The Managing Director/Chief Executive of the Federal Mortgage, Shehu Usman Osidi, has charged Estate Developers under the aegis of the Real Estate Developers Association of Nigeria (REDAN), to exhibit a high sense of responsibility in their business engagements.
Osidi gave the charge when the leadership of REDAN paid a courtesy visit to the management team of the Federal Mortgage at the Bank’s headquarters on Thursday, April 4, 2024, to deepen the existing partnership between the Bank and REDAN.
In his address, the Chief Executive, congratulated the new President of REDAN, Prince Akintoye Adeoye, describing him as patient and mature. He commended his dexterity, patience and resilience, adding that he is a man ready for the job.
Osidi noted that the new management team of the Federal Mortgage is poised to expand strategic partnerships as one of the key items on the Team’s 7-point Agenda, which makes the visit of REDAN timely.
He enunciated the commitment of the Bank’s new management team to the sustenance of the existing mutually beneficial business relationship with REDAN, urging the association to be positioned to make the Bank proud.
In this regard, Osidi pledged to carry REDAN along in the execution of three key areas of the 7-point agenda, namely, standardized capacity building/talent management, expanding strategic partnerships and enhancing credit quality/reducing non-performing loans.
He explained that the Federal Mortgage will partner with REDAN to build the capacity of its members on project management, while also working with them to categorise Estate non-performing loans, with a view to reduce them. He however cautioned that it will no longer be business as usual, and urged the association to work hard to be a child the Bank would be proud of.
Prince Adeoye congratulated the new management of the Federal Mortgage on their appointment and praised the Bank for its instrumentality in the formation of REDAN. He stated that the assignment before Osidi is huge, but alluding to the 7-point Agenda of the Team, affirmed that the MD is capable of delivering on all the objectives of the bank.
He therefore called for a strengthened partnership between the Bank and REDAN in the areas of capacity building and reduction of non-performing loans, while seeking the Bank’s support in passing a bill to regulate the activities of developers in the country.
In his remark, the Executive Director, Loans and Mortgage Services, Hon. Dr. Muhammad Sani Abdu, acknowledged REDAN’s maturity and readiness for business, while the Executive Director, Business Development and Portfolio Management, Chinenye Chinedu Anosike, expressed optimism of a better working relationship with REDAN.
On his part, the Executive Director, Finance and Corporate Services, Mr. Ibidapo Odojukan, welcomed REDAN’s readiness to improve, affirming that it is an indication of the association’s inclination to strengthen its partnership with the Federal Mortgage.
The visit also presented an opportunity for the Chairman, Investiture Committee of REDAN President, Dr. Roland Igbinoba, to remind the Management Team of the upcoming investiture ceremony of the REDAN President slated for May 23, 2024 in Lagos.
