The Federal Mortgage Bank of Nigeria‘s (FMBN) newly inaugurated Executive Management Team has outlined its administration’s priorities, which include the completion of the bank’s ICT transformation project and recapitalization drive.
Others are the implementation of the five-year FMBN Strategy Plan, review of FMBN Establishment Acts, among others.
FMBN Managing Director and Chief Executive Officer, Madu Hamman, made the disclosure during a Townhall Staff Meeting at the bank’s headquarters in Abuja.
According to Madu, the Management team is fully aware of the systemic challenges facing the Bank internally and externally and intends to hit the ground running.
“We have to speedily conclude our IT project to make the Bank more digital, eliminate paperwork and enhance service delivery. We will work with the ICT Team to reduce as much as possible the manual operations. On the back of the ICT transformation, we must all work to revamp our work processes, come up with standard operating procedures for all job desks”, he noted.
Madu also noted that the bank would redirect the focus of its loan operations to ensure essential alignment with the Bank’s core mandate.
Speaking further, he said the ongoing implementation of the FMBN five-year strategy blueprint will also be occupying a central part of the Management’s activities.
He was quoted as saying, “We will be looking at how our products are performing, identify areas of improvement, and explore ways to address the serious issue of Non-Performing Loans (NPLs). We are going to x-ray all the FMBN housing loan products as well as the underwriting framework guiding their operations. Our strategic goal is not only to make the products and processes more efficient but to also ensure maximum protection of the Bank’s investment.
“Every staff needs to be conversant with the plan and to contribute to its successful implementation. All our activities must revolve around the strategy blueprint. It is an ambition we have set for ourselves, and this management will ensure that we implement it accordingly with periodic reviews to align with emerging realities.”
He noted that the team would deepen the Bank’s strategic engagements with stakeholders particularly FMBN’s regulator; the Central Bank of Nigeria (CBN), the Mortgage Banking Association of Nigeria (MBAN), the Real Estate Development Association of Nigeria (REDAN), Labor Centers, the National Assembly, and other stakeholders.
As part of other related efforts to move FMBN forward, Madu said the new Management Team will re-energize the pursuance of FMBN recapitalization from the current N5 billion to N500 billion. This, he said, will help provide a robust financial foundation for expanding FMBN’s capacity to enhance access to affordable housing for Nigerians.
He, therefore, sought the cooperation of FMBN staff and urged them to work hard as a team toward meeting the management’s set goals.
“In executing most of these endeavors, the most critical factor is our ability to work together as a team. Teamwork is critical to any organization that wants to succeed. We cannot continue to operate in silos. There has to be synergy between departments, collaborations between people, contributing to ideas, innovations we are open to suggestions to improve the Bank.”
