FMBN recovers N3bn debts, inches close to N500bn recapitalization- MD

The Federal Mortgage Bank of Nigeria (FMBN) said it has made significant progress in its loan recovery drive with the recovery of over N3billion so far in 2018, in addition to the N2.4billion recovered in 2017.

The Managing Director of FMBN, Arc. Ahmed Musa Dangiwa stated this at the 2018 Annual Management Retreat with the theme “Improved Transaction Turnaround Time: Getting it Done”, which was held recently in Kano.

“To strengthen this, the Bank is working in partnership with the Special Presidential Investigation Panel for the Recovery of Pubic Property in a move that is likely to recoup N43billion from the bank’s debtors within the next 18 months,” he said.

Dangiwa revealed that after twelve years of failed attempts at institutional restructuring, Management’s stakeholder engagement drive has resulted in the successful passage of key amendments to the laws establishing the institution and the National Housing Fund (NHF) by both chambers of the National Assembly.

The amended laws, he said, when assented to by the president, would give birth to a new and more independent FMBN with a robust capital base of N500 billion.

“The additional liquidity and operational flexibility will greatly enhance FMBN’s capacity to more effectively deliver on its mandate to provide access to affordable mortgage finance for home ownership by Nigerian workers” he said.