The Federal Mortgage Bank of Nigeria (FMBN) on Wednesday said it disbursed more than N7 billion loan to 800 beneficiaries in 2017.
Its Managing Director, Ahmed Dangiwa, disclosed this at the FMBN 2017 Management Retreat in Abuja, with the theme “Towards Improving FMBN Transaction Turnaround Time“.
Dangiwa noted that the focus of the bank’s loan was to ensure completion of ongoing projects.
He said that the bank recovered N2.4 billion in 2017 against a cumulative figure of N8.3 billion as at 2016.
According to him, the retreat will underscore the intention of the new management for a quick positive turn-around in all facets of the bank’s operations.
Dangiwa said that the bank was micro-managing some of the housing estates to forestall diversion of funds and ensure recovery of loans.
“Our backlog of unaudited accounts is expected to be cleared before the end of the year,’’ he said.
In a keynote address, the Minister of State II for Power, Works and Housing, Suleiman Zarma, tasked the bank to ensure adequate liquidity, develop secondary mortgage market and promote home ownership.