Business
FMBN Goes After Debtors For Recovery
As part of efforts in recovering debts, the Federal Mortgage Bank of Nigeria (FMBN) has set up machinery to go after debtors, expressing concern over subscribers’ failure to repay mortgages.
Consequently, the installation has inaugurated seven specialised loan recovery task teams to recover all the bank’s delinquent loans across the country.
The FMBN’s Chief Executive Officer and Managing Director, Shehu Osidi, during the inauguration of the teams in Abuja recently, said the move was also aimed at reducing non-performing loans.
According to Osidi, the step has become expedient to safeguard the financial interests of the bank and ensure the sustainability of its lending operations.
He said over the years, FMBN played a crucial role in providing affordable housing finance to Nigerians, thereby, contributing significantly to the achievement of the national housing agenda and the promotion of home ownership.
“However, the sustainability of these efforts hinges on our ability to recover loans effectively and reinvest them in future projects. Unfortunately, the bank has performed poorly in this regard.
“Loan recovery is a critical component of our financial management strategy. This is to ensure that funds are available for disbursement to new beneficiaries while maintaining the integrity of our lending operations.
“Despite the successes we have recorded in our home delivery efforts, we must acknowledge the enormous challenges we face with our Non-performing loans (NPLs)”, he stated.
According to Osidi, some of the NPLs are due to infractions from external parties and factors.
He noted that a huge chunk of the blame also lay with the firm as internal stakeholders are hand-in-hand with glaring administrative and operational inefficiencies.
Osidi stated further that going forward, staff would be held accountable for the outcome of credit decisions in which they have played critical roles.
He said the strategy adopted by FMBN in the loan recovery endeavour was to follow a different path by challenging “ourselves to deliver tangible results in pursuance and defence of our common destiny.
“The inauguration of these teams marks a significant milestone in our ongoing efforts to enhance the financial stability and operational efficiency of the bank”.
He continued that the mandate of the task teams included conducting desk reviews of assigned loan portfolios, the history of loans, houses on the ground, the state of collaterals, outstanding balances, and personalities behind the loans.
He added that the team would look at the segmentation of the loans and the chances of recovery, develop an overreaching recovery strategy, engage relevant stakeholders, and use both conventional and informal but acceptable strategies to carry out the recoveries.
He said in case the team decides to resort to security agencies or the court, such action should not be taken without the executive management’s approval.
Osidi also said the team would be required to render regular updates and progress reports to the executive management and track the progress of debt recovery efforts.
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter
