In a renewed push to deepen housing sector reform and expand access to affordable homes, the Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, has inaugurated a new Board of Directors for the Federal Mortgage Bank of Nigeria (FMBN). The ceremony, which held in Abuja, marks a strategic turning point in the government’s drive to reposition the apex mortgage institution in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The newly constituted Board is chaired by former Deputy Governor of Kano State, Dr. Nasiru Yusuf Gawuna, while Alhaji Shehu Usman Osidi assumes the position of Managing Director and Chief Executive Officer. Other members include Ibidapo Odujokan, Chinenye Chinedu Anosike, Arc. Abimbola Adenike Asein, Nura Aliyu Tijjani, Abdullahi Hamisu, Momoh Jubril, and Muhammad Sani Abdu.
Speaking during the inauguration, Minister Dangiwa outlined seven urgent reform priorities for the Board. These include recapitalizing the Bank to the tune of ₦500 billion, expanding the National Housing Fund (NHF) contributor base, issuing no fewer than 20,000 mortgages annually, and delivering at least 5,000 housing units every year. He also emphasized the need for full digitalization of services, enhanced loan recovery efforts, and strengthened global partnerships.
“The stakes are high. Millions of Nigerians are depending on FMBN to make homeownership possible,” Dangiwa said. “This is a mission for results. We must move away from business as usual.”
The Minister praised the outgoing management team for notable achievements, including disbursement of over ₦73 billion in housing finance, support for more than 30,000 Nigerians, and an operational surplus of ₦11.58 billion recorded in 2024. He also lauded the rollout of a core banking system that has boosted efficiency and transparency in FMBN operations.
Dangiwa, who once served as the Bank’s MD, urged the new Board to pursue legislative amendments to the FMBN and NHF Acts, aligning them with current economic realities and the comprehensive reform blueprint recently submitted by the Housing Institutions Reform Task Team.
Permanent Secretary of the Ministry, Dr. Shuaib Belgore, assured the Board of the Ministry’s full cooperation in achieving its mandate. In his remarks, Board Chairman Dr. Gawuna thanked President Tinubu and the Minister for the opportunity to serve, pledging to lead the Bank toward becoming a truly responsive and impactful housing finance institution.
With this new leadership in place, the Federal Government aims to fast-track the delivery of affordable housing, improve access to mortgage financing, and stimulate economic growth through the housing sector.