Contrary to the news making the rounds, the financial report of the Federal Mortgage Bank of Nigeria (FMBN) will be ready by the end of first quarter of 2021, the bank’s Group Head, Corporate Communications, Lawal Sauri said.
Sauri said the FMBN currently does not have five (5) years unaudited accounts.
He was reacting to reports in some national dailies that the bank’s books have not been audited for the last five years.
Sauri in a statement issued in Abuja stated that the bank was in the process of completing the 2020 financial report.
He also debunked the said scolding of the management team of the bank by the House Committee on Public Account.
The statement reads “The Federal Mortgage Bank of Nigeria (FMBN) has noted with concern the sensational news reports in some national dailies regarding the recent representation by the bank’s MD/CEO, Arc. Ahmed Musa Dangiwa with the House Committee on Public Accounts on the status of FMBN Financial Statements.
“Some of these news stories inaccurately reported that FMBN has five-years of unaudited accounts; wrongly claimed that the House Committee “chided” FMBN over unaudited accounts while failing to reflect the robust response of the FMBN MD/CEO to the issues raised at the session by the members.
“For the avoidance of doubt we wish to categorically state that the FMBN currently does not have five (5) years unaudited accounts and that the management accords top priority to timely updating of its annual reports as a key pillar of its strategic business turnaround plan for the bank.
“We have outlined the key facts concerning the status of FMBN Financial Statements for clarification and reference.
“When the current Executive Management Team took office in April 2017, FMBN’s financial statements were not available for five years: 2013 – 2017.
“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 five-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, 2014, 2015, 2016, 2017, 2018 have been prepared and approved by the Central Bank of Nigeria (CBN).
“The Financial Statement for the year 2019 is already completed and awaiting final vetting by external auditors for onward submission to statutory bodies.
“FMBN is already at advanced stage of preparing the 2020 Financial Accounts, which will be ready by the end of the first quarter 2021.
“The above information outlines the true facts concerning the FMBN Financial Accounts. They also underpinned the response of the FMBN MD/CEO, Arc. Ahmed Musa Dangiwa’s presentation at the meeting with the House Committee on Public Accounts.
“It is also important to state that contrary to the insinuation that the members of the House Committee on Public Accounts “chided” FMBN, the members of the panel actually commended the current management for the remarkable progress that it has recorded in updating the bank’s financials.”
FMBN management also pleaded with the media to get its facts correct so as to properly inform the general public and other stakeholders.
