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