The Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Shehu Usman Osidi, has unveiled a comprehensive 7-point agenda to revolutionize the bank’s operational efficiency and customer service delivery.
This strategic blueprint, which seeks to position FMBN as a leader in the mortgage finance industry, was revealed during his opening address at the 2024 Management Retreat, held at Zuma Rock Resort, Suleja.
Osidi emphasized that the bank’s ability to overcome current challenges and significantly impact national development hinges on the successful implementation of this agenda.
“Our ability to successfully navigate these difficult times depends on our commitment to improving operational efficiency and delivering exceptional customer service,” he asserted.
The 7-point agenda covers critical areas including deepening process automation, promoting cost efficiency, enhancing credit quality, effective project management, expanding strategic partnerships, enthroning a robust organizational performance management system, and standardized capacity building.
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Osidi expressed concern over the bank’s previous failed attempts at process automation but reaffirmed the commitment of the current management to achieve success this time around.
“We must make the core banking application work, recognizing the peculiarities of our business and the resources we have expended on the project,” he stated, urging staff to address existing challenges and push the automation agenda forward.
In addition to automation, Osidi highlighted the need for stringent cost-efficiency measures, which have yielded positive results. “We have had a remarkable reduction in our expenditure while our revenue and income have been growing steadily,” he noted, adding that continued focus on this area would further enhance the bank’s financial sustainability.
On the issue of non-performing loans (NPLs), Osidi outlined steps taken to improve credit quality, including the inauguration of 7 Recovery Task Teams to tackle delinquent loans across Nigeria.
Osidi also called for effective project management and the expansion of strategic partnerships to scale FMBN’s impact. He revealed that recent engagements with institutions such as MOFI, CBN, and Shelter Afrique Development Bank have already begun to yield tangible results, including the recovery of N12 billion previously trapped by the Office of the Accountant General of the Federation (OAGF).
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“Expanding strategic partnerships with key stakeholders is crucial to our success. By building and nurturing these partnerships, we can leverage synergies, access new resources, and accelerate the delivery of affordable housing across Nigeria,” he explained.
As the retreat continues, Osidi called on all participants to engage actively and creatively in discussions aimed at identifying areas for improvement and devising solutions that will drive FMBN forward.
The retreat, which will run from August 26 to 29, is expected to set the stage for FMBN’s future operations, focusing on sustainable growth and maximizing the bank’s developmental impact across Nigeria.
