Abuja – February 16, 2024 – Viewpoint Housing News.
President Bola Tinubu has given the approval for Shehu Osidi to take on the role of Managing Director and Chief Executive Officer (MD/CEO) at the Federal Mortgage Bank of Nigeria (FMBN).
Alh. Shehu Usman is a banker with over 30 years of work experience, including 13 years of experience in mortgage banking.
Born on 10th May, 1965 in Shafa Abakpa, Toto Local Government Area of Nasarawa State.
Mr. Shehu holds a Masters Degree in Business Administration (MBA) obtained from Bayero University, Kano in 2002. He is an alumnus of Harvard University’s Kennedy School of Government as well as the University of Pennsylvania’s Wharton School of Housing Finance.
He held the position of Branch Manager/Head of Marketing in four distinct commercial banks: Lion Bank of Nigeria Plc (1990–2005), Diamond Bank Plc (2005–2006), Intercontinental Bank Plc (2006–2007), and Afribank Nigeria Plc (2007–2010). In April 2010, he began serving as an Assistant General Manager (AGM) at the Federal Mortgage Bank of Nigeria (FMBN). Following his appointment as SA (Housing)/Chief of Staff to the Honourable Minister of Housing & Urban Development, he voluntarily retired from the Bank’s workforce on September 4, 2023, as a General Manager (GM).
In addition to being a Certified National Accountant (CNA), he holds honorary senior membership in the Chartered Institute of Bankers of Nigeria (HCIB), full membership in the Nigerian Institute of Management (MNIM), fellow status in the Institute of Credit Administration (FICA), and associate membership in the Chartered Institute of Personnel Management of Nigeria (ACIPM).
While serving as the Special Adviser to the Minister of Housing and Urban Development, Mr Shehu successfully handled the team that created the Minister’s blueprint, which emerged in accordance with President Bola Ahmed Tinubu’s Renewed Hope Agenda and Action Plan for housing, he achieved these milestones under the following strategic, doable themes:
- development of a trustworthy, unbiased, and scientific housing data set for planning and policymaking purposes;
- increasing the ministry’s agencies’ institutional ability to carry out the Renewed Hope Vision for Housing;
- expanding the supply of houses that are affordable;
- among others
He also oversaw the group that advanced the Federal Mortgage Bank of Nigeria’s goal of financial inclusion while serving as Group Head, Special Products, from 2012 to 2017. In order to include the informal sector in the housing finance system, he created the Cooperative Housing Development Loan product. As a result, 3,540 housing units were provided to cooperative societies around the nation in exchange for the payment of N22.082 billion.
Additionally, from 2017 to 2022, he served as a special adviser to the MD/CE of Fed Mortgage Bank of Nigeria, where he oversaw the creation and implementation of a 6-point agenda for the new management, which took over in April 2017.
Among the many accomplishments he is proud of are his efforts to launch innovative items that cater to niche markets
He initiated the introduction of new products to address the needs of specific market segments. Three (3) new products were his brain child in this regard, namely; The FMBN Home Renovation Loan, the Rent-to-Own, and the Nigerians in the Diaspora NHF Mortgage loan products.
– He chaired the Committee which worked with other stakeholders to also develop a Rent to Own product paper under the Bank’s newly opened non-interest banking window. This paper paper has been approved by the Board is now at the stage of implementation
– He initiated the development and implementation of the Housing Development for Nigerian Workers under the National Affordable Housing Development Scheme, which was a collaboration with the Labour Centres, namely; the Nigereian Labour Congress (NLC); the Trade Union Congress (TUC) and the Nigeria Employers Consultative Association (NECA).
This initiative led to the delivery of 1,800 houses across 16 States of the Federation in its first phase of implementation. The second phase is to cover the remaining States.
In 2018/2019, he led the Bank’s “Think Tank” which was saddled with the responsibility of suggesting amendments to the FMBN and NHF Acts and engaging
the National Assembly towards conducting Public Hearing and effecting those amendments.
The feat was successfully achieved under his leadership after constructive engagement with the National Assembly, with the passage of the Bills by the two chambers of the National Assembly which contained robust amendments that will help to revamp the housing sector in Nigeria.
Given his exceptional skill and aptitude, looking forward to Mr. Shehu’s term is a breath of fresh air, and it’s safe to say ,the FMBN is in extremely capable hands.
We sincerely hope Alhaji Shehu Usman Osidi’s tenure in office will be Wonderful and Fruitful.
