FEC approves N487m for automation of Federal Mortgage Bank

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The Federal Executive Council presided over by President Muhammadu Buhari has approved N487 million for the procurement of a banking application software for the Federal Mortgage Bank of Nigeria.

Minister of Works and Housing, Babatunde Fashola, made the disclosure at the end of the meeting of the Council in Abuja on Wednesday.

Fashola expressed the hope that the introduction of the software would boost the efficiency of the mortgage bank, in line with modern banking techniques.

He said, “The other memorandum I presented, which was approved, was for the procurement of a core banking application software for the Federal Mortgage Bank in the sum of N487,394,285.71, to enable the bank provide all of the frontline services that other banks now provide in all of its branches nationwide.

“Unlike other banks, the Federal Mortgage Bank is still unable to send automated notices, statements and all of those things, to National Housing Fund contributors; all the types of alerts you get and operating accounts form any branch irrespective of where you maintain your account.”

He noted that the application, when fully installed, would enable the bank to do a lot of automation, reconciliation, loan and credit processing.

Minister of Interior, Rauf Aregbesola, who also briefed on the outcome of the meeting, disclosed that the council approved N768 million for procurement of 44 operational vehicles for Nigeria Immigration Service.

He added that the council also approved N2.1billion for the furnishing of the Immigration Technology Building.

He said, “Council approved the procurement of operational vehicles to enhance efficiency in the service for those who have been recently promoted in the Nigeria Immigration Service, Comptrollers, Assistant Comptroller Generals, Deputy Comptroller Generals as well as patrol vehicles.

“The council approved procurement of 44 operational vehicles at total contract sum of N768,077,08 million. The beneficiaries are messers PAN, Kawra and Wanla Motors Nigeria Ltd.

“Council also approved contract for the furnishing of the technology building, that is the data and communication command and control centre, it will also serve as the service headquarter of the Nigeria Immigration Service.

“The award is in favour of messers Julius Berger Nigeria Plc at the total sum approved is N2.1billion.’’

The Ministers of Special Duties, George Akume and the Minister of State Science and Technology, Mohammed Abdullahi, said they also briefed the council.

They said their briefings were on the outcome of their meetings with stakeholders in their home states in the aftermath of the EndSARS protests in Benue and Nasarawa States.