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FMBN inaugurates task teams for loan recovery nationwide
The Federal Mortgage Bank of Nigeria (FMBN) on Monday inaugurated seven specialised task teams to recover all the bank’s Non-Performing Loans (NPLs) nationwide.
While inaugurating the teams in Abuja, Chief Executive Officer/Managing Director of the bank, Shehu Osidi, said the move was to reduce non-performing loans.
Osidi said the move became expedient to safeguard the bank’s financial interests and sustain its lending operations.
He said that over the years, FMBN had played a crucial role in providing affordable housing finance to Nigerians, hence contributing significantly to advancing the national housing agenda and promoting the home ownership scheme.
“However, the sustainability of these efforts hinges on our ability to recover loans effectively and reinvest them in future projects; unfortunately, the bank has performed poorly in this regard.
“Loan recovery is a critical component of our financial management strategy.
“This is to ensure that funds are available for disbursement to new beneficiaries while maintaining the integrity of our lending operations.
“Regardless of the successes recorded in our home delivery efforts, we must acknowledge the enormous challenges we face with our non-performing loans.
“While some of the non-performing loans are due to infractions from external parties and factors, a huge chunk of blame also lies with us as internal stakeholders hand-in-hand with glaring administrative and operational inefficiencies.’’
Osidi said henceforth, staff would be held accountable for the outcome of credit decisions over which they had played critical roles.
He said the strategy adopted by FMBN in the loan recovery endeavour was to follow a different path by challenging, “ourselves to deliver tangible results in pursuance and defense of our common destiny.
“The inauguration of these task teams marks a significant milestone in our ongoing efforts to enhance the financial stability and operational efficiency of the bank,’’ he said.
Osidi added that part of the assignment of the task teams includes conducting desk reviews of assigned loan portfolios, including the history of loans, houses available, state of collaterals, outstanding balances, and personalities behind the loans.
He explained that the teams are expected to look at the segmentation of the loans and the chances of recovery, develop an overreaching recovery strategy, engage relevant stakeholders, and use both conventional and informal, but acceptable strategies to carry out the recoveries.
He said in case the teams resorted to security agencies or the court, such action should not be made without the Executive Management’s approval.
Osidi observed that the team will be required to render regular updates and progress reports to the executive management and monitor and track the progress of debt recovery efforts.
He added that they will also implement measures aimed at preventing NPLs, developing risk mitigation strategies, and enhancing the credit assessment process, among others.
He said the teams were segmented along geo-political zones and each team would handle all delinquent loans within its jurisdiction.
He said Team One (FCT) would be led by Dr Kabir Yagboyaju as Chairman, Mr Jibo Ibrahim Chairman of Team Two (North-West), TLG Elayo, Chairman of Team Three (North-Central), and Mr Gbenga Babade, Chairman of Team Four (South-West).
Others included: Ms Oby Nwokedi, Chairperson of Team Five (South-East), Mr Nafada Ibrahim, Chairman of Team Six (North-East,); and Ms Felicia Aningo, Chairperson of Team Seven (South-South).
“Speed is of the essence because each team has only 10 weeks to complete this assignment and deliver results.
“That is two weeks for desk review and eight weeks for the assignment,” he said.
Ms Chinenye Anosike, Executive Director, Business Development and Portfolio Management, FMBN, congratulated the members of the task teams.
She told the teams that they were carefully selected to deliver on the mandate.
Anosike, therefore, urged them not to pay lip service to the loan recovery task but to work hard and use their expertise to deliver good results within the expected timeframe.
Mr Muhammed Abdu, Executive Director, Loans and Mortgage Services, FMBN, said the loan recovery task given to the teams was an onerous responsibility and an epoch-making exercise aimed at reinventing the growth, development, and future of the bank.
Abdu then assured the bank’s management of the team’s commitment to working in synergy, to be selfless, objective, time-conscious, and passionate about the job, to make the bank very proud and bigger at the end of the day. (NAN)
Controversial social media commentator, Mr. Martins Innocent Otse, widely known as VeryDarkMan, has been granted administrative bail by the Economic and Financial Crimes Commission (EFCC) and will be released upon meeting the required bail conditions.
The anti-corruption agency disclosed that the arrest stemmed from multiple petitions received against the social media figure, alleging involvement in financial misconduct.
This information was shared by the EFCC on its verified Facebook page on Tuesday, where the commission elaborated on the grounds for the arrest.
“The Economic and Financial Crimes Commission (EFCC), in fulfilling its mandate to combat economic and financial crimes, invited Martins Innocent Otse due to a series of petitions concerning various allegations of financial offenses against him,” stated the EFCC.
The agency further noted that Otse failed to respond to several invitations sent to him at his known addresses and through other communication channels.
The EFCC emphasized that the petitions involve serious accusations of financial wrongdoing that warrant attention.
“It is important to acknowledge that the Commission is aware of the numerous unrestrained criticisms directed at its operations by the suspect. While such behavior is regrettable, his arrest was not motivated by these criticisms. The appropriate law enforcement agencies will investigate these matters,” the EFCC clarified.
In executing the arrest and subsequent detention, the commission confirmed that it obtained the necessary remand order. It stated, “He has been granted administrative bail and will be released once all bail conditions are satisfied.”
The EFCC appreciates the public’s interest in its operations and welcomes the enthusiasm and varied reactions to its activities.
“However, speculations regarding the motives behind our actions should cease. The EFCC must be allowed to perform its duties impartially. Charges will be filed as soon as investigations are concluded,” the Commission stated.
By Amos Tauna, Kaduna
A Northern-based civic group, the Concerned Northern Forum (CNF), has alleged that Zamfara state government has released over two billion naira (N2bn) aimed at smearing the good image of the Minister of state, Ministry of Defence, Bello Matawalle, whom is considered as a political threat to the reelection of Dauda Lawal, the state governor.
Alhaji Aliyu Muhammad, Chairman/Convener,
Concerned Northern Forum (CNF), while briefing newsmen in Kaduna on Tuesday had on Monday in a press briefing described as the deliberate deelay by the Economic and Financial Crimes Commission (EFCC) to investigate former Zamfara state governor, Bello Matawalle, despite multiple petitions and earlier commitments by the agency.
Muhammad said, “l wish to call on the general public to disregard such press conferences that may be addressed in the coming days, as it was gathered that the Zamfara State Government has allegedly released over two billion Naira for that purposes, all which is aimed at smearing the good image of the defence Minister whom he consider as a political threat to his reelection bid.”
He added, “I wish to unequivocally state that, I was misled by the information presented to me, and the content of the press text was blown out of proportion, a political witch hunt, deliberately orchestrated and propagated by the opposition who are envious of the Minister’s achievements, therefore dedicated to not only distracting him from diligently discharging his duties but also smearing his most respected and highly esteemed personality.”
According to him, it is on record that Bello Matawalle served Zamfara State well with an unprecedented level of success, unwavering dedication, and loyalty to his people, stressing that his achievements have resonated in all sectors, from security, infrastructure, health, economy, and education.
He stated that the former governor oversaw the commencement of the construction of a new airport, a crucial step towards economic growth and improved connectivity for the state, construction of roads, and improved the state’s water system.
He explained that Matawalle made significant strides in security infrastructure by purchasing over 200 Hilux vehicles and ambulances and installing solar-powered street lights in the state capital.
Muhammad stated that the healthcare sector in Zamfara state also saw substantial investments, with the construction of special primary healthcare centers in all 147 wards in the states, general hospitals, and primary healthcare centers.
The administration of Bello Matawalle, he noted also settled backlogs of payments for NECO and WAEC examinations and focused on technology by establishing a Digital World ICT Center and a Command and Control Room in Gusau, thereby contributing to the economic development of the State.
At least, six persons have been confirmed dead when gunmen, in renewed attacks, stormed Marit and Gashish communities of Barkin Ladi local government council of Plateau State on Monday.
Our correspondent reports that the gunmen stormed the communities and started shooting sporadically, leaving several others with injuries.
Meanwhile, the Chairman of Barki Ladi local government area, Hon. Stephen Gyang, through the LG’s information officer, Mercy Yop Chuwang, confirmed the incident to our correspondent.
Gyang vehemently condemned the attacks that resulted in the loss of six innocent lives at Marit Village and Gashish District.
The Chairman who also visited the injured persons at the Barki Ladi General Hospital, expressed profound sadness and disappointment over the resurgence of violence in the area at a time the Council is working tirelessly to promote peace and stability.
He acknowledged the efforts of vigilantes and security agencies in maintaining law and order and urged them to be more proactive and vigilant in preventing further attacks.
Gyang also emphasised that the cycle of violence must be brought to an end and called on all relevant stakeholders, including security agencies, community leaders, and residents to join hands in promoting peace and security in Barkin Ladi.
He prayed for God’s comfort and peace for the families of the deceased and communities affected by the attack while he admonished the healthcare personnel to urgently attend to the health needs of the survivors of the attack.