Director-General of the Bureau of Public Enterprises BPE Mr Alex A. Okoh has said that the efforts to reposition the Federal Mortgage Bank of Nigeria FMBN are to bridge the country’s huge housing deficit estimated at 22Million as of 2019.
This was disclosed in a statement made available to the media in Abuja after inaugurating the Joint Technical Committee JTC for the Full commercialization and recapitalization of the Bank yesterday.
He added that the inauguration of members of the JTC is also part of the Federal Government’s efforts to reform the FMBN for optimum performance.
Breakdown of the 8- member committee comprised four members each from the Bureau of Public Enterprises BPE and the Federal Mortgage Bank of Nigeria FMBN.
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, organizational structures and operational modality; to review and harmonize 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.
Other TOR includes to harmonize and synchronize all the reform processes of the FMBN with the ongoing 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 a 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.
He recalled that the Bureau, in pursuance of its mandate for the reform of government-owned enterprises met with the Management team of FMBN on February 18, 2021, where robust discussions on the BPE’s proposed plan for the commercialization of FMBN in line with its 2021 work plan and as approved by the National Council on Privatization NCP were discussed.
According to him, “Interestingly, the proposal is in tandem with the ongoing efforts of the FMBN’s Management to reposition the Bank, for optimum performance as articulated in the 5-year strategic plan developed by the Bank.”
According to him, it was after this that it was resolved that a joint Technical Committee be constituted to prepare the bank for commercialisation and re-capitalisation by reviewing the 5- year strategic plan with the view of embedding it within the overall reform plan of the Bureau for FMBN.
Okoh noted that the members were chosen in recognition of their wealth of knowledge and expertise in the reform project and expressed the hope that the outcome of their assignment will pave way for the transformation of FMBN into a viable entity that will assume a pivotal role in the housing sector value chain.
He said the assignment is of critical national importance and charged the members to approach it with the highest sense of responsibility.
The task is to be concluded within 60 days.
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 BPE and the FMBN.
While pledging support to the Commercialisation and Recapiatlisatioin process, the MD was optimistic that the new initiative would address the housing deficit in the country.
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