Abuja – April 22, 2024 – Viewpoint Housing News.
In an effort to accelerate the achievement of the Presidential Deliverables for the housing sector, under the Renewed Hope Agenda of the Bola Tinubu, administration, the minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, constituted four Housing Reform Task Teams in January 2024
Three months after the inauguration, the Housing Institutions Reform Task Team has reported noteworthy advancements in completing its Terms of Reference. The report was handed over to the Federal Mortgage Bank of Nigeria’s management team on Wednesday, April 17, 2024, as part of a courtesy visit by the Housing Institutions Reform and Multi-Agency Project Delivery Task Teams. The Bank’s Managing Director and CEO, Shehu Usman Osidi, emphasised in his opening remarks how crucial it is for the Task Teams to transform the way that homeownership financing is provided in Nigeria and to further the objectives of affordable housing and urban development.
He commended the visit and said it was appropriate since it gave the Bank and the Reform Task Teams a chance to collaborate together to pursue the continuing, significant amendments to the FMBN and NHF Acts. He highlighted that because the Bank has the responsibility to implement the Task Teams’ recommendations, the Task Teams’ performance is essential to the Federal Mortgage Bank’s success. With this objective in mind, he disclosed that the Bank has started a process of recapitalization and repositioning in collaboration with the Bureau of Public Enterprises (BPE). “As you may be aware, this Executive Management came in barely two months ago and we have set about conducting the affairs of the Bank methodically. We are concentrating on 7 core but broad agenda to further deepen the ongoing reforms and usher remarkable turnaround,” he added.
Osidi highlighted the 7-point agenda of his team, to include, Deepening Process Automation, Promoting Cost Efficiency, Enhancing Credit Quality/ Reducing Non-Performing Loans, Effective Project Management, Expanding Strategic Partnerships, Enthroning a Robust Organizational/Employee Performance Management System and Standardized Capacity Building/Talent Management.
The Chief Executive acknowledged the vast array of obstacles the Bank faces, especially with the performance of the Estate Development Loans, but also pointed out that service delivery will be enhanced and process efficiency will be elevated with the help of the Bank’s 5-Year Strategy Blueprint and the nearly completed Core Banking Application.
The Minister of Housing and Urban Development was also applauded by Osidi for putting together the teams to lead the vital reform initiatives of housing institutions within the Ministry, and he expressed his gratitude to the team members for their commitment, knowledge, and hard work on the responsibilities they were given.
Presenting the report of the Housing Institutions Reform Task Team, the Chairman, Adedeji Jones Adesemoye, pointed out the terms of reference of the team, and identified the challenges and recommendations observed by the team for each of the deliverables towards affordable housing for all Nigerians. He elaborated on the strides already taken by the team with regard to the plans towards the Bank’s recapitalization and amendments of the FMBN and NHF Acts, with a view to repositioning the Federal Mortgage as a global reference point in Mortgage financing.
