Introduction to FMBN’s Strategic Retreat
The Federal Mortgage Bank of Nigeria (FMBN) has held a three-day strategic retreat aimed at recalibrating its operations to strengthen its role in advancing affordable home financing in Nigeria. The Managing Director and Chief Executive of FMBN, Shehu Osidi, made this announcement on Thursday at the 2025 FMBN Management Retreat themed ‘‘Process Re-Engineering for Optimal Performance’’.
Past Commitments and Achievements
Reflecting on past commitments, Osidi highlighted a major win in addressing the issue of Non Performing Loans (NPLs). He also mentioned another significant development, which is the impending formal introduction of three new products into the market by the bank. These products include The FMBN Diaspora NHF Mortgage Loan, the Non-Intertest Mortgage Loan, and the Rent Assistance Product.
Expansion of Stakeholders’ Engagements
According to Osidi, the bank has 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. 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. The bank received a refund of N13 billion in 2024 and another N13 billion so far this year. Furthermore, the bank has obtained the approval of the Minister of Finance and Coordinating Minister of the Economy (CME) to stop the deductions and close the account.
Future Plans and Objectives
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 emphasized 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.
Performance Management and Accountability
The MD announced that he would extend to the Executive Directors the signing of a performance bond with the Minister of Housing and Urban Development. 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. To enhance service delivery, shopping activities will also commence across FMBN offices, keeping staff alert and performance-driven.
Staff Welfare and Economic Challenges
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.
Objective of the Retreat
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.
Conclusion
The FMBN’s strategic retreat is a significant step towards advancing affordable home financing in Nigeria. With the introduction of new products, expansion of stakeholders’ engagements, and emphasis on performance management and accountability, the bank is poised to make a greater impact in the housing finance sector. The management’s commitment to staff welfare and addressing economic challenges is also a positive development.
FAQs
Q: What is the theme of the 2025 FMBN Management Retreat?
A: The theme of the 2025 FMBN Management Retreat is ‘‘Process Re-Engineering for Optimal Performance’’.
Q: What are the three new products to be introduced by FMBN?
A: The three new products to be introduced by FMBN are The FMBN Diaspora NHF Mortgage Loan, the Non-Intertest Mortgage Loan, and the Rent Assistance Product.
Q: What is the objective of the FMBN’s strategic retreat?
A: The objective of the FMBN’s strategic retreat is to reposition FMBN for greater impact in the affordable housing finance sector and to further align FMBN’s operations with national housing goals and enhance institutional performance.
