The acting Managing Director of the Federal Mortgage Bank of Nigeria, FMBN, Richard Esin, has sought the assistance of the Economic and Financial Crimes Commission, EFCC, in the recovery of bad debts totalling over N70 billion owed by some property developers.
Esin, who led a delegation on a courtesy visit to the Commission’s acting Chairman, Ibrahim Magu, on Wednesday, August 18, 2016, in Abuja, said: “We seek the kind assistance of the Commission on the recovery of the funds to the bank. These monies belong to Nigerian citizens.
“There are several organisations not complying with the provisions of the National Housing Fund Act and we hope that the Commission will work with the bank to promote the Act.”
He further assured Magu that the existing Memorandum of Understanding, MoU, between the Commission and the bank was still effective.
In his remark, Magu stated that his administration would continue to be guided by the details of the MoU between the Commission and the bank.
Magu further urged the bank to strengthen its Compliance Unit.