• Targets delivery of 200,000 affordable homes
The Federal Mortgage Bank of Nigeria (FMBN) has inaugurated a Strategy Project Management Office (SPMO), to ensure effective project planning and execution and timely implementation of its 5-Year Strategy Blueprint.
The FMBN Strategy Blueprint, approved in 2020, aims to reposition the Bank with respect to its operational efficiency and enhanced service delivery, while consolidating its position as the leading provider of affordable housing to Nigerians. The Strategy timelines and targets were revised at the Board and Management Retreat held in August 2022 and approved for implementation from 2022 to 2026.
Under the Plan, FMBN targets financing the construction of 200,000 additional affordable housing units, comprising 50,000 mortgages and 150,000 loans/houses through other windows. The Bank also aims to increase the number of contributors to the National Housing Fund (NHF) Scheme from over 5 million to 31.6 million and attract additional inflows of N1trillion into the Scheme.
The Strategy Project Management Office (SPMO), comprising 28 members, would be responsible for effective Bank-wide coordination, monitoring, and reporting of progress made in implementing defined strategy initiatives. The Office would foster collaboration by all departments towards achieving set Blueprint objectives, helping the Bank to adopt best practices, adapting in a fast-changing environment to consolidate its position and improve its business operations for enhanced impact.
In his remarks at the event at the Bank’s headquarters in Abuja, the MD/CE, FMBN, Mr. Madu Hamman, charged members of the SPMO to live up to the expectations of their mandate.
Mr. Hamman emphasized the new Management’s determination to reposition the Bank as a modern, efficient, and impactful institution and unleash its potential to provide affordable housing to Nigerians.
“We are poised to chart a better future for the FMBN. The Strategy Blueprint represents the determination of Management and the Board to seek ways to enable the Bank to deliver more effectively on its mandate and to reposition it to realize its full potential in the years ahead. Strategy risk is the greatest an organization can face. This is especially so in today’s environment, best described by the acronym ‘VUCA,’ which represents Volatility, Uncertainty, Complexity and Ambiguity,” he said.
The FMBN MD/CE added that proper implementation of the Blueprint would help FMBN advance its desire to deepen mortgage penetration, enhance customer experience, build, and strengthen corporate visibility and brand loyalty, diversify its funding mix, ensure operational excellence, and transform organizational culture, while building high performing teams.
The FMBN MD/CE charged members of the newly inaugurated Office to realize the importance of their assignment and to seize “the unique privilege to contribute to the development of the Bank,” while assuring them of Management and the Board’s support.
