Connect with us

Economy

FMBN Raked In N18.9 Billion In 2024, Says MD: Loan Recovery

Published

on

FMBN

FMBN Raked In N18.9 Billion In 2024, Says MD: Loan Recovery

FMBN raked in N18.9 billion in 2024, says MD: Loan Recovery. Mr Osidi said the bank also improved its loan approvals significantly within the same period.

Shehu Osidi, the managing director and chief executive officer of the Federal Mortgage Bank of Nigeria (FMBN), said the bank raked in N18.9 billion in 2024 from the recovery of bad loans.

Mr Osidi made this known on FMBN Day at the ongoing Africa International Housing Show (AIHS) on Thursday in Abuja.

The theme for the Housing Show is “Re-imagining Housing Finance: Opportunities and Lessons for FMBN.”

Mr Osidi recalled that at the same event in 2024, the bank announced the constitution of seven recovery task teams to recover delinquent loans across the country.

“By the end of 2024, the teams had raked in over N10.9 billion in bad loans. This was in addition to our normal recovery activities, which also yielded the sum of N3.1billion in the same year.

“The recovery from the teams is currently at over N18.9 billion,’’ he said.
Mr Osidi said the bank also improved its loan approvals significantly within the same period.

According to him, N71.5 billion in loans has been approved, compared to N39.7 billion in 2023.
He added that under the National Housing Fund (NHF) operations, the bank’s collections grew by N3 billion in 2024, resulting in a total collection of N103 billion.

Mr Osidi said this was compared to the N100 billion the bank recorded in 2023.
“Notably, we were also able to clear a four-year backlog out of our outstanding unaudited accounts of 2018, 2019, 2020 and 2021, demonstrating our renewed commitment to financial transparency and good governance.

“I believe by the time we come to this platform next year, FMBN should have been up-to-date in its audited accounts.
“Our target is to achieve this milestone by the end of this year, 2025,” he said.

Mr Osidi said FMBN’s financial performance has also improved, adding that the bank made an operational surplus of N11.5 billion, making it the first time it recorded such an achievement in over 30 years of existence.

He said that with prudent management and growing operations, FMBN was on track for another surplus in 2025.

According to him, this is proof that FMBN’s policies are yielding results, and the bank is on the right track.

The managing director said FMBN was offering deliberate and substantial support for the Ministry of Housing on its housing delivery agenda under the Renewed Hope Housing programme of President Bola Tinubu.

He said the bank has so far provided N100 billion in off-taker guarantees to facilitate the mobilisation of required funding for the Renewed Hope Housing and Estates programme across Nigeria.

Mr Osidi explained that those projects were currently ongoing in Abuja, Kano, Lagos, and other locations across the country.
He further said FMBN has also extended an additional funding facility of N19.9 billion for the Karsana project in Abuja.

“This is apart from our funding of Renewed Hope City, Ibeju Lekki, Lagos, to the tune of N27 billion to deliver 1,500 units of two- and three-bedroom apartments.

FMBN

FMBN

“The bank is also providing mortgages for Nigerians who are contributors to the NHF to off-take the houses constructed under the programme across the country,’’ he said.

Mr Osidi said the bank is also introducing new products to deepen affordable home ownership and promote financial inclusion.

He disclosed that from August, three groundbreaking products will be rolled out. These include the FMBN Non-Interest Mortgage Loan, which aligns with ethical finance principles to cater for the needs of Nigerians who prefer non-interest banking models.

The second is the FMBN National Housing Fund (NHF) Diaspora Mortgage Loan, specifically designed to provide a safe and seamless homeownership pathway for Nigerians living abroad, to be launched on August 31.

Mr Osidi said the FMBN National Housing Fund (NHF) Diaspora Mortgage Loan is in collaboration with NiDCOM and the Central Bank of Nigeria.

He said the third product is rent assistance, a customised product tailored to meet the immediate needs of NHF contributors in both formal and informal sectors before they own their homes.

Crime

Navy Dismantles Illegal Refining Capacity, Destroys Site With 3 Storage Tanks in Rivers

Published

on

By

Troops Destroy 56 Illegal Refining Sites

Navy Dismantles Illegal Refining Capacity, Destroys Site With 3 Storage Tanks in Rivers

The Nigerian Navy, through FOB BONNY, has dismantled an illegal refining site discovered in Promise Land Community along Nanabie Creek, Bonny Local Government Area of Rivers State, further denying criminal operators the infrastructure required to process stolen crude oil.
Eereporter.com

The site was discovered on 30 September 2026 following credible intelligence and comprised one large cooking pot and 3 large storage tanks intended for illegal refining activities. On 2 October 2026, the Commanding Officer, FOB BONNY, Captain SMC Umeh, led a team to the location, where the illegal refining site and associated equipment were destroyed in accordance with established regulations.

The intervention represents a further disruption of illegal refining capacity within the Bonny area, particularly by removing infrastructure that could be used to process and store stolen crude oil. It also follows recent operations by FOB BONNY under Operation DELTA SENTINEL that uncovered substantial volumes of suspected stolen crude oil and associated illegal refining infrastructure within its Area of Operations

Troops Destroy 56 Illegal Refining Sites

Oil

The Nigerian Navy has continued to strengthen surveillance and monitoring across the area to prevent the establishment or reactivation of illegal refining sites and deny criminal operators the infrastructure required to sustain crude oil theft and related activities.

ABIODUN FOLORUNSHO

Navy Captain

Director Naval Information

Nigerian Navy
Eereporter.com

Continue Reading

Economy

NNPC Ltd Offers N66 Fuel Discount Throughout the Nation

Published

on

By

NNPC

NNPC Ltd Offers N66 Fuel Discount Throughout the Nation

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has unveiled a nationwide ₦66 fuel discount promotion for customers using the NNPC Fuel App.
Eereporter.com

In a post obtained from its X handle on Friday, the promotion, which runs from October 1 to 7, is being held across NNPC stations nationwide as part of activities marking the period.

“The ₦66 Discount Promo is ongoing & the excitement is already happening across our stations nationwide!

“All over Nigeria, our customers are getting in on the action & there’s still time for you to benefit!

The promo runs from 1–7 October on the NNPC Fuel App,” the post read.

NNPC said customers across the country have already begun participating in the promotion, with highlights from the first day showing activities at several stations.

“Keep fueling, keep transacting and keep your eyes on our pages,” the post read.

NNPC

NNPC

NNPC also shared moments from the first day of the promotion and said more pictures and activities from stations across the country would be released.

The company urged customers not to miss the opportunity to participate before the promotion ends on October 7.

The ₦66 discount offer is available through the NNPC Fuel App during the stated promotional period.
Eereporter.com

Continue Reading

Economy

President Tinubu Tells EFCC: You Have Justified my Confidence in You

Published

on

By

EFCC Arraigns Gidado Ibrahim

President Tinubu Tells EFCC: You Have Justified my Confidence in You

President Bola Ahmed Tinubu has applauded the efforts and performance of the Economic and Financial Crimes Commission, EFCC, in tackling economic and financial crimes and other acts of corruption in the country, stressing that it has justified the confidence reposed on it.
Eereporter.com

He gave this commendation on Friday, October 2, 2026 in Awka, Anambra State at the commissioning of a new Zonal Directorate of the EFCC. The President pointed out that there are evidential proofs of the success of the Commission in convictions, recoveries and other landmark achievements

Represented by Honourable Tajudeen Abbas, Speaker, House of Representatives, Tinubu noted that “supporting the EFCC is not particularly difficult. The agency has consistently demonstrated that the confidence reposed on it is well founded. Without mincing words, the evidential proof of the EFCC’s success speaks loudly in convictions secured, assets and properties recovered”

He affirmed that the strides of the Commission are in tandem with the Renewed Hope Agenda of his administration.

“When we came in three years ago, I highlighted nine major focal areas of my administration. Two of which are reforming the economy for sustained and inclusive growth and promotion of good governance. The anti-graft agency compliments this agenda as they are focused on accountability and transparency and appropriate deployment of resources”, he said.

At the commissioning, the Executive Chairman of the EFCC, Mr. Ola Olukoyede restated the commitment of the Commission to preventive frameworks in tackling economic and financial crimes and other acts of corruption in the country.

According to him, the Commission will continue its focus on making corrupt practices difficult by blocking avenues through which they may happen.

“This new Directorate will not only enforce the law professionally and courageously, it will be high on corruption prevention. It will engage government institutions, businesses, financial institutions, professional bodies, schools, markets, civil society organisations, traditional institutions, religious bodies and communities. It will educate stakeholders, build relationships and mobilise the people to own the fight against all forms of corrupt practices in the zone”, he said

He assured Nigerians that the EFCC would not relent in the pursuit of its mandate, recalling the achievements of the Commission in the last 34 months and describing them as impressive progress.

“The pursuit of our mandate has been our dominant engagement and in the past few years, we have made impressive progress. Between October 2023 and July 2026, the Commission received 49, 673 petitions, investigated 39, 615 cases, filed 14, 476 cases in court and secured 10, 872 convictions. This gives a conviction-to-filing ratio of 75.1 percent. In the first half of 2026 alone, we recorded 1, 370 convictions from 1, 889 filings. The Commission also recorded recoveries of N1, 233, 612, 040, 411. 11, $684, 478, 457. 32, £373, 905. 78, €9, 343, 803. 66 inn addition to recoveries in other currencies”, he said.

He noted that at the institutional level, the Commission has made radical reforms that have been yielding optimal results as there are consequential improvements in the agency’s processes and procedures, which partly explains the impacts the EFCC has made and will continue to make in all the matrices of law enforcement.

“Reforms that have strengthened the Commission during the period include new guidelines on arrest and bail, a review of sting operations, the establishment of the Department of Fraud Risk Assessment and Control, the Security Department, the Immigration and Visa Section and the Cybercrime Rapid Response Centre”, he said.

While charging Ndi Anambra on whistleblowing, the anti-graft czar said that the Commission has established channels through which members of the public can submit petitions and provide information. He noted that the Commission’s Eagle Eye App allows citizens to provide details of suspected wrongdoing and makes the provision of an informant’s personal details optional. “However, whistleblowing must be responsible and based on facts. It must not become an instrument for settling scores”, he said.

EFCC Arraigns Gidado Ibrahim

EFCC

He thereafter said that Anambra and Imo States deserve effective and responsive institutional presence as they are renowned for enterprise, innovation, commerce and an extraordinary culture of industry, adding that these legitimate activities must be protected from fraud, cybercrime, money laundering, investment fraud, diversion of public resources and other forms of economic and financial crimes. “Therefore, our coming to Awka is beyond geographical expansion. It is about taking the mandate of the EFCC closer to the people and closer to the economic activities we are meant to protect”, he said.

In their remarks, His Excellencies, Professor Chukwuma Soludo, Governor of Anambra State and Senator Hope Uzodinma, Governor of Imo State said that they were pleased with the activities and management of the EFCC under the leadership of Olukoyede. They pledged their support to the Commission as it opened a new Zonal Directorate in their domain.

The commissioning of the new Directorate witnessed massive turn out of distinguished Nigerians, including members of the National Assembly, civil society organisations, community leaders, students, media among others.
Eereporter.com

Continue Reading

Trending