We Won’t Fail On Our Mandate, Newly Constituted FMBN Management Assures FG

The newly constituted board of the Federal Mortgage Bank of Nigeria has assured the Federal Government that it will not fail in the discharge of its assignment to reposition the bank for the growth of the housing sector in Nigeria.

President Muhammadu Buhari, had on April 14 approved the reconstitution of the Board of the FMBN, with a view to repositioning the bank as a core banking institution with core competence in mortgage finance.

Buhari had earlier this year, appointed Mr Ayodeji Ariyo Gbeleyi, a Chartered Accountant as Chairman of the FMBN Board.

On the new Board, Hamman Madu, representing the North-East zone with a background of over 30 years in the mortgage industry, was appointed the Managing Director and Chief Executive Officer of the bank.

Other members are Umar Zubaida, Executive Director, Finance and Corporate Services – representing the North-West zone; Chukwuma Kingsley, Executive Director, Business Development and Portfolio Management – representing the South-South zone; Mustapha Lukman Olayiwola, Executive Director, Loans and Mortgage Services – representing the North-Central zone.

Others listed by the Presidency included Abimbola Asein from the South-West zone – representing the Federal Ministry of Works and Housing; Ejezie Sandra Nkechi, South-East – representing the Public, as well as two representatives of the Central Bank of Nigeria.

The appointment of the Board took effect from April 13, 2022, with the exception of the Chairman, Mr Ayodeji Ariyo Gbeleyi, whose appointment took effect from January 5, this year.

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.