In a bid to recover its delinquent and non-performing loans, the Federal Mortgage Bank of Nigeria (FMBN), yesterday set up seven specialised loan recovery task teams to retrieve all the bank’s debts nationwide.
Speaking at the event, the Managing Director of FMBN, Shehu Osidi, who inaugurated the teams at the Abuja headquarters of the bank, stated that the action was critical to sustain the core mandate of making mortgages available to Nigerians.
Osidi stated that the step had become important so as to safeguard the financial interests of the bank and ensure the sustainability of its lending operations, stressing that over the years, the bank had played a crucial role in providing affordable housing finance to Nigerians.
According to him, this has helped contribute significantly to the achievement of the national housing agenda and promotion of home ownership in the country.
Osidi stated that to ensure effective implementation, the teams were segmented along geo-political zones, and each team would handle all delinquent loans within its jurisdiction. While the first team covering the Federal Capital Territory (FCT), is led by Kabir Yagboyaju, who chairs the group, Jibo Ibrahim, Chairman, will lead the North-West, while TLG Elayo will chair the task team for the North-Central and Gbenga Babade will lead the South-West task team.
