FMBN To Join Forces With AMCON On Non-Performing Loans

The Federal Mortgage Bank of Nigeria (FMBN) in collaboration with Asset Management Corporation of Nigeria (AMCON) has concluded plans to enhance inter-agency cooperation towards addressing economic challenges posed by non-performing loans in mortgage banks.

This was part of the resolution following a meeting with the management of FMBN at the AMCON headquarter in Abuja, according to a statement made available to LEADERSHIP.

In his address, the acting Managing Director/Chief Executive of FMBN, Mr. Richard Esin solicited AMCON’s cooperation towards providing liquidity for the Housing Sector as well as delivering affordable housing in the country.

While noting that mortgage banks and DFIs were not covered by AMCON’s mandate on debt recovery, he requested the Corporation’s global approach inclusive of bank’s interest in addressing issues with debtors to commercial banks that possesses non- performing loans with FMBN.

This he said was to safeguard the National Housing Fund (NHF) managed by FMBN.

On his part, the AMCON Managing Director, Mr. Ahmed Kuru expressed confidence on the banks’ capacity to address the enormous national housing deficit even as he charged FMBN to adopt innovative methods as well as sound practices to mitigate risks associated with its lending activities.

He assured the Bank of the Corporation’s assistance to improve the quality of its loan portfolio as provided under AMCON’s enabling law.

–Leadershipng