Joint Technical Committee boosts hope for recapitalisation of FMBN

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The federal government’s efforts to reform the Federal Mortgage Bank of Nigeria (FMBN) for optimum performance has received a boost with the inauguration of members of the Joint Technical Committee (JTC) for the full commercialisation and recapitalisation of the Bank.

Inaugurating the 8- member committee; comprising four members each from the Bureau of Public Enterprises (BPE) and the Federal Mortgage Bank of Nigeria (FMBN), Director-General of the Bureau of Public Enterprises (BPE), Mr. Alex A. Okoh said efforts to reposition the bank are to bridge the country’s huge housing deficit estimated at 22 million as at 2019.

He said the Terms of Reference (TOR) for the committee will include among others:
To conduct a diagnostic review of the Bank’s existing institutional framework, organisational structures and operational modality.

To review and harmonise all existing policies , law and regulations governing mortgage banking in Nigeria in order to identify areas that would facilitate the implementation of full commercialization and recapitalization of the FMBN ;
To harmonise and synchronize all the reform processes of the FMBN with the on-going reform of the Housing sector.

To develop strategies on how to reform FMBN that would enable it to raise funds from the money and/or capital markets without government guarantees; and
To undertake review of the legal, institutional and operational frameworks of mortgage banking in a few African counties and other emerging economies with a view to learning from their key success factors (KSFs) that can be replicated.

Also speaking, the Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Mr. Ahmed Musa Dangiwa remarked that the inauguration of the Joint Technical Committee has further consolidated the relationship between the Bureau of Public Enterprises (BPE) and the FMBN.

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