Roll out fresh plans for affordable houses, Minister tells FMBN

Whatapp News

Abuja- The Minister of Housing, Mrs Akon Eyakenyi, on Wednesday charged the Federal Mortgage Bank of Nigeria (FMBN) to roll out fresh mortgage for affordable houses.

Eyakenyi gave the charge while inaugurating the executive management of the FMBN in Abuja.

Eyakenyi said the essence of reconstituting the management was to reinvigorate the bank and effectively reposition it to meet the present and future challenges of housing.

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“We need to take urgent steps to ensure that the FMBN continues to thrive in the midst of uncertainties and frequent changes impacting negatively on businesses.

“There is need for a new management to confront the challenges of our time because there is a great deal of work to be done to consolidate on the achievements of the bank.

“I urge you to create a big room for innovations and strategic thinkers in the bank to flourish by reconfiguring the human resource management architecture of the bank”, she said.

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Eyakenyi urged the management to be agents of change and initiate sustainable high performance culture.

She advised them to restructure and review the operations and internal processes of the bank as directed by the Board.

The minister urged them to avoid the culture of waste and gross inefficiencies, adding that the FMBN must be more responsive to the prescribed standard of the financial sector.

Responding, Mr Gimba Ya’u Kumo, the Managing Director of the bank, said the management would reposition the bank for effective service delivery.

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He said the bank commenced automation of its operations in 2010 to 2014 and introduced the e-collection platform for the National Housing Fund.

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Kumo said this resulted in 300 per cent increase in the collections from about N7 million to over N2.4 billion per month.

“In addition, we revamped corporate governance and risk management structure in line with international best practices.

“The bank launched the Informal Sector Housing Cooperative Scheme in order to expand mortgage to the unbanked population.

“It also enabled us to tap into a market segment comprising more than 70 per cent of the Nigerian population.”

He said the bank initiated Four Million Housing Unit Programme under a partnership with Trade Union Congress and Nigeria Labour Congress, to deliver affordable houses to workers.

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The managing director promised to recapitalise the bank and improve its balance sheet.

Kumo said they would work towards attracting offshore funding for affordable houses and improve service delivery to NHF contributors.

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He also promised to complete all ongoing housing estates under the Pilot Housing Scheme nationwide and the Goodluck Jonathan Estate in Kaba District of FCT. (NAN)

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