Federal Mortgage Bank of Nigeria Gets New Board Members
The Minister of Housing and Urban Development, Ahmed Dangiwa, has inaugurated a new board for the Federal Mortgage Bank of Nigeria, tasking them with the responsibility of transforming the bank into a pivotal institution in the country’s housing finance system.
This move is in line with the Renewed Hope Agenda of the Tinubu Administration, which aims to address the nation’s housing challenges.
According to the Director of Press and Public Relations, Salisu Badamasi, the minister emphasized the crucial role the Federal Mortgage Bank of Nigeria plays in providing affordable housing to Nigerians through the National Housing Fund Scheme.
Dangiwa noted that the bank’s functions extend beyond lending, as it also regulates, innovates, and builds housing finance systems.
The minister highlighted the bank’s competitive advantage, citing its single-digit interest rates of 6 to 7 percent, repayment periods of up to 30 years, and equity contributions as low as zero to 10 percent. In contrast, commercial banks charge higher interest rates of 18 to 24 percent, require higher equity contributions, and offer shorter repayment tenors.
Dangiwa charged the new board with pursuing seven key strategic priorities, reminding them that their appointment is aimed at driving reform, ensuring transparency, and unlocking the bank’s full potential.
He referenced the FMBN Establishment Act, CAP F16, Laws of the Federation of Nigeria, which clearly defines their responsibilities and powers.
The minister cautioned that the stakes are high, with millions of Nigerians relying on the bank to bridge the gap between aspiration and homeownership.
He emphasized that the era of business-as-usual is over and that it is time for delivery.
Dangiwa commended the current management of the Federal Mortgage Bank of Nigeria for achieving significant milestones, including the implementation of a Core Banking Application system.
This digital transformation has enabled National Housing Fund contributors to register, make contributions, apply for loans, and monitor their accounts online, resulting in a 40 percent reduction in transaction turnaround time and improved public trust.
The minister also lauded the bank’s recent achievements, which include disbursing over N73 billion in housing finance, supporting over 30,000 beneficiaries, processing N30.7 billion in National Housing Fund refunds, mobilizing over N203 billion in contributions, registering nearly 374,000 new contributors, and recording an operational surplus of N11.58 billion for 2024.
Furthermore, Dangiwa applauded the bank’s collaboration with the Ministry on the Renewed Hope Housing Programme and its introduction of a N100 billion Bankable Off-taker Guarantee as innovative steps toward addressing Nigeria’s housing deficit.
He recalled his previous experience as Managing Director of the bank, highlighting the structural challenges that have historically hindered its performance.
The Permanent Secretary of the Ministry of Housing and Urban Development, Dr. Shuaib Belgore, congratulated the newly appointed board members, including H.E Nasiru Gawuna, who will serve as Board Chairman.
Other members include Shehu Usman Osidi, MD/CEO of the Federal Mortgage Bank of Nigeria; Muhammad Sani Abdu, Executive Director, Loans and Mortgage Services; Ibidapo Odujokan, Executive Director, Finance and Corporate Services; Chinenye Chinedu Anosike, Executive Director, Business and Portfolio Management; Abimbola Adenike Asein, Non-Executive Director; Nura Aliyu Tijjani, Non-Executive Director; Abdullahi Hamisu, Non-Executive Director; and Momoh Jubril, Non-Executive Director.
Belgore emphasized the central role of housing in a nation’s social and economic stability, generating employment, building communities, promoting wealth creation, and enhancing dignity.
He noted that bridging the housing gap remains a top priority in Nigeria and that the Federal Mortgage Bank of Nigeria is viewed as a national vehicle for inclusive growth, social protection, and economic opportunity.
