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), tasking them with a sweeping reform mandate to reposition the institution as a leading driver of affordable housing under the Renewed Hope Agenda of President Bola Tinubu.
The inauguration ceremony, held in Abuja, saw the Minister outline seven strategic priorities that the Board must immediately pursue to unlock FMBN’s full potential. These include a ₦500 billion recapitalization drive, full digitalization of services, improved loan performance, construction of at least 5,000 new homes annually, issuance of 20,000 mortgages yearly, expansion of the National Housing Fund (NHF) contributor base, and strengthened partnerships with local and global investors.
“The stakes are high. Millions of Nigerians are counting on FMBN—and on your leadership—to bridge the gap between aspiration and homeownership,” Dangiwa told the Board. “The era of business-as-usual is over. This is the time for delivery.”
The new Board is chaired by former Kano State Deputy Governor, Dr. Nasiru Yusuf Gawuna, with Alhaji Shehu Usman Osidi serving as Managing Director/CEO. Other members include Muhammad Sani Abdu, Ibidapo Odujokan, Chinenye Chinedu Anosike, Arc. Abimbola Adenike Asein, Nura Aliyu Tijjani, Abdullahi Hamisu, and Momoh Jubril.
Dangiwa praised the current FMBN management for notable achievements, such as disbursing over ₦73 billion in housing finance, supporting more than 30,000 beneficiaries, mobilizing ₦203 billion in NHF contributions, and recording a ₦11.58 billion operational surplus in 2024. He also applauded the full rollout of a Core Banking Application system, which has improved service efficiency and public trust.
Recalling his own experience as a former FMBN Managing Director, Dangiwa said housing sector reforms had been long overdue. He urged the new Board to advocate for legislative amendments to modernize the FMBN and NHF Acts in line with the report submitted by the Housing Institutions Reform Task Team.
Permanent Secretary, Dr. Shuaib Belgore, congratulated the appointees and reaffirmed the Ministry’s commitment to collaborate with the Board to ensure that FMBN fulfills its mission as the apex mortgage finance institution in Nigeria.
Responding on behalf of the Board, Dr. Gawuna expressed gratitude to President Tinubu and the Minister for the trust reposed in them. He pledged that the Board would work diligently and seek expert counsel when needed to deliver on its national mandate.
