In a move to improve its financial health, the Federal Mortgage Bank of Nigeria (FMBN) has launched a major loan recovery initiative. On Monday, they inaugurated seven specialized task teams aimed at collecting delinquent loans across all Nigerian states. This initiative targets non-performing loans, which threaten the sustainability of the FMBN’s lending programs.
Shehu Osidi, FMBN’s CEO, highlighted the importance of loan recovery. Recovered funds allow the bank to offer mortgages to new applicants while upholding responsible lending practices. Osidi acknowledged the bank’s past struggles with loan collection and the significant burden of non-performing loans.
The new task teams represent a significant step towards a more financially secure and efficient FMBN. Osidi emphasized that staff will now be held accountable for the outcome of their credit decisions. He expressed confidence that these teams will strengthen the bank’s financial stability and operational efficiency.
Source: THIS DAY