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New Board For Federal Mortgage Bank Inaugurated

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The Minister of Housing and Urban Development, Ahmed Dangiwa, has formally inaugurated new board members of the Federal Mortgage Bank of Nigeria.

In a statement by the Director Press and Public Relations, Salisu Badamasi, on Monday, the minister charged the new board members 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.

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

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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.

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The minister charged the new board with pursuing and achieving seven key strategic priorities.

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

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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.

According to the statement, the minister further lauded FMBN’s recent achievements which are disbursing over N73 bn in housing finance, supporting over 30,000 beneficiaries, processing N30.7 bn in NHF refunds, mobilising over N203 bn in contributions, registering nearly 374,000 new contributors and recording a N11.58 bn operational surplus (unaudited) for 2024.

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He also applauded the bank’s collaboration with the Ministry on the Renewed Hope Housing Programme and its introduction of a N100 bn Bankable Off-taker Guarantee as innovative steps toward bridging Nigeria’s housing deficit.

“The minister recalled his previous experience as Managing Director of the Bank, highlighting the structural challenges that have historically hindered its performance. He noted that, upon assuming office as minister, he initiated a comprehensive housing sector reform, including the establishment of a Housing Institutions Reform Task Team. The Task Team’s report includes recommendations to modernise the FMBN and NHF Acts, which the Minister urged the new Board to champion.”

In his address, the Permanent Secretary Ministry of Housing and Urban Development, Dr. Shuaib Belgore, congratulated the newly appointed members of the board, highlighting their professional achievements, integrity, and capacity to offer strategic guidance in a sector as critical as housing and urban development.

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Belgore emphasised on the central role of housing in the social and economic stability of a nation, generating employment, building communities, promoting wealth creation, and enhancing dignity.

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In Nigeria, bridging the housing gap remains a top priority. That is why we view the FMBN not just as a bank, but as a national vehicle for inclusive growth, social protection, and economic opportunity”, he said.

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Belgore further expressed the ministry’s commitment to working hand in hand with the board and management to ensure that the bank’s operations are aligned with national housing priorities, as well as ensuring that shared reform efforts remain people focused, sustainable, and transformational.

The statement further listed the newly appointed members of the Federal Mortgage Bank of Nigeria board.

H.E Nasiru Gawuna – Board Chairman, Shehu Usman Osidi – MD/CEO (FMBN) – Member, Muhammad Sani Abdu -Executive Director/LM&S – Member, Ibidapo Odujokan – Executive Director/Finance and Corporate Service – Member, Chinenye Chinedu Anosike, Executive Director/Business and Portfolio Management – Member, Abimbola Adenike Asein , Non Executive Director – Member, Nura Aliyu Tijjani – Non Executive Director – Member, Abdullahi Hamisu, Non Executive Director – Member, and Momoh Jubril, Non Executive Director – Member.”

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Edo Expresses Commitment To Ease Of Doing Business

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The Edo State government has expressed commitment to providing the enabling environment for businesses to thrive in the state.

The state Deputy Governor, Hon. Dennis Idahosa, gave the assurance after a closed door meeting with representatives of Pan Ocean Oil Corporation Nigeria Limited, NewCross Exploration and Production Limited in Benin.

The deputy governor, who served as chairman of the state boundary committee, noted that this is in line with the Renewed Hope Agenda of President Bola Tinubu and the SHINE Agenda of Governor Monday Okpebholo.

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Idahosa, who said “it is part of the state’s strategy to create employment opportunities,” pointed out that it is in line with Governor Monday Okpebholo economic drive to turn the state into an investor friendly one.

READ ALSO:2027: I Will Resign If Tinubu Loses In Edo – Governor Okpebholo

He also emphasised meed to resolve the lingering disputes, saying the boundary committee is proactively looking into and settling areas of concern regarding the issue.

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All communities that are in the boundary line between Edo and Delta States where there are communal disputes, we want to assure them that we are doing everything within our power, using diplomatic and democratic means to make sure this is resolved amicably,” he assured.

The deputy governor noted that under the SHINE Agenda of this administration, much has been done in the area of infrastructural development.

READ ALSO:Okpebholo’s One Year Performance Outshines Some governors’ 8 Yrs, Says Idahosa

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This has made it possible to access roads to major companies, communities, and, ensuring the security of life and properties across the state by investing aggressively in security,” he stated.

On the outcome of the robust interface with the oil workers, Idahosa said through deliberations at the meeting, both parties successfully forged a headway.

He said this has resorted to the invitation of the Edo State Boundary Committee for an on the spot inspection of operation sites in Orhionmwon Local Government Area of the state.

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He called on investors and multinational companies operating in Edo State to go about their businesses with ease as the Okpebholo led administration is investment friendly.

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Imansuangbon Donates To Benin IDPs, Charges Wealthy Nigerians To Advance Humanity

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Politician and philanthropist, Barr. Kenneth Imansuangbon on Wednesday charged political office holders and well-to-do Nigerians to use their position and wealth to advance humanity.

Imansuangbon gave the charge when he visited Internally Displaced Persons (IDPs)housed by Home for the Needy Foundation, Benin, where he donated food items, drinks, cash, toiletries, etc to the children and women as part of his Christmas gifts to them.

Recall that last month the IDPs lamented hardship caused by the economic situation of the country, saying due to the economic hardship, a single meal where they used to cook 15 bags of rice has been reduced to 5.

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Rising to the occasion, the philanthropist said his love for humanity and in accordance with the teaching of the Holy Book drove him to give to the needy annually, adding that he has been doing it for the past 20 years.

READ ALSO:Tragedy For Borno IDPs As Fire Guts 200 Houses

Imansuangbon, who expressed displeasure over the current happenings in the country, said: “If the country is really working we will not find ourselves in this kind of situation. This is an embarrassment to the giant of Africa.”

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“If we teach ourselves love and humanity, then the country will be safer and better for everyone

“We are just a tool in the hand of God Almighty. Anywhere God has placed you, use it to advance humanity. You are in government? Get it at the back of your mind that you are not the first person to occupy the position, and you are not going to be the last.

“The way our country is today, I am not satisfied, this goes beyond Mr. President or the Senators, it is about realising that We all need to save our country. If the country is really working, we will not find ourselves in this kind of situation. This is an embarrassment to the giant of Africa.”

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READ ALSO:Imansuangbon Donates Food Items IDP In Edo, Sues For Honour For Humanitarian Workers

Imansuangbon, who is the proprietor of Pacesetter School, Abuja, expressed gratitude to students, staff members and parents of the school, saying the donations were from them.

“I’m here in Benin with the half of their donation. The children donated ₦1.5m cash, and I am here with the money. You can see these 70 bags of rice, 100 bags of noodles, bags of cane drinks, water, toiletry, etc, are from them. I am grateful to them for doing this for the past 20 years.”

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He, therefore, appealed to Governor Monday Okpehbolo to extend the hand of fellowship to the IDPs particularly on Christmas day.

Responding, coordinator of the camp, Pastor Solomon Folorunsho, while appreciating the donor, said: “He does this regularly not because he is a politician but because of his love for humanity. He is one of the few that comes here anytime, not an electioneering period alone, but anytime we are in need. He has been showing his love for the children for years, so I thank him.”

Folorunsho used the occasion to appeal to well-to-do Nigerians to come and assist the IDPs, stressing that until Imansuangbon came they (IDPs) had nothing to “eat for today.”

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27-year-old Man Dies Inside Deep Well In Ogbomoso

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The corpse of a 27-year-old man identified as Alagbe Gbemisoye has been recovered from a deep well at Ire-Akari, Adeniran area of Ogbomoso, Oyo State.

His body was retrieved by officials of the Oyo State Fire Service after passersby alerted them to the incident.

The circumstances that led to the deceased falling into the well were still unclear as of the time of filing this report.

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The Special Adviser to the Governor on Fire Reforms and Chairman, Fire Services, Moroof Akinwande, said his men were alerted by a running caller and Mr Ajayi Olayemi.

READ ALSO:Oyo: Properties Worth Millions Of Naira Destroyed As Fire Ravages Residential Buildings

“Fire personnel led by CFM Oladejo promptly deployed to the scene. On arrival, it was discovered that a man of about 27 years old, named Alagbe Gbemisoye, had fallen into a deep well. His body was recovered and handed over to the DPO, Owode Police Station,” he said.

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Akinwande urged the public to always observe safety precautions in their daily activities and emphasised the importance of having fire extinguishers in their homes to prevent fire incidents.

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