The Managing Director/Chief Executive of the Federal Mortgage Bank of Nigeria, Shehu Usman Osidi, has commended the Federal Housing Authority (FHA) Mortgage Bank for exhibiting a high sense of professionalism and a track record of achievement as one of Nigeria’s vibrant Primary Mortgage Banks (PMBs).
Osidi also expressed the readiness of the institution to enhance synergy with the Federal Housing Authority (FHA) to continue to stem the housing deficit facing Nigeria.
He made this known on Wednesday, May 8, 2024, when the Management of the FHA, led by the Managing Director, Hon. Oyetunde Ojo, visited the Bank to seek areas of synergy to jointly deliver on the assigned mandate of President Bola Tinubu.
The MD/CE praised the Managing Director of FHA Mortgage Bank, Hayatuddeen A. Awwal, for his efforts at making the Bank “the most efficient primary mortgage financing institution,” affirming their track record of prompt loan repayment.
He noted that “the FHA and the Federal Mortgage have a very long history of a good working relationship, and such mutual relationship is the best thing that could happen to the housing sector.”
He explained that while only the FHA can boast of a large land bank for massive housing provision, only the Federal Mortgage can provide substantial mortgage loans, which makes the collaboration important for the attainment of President Tinubu’s vision of making Nigeria a major construction site and providing decent and affordable housing to all Nigerians.
Osidi further commended the digitalization initiative of the FHA, revealing that the Federal Mortgage had also deployed its Core Banking Application to 95% completion level leading to faster, easier, more efficient and transparent operations.
He assured the FHA that they have a ready partner in the Bank, to jointly drive the vision of massive housing for Nigerians.
On his part, Hon. Ojo outlined some of the activities being carried out by the FHA, revealing that the Management Team had travelled to 23 States of the Federation out of which 22 have provided land of huge sizes, with 50 hectares as minimum in some States and others up to 150 hectares. He added that some State Governors had also made commitments of providing off-taker guarantee which is important for accessing loans from the Federal Mortgage.
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Hon. Ojo further stated that the FHA had resolved to build more of carcasses to allow the off-takers do the finishing, in order to reduce overall cost of construction.
He appealed for support from the Federal Mortgage to work as partners in progress that want the development of Nigeria and to achieve the vision of the President.
In her remarks, the Executive Director, Business Development and Portfolio Management, Chinenye Chinedu Anosike, corroborating the MD/CE’s stance, reassured the FHA of synergy and cooperation in achieving the Federal Government’s aspirations.
Similarly, Executive Director, Finance and Corporate Services, Ibidapo Odojukan, averred that the Federal Mortgage is strategically positioned to drive the housing agenda of President Tinubu and together with the FHA, it will be achieved.
On his part, the Executive Director, Loans and Mortgage Services, Dr. Muhammad Sani Abdu, assured the FHA of the Bank’s support, expressing confidence in the ability of the institutions to deliver on their assigned mandate.
