By Angela Atabo
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…
Source: News Agency of Nigeria
