By Angela Atabo

The Federal Mortgage Bank of Nigeria (FMBN) says its three-day strategic retreat focuses on recalibrating operations to strengthen its role in advancing affordable home financing in Nigeria.

The Managing Director and Chief Executive of FMBN, Shehu Osidi, said this on Thursday at the 2025 FMBN Management Retreat themed ‘‘Process Re-Engineering for Optimal Performance’’.

Reflecting on past commitments, Osidi highlighted a major win in addressing the issue of Non Performing Loans (NPLs).

He said another significant development was the impending formal introduction of three new products into the market by the bank.

“These include The FMBN Diaspora NHF Mortgage Loan, the Non-Intertest Mortgage Loan and the Rent Assistance Product,’’ FMBN boss said.

According to him, the bank has also been strategic in expanding stakeholders’ engagements, leading to the impending resolution of the challenge with the Central Bank of Nigeria (CBN’s) single obligor limit.

He added that the strategic engagements helped in recovering a greater part of the wrongful deductions applied to National Housing Fund (NHF) collections by the Office of the Accountant General of the Federation.

“We got a refund of N13 billion in 2024, and we have received another N13 billion so far this year.

“More importantly, we have obtained the approval of the Minister of Finance and Coordinating Minister of the Economy (CME) to stop the deductions and close the account,” he said.

Going forward, the FMBN Boss charged the staff to rejig the bank’s Five-Year Strategic Blueprint, aligning it with current realities, regulatory conditions, and emerging opportunities.

He emphasised the need to address the challenges stalking the progress of the Core Banking Application (CBA), stressing the need to also strengthen and monitor projects financed by the bank.

In alignment with the Federal Government’s Renewed Hope Agenda, the MD reiterated FMBN’s commitment to delivering on assigned priorities.

He said he would also extend to the Executive Directors the signing of a performance bond with the Minister of Housing and Urban Development.

According to him, this is to ensure a cascading accountability structure that ties every directorate, group, and office to measurable targets.

“A new reward and recognition framework has also been approved, pending the onboarding of the Performance Management System (PMS) for transparent appraisal and incentive structures.

“In a move to enhance service delivery, shopping activities will also commence across FMBN offices, keeping staff alert and performance-driven.

Acknowledging current economic challenges, the MD reassured staff of management’s commitment to their welfare, promising continued interventions to cushion the impact of inflation and rising costs.

Earlier, Mr Ahmed Ka’oje, Unit Head, Strategy Development and Implementation, said the objective of the retreat was to reposition FMBN for greater impact in the affordable housing finance sector.

Ka’oje added that the retreat sought to further align FMBN’s operations with national housing goals and enhance institutional performance. (NAN)(www.nannews.ng)

Edited by Deji Abdulwahab