Connect with us

NEWS

FMBN Inaugurates Task Teams for Loan Recovery Nationwide

Published

on

Share

 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 funds are available for disbursement to new beneficiaries while maintaining the integrity of our lending operations.

“Regardless of the successes recorded in our home delivery efforts, we must acknowledge the enormous challenges we face with our non-performing loans.

“While some of the non-performing loans are due to infractions from external parties and factors, a huge chunk of blame also lies with us as internal stakeholders hand-in-hand with glaring administrative and operational inefficiencies.’’

Osidi said henceforth, staff would be held accountable for the outcome of credit decisions over which they had played critical roles.

 He said the strategy adopted by FMBN in the loan recovery endeavour was to follow a different path by challenging, “ourselves to deliver tangible results in pursuance and defense of our common destiny.

“The inauguration of these task teams marks a significant milestone in our ongoing efforts to enhance the financial stability and operational efficiency of the bank,’’ he said.

Osidi added that part of the assignment of the task teams includes conducting desk reviews of assigned loan portfolios, including the history of loans, houses available, state of collaterals, outstanding balances, and personalities behind the loans.

He explained that the teams are expected to look at the segmentation of the loans and the chances of recovery, develop an overreaching recovery strategy, engage relevant stakeholders, and use both conventional and informal, but acceptable strategies to carry out the recoveries.

He said in case the teams resorted to security agencies or the court, such action should not be made without the Executive Management’s approval.

Osidi observed that the team will be required to render regular updates and progress reports to the executive management and monitor and track the progress of debt recovery efforts.

He added that they will also implement measures aimed at preventing NPLs, developing risk mitigation strategies, and enhancing the credit assessment process, among others.

He said the teams were segmented along geo-political zones and each team would handle all delinquent loans within its jurisdiction.

He said Team One (FCT) would be led by Dr Kabir  Yagboyaju as Chairman, Mr Jibo Ibrahim Chairman of Team Two (North-West), TLG Elayo, Chairman of Team Three (North-Central), and Mr Gbenga Babade, Chairman of Team Four (South-West).

Others included: Ms Oby Nwokedi, Chairperson of Team Five (South-East), Mr Nafada Ibrahim, Chairman of Team Six (North-East,); and Ms Felicia Aningo, Chairperson of Team Seven (South-South).

“Speed is of the essence because each team has only 10 weeks to complete this assignment and deliver results.

“That is two weeks for desk review and eight weeks for the assignment,” he said.

Ms Chinenye Anosike, Executive Director, Business Development and Portfolio Management, FMBN, congratulated the members of the task teams.

She told the teams that they were carefully selected to deliver on the mandate.

Anosike, therefore, urged them not to pay lip service to the loan recovery task but to work hard and use their expertise to deliver good results within the expected timeframe.

Mr Muhammed Abdu, Executive Director, Loans and Mortgage Services, FMBN, said the loan recovery task given to the teams was an onerous responsibility and an epoch-making exercise aimed at reinventing the growth, development, and future of the bank.

Abdu then assured the bank’s management of the team’s commitment to working in synergy, to be selfless, objective, time-conscious, and passionate about the job, to make the bank very proud and bigger at the end of the day. (NAN)

NEWS

Police Say at Criminal Responsibility Age, Individuals must be Answerable for Their Actions

Published

on

Share

The Nigeria Police Force says individuals who have attained the age of criminal responsibility must be answerable for their actions, regardless of biological age.

The Force Public Relations Officer, ACP Olumuyiwa Adejobi, in a statement on Saturday in Abuja said the provision was very clear under the Nigerian law.

He said the provision was in line with global practices, where accountability was upheld for young individuals who commit serious offenses.

Adejobi said the clarification followed public opinion over the arraignment of 76 alleged minors over terrorism, arson and treasonable felony by the Nigeria Police.

According to him, in managing the detention and arraignment of these suspects, the Nigeria Police has rigorously adhered to legal provisions to ensure fairness and accountability under the rule of law.

He said the suspects were initially presented in court, where they were formally charged, with a remand order issued by the court.

“Throughout this process, the police have worked to balance justice with compassion, ensuring that each suspect’s basic rights and privileges are respected, including access to medical care and other necessary provisions.

“An unexpected incident in court saw six of the suspects suddenly rush out and faint on Oct. 1, drawing media attention in a deliberate and scripted manner to draw negative attention.

“Medical aid was promptly provided to these individuals, demonstrating the Police Force’s commitment to the welfare of those in its custody, irrespective of the allegations they face.

“While committed to upholding justice, the Nigeria Police Force remains sensitive to the rights of all individuals, including young persons,” he said.

According to him, as seen in other jurisdictions, including the United Kingdom, age does not exempt individuals from facing legal consequences.

He said the Nigeria Police was aware of public interest in the case and assured that its officers would maintain professionalism throughout the legal process.

Adejobi enjoined the public to view the case without undue bias, adding that the force remains focused on a transparent pursuit of justice.

He said the force would remain committed to aligning with best practices, upholding both the rule of law and respect for human dignity. (NAN)

Continue Reading

Education

Bells Varsity Honours 91 Students with First Class at 16th Convocation

Published

on

Share

Bells University of Technology, Ota, Ogun,  on Saturday awarded 91 students of the institution  First Class (Honours) at its 16th Convocation Ceremonies.

The convocation ceremonies are for the 2023/2024 academic session.

Ojediran said that a total of 969 students graduated in the  academic session.

He said that they comprised the 91 students who made First Class grade, 505 who secured  Second Class (Upper Division), 313 with Second Class (Lower Division) and 60 graduating with Third Class.

The vice-chancellor said that 220 students were graduating in the post-graduate category.

Mr Sally Farouk  from the university’s Department of Architecture emerged the overall best  student with  a Cumulative Grade Point Average of 4.

94, according to Ojediran. 

He said that the institution set out to proffer best solutions from collective knowledge, shared experiences and resources, recognising that education was a lifelong activity.

The vice-chancellor lauded the staff of the university for cooperation and dedication to giving the students  quality education.

“You have joined  hands with the management of the institution to work on this fertile ground,” he  said.

The Pro-Chancellor of the institution, Prof. Bart Nnaji, said that university was the first private university of technology in Nigeria, noting that it was established in 2005.

Nnaji said that the institution had made remarkable achievements in teaching and research as part of its vision to contribute to the growth and development of Nigeria.

“Let me also congratulate the graduating students who have distinguished themselves through their hard work and discipline and are being rewarded today.” he said.

In his remarks, the Chancellor of the institution, Dr Ibrahim Dankwambo, commended former President Olusegun Obasanjo for contributions to education development in the country.

Dankwambo also congratulated a former Executive Secretary of National Universities Commission (NUC), Prof. Peter Okebukola, and the Executive Director of Sahara Group, Mr Temitope Shonubi, for  honorary doctoral degree given them by the university.

Report says that Okebukola and Shonubi were conferred with the degree for their outstanding pedigrees  and services to humanity. (NAN)

Continue Reading

NEWS

Endbadgovernance protest: Suspects not in Custody of NCoS, -Says Spokesman

Published

on

Share

The Nigeria Correctional Service (NCoS) has said that  suspects arrested during the #Endbadgovernance protest in August 2024 were not remanded in any of its adult custodial centres in Abuja.

The Service Public Relations Officer (SPRO) Abubakar Umar confirmed this in a statement on Saturday in Abuja.

our correspondent gathered that the suspects arrested for treason during the #Endbadgovernance protest that held in August 2024, were on Friday, arraigned before Justice Obiora Egwuatu at the Federal High Court, Abuja Division.

Umar said that there were misleading reports making the rounds in some sections of the media purporting that the suspects were remanded in one of the adult custodial centres in Abuja.

According to the NCoS spokesman, the said report has no iota of truth.

”The service operates under the best correctional and global practices.

“To set records straight, the NCoS Act 2019 has empowered the Controllers of Corrections as well as Superintendents-in-charge of Custodial Centres not to admit juveniles in facilities meant for adults.

“The Act also mandates the service to reject more intake of inmates where it is apparent that the custodial facility in question is filled to capacity.

“The service wishes to inform the public that the said suspects were rejected and none of them were remanded in adult custodial facilities as insinuated by the said report.

“The service  assures the public that NCoS will continue to emphasise professionalism as well as respect for human rights in line with the United Nations Minimum Standard Rules for the Treatment of Juvenile offenders.

“Furthermore, the general public is enjoined to disregard the said report because it is not the true position of things,”he said.(NAN)

Continue Reading

Read Our ePaper

Top Stories

NEWS5 hours ago

Police Say at Criminal Responsibility Age, Individuals must be Answerable for Their Actions

Share The Nigeria Police Force says individuals who have attained the age of criminal responsibility must be answerable for their...

Education5 hours ago

Bells Varsity Honours 91 Students with First Class at 16th Convocation

Share Bells University of Technology, Ota, Ogun,  on Saturday awarded 91 students of the institution  First Class (Honours) at its...

POLITICS5 hours ago

Lagos PDP will Find Bearing after State Congresses — Chieftain

Share A Chieftain of the People’s Democratic Party (PDP) in Lagos State, Dr Adetokunbo Pearse, says the state chapter of...

NEWS6 hours ago

Endbadgovernance protest: Suspects not in Custody of NCoS, -Says Spokesman

ShareThe Nigeria Correctional Service (NCoS) has said that  suspects arrested during the #Endbadgovernance protest in August 2024 were not remanded...

NEWS6 hours ago

FG Releases Funds for Payment of NASU, Retirees’ Entitlements

ShareThe Federal Government has released funds for payment of withheld salary of Non-Academic Staff Union of Federal Universities (NASU). Mr...

DEFENCE6 hours ago

Troops Nab Wanted Terrorist, Habu Dogo, 7 IPOB/ESN Terrorists

Share The Defence Headquarters says the Nigerian troops have in the last one week apprehended a notorious terrorist leader, Abubakar...

NEWS6 hours ago

Nigeria Needs to Construct more Dams to Control Flooding- FG Committee

Share The Director of Dams and Reservoirs Operations in the Federal Ministry of Water Resources, Ali Dala, has called for...

NEWS6 hours ago

NCC Raids Bookshops in Uyo, Seizes Pirated Books Worth N23m

Share The Nigerian Copyright Commission on Saturday raided several bookshops selling pirated books in Uyo and seized books worth N23.1...

POLITICS13 hours ago

Rivers APC Chair Proffers Solution to State Political Crisis

Share Caretaker Committee Chairman of APC in Rivers, Chief Tony Okocha, says unless Gov. Siminalayi Fubara abides by the law,...

NEWS13 hours ago

Police Neutralise 6 Hoodlums, Recover Firearms in Bauchi 

Share The Police Command in Bauchi State, says it has neutralised six hoodlums in a crackdown against criminal elements in...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc