Federal Government Mulls Commercialization of FMBN

The Nigerian government plans to commercialise the Federal Mortgage Bank as part of efforts to enhance housing delivery efficiency for Nigerians.

The FMBN Managing Director, Shehu Osidi, revealed this when the Federal Housing Delivery Reforms Task Team paid him a courtesy visit at the bank’s headquarters in Abuja.

The two committees were led by Mr Adedeji Adesemoye, who heads the Housing Institutions Reform Task Team and Brig. Gen. Tunde Reis, who leads the Multi-Agency Project Delivery task teams.

Reis was represented at the occasion by Chioma Wogu-Ogbonna, an architect.

He said the focus was shifted to repositioning and recapitalisation after a series of engagements with the Bureau of Public Enterprise on the need for the bank to stay true to its mandate of affordable mortgage financing.

According to Osidi, the task of advancing the goals of affordable housing and urban development is a major assignment to be solved by all means.

According to him, FMBN has a 5-year strategic blueprint that has been approved by its board. He also mentioned that a major ICT project in core banking application is almost complete (at 95 per cent completion) and would demonstrate service delivery and process efficiency.

He added that the amendments to the FMBN and NFH Acts had also commenced in the National Assembly, noting that the grey areas that hindered the assent to the bill had been rectified.