The Senate has indicted the Federal Mortgage Bank, FMB for non- recovery of loans and illegal award of contracts to the tune of N4.5 billion. The Red
The Senate has indicted the Federal Mortgage Bank, FMB for non- recovery of loans and illegal award of contracts to the tune of N4.5 billion.
In addition, the bank failed to recover arrears and outstanding balances of loans trapped in primary mortgage bank and micro finance bank which is about N1.3 billion. “It was observed that the contractor was overpaid in the sum of N118m that resulted from irregular addition of 5 percent WHT in the bill of quantity on each of the four phases of the contract.”
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