Thursday, 29th September 2022
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FMBN clarifies meeting with Reps on financial report

The Federal Mortgage Bank of Nigeria (FMBN) said the media reports saying the bank has five years unaudited accounts are wrong.

Federal Mortgage Bank of Nigeria (FMBN)

The Federal Mortgage Bank of Nigeria (FMBN) said the media reports saying the bank has five years of unaudited accounts are wrong.

The FMBN Group Head, Corporate Communications, Lawal Sauri, said in a statement that the current management accords top priority to the timely updating of its annual reports as a key pillar of its strategic business turnaround plan for the bank.

“Some of these news stories wrongly claimed that the House Committee on Public Accounts “chided” FMBN over unaudited accounts while failing to reflect the response of the FMBN Managing Director, Ahmed Dangiwa on the issues raised at the session by the House of Representative members.”

He said: “Contrary to the insinuation ascribed to the committee, the members of the panel actually commended the current management for the remarkable progress that it has recorded in updating the bank’s financials.”

The bank stated that when the current management team took office in April 2017, FMBN’s financial statements for the period 2013 to 2016 were outstanding.

“As part of a strategic turnaround plan for the FMBN, the current management set up a Financial Accounts Taskforce with the mandate to clear the four-year backlog to ensure that the bank’s financials are up to date in compliance with statutory regulations.

“Between 2017 to date, FMBN financial statements for the period 2013 – 2018 have been prepared, approved by the board and submitted to all regulatory authorities as stipulated by law, including the office of the Auditor General of the Federation and the Central Bank of Nigeria (CBN),” Sauri said.

According to him, the financial statement for the year 2019 has already been approved by FMBN board and is being signed-off for submission to CBN for approval and other regulatory authorities.

He added that FMBN has commenced the preparation of the 2020 financial statements.