The Federal Government has inaugurated the Board and Management Team of the Federal Mortgage Bank of Nigeria (FMBN) with a charge to reinvigorate the bank for greater efficiency.

The Minister of Lands, Housing and Urban Development, Mrs. Akon Eyakenyi gave the charge at the inauguration ceremony in Abuja last week during the inauguration of the board.

Mrs. Eyakenyi said; “The essence of reconstituting the executive management team of the FMBN is to reinvigorate the bank and effectively reposition it to meet the present and future challenges. This is in view of the bumpy and stormy nature of the economic climate in which only the pro-active, adaptive and innovative organizations will have the absorptive capacity to survive its harsh consequences”.

According to her, the challenges facing the FMBN and other housing finance and mortgage institutions in Nigeria are real, adding that indeed, they will not be overcome easily. She however, pointed out that the good thing about the challenges is that they are not insurmountable.

“This is the whole purpose of bringing in fresh minds, hands and intellect to take the FMBN to a new height of glory as the market leader in the housing finance/mortgage sub-sector”, Eyakenyi stated.

The minister therefore urged the team to create room for innovators and strategic thinkers in the bank to flourish by reconfiguring the human resources management architecture of the bank.

Speaking on behalf of the board, the Managing Director of FMBN, Mr. Gimba Ya’u Kumo, said that the team would recapitalise the bank and improve the balance sheet structure to modify its standing as a financial institution.

He added that the board would involve developing pro-active and effective strategies to attract offshore funding for affordable housing to Nigerians as well as improving service delivery to NHF contributors across the country.

According to the FMBN boss, “Having been inaugurated, let me assure that this current executive management team is dedicated to actualizing the objectives of the National Policy on housing and the transformation agenda of the present administration.

“Consequently, our immediate task will involve developing pro-active and effective strategies to achieve the following goals such as the recapitalization of the bank and improvement of the balance sheet structure to solidify its standing as a financial institution, profitability in operations as well as attracting offshore funding for affordable housing to Nigerians and improvement in service delivery to NHF contributors who are our most valued customers.

“Others include the completion of all on-going housing estate projects under the ministerial pilot housing scheme nation-wide and the successful completion of the Goodluck Jonathan Legacy Estate in Kaba District of the FCT, improvement in staff welfare across board to ensure a well-equipped and well-motivated workforce.