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.

“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.

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.

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.

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.”