In continuation of efforts to reform and reposition the Federal Mortgage Bank of Nigeria (FMBN) as a more business-driven affordable housing provider, the Board of Directors of the bank has engaged KPMG, a leading management consulting and business improvement firm, to provide top-level corporate advisory services.
The move is in line with the Management’s policy of leveraging private sector expertise and knowledge to strengthen its market position, optimize 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 will work closely with FMBN to develop a 5-year Strategic Action Plan for the bank. This will 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.
This development was revealed by MD/CEO of the FMBN Ahmed Dangiwa during the 2019 Management & Board Annual Retreat, which held recently in Uyo, Akwa Ibom.
The Retreat, the first to include FMBN Board Members, 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.
In his words, the FMBN MD/CEO, Dangiwa said, “The Bank needs to move to the “Next Level” in terms of market penetration, business expansion and more impactful service delivery. 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, he added that “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 commercialize its operations in order to cover its costs”.
In his remarks, the Chairman, Board of Directors of the FMBN, Adewale Adeoye said the engagement of KPMG and inclusion in the 2019 Board & Management Retreat will help in charting a visionary future for the FMBN. He challenged FMBN staff to own the strategic vision that will emerge from the KPMG advisory plan by contributing extensively in the exercise.
Chuka Uroko
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