While celebrating the milestones achieved so far, Arc. Dangiwa acknowledged the yawning housing deficit, justifying the need for a bigger budgetary allocation for housing. He revealed that the National Assembly had expressed willingness to support a N500bn budget for the Ministry in 2025 and appealed to the CDCU Unit to support and push the cause. He reiterated the Ministry's commitment to supporting the actualization of the Renewal Hope Agenda of President Bola Tinubu. On her part, Hadiza Bala Usman, presented the performance assessment, identifying success areas and gaps that needed to be filled to align with the outlook for the fourth quarter. She pointed out the need for the Ministry and its agencies to agree on a standardized unit for measuring housing deliverables. She explained that even though a lot of work had been done, without an agreed method of measuring deliverables, it would not be properly captured. In his comments, the MD/CE of the Bank, identified some key steps already taken to surmount some of the challenges earlier clogging the Bank's progress, specifically the issue of the single obligor limit. He noted that there had been some engagements with the House of Representatives Committee on Housing and Habitat. Following their intervention and the ongoing engagements with the Central Bank of Nigeria (CBN), he noted that there was hope of positive results before the end of the year. With the challenges being addressed, Osidi assured that the Bank would optimally unleash its potential as the leading mortgage institution in the country.

It is heartwarming to note that the FMBN football team cruised to the knock out stage (second round), and after playing 1-1 against National Commission for Refugees at regulation time, the match went into penalties and ended 4-3 against FMBN. The result notwithstanding, the FMBN team gave a good account of themselves and were darling to hundreds of spectators.

Osidi assured stakeholders of FMBN's dedication to enhancing customer-centric service delivery, bolstered by investments in cybersecurity and plans for a digital National Mortgage Registry citing technology as being the only route to improved service delivery thereby, reinforcing FMBN's commitment to becoming a leader in IT-driven mortgage banking in Nigeria. Following the MD/CE's presentation, a panel of discussants on the paper ensued, with some of the Bank's Group Heads as participants. Group Heads, Project Finance, Mr. Nafada Ahmed, Legal Services, Mrs. Bibian Onyekwe, Loans Admin, Mrs. Obiageli Nwokedi, Mrs. Olufunke Olawuyi, a Principal Manager and representative of the Group Head, Loans and Mortgage Services, and other participants drawn from stakeholders in the mortgage industry provided insights from the paper, all geared towards advancing the mortgage banking sub-sector. The conference, themed "Strengthening Public-Private Partnerships in Mortgage Banking to Achieve Sustainable Development Goals," which commenced yesterday, November 29, and featured presentation of goodwill messages from the MD/CE and other key players in the mortgage banking and housing sectors, closed today with a Gala night and send forth of the pioneer Executive Secretary/Chief Executive Officer of MBAN.

Senator Tambuwal emphasized the need for collaboration between public and private stakeholders to address Nigeria's significant housing deficit. He also highlighted the efforts being made by the Committee to support transformation in the housing sector, including pushing for the recapitalization of FMBN. He noted that a well-capitalised and robust FMBN is essential for bridging the housing deficit and expanding access to affordable mortgage financing for citizens across the nation, and therefore reiterated the urgent need to recapitalise the Bank to strengthen its capacity to deliver affordable housing solutions to Nigerians. Stakeholders at the Conference, drawn from the Federal Ministry of Housing and Urban Development, Ministry of Finance Incorporated, the Real Estate Developers Association of Nigeria (REDAN) and a host of others, all lauded MBAN for its critical role in driving the national housing finance landscape.

Dr. Armstrong Ume Takang, CEO of MOFI, provided insights into the MREIF's market-driven design, emphasizing the need for adequate liquidity and adherence to regulatory standards to sustain the initiative's momentum. Other stakeholders like the representatives of REDAN, MBAN and HDAN, who spoke during the session, while supporting the MREIF initiative, strongly called for the recapitalisation of the Bank and the review of obsolete laws impeding on the Bank’s overall success. Their collective voices supported the MREIF initiative as a transformative approach to tackling the housing deficit in Nigeria.

He reiterated his commitment to ensuring that these interactions happen consistently, as they are pivotal to fostering stronger collaboration and better outcomes for the Nigerian mortgage finance sector. Osidi used the opportunity to highlight some key challenges encountered by the Bank in its engagement with the Primary Mortgage Banks (PMBs), bordering around inability to submit interim security, delay in disbursement of funds to beneficiaries within the stipulated 60 days and frequent swapping of beneficiaries and property after FMBN approval. Other challenges identified included the PMBs inability to meet their financial obligations to FMBN leading to increase in the Bank's NPLs, Failure to submit audited financial statements on request, non-remittance of repayments to the Bank, incomplete loan documentation as well as delay in signing and returning loan agreements. Despite these challenges, the MD/CE Alh. Usman Shehu Osidi expressed optimism about overcoming them through open dialogue and collaboration. He assured stakeholders that FMBN is tackling internal issues to better support PMBs and enhance the broader housing finance sector. Commending MBAN’s leadership for its cooperation, particularly in addressing critical issues such as the Single Obligor limit with the Central Bank of Nigeria (CBN), Osidi reaffirmed the Bank’s commitment to working closely with the Association to align processes and actions for the greater good of the mortgage sector. The President of MBAN, Mr. Mac-Yokori, re-emphasised the need to resolve the Single Obligor limit, which he described as a significant barrier to the effective operations of the PMBs. He expressed confidence that ongoing efforts, led by FMBN and supported by PMBs, would help surmount these challenges and reposition the mortgage sector for sustainable growth. The meeting, designed to be held on a quarterly basis focuses on ensuring a regular interface between the FMBN and MBAN in the ordinary course of their business dealings.

In his remarks, Mr. Weinrich lauded FMBN’s efforts at providing affordable housing loans to Nigerians, expressing IUHF’s readiness to support the Bank with technical assistance. He introduced the Kazakhstan mortgage finance model, renowned for its ability to address both housing demand and supply efficiently, resulting in affordable housing solutions and increased homeownership. Dr. Muhammad Sani Abdu, FMBN’s Executive Director, Loans and Mortgage Services, stressed the strategic value of partnerships like this in attracting international funding for housing development in Nigeria. On her part, Dr. (Mrs.) Fika reiterated the urgent need for the Federal Government to recapitalize FMBN, emphasizing its critical role in addressing the nation’s housing deficit.

This was contained in a message delivered by the MD/CEO Alh. Shehu Usman Osidi during a visit to FMBN’s headquarters on November 19, 2024, by the Nasarawa State Deputy Governor, Dr. Emmanuel Akabe. While the Deputy Governor commended FMBN's efforts in the state and emphasized the importance of providing affordable housing for workers, he revealed that the Nasarawa State Government had passed a law to allow occupants of all government houses in the State to own the homes, a total of 141 house were established but noted affordability challenges facing the civil servants and urged FMBN to step in and support the workers. FMBN MD/CE, Alh Shehu Usman Osidi reaffirmed the Bank’s commitment to affordable housing, detailing interventions like the Rent-to-Own scheme, cooperative housing loans, and the NLC/TUC/NECA scheme. He pledged support for the government’s housing agenda and announced plans to add 100 more homes already developed by FMBN in the state to the 141 to be off-taken, bringing the total number of homes to 241. Also speaking, Dr. Muhammad Sani Abdu, FMBN’s Executive Director of Loans and Mortgage Services, proposed a sites and services programme in Nasarawa State for gradual home development, while Nasarawa State’s Head of Civil Service, Barr. Abigail Waya, expressed gratitude for FMBN's dedication to workers’ welfare.

Hon. Jibrin made this assertion during an oversight visit by the Committee to the Bank's headquarters in Abuja on Monday, November 18, 2024. The oversight visit, which marked the first by the current House Committee, was aimed at familiarizing members with the Bank's operations and exploring ways of enhancing legislative support for its mandate of providing affordable mortgages, particularly to medium- and low-income earners.

NIDCOM has issued a similar disclaimer on the purported HXAfrica mortgage pre-financing scheme and the general public is invited to note accordingly. [E-signed] Virginia Jang (Mrs) Group Head, Corporate Communications Federal Mortgage Bank of Nigeria (FMBN) 15th November 2024

“At the FMBN, we are devising innovative housing finance solutions and schemes to continue to create accessible mortgage finance opportunities, especially for the youth, who are the leaders of tomorrow," he said. The keynote address of the Minister was full of praises for Nigeria’s active engagement in Urban October, which he described as an initiative for global collaboration towards “promoting sustainable urbanization around the world.” The Minister acknowledged the collective resolve of stakeholders to foster urban growth that embraces inclusivity, sustainability, and resilience. “Your presence demonstrates our shared resolve to ensure our cities and towns grow sustainably, fostering vibrant and inclusive communities where every citizen has a place,” he remarked. Emphasizing the centrality of sustainable housing to a better future, the Minister highlighted Nigeria’s commitment to inclusive development through the Renewed Hope Cities and Estates Programme, which targets constructing 50,000 housing units across fourteen states under Phase 1. He said, “Today’s youth are not only the leaders of tomorrow; they are already making significant contributions to sustainable urbanization through innovation and advocacy,” he stated. He reassured the youth of the government’s commitment to amplifying their voices and providing resources to drive impactful change.

Acknowledging the pivotal position of the Labour Unions, Osidi asserted that the FMBN administers the National Housing Fund (NHF), and values the support of Labour, stating that “if labour sneezes, FMBN catches cold.” He lauded the unions for the open display of maturity and understanding so far in their relationship with the Bank. The MD stated that the committee was set up as far back as 2014, when he was the Group Head, Special Products Group, and is still thriving to date. He said, “We will come for a meeting, we will argue, we will fight, we will agree, we will disagree, we will bang the doors, but we will all come back for the common purpose of providing affordable housing for Nigerian workers. This can only happen when there is sincerity of purpose,” he added. He revealed that Labour shaped the Bank’s engagements with the Bureau of Public Enterprises (BPE) in the initial plan of commercialising the activities of the Bank, leading to a change of assignment from “Committee for the Commercialisation of FMBN” to “Committee for the Recapitalisation and Repositioning of FMBN.” Osidi therefore, reassured the Committee that the Bank would not rest on its oars until the purpose of establishing the committee, which is affordable housing supply for Nigerian workers, is met, reiterating the Bank’s new management’s resolve and action in assessing ongoing and abandoned projects, initiating completion efforts and commencing new projects. The meeting had in attendance the Deputy Secretary General of TUC, Comrade Kenneth Mokwenye, the Representative of NLC, Comrade Benson Upah, the Representative of NECA, Comrade Thompson Akpabio, along with other members of the committee. The Union leaders unanimously congratulated Osidi on his appointment, affirming their confidence in his leadership acumen for the development of the housing sector. They advised FMBN to move with the times, urging the executive management to leverage the existing relationship with the Ministry of Housing and Urban Development to bring about improvements in the housing sector.

Also introducing the FMBN Diaspora Mortgage Loan product, the MD/CE announced that the Bank and the Nigerians in Diaspora Commission (NIDCOM), had made significant progress and would be launching the product very soon. The product, he noted, would address the unique housing needs of Nigerians abroad, who collectively contribute around $22 million annually to the national economy through remittances. He further informed the delegation of the Bank’s weekly television housing programme, ”Everyone Deserves a Home”, which is aired on NTA on Thursdays at 8:05pm and on Saturdays at 7:00pm by Channels TV, with the aim of keeping Nigerians informed of the Bank’s products and activities. He urged the Navy delegation to connect to the programme in order to follow up on the Bank’s activities. On his part, Rear Admiral Kaoje, conveyed the goodwill of Navy Holdings to the Bank, affirming that they are happy with what the Bank is doing and have benefited from it. He emphasised the importance of shelter, accounting for their visit to the Bank. "We are here to congratulate the new management, offer support and request for the Bank’s support. We have also come to familiarise ourselves with the new management to foster avenues for swifter facilitation of mortgage services for our naval officers," he said. In his comments, the Executive Director, Loans and Mortgage Services, Dr. Muhammad Sani Abdu, assured the Naval delegation that the appeal for adequate sensitisation would be handled by the Bank’s Special Products Group. Also speaking, the Executive Director Administration, Navy Holdings Limited, Rear Admiral A.P. Kayode, passionately appealed to the MD/CE to lighten the prevailing burden of acquiring a home in Nigeria by Nigerians in the Diaspora. He outlined the difficulties currently encountered by this segment of the population and urged the Bank to step in, in this regard. The FMBN - Navy Holdings Limited meeting came to a fruitful end with a resolution for a follow-up meeting with the Bank’s Executive Director of Loans and Mortgage Services, to identify gaps and find solutions to speed up the loans acquisition processes for naval officers.

In his address, Gov. Sule, who was the Special Guest of Honour at the event, acknowledged that Shehu Osidi is one of Nasarawa State’s best ambassadors at the Federal level. He affirmed that the award of fellowship conferred on Osidi by the CIBN is well deserved. The event was a harvest of awards for the Bank as the Executive Directors, Loans & Mortgage Services, Dr. Muhammad Sani Abdu, Finance & Corporate Services, Mr. Ibidapo Odojukan, Business Development & Portfolio Management, Mrs. Chinenye Chinedu Anosike, as well as the Group Head, Internal Audit, Mohammed Jibo Ibrahim, were also honoured with the Honorary Chartered Institute of Bankers (HCIB) awards.

“We have received assurances that the review of prudential guidelines is being given the attention it deserves,” he remarked, expressing optimism about a positive outcome. Osidi further emphasized the critical role played by mortgage credit in fostering economic growth, highlighting FMBN’s achievements in delivering affordable mortgage financing. He noted that the National Housing Fund (NHF) Scheme, which the FMBN administers, provides long-term, concessionary loans at fixed rates of 6% for up to 30 years. “It is important to emphasize that the Bank’s mortgage loan attracts a fixed rate of 6% compared to 18% - 25% in the open mortgage market, with a maximum down-payment of only 10% of the loan value and a repayment tenor of up to 30 years,” he said. He disclosed that FMBN has invested over N450 billion in the Nigerian housing sector, funding the construction of around 40,000 housing units and originating more than 150,000 individual loans, including mortgages. The MD/CE also noted that in partnership with the Federal Ministry of Housing & Urban Development, FMBN is supporting the Renewed Hope Housing project to deliver 100,000 homes nationwide, providing N100 billion in off-taker guarantee to developers. He further highlighted the Bank’s contributions to mortgage provision to include collaborating with labour unions to provide affordable housing for workers, adding that FMBN is finalizing a core banking system and plans to launch mortgage products for Nigerians in the diaspora and rent assistance for informal sector workers, with expectations of further growth through increased funding and recapitalization. Osidi spotlighted the broader economic impact of a robust mortgage system, explaining that “A robust mortgage origination system stimulates housing construction, generates jobs, and supports backward and forward linkages across various sectors.” He noted that the construction of just one 3-bedroom unit can generate up to 17 different jobs. Mortgage credit, he added, also drives demand for building materials and related industries, creating a ripple effect across the economy. Despite challenges like high inflation, fluctuating exchange rates, and rising construction costs, Osidi expressed confidence in the resilience of the real estate market. He urged mortgage lenders and credit managers to adopt more flexible policies to accommodate the financial strains faced by prospective homeowners, ensuring that homeownership remains feasible. The 2024 National Credit Managers Conference, hosted by NICA, brought together key stakeholders from the credit management and financial sectors to discuss ways to enhance access to credit and stimulate economic growth in Nigeria. In attendance from the FMBN, alongside Dr. Yagboyaju, was the Group Head of Internal Audit, Mohammed Jibo Ibrahim, both of whom are fellows of NICA.

With this charge and words of assurance from the Executive Director, Business Development and Portfolio Management, Mrs. Chinenye Chinedu Anosike, the Federal Mortgage Bank of Nigeria (FMBN), drew the curtain on its week-long 2024 Customer Service Week with the celebration of Nigeria’s rich cultural diversity. The grand finale, held on Friday, October 11, 2024, saw staff of the Bank adorned in beautiful, colourful traditional attires representative of the six geo-political zones of the country. Taking a tour around the booths, the Executive Directors, Mr. Ibidapo Odojukan of Finance & Corporate Services, Dr. Muhammad Sani Abdu of Loans & Mortgage Services and Mrs. Chinenye Anosike of Business Development and Portfolio Management, admired the display of foods indigenous to the people of each zone. The staff also showcased their cultural attires in a fashion parade, with each group dancing rhythmically to the drums and songs of their tribe. Highpoint of the day was the celebration of Mrs. Chinenye who also marked her birthday on the day. The staff from the Tiv tribe of North Central Nigeria also decorated the three Executive Directors with their most prized traditional attire, known as the “Anger.”

“Our mission to provide affordable housing finance to Nigerians is hinged on ensuring that our services are delivered with professionalism, innovation, and a deep understanding of our customers' needs,” Osidi noted. He further explained that a fundamental challenge facing the Nigerian housing industry is that "we have houses we don't need and we need houses we don't have." He explained that it is in line with its mission that over the years, the Bank’s loan products under the NHF Scheme have been expanded to cater for the various needs of its contributors. Osidi further outlined the benefits of the NHF scheme, including single-digit interest rates of 6-7%, long repayment periods of up to 30 years, and flexible loan terms designed for low- and medium-income earners. He also highlighted the diverse loan offerings, such as home acquisition mortgages, individual construction loans, micro-loans for home renovation, and rent-to-own options, which ensure that Nigerians have access to a broad range of affordable housing finance. He also took the opportunity to highlight FMBN's commitment to sustainable development through affordable housing finance. “We remain committed to leveraging cutting-edge technology, partnerships, and capacity building to enhance the quality of our services, ensuring that we continue to make positive developmental impacts,” he said. He commended the theme of the summit, 'Transposition of Interest in Service Delivery', as timely and relevant, emphasizing its significance in today’s fast-paced business environment. "Transforming interest in service delivery from a mere concept into concrete action requires a strategic shift in mindset and the adoption of new ideas and technologies that enhance efficiency and customer satisfaction," Osidi noted. The MD also praised COPEN Group and its Founder, Rev. Dr. Ugochukwu Chime, for organizing the summit. "I must commend the brains behind Amadeo Initiatives for creating this invaluable platform for sharing knowledge and exploring innovative strategies towards excellent service delivery. The FMBN is proud to be associated with this summit, and we assure you of our continued support," he stated. In his welcome address, the convener, Rev. Dr. Chime, harped on the need for continuous collaboration by all stakeholders in the real estate sector. He informed that there will be a rollout of several programmes and events by Amadeo Foundation, urging all to key in. “People should touch lives, create positive impact, leave a legacy and ‘die empty,’” he stated. As part of activities for the Summit, the MD/CE performed the honouring and induction of the Director, Lagos Centre for Housing and Sustainable Development, Prof. Timothy Nubi, into the Amadeo Hall of Fame. Osidi also participated in a vibrant and insightful panel session on the topic, “Real Estate Ecosystem Collaboration.” Mr Osidi later visited several housing estates in Enugu, including Sandview Estate, Akwuke, Gariki; Elshammah Estate, Centenary City; Jedidiah Premium, Centenary City; Jedidiah Gardens Centenary City; and Graceland and Mercyville Estates, Independence Layout Phase 2. The ground breaking ceremony for Graceland Estate was performed on October 9, 2024 by the Hon. Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa. The Amadeo Business Summit was a gathering of mortgage, housing, and real estate industry leaders, including the Managing Director, AG Mortgage Bank, Mr. Ngozi Ayogu and the Founder/CEO, Eximia Realty, Mr. Hakeem Ogunniran, who was the Keynote Speaker, and the Convener, Africa International Housing Show (AIHS), Mr. Festus Adebayo, amongst others. Some staff of the Bank from the head office and Enugu Zonal and Branch offices also attended the Summit, including the SA to the MD/CE, Mr. Kareem Ibrahim, the Enugu Zonal Manager, Mr. Chris Ibuzo, the Group Head, Corporate Communications, Dr. J. M. Onyabe and the Branch Manager, Enugu, Mrs. Uche Ngwu. Also present were the Unit Heads of SERVICOM and Protocol in the Corporate Communications Group, Mr M. J. Abubakar and Mr. Andy Odia, respectively. The Enugu Zonal and Branch offices were also represented by Attoh Chukwuemeka, Mrs. Nkechi Eze and Mrs. Florence Obodo.

He urged the staff to respect all customers and work towards minimising complaints by promptly and successfully attending to the needs of customers. “If we service our customers excellently, we will continue to grow. If we do not service them well, we will have problems with even our corporate existence as an institution,” he asserted. Supported by the Executive Director, Business Development and Portfolio Management, Mrs. Chinenye Chinedu Anosike, Executive Director, Loans and Mortgage Services, Dr Muhammad Sani Abdu and other top management staff of the Bank, the MD/CE took a tour of the colourful display to mark the Week, commending the SERVICOM Unit of the Corporate Communications Group of the Bank which organises the Customer Service celebration and staff that made the ceremony very colourful. Customer Service celebration commenced in 1982 in the United States with the primary objective of recognising the role of customer service in building customer relationship and fostering a culture of service excellence by the International Customer Service Association (ICSA). It was officially recognised by the US Congress in 1992, setting aside the first week of October for its annual celebration. It is now celebrated globally by organisations that recognise excellent service as the cornerstone of long-term business success like the FMBN. The celebration for this year, with the theme, “Above and Beyond” will see the Bank engage in a line-up of activities, including Customer Day, Staff Day, Road Show as well as the Cultural Day.

“FMBN was established to provide affordable mortgages to drive homeownership among Nigerian workers, particularly the low and medium income earners,” he noted, explaining that the Bank achieves this mandate through various services and products designed to support the homeownership aspirations of Nigerians. The MD/CE highlighted these products to include; the NHF Mortgage Loan, the Individual Construction Loan, the Home Renovation Loan which he noted is popular with members of staff of Keffi LGC, as well as the Rent-to-Own scheme that requires no personal stake for beneficiaries to take possession of their houses. He further informed the LG members that the Bank’s current Executive Management under his leadership took up office eight months ago with a clear vision to drive impactful changes at the Bank, with a focus on enthroning critical reforms and ushering in remarkable turnaround in the fortunes of the Bank. “I am happy to inform you that the results we have achieved so far attest to the fact that we are heading in the right direction,” Osisi stated. He therefore assured them that together, they would design initiatives that would foster homeownership for Keffi residents and contribute to the socio-economic development of Nasarawa State, just like they are doing in other parts of the country. While giving the Bank’s assurance of collaborating closely with the LGC, Osidi also seized the opportunity to commend Hon. Baba for his innovative leadership as Keffi LGC Chairman, which has brought about a clear government presence at the local government level, which is a significant departure from past experiences. In his address, the Chairman thanked the Bank’s management for the warm reception, applauding the Bank for its critical role in housing provision. He noted that the function of the FMBN to the Nigerian populace in this regard cannot be overemphasised. He explained that as political office holders who deal with policy matters concerned with the use of power to meet the yearnings of the people, they have to rely on the technical and professional knowledge and support from career officers, hence the criticality of FMBN. He also acknowledged FMBN’s integral position to the growth of real estate and housing sector in Nigeria. Commending the MD/CE for his visionary leadership and support to the domestic activities and developments in Keffi LGC, the Chairman noted that Osidi has proved his reliability and care for the community and its development, while further appealing to him to do more.

The ceremony was also graced with a remarkable presence of staff of FMBN, drawn from the Executive Directors, Group Heads, Zonal Managers, Branch Managers and other hierarchies, adding a special sense of camaraderie and pride. Other notable figures included key CEOs from the housing sector, and the Executive Director of Housing Development Advocacy Network (HDAN), Barr. Festus Adebayo, represented by his media aide. In an emotional moment, the MD/CE, expressed his heartfelt gratitude to Allah for the successful union and appreciated the distinguished guests, whose support he noted, made the day colourful and memorable. The event, laced with joy, tradition, and blessings, stood as a symbol of unity, not just for the family but for the housing industry, whose members came together to celebrate the beautiful occasion. FMBN staff, dignitaries, and sector leaders all played their part in making the wedding a day to remember. Congratulations to the MD/CE, Shehu Usman Osidi and the couple.

Osidi further highlighted the indispensable role of Accountants in the Nigerian economy, noting that it can never be overstated. “Our expertise, diligence and ethical standards are crucial in shaping the financial integrity and economic stability of our nation,” he noted. The MD hailed the insights and standards upheld by the Association as crucial to FMBN’s efforts at enthroning transparency and accountability in business transactions and improving on quality standards while dealing with legacy issues. "It is through dedication to professional excellence as accountants that robust and reliable financial systems that support sustainable development and economic stability can be ensured," he noted, urging all Nigerian accountants to develop personal discipline and commitment to the values of transparency expected of them in the course of discharging their duties as accountants. Osidi, a Fellow of ANAN, was also a panelist on the first panel discussion which focused on the topic, “Financial Transparency and Governance: Building Trust in Public Institutions” where he proffered solutions to the menace of corruption in public institutions making a case for digitalisation of all processes. The FMBN helmsman expressed optimism that the discussions and insights from the Conference would not only illuminate the path forward but also empower the participants to embrace new methodologies, leverage technological advancements, and uphold the ethical standards that define the accounting profession.

Following the deliberations from the Retreat, the need for the Bank to expand its operations in order to ensure wider access to the informal sector was highlighted. The Communique identified Warri, Onitsha, Zaria and other towns that offer high business prospects as potential locations for the new branches. The Bank also highlighted the critical need for the full deployment of the Core Banking Application platform to drive its processes for operational effectiveness, affirming its determination to conclude the deployment by the end of year 2024. The Retreat, which brought together 73 participants, including the Executive Management, Group Heads, Zonal Managers and Branch Managers, focused on the theme "Improving Efficiency and Customer Service Delivery for Developmental Impact." The Managing Director/Chief Executive of the Bank, Shehu Usman Osidi, while addressing participants at the Retreat, used the opportunity to highlight the new Management’s 7-Point key priorities, and urged participants to “be bold, creative and solution-oriented, as well as to challenge the status quo in identifying opportunities for improvement in service delivery,” reminding them that they represent the leadership of the Bank. The MD/CE revealed that the Bank's financial position had improved in the first half of 2024, indicating an early positive result from the implementation of the 7-Point Agenda and harped on the need to sustain the momentum, so as to achieve a complete turnaround of the fortunes of the Bank. The Bank also resolved to explore opportunities to decentralize loan approval powers to field offices while holding staff accountable for their business decisions. It highlighted the importance of adhering to loan underwriting standards as a means of improving loan portfolio quality and profitability, with a commitment to explore partnerships with FinTechs and engage with significant stakeholders to enhance business performance.

Osidi praised NiDCOM's support and drive towards launching the Diaspora product, emphasizing that the Bank is diligently finalizing the product's details. "We are approaching the product with a strong sense of responsibility, ensuring it meets the highest professional standards," he stated. Alluding to the level of work already done, Osidi reported that a lot of progress has been made, with regards to the technicalities relating to the platforms and International Money Transfer Operators (IMTOs). He noted that the extensive engagements with the Central Bank of Nigeria (CBN) have been fruitful, adding that the CBN had mandated the establishment of a Technical Committee with membership drawn from the FMBN, CBN and NiDCOM. “The CBN is pleasantly disposed to the product and is looking at other avenues beyond what we are thinking of doing,” he explained. He, therefore, requested NiDCOM to make available two nominees for the Technical Committee. Osidi also took the opportunity to congratulate NiDCOM on the outstanding celebration of its National Diaspora Day 2024, noting that in as much as he is not in doubt about the capacity of Hon. Dabiri-Erewa, the celebration exceeded his expectations. He affirmed that the entire organization and calibre of attendees gave the event a status of a major government event and not one put together by a government agency. The NiDCOM Chairperson, in her response, expressed strong confidence in the Diaspora Mortgage Loan Product, describing it as a driving force for significant accomplishments that will positively impact the Nigerian economy. She thanked the FMBN Management for the cooperation and progress made so far. She expressed confidence that the Diaspora Mortgage Product would be a source of pride for all, given its positive economic implications. She presented two nominees for the Technical Committee as directed by the CBN and informed that the Memorandum of Understanding (MOU) to be signed by both agencies was ready for review by the FMBN legal team and onward signing. She also urged for a swift finalization and launch of the product. “We look forward to a fantastic product and working relationship with the FMBN,” she said.

While he lauded the successes of the past, Osidi emphasized the need for continuous dialogue to address lingering issues such as the non-submission of audited accounts, delays in disbursing NHF funds, and non-remittance of NHF loan repayments. He reiterated the Bank’s commitment to effective and efficient service delivery, stating, "We understand the dynamic nature of the mortgage banking sector and the need to adapt to evolving market conditions and customer needs. As such, we are focused on strengthening our operational frameworks, enhancing our service delivery, and leveraging technology to improve efficiency and accessibility," he said. Highlighting the challenges ahead, the Chief Executive shared the strategic 7-Point Agenda set by the new Executive Management since assuming leadership in mid-February, which are focused on deepening process automation, promoting cost efficiency, enhancing credit quality, providing effective project management, expanding strategic partnerships, and improving organizational performance and talent management. He acknowledged the reduced interactions in the post-COVID-19 pandemic era and announced plans to reinstate the quarterly FMBN/MBAN meeting platform which would afford direct interface with PMBs for exchange of ideas and resolution of issues of common interests. "We need a common front to confront issues like the single obligor limit that has limited our abilities to deepen mortgage financing," he stated, expressing optimism about ongoing discussions with the Central Bank of Nigeria (CBN). On his part, the President of MBAN, Mr. Ebilate Mac-Yokori expressed joy at having a former Managing Director of the Bank as the Minister of Housing and Urban Development, in the person of Arc. Ahmed Musa Dangiwa, and a former staff of the Bank as Managing Director/Chief Executive, in the person of Shehu Osidi. Mr. Mac-Yokori commended the Bank for its laudable ongoing initiatives, especially in the area of knowledge building on mortgage banking. “What FMBN is doing is the university of mortgage banking,” he stated. Also speaking, the Pioneer Executive Secretary/Chief Executive Officer of MBAN, Mr. Kayode Omotoso, expressed pleasure at the transformation and growth going on in the FMBN, stressing that the Bank should be at the driving seat of mortgage banking in Nigeria. The Executive Secretary/Chief Executive Officer of MBAN, Dr. Adedeji Ajadi, while expressing optimism for more positive results given the ongoing technical advancements at the Bank, called for more visibility towards greater awareness about the Bank’s products and activities. In her comments, the Executive Director, Business Development and Mortgage Services, Mrs. Chinenye Chinedu Anosike, appreciated MBAN for the support so far, noting that the association’s role is pivotal to FMBN’s business. Also, the Executive Director, Finance and Corporate Services, Mr. Ibidapo Odojukan, applauded the significant collaboration between MBAN and the Bank and urged that the relationship be deepened.

Responding, Alhaji Kigbu lauded Osidi’s elevation as MD/CE of FMBN, describing it as a fulfillment of one of Lion Bank’s cardinal objectives. “At the founding of Lion Bank, the founding fathers had expected that the Bank would constitute a field stock to the Nigerian financial system, particularly from the North-Central region of the country,” he explained. Kigbu highlighted the success of former Lion Bank employees in holding prominent positions within Nigeria’s financial system, including Osidi at FMBN and Jim Ovia, who was a former Branch Manager of Lion Bank in Lagos and later became MD/CEO of Zenith Bank, amongst others. Extolling Osidi’s fine qualities that have contributed to his elevation, Alhaji Kigbu said, “We are not surprised by the elevation of Shehu; he is a very passionate, brilliant, dedicated, humble, committed, loyal individual with absolute faith and trust in God, and we didn’t have any doubt that the sky would be his limit. We are not surprised that even the sky is beginning to open its doors to let him in.” He pledged his commitment and that of the entire Lion Bank family to pray for and support Osidi, while also urging the staff of the FMBN to give him all the necessary support because his success is their success and that of Nigeria. In his comment, the FMBN Executive Director of Loans and Mortgage Services, Dr. Muhammad Sani Abdu, said he was not surprised about Osidi’s display of excellence, given that he learnt from the best, in the person of Alhaji Dauda Kigbu. Dr. Abdu recounted the achievements they recorded while he served as Executive Board Member of Lion Bank, including the expansion of branches in Nyanya, Akwanga, and other locations, attributing their success to Kigbu’s meticulous and committed leadership. He pledged his support to Osidi, stating that they would work together to “make a lion out of FMBN.” Notably, Dr. Abdu did not only serve on the Lion Bank Board with Alhaji Kigbu but they also had a history as classmates at the School of Basic Studies, ABU Zaria. Other members of the delegation, made up of Mrs. Miriam Truman, Dr. David Angbazo, Mr. Sabo Ogar, Cecilia Dada and others, hailed Osidi as a go-getter who is proactive, dedicated, focused and a master of his work. They unanimously expressed confidence in his ability to take the Bank to unimaginable heights.

Earlier in his remarks, Deputy Corps Commander Babatope Agbaje expressed the FRSC's gratitude for the support received from FMBN over the years as well as future support. He highlighted the impact of the home renovation loans, which have benefited over 1,000 FRSC staff to the tune of over N1.6 billion. However, Agbaje also pointed out that some staff were yet to receive the approved funds due to the identified remittance issues. “We have received over N1.6 billion as home renovation loan in the past and we have over N490 million that is still hanging. If this can actually be disbursed, it will go a long way to garnish and embellish the agenda of my principal, that is, Corps Marshal Shehu Mohammed," Agbaje said. He also expressed the FRSC's eagerness to participate in FMBN's housing programmes, noting that more than 30,000 staff members of the Federal Road Safety Corps’ were ready to take up housing opportunities made available by the FMBN from across Nigeria. "We have offices in almost every local government in Nigeria, so location is not a barrier for us," he added. Making his remarks, Dr. Muhammad Sani Abdu, FMBN's Executive Director of Loans and Mortgage Services, praised the FRSC for its structured approach and affirmed that there are numerous opportunities for collaboration. He advised the FRSC to ensure proper profiling of off-takers to enable the Bank effectively meet the housing needs of the Corps' personnel. The meeting concluded on a positive note, with both parties expressing optimism about the future of the partnership.

In his presentation, Osidi called to mind the Ministerial Performance Bond signed by the Ministers in November 2023, linking their performance to eight presidential priorities as relevant to each ministry. Of these priorities, priority 5, “Enhancing infrastructure and transportation as enablers for growth” was linked to the Ministry of Housing and Urban Development and in turn cascaded to the Bank. Accordingly, the FMBN is expected to deliver on four key areas which include, construction of affordable housing units, value of support to Primary Mortgage Institutions (PMIs), number of persons benefiting from mortgage loans, and establishment of mortgage registry to facilitate property transactions. The Chief Executive announced that the Bank delivered 741 housing units in Q2 and also recorded an achievement of 92.7% for value of support to PMIs, to the tune of N828.064 Million as against the expected N893.75 Million. On number of mortgagors for Q2, FMBN recorded 3,674 as against the expected 6,025 for the quarter, a better performance hampered by CBN’s Single Obligor Limit (SOL) which hindered the PMIs from drawing down on approved mortgage loans. The Bank, however, recorded a 100% success on the establishment of a mortgage registry to facilitate mortgage transactions, with an achievement of 6.25% which is the quarterly expectation from the FMBN. Osidi further outlined the plan of action for the Bank to surpass its Q3 deliverables, focusing on completion of ongoing projects, funding of new projects, sustenance of engagements with CBN, the National Assembly, Mortgage Bankers Association of Nigeria (MBAN) and other relevant stakeholders, to address the legacy issues hindering better performance by the Bank. He announced the plan of the Bank to conclude the automation of credit processes to improve efficiency and loan volumes, as well as commence the digitalization of mortgage documents in the Internal Collateral Registry as part of preparatory efforts to achieve a functional National Mortgage Registry.

The night provided an opportunity for participants at the week-long 18th edition of the AIHS that held at the National Stadium, Abuja, to take a break from the engaging deliberations, unwind, and recognise the contributions of individuals and organisations towards the growth of the housing sector in Nigeria.

The Bank’s Head further disclosed that over 1000 Nigerians in the Diaspora have indicated interest and readiness to participate in the scheme, announcing that in the coming weeks, implementation would officially take-off. He called on Nigerians in the Diaspora to take advantage of the initiative to bring to fruition their homeownership dreams.

Speaking on the Day, Managing Director and Chief Executive of FMBN, Shehu Usman Osidi noted that the new Management of the Bank is putting in place initiatives that will bolster the performance of the bank and enhance its capacity to deliver on its mandate. He added that the Bank was on the verge of introducing the Rent Assistance and Home Improvement Loan products to foster inclusion and attend to the housing needs of more Nigerians. The panelists described FMBN as Nigeria's major driver of affordable housing, noting the bank's strategic position in the successful implementation of the Renewed Hope Cities and Estates programme of President Bola Ahmed Tinubu.

“We have worked tirelessly to ensure that low and medium-income earners have access to the funds they need to become homeowners while also supporting home developers with affordable construction finance,” he added. Dignitaries at the event included the Vice Chairman, Senate Committee on Housing and Urban Development, Hon. Victor Umeh, the House Committee Chairman on Housing and Habitat, Hon. Abdulmumin Jibrin, the Honourable Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, the Minister of State for Housing, Dr. Abdullahi Tijjani Gwarzo, and the Permanent Secretary, Ministry of Housing and Urban Development, Dr. Marcus Ogunbiyi. Others are Chairman of the event, Pastor Matthew Ashimolowo, Representatives of the United Kingdom Department for Trade and Investment, the FMBN Executive Director of Loans and Mortgage Services, Dr. Muhammad Sani Abdu, and a host of other key players and policy makers in the African and global built environment. Signed Dr. J. M. Onyabe Group Head, Corporate Communications

In his congratulatory remarks, the Executive Director of Finance and Corporate Services, Mr. Ibidapo Odojukan, noted that the award was well-deserved, given Shehu Osidi’s track record. He emphasized that it was an achievement for the entire FMBN family, not just Osidi. Established in 1971, ANAN is one of Nigeria’s foremost professional bodies, with a College in Jos known as “The Accountancy Village” and a University called ANAN University.

In his remarks, the Managing Director and Chief Executive, Shehu Usman Osidi, highlighted the significance of the visit, affirming the strong bond and collaborative spirit between FMBN and AADFI. Osidi noted that FMBN has been an active participant in AADFI’s programmes and conferences, recalling the significant benefits the Bank gained from the last peer review mechanism programme, in which it performed commendably. He reiterated FMBN’s commitment to fostering sustainable development and improving the quality of life for Nigerians through affordable housing finance solutions.

Osidi recalled the earlier formation of the seven Loan Recovery Task Teams on June 3, 2024, emphasizing the seriousness with which the current Executive Management views the issue of Non-Performing Loans (NPLs). He explained that the primary objective of the Monitoring Committee is to oversee the activities of the Loan Recovery Task Teams, ensuring they operate within the framework of best practices and the established guidelines and policies of the Bank. He outlined the committee's terms of reference, which include determining the progress level of the Loan Recovery Task Teams, facilitating smooth implementation of recovery initiatives, ensuring adherence to the highest standards of integrity and accountability, reviewing performance data, preparing periodic reports, and providing constructive feedback to improve recovery strategies and the efficiency of the Task Teams. The 13-member Committee has the Group Head, Strategy & Performance Management, Mr. Oladapo Fakeye as Chairman, with the Zonal Manager, Enugu, Christian Ibuzo; Zonal Manager, Ibadan, Fashina Abiodun; Zonal Manager, Jos, Virginia Jang; and the Zonal Manager, Kaduna, Ahmed Abubakar as members. Others are the Zonal Manager, Lagos, Ijaiya Taofeeq; Zonal Manager, Maiduguri, Abdulrahman Yahaya; Zonal Manager, Port Harcourt, Simeon Agada; Zonal Manager, Abuja, Ene Nduka-Nwagbo; Special Assistant (Technical) to the MD, Ibrahim Abubakar Mohammed, as well as the President, Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), FMBN Chapter, Okezie Nzeako. The team also comprises Agunbiade Adekunle from Loan Administration Group to act as Secretary I and Olukemi Ibiloye from Legal Group as Secretary II. Accepting the responsibility on behalf of the Committee, Mr. Fakeye thanked the Executive Management for the opportunity to serve. He called for collaboration between Committee members and urged them to work as they should, towards the growth of the Bank. He also assured the Executive Management of their ability and commitment to deliver on the assigned task. The inauguration of the Loan Recovery Task Teams Monitoring Committee is part of ongoing efforts to ensure the financial sustainability and operational efficiency of the Federal Mortgage Bank of Nigeria, being driven by the Shehu Osidi-led management. Signed Dr. J. M. Onyabe Group Head, Corporate Communications.

Ajibola, the Special Assistant (Technical) Mr. Abubakar Mohammed, the Group Head (Corporate Communications), Dr J. M Onyabe, staff of Kaduna Zonal and Branch offices, staff of the Bank undergoing training in Kaduna and staff of the FMBN Training School. During the town hall meeting, the MD encouraged the staff to value integrity, maintain professionalism and avoid engaging in actions that can negatively affect the Bank. "We should always behave like a Bank," he said, advising staff to think outside the box, and noting that global solutions celebrated today were borne out of ideas that sounded impractical at the time of conception. Signed Dr. J. M. Onyabe Group Head, Corporate Communications

Abbas. Signed Dr. J. M. Onyabe Group Head, Corporate Communications

He informed the participants at the meeting that in accordance with the mystery shopping strategy, the next customer may be a mystery shopper, cautioning that there will be consequences to identified negative and unprofessional conduct from any staff. Reflecting on the last zonal meeting he superintended over as the Zonal Manager before his elevation as MD/CE, Osidi noted that the meeting was a homecoming for him. He went on to acknowledge the big burden that comes with his appointment as MD/CE, describing it as onerous and loaded with expectations. “As a former staff who is assumed to be conversant with issues and challenges facing the Bank, I am expected to hit the ground running and proffer immediate solutions,” he stated. He however, noted that the solutions cannot be conjured by magic, emphasizing that actions towards providing the solutions must be deliberate, systematic, methodical as well as pragmatic.

Two officials from the Head of Service, Adetola Akeju and Rikko Omve Owutti, were in attendance to sensitize the Bank’s employees and respond to questions around the New Employee Performance Management System. Mr. Owutti took the staff through an explicit presentation on what the system entails, the rationale, goals, cycle and implementation, noting that President Bola Tinubu directed its institutionalization in all Ministries, Departments and Agencies (MDAs). He urged the Champions to work hard and protect the trust reposed in them by their various departments. “We want to see results. Champions are the eyes in the departments because, work would be cascaded across all departments,” he said. In her comments, the Executive Director, Business Development and Portfolio Management, Chinenye Chinedu Anosike, thanked the officials from the Office of the Head of Service for taking time to sensitize the staff, affirming that performance management places the destiny of the staff in their hands, giving them the liberty to determine how well they perform. Giving the vote of thanks, the Executive Director Finance and Corporate Services, Mr. Ibidapo Odojukan appreciated the team for the clear presentation inspired by futuristic thinking, projecting that the Bank would build a great future through the implementation of the performance management system. The inauguration of the Champions is a pointer to the Bank’s readiness and commitment to implementing the Performance Management System designed to ensure optimised processes across public offices in Nigeria. Signed Dr. J. M. Onyabe Group Head, Corporate Communications

Assuring the Emir of their unalloyed support to the MD, the Executive Directors, Finance & Corporate Services, Ibidapo Odojukan and Business Development & Portfolio Management, Chinenye Chinedu Anosike, asserted that they are solidly behind the MD to steer the ship of the Federal Mortgage together and ensure his outstanding success. On his part, the Executive Director, Loans and Mortgage Services, while applauding the staff of the Bank for possessing the qualifications and training to deliver on their tasks, bemoaned the institutional challenges, especially associated with the laws and regulations that established the Bank, which he noted, have clipped the wings of the Bank, preventing it from flying and soaring like the white eagle that it is. He called on the Emir to step in when the need arises for the interpretation of the laws, given his pedigree in the judiciary. He also assured the Emir that they would throw in everything to support the MD to succeed. Remarkably, the Emir, the Executive Director, Loans and Mortgage Services and a member of the Emir’s entourage, Barr. Alh. Muhammad Sani Abbas, had been relating closely for about 45 years and had earned the name “the triangle.” In a goodwill message, Barr. Abbas, who was described as one leg of the triangle, assured Osidi of success, noting that having spent many years with Dr. Abdu, he knows him as one with zero-tolerance for non-performance and would work together with the MD to deliver on the Bank’s mandate. The visit and support from the Emir signifies a significant boost to Osidi to optimally meet the homeownership needs of Nigerians within the medium and low-income brackets. Signed Dr. J. M. Onyabe Group Head, Corporate Communications

Prince Adeoye congratulated the new management of the Federal Mortgage on their appointment and praised the Bank for its instrumentality in the formation of REDAN. He stated that the assignment before Osidi is huge, but alluding to the 7-point Agenda of the Team, affirmed that the MD is capable of delivering on all the objectives of the bank. He therefore called for a strengthened partnership between the Bank and REDAN in the areas of capacity building and reduction of non-performing loans, while seeking the Bank’s support in passing a bill to regulate the activities of developers in the country. In his remark, the Executive Director, Loans and Mortgage Services, Hon. Dr. Muhammad Sani Abdu, acknowledged REDAN’s maturity and readiness for business, while the Executive Director, Business Development and Portfolio Management, Chinenye Chinedu Anosike, expressed optimism of a better working relationship with REDAN. On his part, the Executive Director, Finance and Corporate Services, Mr. Ibidapo Odojukan, welcomed REDAN’s readiness to improve, affirming that it is an indication of the association’s inclination to strengthen its partnership with the Federal Mortgage. The visit also presented an opportunity for the Chairman, Investiture Committee of REDAN President, Dr. Roland Igbinoba, to remind the Management Team of the upcoming investiture ceremony of the REDAN President slated for May 23, 2024 in Lagos. Signed Dr. J. M. Onyabe Group Head, Corporate Communications

Speaking during the visit, the leader of the KASU delegation, Dr. Abubakar Abdullah, highlighted the benefits of the proposed housing project to the Academic community, the state and the nation at large. He explained that the Team had come in search of a solution to the housing crisis facing staff of the institution. Dr. Abdullah, who is the Vice Chairman, Kaduna chapter of ASUU, and the Coordinator of the Academia Housing Project, noted that the project, while addressing the housing challenge, would also develop a mechanism for converting household waste to gas for household use. He further stated that through the project, a skills acquisition programme would be launched to equip students with technical skills for survival upon graduating. He added that the students would learn screeding and fabrication of doors and windows, aimed at curbing the prevailing unemployment in the country. Dr. Abdullah thanked the Management of the Federal Mortgage for the promise to fast track the partnership process, considering the project delivery timeline of December 2024. Signed Dr. J.M. Onyabe Group Head, Corporate Communications