Terminate all transactions outside mandate of Federal Mortgage Bank, Fashola charges board members

Members of the newly inaugurated board and executive management of the Federal Mortgage Bank (FMB), have been advised to focus on the core mandate of the Bank and pursue housing for Nigerians.

Minister of Works and Housing, Babatunde Fashola who gave the board members this charge also tasked them to terminate all transactions that do not reflect the mandate of the bank.

Fashola said membership of the newly inaugurated bankers to the board and management of the Federal Mortgage Bank was not a guarantee, where any member did not justify their nomination and consequent membership of the committee with respect to their work.

The Minister said he would not hesitate to recommend the removal of any member or group of persons who do not work in accordance with the primary purpose of the bank and its mandate to Nigerians.

He further tasked the members of the board and management of the apex mortgage bank to acquaint themselves with the Act establishing the Federal Mortgage Bank Act and the National Housing Fund Act.

The Minister said it was important for the new board to align the mandate of the bank to the housing needs of Nigeria as he emphasized that the services of the bank were to Nigerians of all persuasions urban and rural.

His words: “I want this management and board to bring to the lawful end of all other ventures into which this bank has dabbled, which are not supported by law.

“I expect this to happen through due process, supported by legal consultations, thorough debate and decision and ministerial presidential approval.”

He noted the increase of female members of the board to have risen to three when it was just two in the last management board of the bank.

Chairman of the Board, Mr Gbeleyi Ayodeyi Ariyo said the board would comply with the mandate and instruction, especially the call to acquaint themselves with the enabling laws to guide their operations.

He maintained that a retreat is being planned for the members of the board to expose them to the law and the money laundering Act to equip them in their dealing with members of the public who would need the services of the bank for their homeownership.

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Terminate all transactions outside mandate of Federal Mortgage Bank, Fashola charges board members