The Nigerian Minister of Housing and Urban Development, Ahmed Dangiwa, has officially inaugurated the new board of the Federal Mortgage Bank of Nigeria (FMBN), tasking them with transforming the bank into a key pillar of the country’s housing finance system.
Speaking during the ceremony on Monday, Dangiwa highlighted the bank’s central role in the Tinubu administration’s Renewed Hope Agenda, particularly in making affordable housing accessible to millions of Nigerians through the National Housing Fund (NHF).
He stressed that the FMBN is more than just a lender—it is also a regulator, innovator, and builder of housing finance systems. “Nigerians in both formal and informal sectors can access mortgage loans at single-digit interest rates of 6 to 7 percent, with repayment periods of up to 30 years and equity contributions as low as zero to 10 percent,” Dangiwa said. “This is in stark contrast to commercial banks which charge 18 to 24 percent interest with much shorter terms.”
The minister charged the board with pursuing seven strategic priorities and reminded them of their responsibility to reform the institution, uphold transparency, and deliver real results. “The era of business-as-usual is over. This is the time for delivery,” he declared.
He praised the FMBN’s current management for introducing a new Core Banking Application that allows NHF contributors to register, apply for loans, and track their accounts online—a move that has improved public trust and reduced processing times by 40 percent.
Dangiwa also commended the bank’s achievements, which include: Disbursing over ₦73 billion in housing finance to over 30,000 beneficiaries, Processing ₦30.7 billion in NHF refunds, Mobilising over ₦203 billion in contributions, Registering nearly 374,000 new contributors, Recording an unaudited ₦11.58 billion operational surplus for 2024.
He further acknowledged FMBN’s innovative partnership with the ministry on the Renewed Hope Housing Programme and the launch of a ₦100 billion Bankable Off-taker Guarantee aimed at bridging Nigeria’s housing deficit.
Drawing on his own experience as a former Managing Director of the bank, Dangiwa revealed that a Housing Institutions Reform Task Team has already recommended legal reforms to modernise FMBN operations. He urged the new board to support and implement these recommendations.
Also speaking at the event, Permanent Secretary Dr. Shuaib Belgore congratulated the new board members, noting their professionalism and integrity. He emphasised the critical role of housing in economic growth and national stability, describing FMBN as a vehicle for inclusive growth and social protection.
He reaffirmed the ministry’s commitment to work closely with the board to ensure that reforms are sustainable, people-centred, and transformative.
The newly inaugurated board members include: H.E. Nasiru Gawuna – Board Chairman, Shehu Usman Osidi – MD/CEO, Muhammad Sani Abdu – Executive Director, Loans Management & Services, Ibidapo Odujokan – Executive Director, Finance & Corporate Services, Chinenye Chinedu Anosike – Executive Director, Business & Portfolio Management, Abimbola Adenike Asein – Non-Executive Director, Nura Aliyu Tijjani – Non-Executive Director, Abdullahi Hamisu – Non-Executive Director, Momoh Jubril – Non-Executive Director.
The new leadership is expected to steer the bank toward a new era of growth, accountability, and service delivery in Nigeria’s housing sector.