By Oluwaseun Sonde
Newly inaugurated Managing Director of Federal Mortgage Bank of Nigeria FMBN, Madu Hammah has said that the management team will re-energize the pursuance of the Bank recapitalization from the current N5billion to N500billion.
Madu who disclosed this when unveiling the new Management’s strategic focus during a Townhall Staff Meeting on Wednesday April 27, 2022, at the FMBN headquarters in Abuja.
The MD said this recapitalization will help provide a robust financial foundation for expanding FMBN’s capacity to enhance access to affordable housing for Nigerians.
According to him, “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 which 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 said.
He noted that the 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", he said.
The MD added that the team 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”.
He stated that 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 further 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".
He 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".
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