FG set to privatise FMBN

By Emma Ujah,  Abuja Bureau Chief

The Federal Government has set up an 8-man committee to reform the Federal Mortgage Bank of Nigeria (FMBN) for optimum performance through commercialization and recapitalisation.

Inaugurating the committee, Director-General, Bureau of Public Enterprises (BPE), Mr. Alex A. Okoh, said efforts to reposition the bank were to bridge the country’s huge housing deficit estimated at 22million as at 2019.

He stated: “The proposal is in tandem with the ongoing efforts of the FMBN’s Management to reposition the Bank for optimum performance as articulated in the 5-year strategic plan developed by the bank.

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“It was after this that it was resolved that a   joint Technical Committee be constituted to prepare the bank for commercialization and re-capitalisation by reviewing the 5- year strategic plan with the view of embedding it within the overall reform plan of the Bureau for FMBN.”

In his remarks, Managing Director of the bank, Mr. Ahmed Dangiwa, said that the inauguration of the Committee has further consolidated the relationship between the Bureau of Public Enterprises (BPE) and the FMBN.

The committee has two months to conclude its task.

Vanguard News Nigeria

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