The Federal Mortgage Bank of Nigeria’s newly constituted board has guaranteed the Federal Government that it will not fail in its mission to reposition the bank for the growth of the housing industry in Nigeria.
President Muhammadu Buhari approved the FMBN’s Board of Directors’ reconstitution on April 14, with the goal of repositioning the bank as a core banking institution with a core expertise in mortgage finance.
Mr Ayodeji Ariyo Gbeleyi, a Chartered Accountant, was named Chairman of the FMBN Board by Buhari earlier this year.
Hamman Madu, who represents the North-East zone on the new Board and has worked in the mortgage industry for over 30 years, was named Managing Director and Chief Executive Officer of the bank.
The North-West zone is represented by Umar Zubaida, Executive Director, Finance and Corporate Services; the South-South zone is represented by Chukwuma Kingsley, Executive Director, Business Development and Portfolio Management; and the North-Central zone is represented by Mustapha Lukman Olayiwola, Executive Director, Loans and Mortgage Services.
The Presidency also named Abimbola Asein of the South-West zone, who represented the Federal Ministry of Works and Housing; Ejezie Sandra Nkechi of the South-East, who represented the Public; and two delegates from the Central Bank of Nigeria.
With the exception of the Chairman, Mr Ayodeji Ariyo Gbeleyi, who was appointed on January 5, this year, the Board’s appointment took effect on April 13, 2022.
Speaking during their inauguration on Thursday by the Minister of Works and Housing, Babatunde Fashola, the MD of the Bank commended the President for finding members of the board worthy to contribute to the development of the economy through the bank.
He told the Minister and other guest present at the event that members of the board are excited to be chosen to undertake this onerous responsibility at this critical period in the life of the nation.
Madu explained further that housing is one of the basic human needs, adding that access to housing finance is the critical ingredient in achieving this.
According to the FMBN, Nigeria’s housing gap is estimated to be in the region of 17 million units while homeownership is estimated at a low 25 per cent.
The FMBN MD said the management and the board will work harmoniously to reposition the bank to deliver on its core mandate by providing credit facilities through mortgage institutions in Nigeria.
He added that this would encourage and promote the growth of viable primary and secondary mortgage institutions in Nigeria.
The FMBN Boss noted that by promoting a viable mortgage sector, the bank would be able to service the housing needs of Nigerians.
He said, “We are excited to be chosen to undertake this onerous responsibility this period in the life of our great nation Nigeria. Housing is one of the basic human needs and access to housing finance is the critical ingredient in achieving this.
“I will like to commit that on behalf of the executive management and the board, we will ensure that we work harmoniously to reposition the FMBN to deliver on its core mandate.
“We will mobilize both domestic and offshore funds into the housing sector and link the capital market with the housing industry.
“We will also collect the National Housing Fund in accordance with the provision of the NHF Act and enter into any transaction which in the opinion of the board is necessary in line with the FMBN Act.
“Our commitment is to take our responsibilities and duties seriously and to maintain the level of corporate governance in line with best practices, while we deliver performance towards recovery and repositioning the bank to play its primary role as the apex mortgage bank in Nigeria.
“We will ensure that the bank which is over 40 years old is restored to the path of growth because without growth the housing sector will not witness any growth and it is a critical aspect of Nigerian life.
“We will also continue to take on the challenging task and we count on the support of the ministry of works to enable us actualize the mandate given to us.”
He also assured the government that the management and board of the bank will ensure that all critical assets of the bank are recovered and properly accounted for.
“We will also ensure that we do not take up unnecessary projects without knowing their deadlines. Projects that are entered without deadlines usually amount to wastes. We promise that we will not fail in this assignment,” he added.
The Whistler
