In a bid to better reform the Federal Mortgage Bank of Nigeria (FMBN) as a more business-driven affordable home ownership to Nigerians, the Board of Directors of the bank has engaged KPMG, a professional services firm to provide top-level corporate advisory services.
The move was in line with the FMBN’s desire to strengthen its market position, optimise internal business processes, develop innovative housing products on the back of a sound strategic action plan and a thorough understanding of current trends in the local and global housing and mortgage industry.
Under the terms of the Strategic Advisory Engagement, KPMG would work closely with FMBN to develop a 5-year Strategic Action Plan for the bank.
This would include diagnosis of the current macro-environment, review of FMBN business operating models, market and industry positioning and a visionary road map for the institution’s future.
The partnership was declared by MD/CEO of the FMBN Arc. Ahmed Dangiwa, during the 2019 Management & Board Annual Retreat, which held recently in Uyo, Akwa Ibom, recently.
The retreat, the first to include FMBN board members, according to a statement signed Mrs. Zubaida Umar, Group Head, Corporate Communications, FMBN, featured brainstorming sessions between the FMBN team and KPMG professionals on creating a desirable and visionary future for the bank in its bid to better deliver affordable home ownership to Nigerians.
Dangiwa said: “The bank needs to move to the “Next Level” in terms of market penetration, business expansion and more impactful service delivery.
He added that, “I am therefore pleased that we have commenced a journey of destiny with the commencement of the project to develop a 5-year Strategic Growth Action Plan for the Bank.
“The next five years in the life a 63-year old institution like FMBN is a relatively brief period. However, no one needs to consult a crystal ball to know that the next five years are perhaps, going to be the most critical in the bank’s history.”
“We have a social mandate for affordable housing, but the business environment gets tougher by the day and the FMBN is expected to commercialise its operations in order to cover its costs,” Dangiwa said.