Fashola Tasks New FMBN Board On Completion Of 2000 Housing Units

Minister of Works and Housing Mr Babatunde Fashola has charged a newly constituted board of Federal Mortgage Bank of Nigeria (FMBN) to ensure the completion of over 2,000 housing units that are at verious stages of completion under Ministerial Pilot Housing Scheme.

The Minister gave the charge Thursday in Abuja while inaugurating the 21-man board, which had Mr Gbeleye Ariyo as Chairman and Mr Hamman Madu as Managing Director/ Chief Executive Officer, for the bank.

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He said, ” In addition to your responsibilities, I expect you to quickly advert your attention to the completion of the over 2,000 housing units at various levels of completion under the Ministerial Pilot Housing Scheme.”

Fashola also warned that anything the new board would do that is not in accordance with the law will not be condoned.

“As a creature of law, you are forbidden from making the bank do anything that the law does not authorise, and you can become individually and corporately liable for non- compliance with the law,” he said.

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According to the Minister, the warning became necessary because “in the tenure of previous boards and managements before this administration, the bank has been made to do things the law did not contemplate and this has resulted in hobbling liabilities which I regret to inform you that you must now confront and resolve”.

Speaking further, Fashola said, “I expect this management and board to bring to a lawful end, all other ventures into which the bank has dabbled which are not supported by law.”

He however advised them to follow due process in the course doing all that needed to be done to correct the anomalies of the past.

Reminding the new board that their primary mandate was to reposition the mortgage bank as pre-eminent mortgage bank for Nigeria as envisaged by its founders, Fashola that informed why majority of the members are either bankers by training or bankers by work experience spanning several decades.

“The reason is clear, all the regulatory obligations that the bank has to the Central Bank of Nigeria (CBN) must be complied with,” he said.

He also reminded the members that the privilege given them “is not an opportunity for self-help but an opportunity to help others, especially to own a home, by rendering selfless service”.

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