Mr. Adedeji Adesemoye, Chairman of the Federal Housing Reforms Task Team, discussed the team’s mandate to thoroughly review the operations and governance structures of the Federal Housing Authority, Federal Mortgage Bank of Nigeria, and Family Homes Fund. He shared the ministry's ambitious housing targets, aiming for 20,000 units in 2024 and 50,000 units annually thereafter.
 
Source: PunchNG
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