FMBN recovers N12bn from non-performing loans

The Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Shehu Usman Osidi has revealed that the Recovery Task team set up by the Bank has so far recovered N12 billion from non-performing loans. Osidi made the disclosure on Monday during his opening address at the 2024 Management Retreat. On the issue of non-performing […]

The Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Shehu Usman Osidi has revealed that the Recovery Task team set up by the Bank has so far recovered N12 billion from non-performing loans.

Osidi made the disclosure on Monday during his opening address at the 2024 Management Retreat.

On the issue of non-performing loans (NPLs), Osidi outlined steps taken to improve credit quality, including the inauguration of 7 Recovery Task Teams to tackle delinquent loans across Nigeria while calling for effective project management and the expansion of strategic partnerships to scale FMBN’s impact.

He revealed that “The recent engagements with institutions such as MOFI, CBN, and Shelter Afrique Development Bank have already begun to yield tangible results, including the recovery of N12 billion previously trapped by the Office of the Accountant General of the Federation (OAGF).

• Farmer: I earn N7m annually from growing tomato, pepper
• Slain officers: ‘You’ve murdered peace’, IGP orders IMN sponsors’ manhunt

“Also, we have rolled out a seven-point agenda, which covers critical areas including deepening process automation, promoting cost efficiency, enhancing credit quality, effective project management, expanding strategic partnerships, enthroning a robust organisational performance management system, and standardized capacity building,” he said.

He said asides automation of the ban’s activities, he highlighted the need for stringent cost-efficiency measures, adding that “We have had a remarkable reduction in our expenditure while our revenue and income have been growing steadily, which is why we are expanding strategic partnerships with key stakeholders by building and nurturing these partnerships, to accelerate the delivery of affordable housing across Nigeria.”