Aimed at enhancing the provision of affordable housing to Nigerians, the Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Shehu Usman Osidi, has announced the commencement of a recapitalisation exercise.
The initiative aims to boost efficiency in housing delivery across the country.
Osidi made the announcement during a visit by the federal housing delivery reforms task team to the bank's headquarters in Abuja on Wednesday.
He stated that the FMBN, as one of the enterprises slated for commercialisation by the government, would focus on repositioning and capitalisation to stay true to its mandate of affordable mortgage financing.
A 5-year strategy blueprint, approved by the board, is already guiding the bank's operations.
Additionally, a major ICT project in core banking application is nearing completion, with a 95% progress rate, to improve service delivery and process efficiency.
Osidi also mentioned that amendments to the FMBN and NFH Acts have begun in the National Assembly, addressing the grey areas that previously hindered the assent to the bill.
Mr Adedeji Adesomoye, the chairman of the federal housing delivery reforms task team, explained that their committee is responsible for comprehensively reviewing the operations and governance structure of the Federal Housing Authority, Federal Mortgage Bank of Nigeria, and Family Homes Fund.
The Minister has set an ambitious target of delivering 20,000 housing units in 2024 and increasing the number to 50,000 units in subsequent years, highlighting the government's commitment to addressing the housing deficit in Nigeria.
As the FMBN embarks on this recapitalisation exercise, it is expected to improve the bank's capacity to provide affordable mortgage financing to Nigerians, ultimately contributing to the country's socio-economic development.
