Dangiwa Inaugurates New Board For Federal Mortgage Bank Of Nigeria

The Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa has formally inaugurated new Board members of the Federal Mortgage Bank of Nigeria (FMBN).

This is even as he charged them with the critical responsibility of repositioning the Bank as a cornerstone of Nigeria’s housing finance system under the Renewed Hope Agenda of the Tinubu Administration.

Dangiwa, while emphasising the strategic role of the FMBN in delivering affordable housing to Nigerians through the National Housing Fund (NHF) Scheme, noted that FMBN is not just a lender but a regulator, an innovator, and a builder of housing finance systems.

He said that Nigerians in both formal and informal employment across the public and private sector can access mortgage loans at rates and terms that no commercial institutions can match.

“We are talking about single digit rates of 6 to 7 percent repayment periods of up to 30 years and equity contribution as low as zero to 10 percent. In contrast, commercial banks charge 18 to24 percent interest, require percent 30 percent equity, and offer tenor of 6 to 10 year,” he explained.

The Minister charged the new Board with pursuing and achieving seven key strategic priorities of the bank.

He reminded them that they were appointed to drive reform, ensure transparency and unlock the full potential of this national institution informing them that their responsibilities and powers are clearly defined in the FMBN Establishment Act, CAP F16, Laws of the Federation of Nigeria.

“The stakes are high. Millions of Nigerians are counting on FMBN—and on your leadership—to bridge the gap between aspiration and homeownership,” the Minister emphasized.

“The era of business-as-usual is over. This is the time for delivery,” he added.

Dangiwa also commended the current FMBN Management for significant strides, including the full implementation of a Core Banking Application system that now enables NHF contributors to register, make contributions, apply for loans, and monitor their accounts entirely online, saying the digital transformation has reduced transaction turnaround time by 40 percent and improved public trust.

The new FMBN board members are Nasiru Gawuna, Board Chairman, Alh. Shehu Usman Osidi – MD/CEO (FMBN), Muhammad Sani Abdu -Executive Director/LM&S, Ibidapo Odujokan, Executive Director/Finance and Corporate Service, Chinenye Chinedu Anosike, Executive Director/Business and Portfolio Management.

Others are for non-executive Directors Arc. Abimbola Adenike Asein, Nura Aliyu Tijjani, Abdullahi Hamisu, and Momoh Jubril.

Responding on behalf of the new board members, the chairman, Board of Directors and a former deputy Governor of Kano state, His Excellency, Dr. Nasiru Yusuf Gawuna, expressed gratitude to President Bola Ahmed Tinubu and the Honorable Minister for the opportunity to serve the country.

He reiterated the importance of the housing sector and the need to deliver on the mandates given by the President, giving his word on behalf of the board, that they would be found worthy.

Dr. Gawuna promised that the Board would seek guidance from the best quarters when the need arises.

He also thanked the management of the FMBN under the leadership of the Managing Director, Alh. Shehu Usman Osidi.