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Tag: Nigeria Social Insurance Trust Fund

  • FG uncover N62.555 billion fraud in NSITF

    The administrative panel constituted by the Federal government to investigate the financial state of the Nigeria Social Insurance Trust Fund has uncovered about N62.555 billion fraud in the agency, saying the money was spent without proper accounting procedures being followed.

    The panel finding is contained in a report submitted to government on Wednesday just as the Minister of Labour and Employment, Senator Chris Ngige said any member of staff indicted by the report will be made to face the law in accordance with extant laws and the provisions of the civil service rules.

    Chairman of the Administrative Panel, Ishaya Awotu said while presenting the final report of the panel to the Minister of Labour and Employment, Senator Chris Ngige that the financial book of the fund has not been fully audited since 2011.

    The panel discovered that several unauthorized allowances were paid to the staff and management of the fund while over sea trips and training were carried out without the necessary approval from the office of the Secretary to the Government of the Federation as required by the civil service rules.

    The Minister of Labour and Employment had, in February 2018 inaugurated the panel to investigate the finances of the fund following a damning report from the Economic and Financial Crimes Commission indicting former Board members of the fund.

    Some senior management staff of the fund was also sent on compulsory leave to allow the panel carry out its assignment without any interference.

    Awotu said that the panel noticed weaknesses In the operation of the Fund, adding that even though the Fund had External Auditors for the period 2011 to 2015, the audited financial statements and the management letters for year 2011, 2012, 2013 and 2014 were submitted to the Management, but were not concluded reports.

    He said “As at the time of forwarding this report, none of the years audited accounts has been concluded while the audit reports remained unsigned. The basis for Management’s re-appointment of the External Auditors for the auditing of 2015 Accounts could not be ascertained;

    “The Fund does not have Financial Operational Manual to guide in its financial activities while compliance with the provisions of the Financial Regulations in carrying out their financial transactions was very weak;

    “Bank reconciliation of most of the bank accounts of the Fund was not carried out. Without the reconciliation of the bank statements, irregular payments and fraud committed on the accounts cannot be detected. Furthermore, financial statements prepared from unreconclied accounts cannot be reliable. Non-reconciliation of bank accounts violates section 716 of the Financial Regulations;

    Read Also: NSITF to enforce workers compensation policy

    “The internal Audit function of the Fund was ineffective. The Panel observed that for the period 2013 to 2017, the internal Audit Department did not audit the cashbooks of the various bank accounts at the Headquarters of the Fund, books and records of Investments and Treasury Department, Procurement Processes, Registration of Employers and payment of contributions by the Employers, Enforcement and Inspection activities, Fixed Assets etc. The lack of effective auditing of the Fund’s accounts and records violates section 1701 of the Financial Regulations;

    “It was observed that the Fund was operating with incomplete books of accounts. Several bank statements of the various bank accounts, cashbooks, etc were not submitted for audit examination and sighting. Financial statements (accounts) produced from such accounting system cannot be reliable;

    “There were several transfers of funds in between bank accounts without authorization and approvals. The sum of N15,737,757,697.91 (Fifteen Billion, Seven Hundred and Thirty Seven Million, Seven Hundred and Fifty Seven Thousand, Six Hundred and Ninety Seven Naira, Ninety One Kobo) was transferred from one account to another. Evidences to show the approvals and payment vouchers authorizing the transfers were not presented to the Panel;

    “The Panel observed that the sum of N2,990,184,262.77 was expended on computerization and other related lCT equipment. Despite this expenditure, not (much was achieved on computerization of the Fund defeating the purpose of the expenditure;

    “It was also observed that Oversea Tours and Trainings were undertaken by the Fund without the approval of the Secretary to the Government of the Federation;

    “Contrary to the provisions of Financial Regulation 402 the Fund does not maintain Expenditure Vote Control Books required for the monitoring and control of the various sub-heads. None maintenance of the vote-books made it impossible for the Fund to control extra budgetary spending.

    “The sum of N2,650,731,225.93 (Two Billion, Six Hundred and Fifty Million, Seven Hundred and Thirty One Thousand, Two Hundred and Twenty Five Naira, Ninety Three Kobo) deducted from various payments in respect of Withholding Tax, Pay-As-You-Earn (PAVE), Value Added Tax, Pension and National Housing Fund were no remitted to the relevant Authorities.

    “Irregular allowances totaling N5, 744,968,834.13 were paid to Staff and Management of the Fund. These allowances were paid without the approval of National Salary, incomes and Wages Commission for allowances being paid to its staff and management.

    “Some of the allowances such as Management Staff Allowance, Staff Education Allowance. DSTV Subscription Allowance, Dressing Allowance, Generator and Motor Vehicle Fueling Allowance paid to staff and management were not provided for in the Condition of Service of the Fund.

    “Payment vouchers in the sum of N27,056,598,053.92 (Twenty Seven Billion, Fifty Six Million, Five Hundred and Ninety Eight Thousand, Fifty Three Naira, Ninety Two Kobo) were not presented to the Panel for audit examination and sighting;

    “Payment vouchers in the sum of N8,376,083,789.72 (Eight Billion, Three Hundred and Seventy Six Million, Eighty Three Thousand, Seven Hundred and Eighty Nine Naira, Seventy Two Kobo) were without adequate supporting documents”

    The panel recommend that the Management of the Fund should without further delay conclude the External Auditors’ Reports for the period 2011 to 2015, while another set of External Auditors should be appointed with immediate effect to audit the accounts of 2016 and 2017 financial years as audited accounts for 2017 financial year ought to have been submitted on 30th May, 2018 in accordance with the Financial Regulations.

    The panel also said that NSITF should carry out full reconciliation of assets acquired and recorded in the cashbooks against the Fixed Assets Register, saying “Schedules to the Fixed Assets should be updated to correspond with fixed assets balances in the general ledger. Henceforth, the Fund should endeavor to update their Fixed Assets Register and schedules as the assets are acquired .

    “The Fund should ensure that Accounting Operational Manual is prepared to guide in carrying out its financial activities. In the interim (before the Accounting Operational Manual is put in place), the Fund should be guided by the relevant sections of the Financial Regulations;

    “The Staff Condition of Service should be reviewed, with immediate effect, to correct lapses contained therein. There is also the need to review the investment Policy Document of the Fund;

    “A Professional Firm of Accountants should be engaged to carry out in-depth examination of transfers in-between the accounts to ensure that the transfers of N15, 37,757,697.91 (Fifteen Billion, Seven Hundred and Thirty Seven Million, Seven Hundred and Fifty Seven Thousand, Six Hundred and Ninety Seven Nalra, Ninety One Kobe) were properly accounted for.

    “The Firm should also canyout the bank reconciliation of the accounts of the Fund from its inception to date to assure that there are no financial losses resulting from the non-reconciliation of the accounts;

    “The Fund should be asked to produce the payment vouchers in the sum of N27,056,598,053.92 (Twenty Seven Billion, Fifty Six Million, Five hundred and Ninety Eight Thousand, Fifty Three Naira, Ninety Two Kobe) that were not presented to the Panel for audit examination and sighting;

    “The Fund should also produce the relevant supporting documents. For the various payment vouchers with total monetary value of N8,376,083,789.72 (Eight Billion, Three Hundred and Seventy Six Million, Eighty Three Thousand. Seven Hundred and Eighty Nine Naira, Seventy Two Kobe) to substantiate the payments.

    “The Staff should be trained on the utilization of the acquired it. Equipment to add value to service delivery. Henceforth, all approvals for Overseas Tours and Trainings should be obtained from the Secretary to the Government of the Federation in line with extant circulars before they are undertaken.

    “The Fund should prepare a financial plan on how they intend to remit the N2, 650,731,225.93 deducted from Staff salaries to various Authorities to avoid sanctions that may lead to going concern (non continuity) of the Fund.”

    Receiving the report, Minister of Labour and Employment, Senator Chris Ngige assured that the report of the panel will be implemented fully and the lapses identified corrected.

    He said “Those findings especially about over sea trips which are unauthorized will be dealt with because they are actions that breached public service rules. It is not true that parastatals are exempted from public service rules. This report will be fully implemented and areas of lapses corrected. So many government organizations have gone under because of situations like this.”

    He said further that “Following the whistle blowing policy of this administration, the EFCC moved into the place and did some forensic auditing of the accounts of the agency.

    “After reading the EFCC report, we felt it was necessary to set up this administrative panel to find out why the internal audit mechanism broke down in such a way that the N62 billion contributed cannot be seen.

    “No good investment, no bank reserve and failing to carry out their responsibilities to their workers to the extent that the PAYE deducted, the pensions, and the National Housing Funds deducted were not remitted to the appropriate authority and the money is no where to be seen in the account. These are very strong financial misapplication and misappropriation.

    “You have helped us to create a new NSITF that will be financial ok. It was I lieu of this that the Ministry did not want to be stampeded to put in place a new Board especially because the EFCC report indicted some members of the former board.

    “Those indicted included those nominated by the Nigeria Labour Congress and the Nigeria Employers Consultative Association. So. We were not in a hurry because we needed to give the new board a new lease of life because you don’t put new wine in old wine skin.

    “I am very happy because this is a water shed in the history of NSITF and I want to assure you that we are taking notes of the financial infractions mentioned here and we are also in position of the schedule that will help us look at what has been done, the road map you have been drawn will be implemented to the later.”

  • Pay NSITF contribution to the contributors

    In 2004, the federal government disbanded the Nigeria Social Insurance Trust Fund (NSITF) and all their assets and liabilities were handed over to NPC/Trust Fund Pensions PLC.

    The guide lines stipulated that individual members’ contributions to NSITF should be transferred to their PFA’s or Retirement Saving Account so that whenever a contributor is retired or lost his job, the NSITF should pay his /her entitlements but this was not adhered to by NPC/Trust Fund Pensions PLC for their selfish interest.

    The NPC/Trust Fund Pensions PLC has been withholding this individual contributions since 2004 to date, that is for good fourteen years. The fact remains that many contributors to NSITF have died without their contributions been paid with their entitlements and many contributors who are still alive are not educated publicly on the necessary steps to be taken to recover their contributions since they are already retired.

    The claim by NPC/Trust Fund Pensions PLC that the money has been lying idle since 2004 is not tenable, as a profit oriented organization this money would have been invested in profit making investments but in order to deny the contributors the right to the interest on their hard earned money since 2004, this claim was floated.

    It should be a concern to all workers whether retired or still working that some people are feeding fat on their sweat. Many contributors have died, many are dying and many will still die without collecting their contributions, which they should have fourteen years ago. This is inhuman.

    Now that the NPC/ Trust Fund Pensions PLC realized that some retirees are demanding for their NSITF contributions they are rushing to transfer the money to employees Retirement Saving Account to cover their track. The question to ask is what about the interest on the money for fourteen years?

    They should publish the list of all NSITF contributors from 1994 to 2004 and individual’s contributions and total amount worked out with interest.

    This is why you see some people are living larger than their lawful income, while many Nigerians are sentenced to a miserable life permanently.

    For Nigerians to have a good life after retirement these cankerworms must not be allowed to fester. It is not only the politicians that are corrupt; civil servants too are deep rooted in corruption. Therefore, sinners must not go unpunished.

    The NLC President Ayuba Wabba and the Minister of Labour Dr Chris Ngige should please lend their voices to the suffering workers and retirees to prevail on NSITF/ Trust Fund Pensions PLC to pay NSITF contributions direct to the contributors. There is no gain saving money for a seventy five years

     

    • By Israel Oyegbile Sabon Tasha, Kaduna

     

  • NSITF to enforce workers compensation policy

    The Nigeria Social Insurance Trust Fund (NSITF) is to embark on aggressive enforcement of the Employees Compensation Scheme (ECS).

    Its Managing Director, Adebayo Somefun, made this known at an induction for the Fund’s staff members in Ibadan region.

    Somefun urged workers to redouble their efforts to ensure the success of the scheme, describing the ECS as a scheme which puts smiles on the faces of employees that sustain injuries in the course of their work.

    “There was a need to be diligent about enforcement to ensure that employers key into the desires of the scheme,” he said.

    Somefun explained that before the advent of the ECS, workers were left on their own when they sustain injury in the workplace.

    He, however, said with the coming of ECS, workers now give their best knowing that when they sustain injury, there is a scheme that will take the burden off them.

    “That is why in the last seven years since this scheme began, there has been steady rise in workers’ productivity because workers now execute their tasks without holding back or afraid of injury. Not only that, the ECS also takes care of the families of workers that die in the course of work,” he added.

    Somefun, however, said the aggressive enforcement of the ECS was not to intimidate organisations, but to make them comply with the provisions of the law.

    “The ECS is a product of the law. The law specified that every organisation must make provision for the safety of its workers.

    The ECS is a one-stop-shop for workers’ safety in the workplace because not just that NSITF sits and wait till accident happens before it acts; we provide safety guidelines that reduce risks at the workplace.

    “NSITF exposes organisations to simple and cost effective safety steps that can reduce accidents in the workplace,” he explained.

  • NSITF to ensure safe work environment

    Nigeria Social Insurance Trust Fund (NSITF) Managing Director Adebayo Somefun has promised to ensure a safe work environment for workers.

    Somefun spoke at the induction of new staff members of the Fund.

    He said part of the mandate of the Fund was to ensure that where occupational hazards happened, the victims were compensated, rehabilitated and treated fairly.

    He noted that with about 5000 workers across 56 branches and 11 regional offices nationwide, the Fund was ready to serve Nigerians.

    Represented by the General Manager, Administration, Olusegun Basorun, Somefun said he had ordered the Human Resources department to identify gaps and  bridged them.

    He said there was the need for workers to embrace the mission of the organisation, saying: “The human resources department has the mandate of the managing director to identify knowledge gaps where they exist and initiate actions to correct the gaps so that staff members would be equipped with the required competencies they need to carry out their individual functions.”

    Somefun  said the inductees came from various backgrounds, organisational cultures and work attitude, it was necessary to expose them to the NSITF culture.

    “Not only do we tell them what we expect, we also open our minds to learning new things from the new workers. We, at the NSITF, appreciate that knowledge does not reside in one place. Therefore, we  put ourselves in a position to learn new ideas that can contribute to the attainment of the mandate of NSITF.

    “The management also uses this opportunity to let new staff members know the dos and don’ts in a formal atmosphere and assure them that the management is ready to assist them realise their potentials but they must do all they have to do within the rules and regulations of the Fund,” he said.

  • Mystery over missing N17b NSITF fund

    Mystery over missing N17b NSITF fund

    The Nigeria Social Insurance Trust Fund (NSITF) is enmeshed in a crisis of confidence of some sorts including alleged misappropriation of over N17billion employers’ contributions, low staff morale, alleged indiscriminate employment which has pit the labour unions against the Minister of Labour and Productivity, Dr. Chris Ngige, among other unresolved issues. Ibrahim Apekhade Yusuf and Tony Akowe in this report, examine the contending issues

    This is not the best of times for the Nigeria Social Insurance Trust Fund (NSITF) and the reason for this is not far to seek: like the Americans are wont to say, the agency is literally hemmed in on all sides!

    Crux of the matter

    At issue is that the agency is fighting many wars at different fronts, chief among which is the problem of low staff morale, especially among the rank and file who from available information are disillusioned over the unsatisfactory way and manner their welfare has been handled by successive management team.

    But there is a more troubling issue as well, which is almost threatening the continued existence of the organisation itself: and it’s all about the money!

    The truth is that the NSITF Act stipulates that every employer at both the public and organised private sector with at least 10 staff strength must pay certain percentage into the NSITF purse to cater for employees’ benefits in case of accidents at the workplace among other exigencies.

    The sad part however is that whereas the private employers have been consistently contributing to this pool, with total contributions valued at over N17billion thus far, the federal government is reported to have reneged on its own pledge for many years now.

    Findings by The Nation revealed that successive governments dating back to the Olusegun Obasanjo administration had relied on the said contributions to bankroll the expenses of the NSITF.

    Speaking with separate sources at the Ministry of Labour, and the NSITF, they confided in our correspondent that the issue of the missing N17billion predates the President Muhammadu Buhari administration, noting that the monies are the accumulated wage bill incurred by the Fund in the last few years.

    According to one of the sources, who asked not to be named, “At the moment, the federal government owes the Fund about N17 billion. What that meant is that the Fund is currently being financed through contributions from private employers. This is not supposed to be so.’’

    More startling revelations

    Investigations by The Nation revealed that the management of the Fund was been compelled to recruit fresh staff even though they are not in any position to do so due to paucity of funds.

    Several attempts to get the Barrister Adebayo Somefun-led management of NSIFT were futile as he was said to be away on official assignments.

    But sources close to the management said currently, the wage bill of the fund stood at over N900 million monthly while it has not received any capital allocation from the government since 2015.

    “They have told the Minister to source for funds for them to carry out their assigned mandate. I am sure if they have money today, they will not hesitate to carry out the directive to employ new workers. But they have argued that they don’t want to employ new ones when there is no money to pay them.”

    On staff welfare, the source said “when the current management came in about nine months ago, the staff morale was very low as a result of non conducive working environment. But they took it upon themselves to boost staff morale and started paying the furniture allowance that has not been paid since 2012. They have not finished paying that, but at least we know that many people have received and more will soon receive theirs.

    “They have also released the list of promotion for staff which has been withheld for some time and has constituted a committee to ensure proper placement for all staff. They have also brought back due process in procurement and staff were paid 13th month salary during the just concluded celebration.”

    The source confirmed the purchase of five vehicles for the use of the management team, explaining that while four of the vehicles are to be used by the management team, the fifth which is yet to be purchased as be designated as poll car which will be put at the disposal of the Board when it is inaugurated.

    Union at daggers drawn with Labour Minister

    Meanwhile, the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) is on a war path with the Minister of Labour and Productivity, Dr. Chris Ngige, over what the former described as alleged illegal recruitment at the NSITF.

    The Nation was reliably informed that successive management of the Fund have been recruiting staff indiscriminately without due regard for extant civil service rules and procedures.

    Investigation by The Nation further revealed that most of the staff were irregularly employed between 2012 and 2016 and placed over and above better qualified and experienced existing staff.

    Independent checks by our correspondent revealed that the current staff of the organisation is about 5, 000 with 71 of them in the management cadre and several others who enjoy a lot of perks of office to the detriment of other staff.

    Just recently the EFCC has commenced court action against three former directors and two current staff of NSITF on issues bothering on alleged diversion of contributions paid to NSITF. The NSITF has been badly hit since 2011.

    Confirming this development, Mrs. Oyinkansola Olasanoye, National President of ASSBIFI in an interview with our correspondent said the organisation has an over-bloated staff.

    “The federal government is trying to create employment; it has been overbloating the organisation with too many staff.  As at present they have over 5, 000 staff. And or recent al so the federal government said they should employ additional 370, which we have done a letter to the Secretary to the Government of the Federation. And those they are employing are not just fresh graduates that we would that the government is seeking employment for. They are insisting that they should be part of management even if there are no jobs available for them.”

    Regrettably, the ASSBIFI boss said: “The government keeps on forcing them to employ even when they don’t need staff. The problem we are having at the NSIFT is that it is top heavy. For a fresh graduate, their entry point in that organisation should be Level 7, which is the officer level. So those that came in without knowing anybody in power, it’s not this present government that started it, they have been on the same level but they would bring their own people and start giving them Level 13-14.”

    Pressed further, she said: “Those that have been on Level 7, there is no vacancy for them to be promoted to. And that is what is causing frustration. People that have been in the company for 10 years that have done their Masters and all, there is no vacancy for them to be promoted. You employ fresh graduates without experience, no additional qualifications and you make them Level 13-14-15 Officers. And two weeks ago this present management wanted to do the same and we reminded them that we have been working together on the survival of this organisation and he said it is not about him. We also went to the Minister of Labour, and he said go back and still employ. We had to write to the SGF that Even if it is to create employment for Nigerian fresh graduates, it should have been at entry level.”

    Raising some posers, she said: “How can such agency remain without a board? Why must it be left to the whims and caprice of the minister? Where is the tripartite content that is supposed to manifest in the day to day management of the agency. The board under normal circumstances is made up of government, employers, and organised labour (NLC). The NSITF needs cleansing but which the government is not too keen about.”

    In the letter titled: ‘creating A Healthy and Sustainable Nigeria Social Insurance Trust Fund’ with reference No. ANS/IR/GO/YOS/154, dated December 20, 2017 and made available to The Nation, was jointly signed by ASSBIFI’s National President, Oyinkan Olasanoye and the Acting Deputy Secretary General, Yekeen O. Shittu.

    In the 12 paragraph petition to the SGF, the union queried the improper staff placement in the organisation arising from lopsided recruitment just as it complained that fresh graduates were placed on the ranks far above their experiences and qualifications against extant civil service rules.

    Besides, the union leaders lamented the non payment of backlogs of outstanding statutory deductions like pension and housing funds from staff just as it queried the issue of overlapping salaries.

    However, in a telephone interview with the minister’s spokesman, Nwachukwu Obidiwe, he told our correspondent that the minister will respond to all the allegations at the appropriate time.

    When our correspondent made further entreaties to get the Minister’s reaction last Wednesday, Obidiwe said his principal was at a closed-door meeting with the management team of the NSITF.

    More reactions

    Speaking in an interview with The Nation, a staff of the ministry who asked not to be named because he is not authorised to speak said: “In 2015, the then government did not make any payment to NSITF. In 2016, the government discovered massive fraud. External auditors raised a red flag on the agency because of the high level of fraud discovered there. In view of that, the government withheld its contributions pending when the fraud issue is addressed.

    “In 2017, the Minister of Labour and Employment intervened, insisting that if the private sector employers were up to date in their contributions as contained in the enabling act, there was no reason for the government not to pay its contribution. He later took the matter to the President who directed that all outstanding government contributions be released to them. At the moment, the Ministry of Finance is working on the Presidential directive and the money will soon be paid to them. Meanwhile, all non treasury funded government agencies are up to date in the payment of their contributions.”

    On staff recruitment, the source recalled that: “In 2016, the management of NSITF sent a memo to the Minister seeking approval to employ 521 staff to fill existing vacancies. After exhaustive deliberations, the Minister gave approval and sent same approval to the Budget Office of the Federation for what is called Manpower and Personnel budgetary provisional approval. It was also sent to the Federal Character Commission for their approval before they went ahead to advertise the vacancies both internally and externally as required. Candidates were shortlisted and interview conducted. All employment carried out followed due process.”

    Pressed further, the source noted that: “The union officials are only afraid because many of them don’t have certificates and if you conduct staff verification today, they know that many of them will be asked to go. But the President has said that no staff will be sacked and so, they can keep enjoying their job. But I can tell you that many of those union people are not qualified to work in such an agency.”

    Fear over job loss

    The fears being expressed in some quarters is that the same fate that befell the National Economic Reconstruction Fund (NERFUND) may be the lot of NSITF if nothing is done to address the drift.

    Pray, are these fears real or unfounded? Time will tell.

  • Senate urges FMBN shareholders to pay up equities

    Senate urges FMBN shareholders to pay up equities

    The Senate Committee on Lands, Housing and Urban Development has urged shareholders to pay up their equities in order to actualise the planned recapitalisation of the Federal Mortgage Bank of Nigeria (FMBN).

    A statement issued in Abuja on Tuesday by FMBN Managing Director, Mr Ahmed Dangiwa said the Chairman of the Committee, Sen. Barnabas Gemade made the call while on an oversight visit to the bank.

    Gemade listed the shareholders to include the Federal Government, Central Bank of Nigeria (CBN), and Nigeria Social Insurance Trust Fund (NSITF).

    He observed that the CBN had vital role to play in making the FMBN function effectively by exercising its statutory roles, especially in the areas of funding and regulation.

    “There is no way FMBN can address the plethora of daunting challenges in the mortgage industry without being supported by the CBN and the Federal Government.

    “The N5billion capital base of the FMBN is abysmally low and the shareholders should hasten up by increasing the capital base to reflect current realities.

    “CBN should sanction commercial banks that defaulted in remitting 10 per cent of their loan portfolio to FMBN as investment to the development of a virile mortgage industry as required by the law.’’

    He promised that the committee would also ensure amendment of both the FMBN and National Housing Fund (NHF) Acts to make the bank function effectively.

    Read also: Senate plans to pass 2018 budget this month

    Gemade said N100 billion was approved in 2017 budget as intervention fund to support mortgage activities in the country.

    He directed the bank to follow up the matter with its supervisory ministry, adding that the Ministry of Power, Works and Housing should contact the Federal Ministry of Finance to secure release of the fund.

    In his remarks, Dangiwa said the bank had not received budgetary allocation from the Federal Government since its establishment.

    “Therefore, we rely solely on income generated from contributors under the NHF scheme to finance our activities,” he said.

    He lamented that the current N5 billion capital base of the bank was grossly inadequate, in view of the magnitude of its mandate to bridge the housing finance gap in Nigeria which was in the region of trillions of naira.

    According to him, FMBN has commenced strategic partnership with the Nigeria Inter-Bank Settlement System (NIBSS) Plc for the management of mortgage–related transactions to reduce loan repayment default to the barest minimum.

    NAN