Govt inaugurates new executive management of FMBG

… As management resolves to re-strategise 

THE Federal Government has inaugurated a new Executive Management Team for the Federal Mortgage Bank of Nigeria (FMBN) 

Speaking at the inauguration, Minister of Lands, Housing and Urban Development, Mrs. Akon Eyakenyi said the essence of reconstituting the Executive Management team of the bank is to reinvigorate the bank and effectively reposition it to meet the present and future challenges and make it a leader in the housing finance/mortgage sub-sector.  

Eyakenyi, who expressed satisfaction with the achievements of the bank in the last five years, stressed the need to consolidate on the strides made by the bank to ensure that FMBN continues to thrive in the midst of uncertainties.

She urged the new management to frontally confront present day challenges and transform the bank to a world-class institution.

“ I expect that you will be the change agents to institute a sustainable new high performance culture in the FMBN anchored on a robust strategy that is aligned with performance, enterprise, excellence, innovation, quality and customer satisfaction. I expect you to champion and fast track the process of realigning the structure and reviewing the operations and internal processes of the bank through the institutional renewal exercise,” Eyakenyi said.

 Also speaking, the Permanent Secretary in the Ministry, George Ossi observed that the past management facilitated the delivery of over seventeen thousand housing units during their four years tenure and also recovered about N6billion from the debt stock

He urged the new team to surpass its predecessors and bring more visibility to the FMBN so that it continue to serve as a veritable vehicle for deepening mortgage penetration to the nooks and crannies of Nigeria and also support the provision of affordable homes to the citizenry as envisioned by National Integrated Infrastructure Master Plan (NIIMP).

Meanwhile, the Managing Director of the FMBN, Gima Ya’U Kumo has expressed the commitment of the Bank’s new management to develop pro-active and effective strategies that would help recapitalise FMBN and ensure improvement in its balance sheet structure to solidify its standing as a financial institution. 

Kumo who was returned as the Managing Director of the Bank noted that at his assumption of office in 2010, he met an FMBN that was being run using manual mode of operation, underperformance in NHF collections, stiff opposition from labour unions and strained relationships with strategic stakeholders, commenced automation of the banks operations and introduced the e-collection platform to streamline the NHF collection processes, which resulted in a 300 percent increase in NHF collections from about N700million to over N2m.4billion per month., recovered about N2.5billion as at today.