FMBN commences recapitalisation exercise – Daily Trust

The Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Shehu Usman Osidi, has disclosed that the bank has commenced recapitalisation exercise to boost efficiency in housing delivery to Nigerians.

Osidi made the disclosure when the federal housing delivery reforms task team paid a courtesy visit to the bank’s headquarters in Abuja on Wednesday.

He said, “The bank is one of the enterprises slated for commercialisation by the government, with focus on repositioning and capitalisation after a series of engagements with the BPE on the need for the bank to stay true to its mandate of affordable mortgage financing by the federal government.

“Already we have a 5-year strategy blueprint, approved by the board guiding our operations and a major ICT project in core banking application is nearing completion (95%) to prove service delivery and process efficiency,” he explained.

He added that the amendments of the FMBN and NFH Acts have also commenced in the National Assembly, noting that the grey areas that hindered the assent to the bill have been rectified.

In his brief remarks, Mr Adedeji Adesomoye, chairman, federal housing reforms task team, said the committee is tasked with the responsibility to comprehensively review operations and governance structure of the Federal Housing Authority, Federal Mortgage Bank of Nigeria and Family Homes Fund.

He added that, “The minister has set up a target of 20,000 housing units for 2024 and 50,000 housing units in subsequent years.”