The Federal Mortgage Bank of Nigeria (FMBN) has inaugurated a new 9-member Board of Directors, chaired by HE. Dr. Nasiru Yusuf Gawuna. The ceremony took place on May 26, 2025, and was officiated by Arc. Ahmed Musa Dangiwa, the Honourable Minister of Housing and Urban Development.
Managing Director and Chief Executive, Shehu Usman Osidi, expressed optimism about the Board’s potential to enhance the bank’s operations. He highlighted notable achievements by FMBN, including the clearance of a four-year backlog of unaudited accounts within nine months and a financial surplus of N11.58 billion in 2024, along with N6.5 billion in the first quarter of 2025. Additionally, the bank approved loans totaling N71.5 billion, significantly higher than the previous year’s figures, and registered nearly 374,000 new contributors to the National Housing Fund (NHF).
During the inauguration, Minister Dangiwa outlined seven strategic priorities for the Board, which include a N500 billion recapitalization plan, digital transformation efforts, and expanding housing access. He emphasized the goal of increasing annual mortgage disbursement to at least 20,000 Nigerians and growing the NHF contributor base to include informal sector workers and the diaspora.
The new Board members bring diverse expertise from fields such as governance, accounting, banking, and architecture. Former Kogi State Governor Yahaya Bello attended the ceremony and stressed the importance of elevating FMBN to a status similar to that of the Central Bank, noting its critical role as a policy bank.
The event was also attended by former Senator Abubakar Ohere, the FMBN Management Team, and various distinguished guests, all eager to support the bank’s future initiatives.
