Following a renewed interest by Federal authorities in expanding the ownership of Federal Mortgage Bank of Nigeria (FMBN) that allows private sector intervention and fresh injection of funds into the housing financial system, promises a new era for the mortgage industry.

The move promoted by Bureau for Public Enterprises (BPE) is in line with reform and commercialization of public enterprises, started with the enactment of the Public Enterprises (Privatization and commercialization) Act of 1999, which classified the apex mortgage bank as one of the public enterprises for full commercialization.

Senior officials of BPE announced last week during the inauguration of the FMBN Project Advisory Team (PAT) and first meeting of the organ that the proposed reform will enhance operational autonomy by removing bureaucratic bottlenecks and political interference through a clear separation of ownership and management such as Federal government/ sector ministry, the board of directors and the management of the public enterprise.

 The BPE Director General, Benjamin Dikki said that FMBN will under the programme evolve a more result -oriented and accountable management, based on performance agreements and the provision of competitive compensation schemes for the employees; strengthen financial and accounting, controls at the enterprise level; upgrade the management information systems.


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