FMBN Seeks NASS Intervention on proposed N500 billion capital base

Richard Esin

Richard Esin

The Federal Mortgage Bank of Nigeria (FMBN) has said that it has sought for legislative intervention for the upward review of the bank’s capital base to N500billion as endorsed by the National Council of Housing to enable it meet its mandate and adequately provide the needed housing funds for Nigerians.

Ag. MD/CEO FMBN, Mr. Richard Esin, who revealed this at opening of a 3-day staff performance review retreat in Abuja, said additional funds from the National Housing Fund (NHF) and PENCOM which would in addition also be used as debt instruments for the creation of mortgages.

He said the retreat aim to look at the performance and gaps of FMBN staff and share experiences that could be shared and further added that from 1999 till 2015 the bank had been operating at a deficit before his administration turned things around.

Mr. Esin said a profit of N2.7 billion had so far been recorded for the year ending 2016, and called for sustained performance and new approach in accountability culture as the bank ought to look at where it is and where it wants to be.

The Acting MD/CE of FMBN also acknowledged the attitude, commitment and dedication of staff in taking ownership of the bank and improving overall productivity and expressed confidence that the bank would record positive gains in 2017, if the current momentum was sustained, and a review of the legal and regulatory framework of the bank, particularly the enactment of a foreclosure law to develop the mortgage subsector.

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