The Managing Director/Chief Executive of the Federal Mortgage Bank of Nigeria, Shehu Usman Osidi, has revealed that the Bank’s current Management’s meticulous approach and prudent management of the financial affairs of the Bank has yielded fruits in the first quarter, recording significant improvement across all parameters.
Osidi disclosed this when he inaugurated seven Specialised Loan Recovery Task Teams on Monday, June 3, 2024, at the Bank’s head office, to drive the recovery of the Bank’s delinquent loans across the country’s six geopolitical zones and the Federal Capital Territory (FCT).
The constitution and inauguration of the Task Teams were in line with the resolve of the current Executive Management Team to reduce non-performing loans as enshrined in its 7-Point Agenda.
Highlighting the significance of the event, the MD/CE affirmed that the inauguration of the Task Teams marks a significant milestone in the Bank’s ongoing efforts at enhancing its financial stability and operational efficiency.
He stated, “loan recovery is a critical component of our financial management strategy. This is to ensure that funds are available for disbursement to new beneficiaries while maintaining the integrity of our lending operations.”
The Chief Executive reflected on the Bank’s efforts at providing affordable housing finance to Nigerians within the medium and low income brackets, emphasizing the importance of effective loan recovery to the Bank’s success.
“Over the years, the FMBN has played a crucial role in providing affordable housing to Nigerians, thereby contributing significantly to the achievement of the national housing agenda and promotion of affordable homeownership. However, the sustainability of these efforts hinges on our ability to recover loans effectively and reinvest them in future projects,” he noted.
Osidi further observed that notwithstanding the challenge of non-performing loans that had been a clog in the Bank’s wheel of progress, the first quarter financial reports indicate that the Bank is on the right track across all parameters, and expressed hope of better results in the second quarter.
The MD/CE went on to outline ten mandates to guide the Task Teams in carrying out their assignments, with a charge to deliver results in ten weeks – two weeks for desk review and eight weeks to complete the assignment.
“During the desk review, each Team is expected to present action plans and recommendations on each account before the Executive Management for approval, after which implementation should commence,” he stated.
While congratulating the newly inaugurated Task Teams, the Executive Director, Loans and Mortgage Services, Dr. Muhammad Sani Abdu, charged them to be diligent in carrying out their assigned duties, in line with the Bank’s Loan Recovery Policy. He expressed confidence that with the Task Teams, the Bank will become more efficient in the area of loan recovery.
On her part, the Executive Director, Business Development and Portfolio Management, Mrs. Chinenye Chinedu Anosike, while expressing her assurances of good results from the Task Teams given the calibre of people on the Teams, charged them to take advantage of the opportunity and platform availed them to showcase their skills and expertise.
Members of the newly inaugurated Task Teams pledged their unalloyed commitment to effectively deliver on their assigned mandates within the stipulated timeline.
