The Federal Mortgage Bank of Nigeria (FMBN), on Monday in Abuja inaugurated seven specialized loan recovery task teams to recover all the bank's delinquent loans across the 36 states of the federation.

The Chief Executive Officer and Managing Director of FMBN, Shehu Osidi, while inaugurating the teams said the move was also aimed at reducing non-performing loans and safeguarding the financial interests of the bank and ensuring the sustainability of its lending operations.

According to him, "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.

"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. 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 said

Osidi said that going forward; staff would be held accountable for the outcome of credit decisions over which they have played critical roles.

The MD noted that the inauguration of these teams marks a significant milestone in ongoing efforts to enhance the financial stability and operational efficiency of the Bank.