This was disclosed during the bank’s Business Performance Review in Abuja, where the banks’ Group Head, Finance and Control Group, Mrs. Oby Nwokedi, disclosed that FMBN recorded surplus of N424 million from a total income of N5.8 billion, saying, it was a turnaround from a loss-making entity in decades, to a profitable organization in 2016.
She further stressed the need to identify critical factors affecting operational performance in the bank such as sound corporate governance principles in its continuous engagement with government and stakeholders.
“The bank must also adequately strategize in all facets of its operations in order to redefine its role in the housing/mortgage finance market with a view to being operationally efficient and profitable like its international peer institutions; and finally, periodic performance review sessions will be sustained to entrench the culture of performance and accountability in the Bank”.
The Minister of Power, Works and Housing, Babatunde Fashola, urged the Bank to entrench the culture of accountability and profitability in its systems and periodically review its portfolio, with a view to optimizing its assets to drive mortgage lending and profitability.
The Minister, who was represented by the Deputy Director, Monitoring and Evaluation, Mr. Emmanuel Otu, implored the staff to take advantage of the session to highlight issues impeding on their performances in their respective offices so as to improve efficiency
and ultimately the Bank’s image.
Also the Acting Managing Director and Chief Executive of the Bank, Mr. Richard Esin, said the business performance review which was the first of its kind in the history of the bank was imperative in order to successfully chart a new course.
According to him, the bank must focus on creating a performance driven culture at all levels of its operations by embracing its four pillars namely; corporate governance compliance, bank profitability, operational effectiveness and debt recovery.
The bank, he said, is collaborating with other organizations of like minds to promote self re-invention and stimulate competition for the overall growth of the housing sector.
By Nkechi Onyedika-Ugoeze