The newly inaugurated FMBN Executive Management Team has listed the completion of the Bank’s ICT transformation project, recapitalization drive, implementation of the five-year FMBN Strategy Plan, and review of FMBN Establishment Acts as part of a broad range of its priorities.

The Managing Director/Chief Executive, Madu Hamman, unveiled the new Management’s strategic focus during a Townhall Staff Meeting yesterday April 27, 2022, at the FMBN headquarters in Abuja.

Mr. Madu noted the Management Team is fully aware of the systemic challenges facing the Bank internally and externally and intends to hit the ground running.

This includes completing the ongoing ICT Transformation Project to make the Bank more digital and efficient.

“We have to speedily conclude our IT project to make the Bank more digital, eliminate paperwork and enhance service delivery. We will work with the ICT Team to reduce as much as possible the manual operations. On the back of the ICT transformation, we must all work to revamp our work processes, come up with standard operating procedures for all job desks.” Madu Hamman, MD/CE FMBN

The FMBN MD/CEO also said they would redirect the focus of FMBN loan operations to ensure essential alignment with the Bank’s core mandate.

“We will be looking at how our products are performing, identify areas of improvement, and explore ways to address the serious issue of Non-Performing Loans (NPLs). We are going to x-ray all the FMBN housing loan products as well as the underwriting framework guiding their operations. Our strategic goal is not only to make the products and processes more efficient but to also ensure maximum protection of the Bank’s investment”. Madu Hamman, MD/CE FMBN

Furthermore, Mr. Madu said the ongoing implementation of the FMBN five-year strategy blueprint will also be occupying a central part of the Management’s activities.


“Every staff needs to be conversant with the plan and to contribute to its successful implementation. All our activities must revolve around the strategy blueprint. It is an ambition we have set for ourselves, and this management will ensure that we implement it accordingly with periodic reviews to align with emerging realities” Madu Hamman, MD/CE FMBN

He noted that the team would deepen the Bank’s strategic engagements with stakeholders particularly FMBN’s regulator the Central Bank of Nigeria (CBN), the Mortgage Banking Association of Nigeria (MBAN), the Real Estate Development Association of Nigeria (REDAN), Labor Centers, the National Assembly, and other stakeholders.

As part of other related efforts to move FMBN forward, Mr. Madu said the new Management Team will re-energize the pursuance of FMBN recapitalization from the current N5billion to N500billion. This, he said, will help provide a robust financial foundation for expanding FMBN’s capacity to enhance access to affordable housing for Nigerians.

“We will re-energize the pursuance of our recapitalization agenda, without this it will be very difficult for FMBN to move forward. Right now, our N5billion capital base is that of a State Primary Mortgage Bank. That cannot hold. So, it is going to be a front-burner for the new Executive Management. The same thing with our two FMBN Enabling Laws that is the National Housing Fund Act and the Federal Mortgage Bank of Nigeria (FMBN) Act some of which provisions have become obsolete.” Madu Hamman, MD/CE FMBN

He sought the cooperation of FMBN staff and urged them to work hard as a team toward meeting set goals.

“In executing most of these endeavors, the most critical factor is our ability to work together as a team. Teamwork is critical to any organization that wants to succeed. We cannot continue to operate in silos. There has to be synergy between departments, collaborations between people, contributing to ideas, innovations we are open to suggestions to improve the Bank.” Madu Hamman, MD/CE FMBN

In his remarks, Mr. Kingsley Chukwuma, the Executive Director, Business Development & Portfolio Management (BD&PM), assured FMBN staff that the Management Team is committed to the digitalization project. He said he would leverage his experience as an ICT consultant for several Banks to work towards realizing digitising FMBN operations. He sought the cooperation and support of staff towards making the Bank a more professional institution.

On his part, Mustapha Lukman Olayiwola, Executive Director, Loans & Mortgage Services (L&MS), said the new Management Team has a lot of innovative ideas that would make FMBN a more impactful institution and a better place to work.

Additionally, Umar Zubaida, Executive Director, Finance and Corporate Services, cautioned staff against rumor-mongering. She urged them to minimize the talk and work the work. She noted that with the amount and quality of professionals in the new Management Team, FMBN would move forward for the good of the country and its employees.