By Dipo Olowookere
Moves are presently being made by the Special Presidential Investigation Panel for the Recovery of Public Property to recover about N87 billion bad debts owed the Federal Mortgage Bank of Nigeria (FMBN) by developers.
It was gathered that the debts arose from loans obtained by estate developers and primary mortgage institutions between 2009 and 2016.
Preliminary investigations showed that some of the loans were not used for the purpose they were obtained.
According to a statement issued on Wednesday by spokesperson of the panel, Mr Lucie-Ann Laha, Chairman of the presidential panel, Mr Okoi Obono-Obla, plans to use every available legal means to recover the debts for the agency.
Mr Obono-Obla, during a visit to the Managing Director of FMBN, Mr Ahmed Dangiwa, in Abuja, disclosed that the recovery would enhance the financial base of the bank and reposition it to better achieve its mandate of facilitating home ownership by Nigerians.
The chairman was quoted as saying that the loans were not serviced due to the bank’s failure to “enforce due process and procedures.”
He called on the FMBN management to co-operate with the panel by to ensure the quick recovery of the debts.
In his remarks, the FMBN boss lauded the panel’s efforts in furtherance of President Muhammadu Buhari’s anti-corruption campaign.
Mr Dangiwa assured his guest of the bank’s co-operation in that regard, adding that FMBN was in full support of government’s anti-corruption war.
