The Federal Mortgage Bank of Nigeria has restated its commitment to ensuring speedy reforms to boost efficiency and access to affordable and quality housing in Nigeria.

Shehu Osidi, the FMBN Managing Director, disclosed this when the Federal Housing Delivery Reforms Task Team paid him a courtesy visit at the bank’s headquarters in Abuja.

The two committees were led by Mr Adedeji Adesemoye, who heads the Housing Institutions Reform Task Team and Brig. Gen. Tunde Reis, who leads the Multi-Agency Project Delivery task teams, Reis was represented at the occasion by Chioma Wogu-Ogbonna, an architect.

He said the focus was shifted to repositioning and recapitalisation after a series of engagements with the Bureau of Public Enterprise on the need for the bank to stay true to its mandate of affordable mortgage financing.

Osidi explained that they have the task of advancing the goals of affordable housing and urban development, describing it as a major assignment by all means.

He said, “Accordingly, the Federal Mortgage Bank of Nigeria is committed to supporting you in fulfilling the ministry’s dreams of reforming and improving the housing sector, which is crucial for sustainable development and improving the quality of life for all citizens.

“It is important to acknowledge that the bank has had a remarkable journey in the history of mortgage and housing finance in Nigeria and we are happy that this interaction is taking place today to share our perspectives.

“The bank is one of the enterprises slated for commercialisation by the government, with a focus on repositioning and capitalisation after a series of engagements with the BPE on the need for the bank to stay true to its mandate of affordable mortgage financing by the federal government.”

He said, the FMBN has a five-year strategy blueprint, approved ay the board guiding our operations and a major ICT project- the core banking application is nearing completion, that is 95 per cent, to improve service delivery and enthrone process efficiency.

The amendments of the FMBN and NFH Acts, he said, have also commenced in the National Assembly, pointing out that a copy of the draft FMBN bill was sent to the bank a couple of weeks ago, while the draft NHF bill is being awaited.

“No doubt, the bank is bedevilled with a litany of challenges, particularly with the performance of our estate development loans, but it is important to note that we are gradually turning the corner.”

He stressed that the FMBN is concentrating on seven core but broad agendas to further deepen the ongoing reforms and usher in a remarkable turnaround.

“These include deepening process automation, promoting cost efficiency, enhancing credit quality and reducing non-performing loans, effective project management, expanding strategic partnerships, enthroning a robust organisational/employee performance management system and building/talent management and standardised capacity,” he added.

Also, Mr Adedeji Adesomoye, the Chairman of the Federal Housing Reforms Task Team, said the committee was tasked with the responsibility to comprehensively review the operations and governance structure of the Federal Housing Authority, Federal Mortgage Bank of Nigeria and Family Homes Fund.

He said, “The minister has set up a target of 20,000 housing units for 2024 and 50,000 housing units in subsequent years.”