Bad Debt: FMBN Lauds Presidential Investigative Panel

Ndubuisi Francis in Abuja
The Federal Mortgage Bank of Nigeria (FMBN) has commended the Special Presidential Investigative Panel for the Recovery of Public Property for its willingness to support the bank in the debt recovery drive as well as fighting corruption and creating public awareness on the need to evolve a corrupt-free society.

The FMBN Managing Director/Chief Executive, Ahmed Musa Dangiwa made the commendation when members of the panel paid him a courtesy call in Abuja.

A statement from the Public Affairs Department of the bank quoted him as saying the recovery of ill-gotten properties was also relevant in view of the economic challenges of the country and the need to preserve resources for national development as well as solve the huge housing deficit put at about 17 million units.

Dangiwa, said the bank was supporting and complimenting the anti-corruption war of the current administration through the creation of a vibrant Anti-Corruption & Transparency Unit (ACTU) and the reinforcement of Due Process and transparency procedures in the bank’s operation.

Some staff of the bank, he said, are currently undergoing training organised by the Nigerian Financial Intelligent Unit (NFIU) all in an effort to sanitise the system in line with international best practices of Anti-Money Laundering/Terrorism Financing guidelines.

In his address, the Chairman, Special Investigative Panel for the Recovery of Public Property, Chief Okoi Obono-Obla reiterated the Panel’s commitment to assist the FMBN to recover bad debts created by Individuals and corporate organisations.