The Recovery Task team set up by the Federal Mortgage Bank of Nigeria (FMBN), has so far recovered N12 billion from non-performing loans.
The Managing Director of the bank, Shehu Usman Osidi disclosed this on Monday during his opening address at the 2024 Management Retreat.
“The recent engagements with institutions such as MOFI, CBN, and Shelter Afrique Development Bank have already begun to yield tangible results, including the recovery of N12 billion previously trapped by the Office of the Accountant General of the Federation (OAGF).
“Also, we have rolled out a seven-point agenda, which covers critical areas including deepening process automation, promoting cost efficiency, enhancing credit quality, effective project management, expanding strategic partnerships, enthroning a robust organizational performance management system, and standardized capacity building.
“We have had a remarkable reduction in our expenditure while our revenue and income have been growing steadily, which is why we are expanding strategic partnerships with key stakeholders by building and nurturing these partnerships, to accelerate the delivery of affordable housing across Nigeria,” he said.
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