FMBN seeks recapitalisation, says N2.5bn inadequate

The Federal Mortgage Bank of Nigeria says it is currently working with the National Assembly and relevant bodies to raise the capitalisation of the bank from the current amount of N2.5 billion.

The outgoing Managing Director, Mr Madu Hamman, stated this in Abuja on Monday at the handing over ceremony following the appointment of Shehu Usman Osidi by President Bola Ahmed Tinubu yesterday in Abuja.

“Our top priority in the last 22 months of our stay as management was to pursue recapitalisation of the bank as the current N2.5bn is highly inadequate which is why we want the bank recapitalised and to have a different shareholder structure, and I urge the incoming management to consolidate on this assignment,” he said.

He noted that, “For the first time in 2023, NHF collection exceeded N100bn mark and it’s the first time in the history of the bank, just as Kano State has finally returned to NHF.

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“Similarly, as part of efforts to reducing our non-performing loans, we set up a committee which has worked hard to see the loans reduced from 82 per cent to 56 per cent and we have also developed new loan products targeted at informal sector that are new contributors to the fund.”

In his remarks, the new MD, Shehu Usman Osidi, said the FMBN is one of Nigeria’s foremost institutions where citizens look up to for affordable housing, while pledging to run a transparent administration where innovation is the focus.