The newly appointed Managing Director/Chief Executive Officer of the Federal Mortgage Bank of Nigeria (FMBN), Hamman Madu, has assured of the determination of the management and the board to work harmoniously to reposition the bank to deliver on its core mandate by providing credit facilities through mortgage institutions in Nigeria.
Madu, who gave this assurance during the inauguration of the board of the bank by the Minister of Works and Housing, Babatunde Fashola, added that this would encourage and promote the growth of viable primary and secondary mortgage institutions in the country
According to him, by promoting a viable mortgage sector, the bank would be able to service the housing needs of Nigerians.
He explained that members of the board were excited to be chosen to undertake the onerous responsibility at this period in the life of the nation, noting that housing remains one of the basic human needs and that access to housing finance is the critical ingredient in achieving home ownership among Nigerians.
“I will like to commit that on behalf of the executive management and the board, we will ensure that we work harmoniously to reposition FMBN to deliver on its core mandate,” he said.
The Managing Director promised the board would mobilise both domestic and offshore funds into the housing sector, while linking the capital market with the housing industry.
Besides, he said, “We will also collect the National Housing Fund (NHF) in accordance with the provision of the NHF Act and enter into any transaction which in the opinion of the board is necessary in line with the FMBN Act.
“Our commitment is to take our responsibilities and duties seriously and to maintain the level of corporate governance in line with best practices, while we deliver performance towards recovery and repositioning the bank to play its primary role as the apex mortgage bank in Nigeria.”
Madu said the board would ensure that the bank, which is over 40 years old, is restored to the path of growth, noting that without growth the housing sector would not witness any development. Housing sector’s growth, he said, was a critical aspect of Nigerian life.
“We will also continue to take on the challenging task and we count on the support of the Ministry of Works to enable us actualise the mandate given to us,” the FMBN’s Managing Director said, assuring the government that the management and board of the bank would ensure that all critical assets of the bank are recovered and properly accounted for.
Besides, he said the management and the board would not take up unnecessary projects without knowing their deadlines.
“Projects that are entered without deadlines usually amount to waste. We promise that we will not fail in this assignment,” he said.
He commended the President for finding members of the board worthy to contribute to the development of the economy through the bank.
He told the Minister and other guests present at the event that members of the board are excited to be chosen to undertake the onerous responsibility at this critical period in the life of the nation.
According to the FMBN, Nigeria’s housing gap is estimated to be in the region of 17 million units while homeownership is estimated at a low 25 per cent.
Mr Ayodeji Ariyo Gbeleyi, a Chartered Accountant, was named Chairman of the FMBN’s Board by President Buhari earlier this year.
and then