The Federal Mortgage Bank of Nigeria (FMBN), has vowed to issue stiffer measures against loan defaulters in the country.
The FMBN Managing Director, Ahmed Dangiwa, made the disclosure during a One-on-One virtual interactive session with CEOs, a Housing Development Advocacy programme, anchored by Bar. Festus Adebayo, the Executive Director, Housing Development Advocacy Network (HDAN).
Dangiwa said that following the cases of non-performing loans that has negatively impacted on the institution, it becomes imperative to initiate stiffer measures to help safeguard the interest of the FMBN.
He noted that the housing finance institution is set to deploy loan recovery agents as a measure to recover default loans.
According to him, the loan recovery agents shall compose of lawyers and some people in the built environment with a view to recover unutilized or diverted funds by loan defaulters.
He said the institution would ensure that any loan given out henceforth is risk-free, adding that there will always be consultants to supervise every construction site, hence making sure that developers work within the agreed specifications of designs.
He also stressed the need for professionalism in the construction industry, noting that best hands would be employed to carry out surveillance on all FMBN projects.