NEWS DIGEST – The Federal Mortgage Bank of Nigeria (FMBN) has engaged KPMG, a leading management consulting and business improvement firm, to reform and reposition the bank.

Mrs Zubaida Umar, Group Head, Corporate Communications of the bank said in a statement in Abuja, that it would enable the bank to act as a more business-driven affordable housing provider.

Umar said that the key focus areas would be business expansion, process optimisation and market penetration.

She said the move was in line with the management’s policy of leveraging private sector expertise and knowledge to strengthen its market position and optimise internal business processes.

According to her, the partnership will help 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 the bank to develop a five 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,” she said.

Umar said that the development was revealed by the Managing Director of the bank, Mr Ahmed Dangiwa, during the 2019 management and board annual retreat in Uyo.

She quoted Dangiwa as saying: “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 five 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 bank is expected to commercialise its operations in order to cover its costs.”

She said that the Chairman, Board of Directors of the bank, Dr Adewale Adeoye, said the engagement of KPMG and inclusion in the 2019 board and management retreat would help in charting a visionary future for the bank.

Umar said that Adeoye challenged the bank staff to own the strategic vision that would emerge from the KPMG advisory plan by contributing extensively in the exercise. (NAN)