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Buhari appoints new Managing Director, Executive Directors for FMBN as he reconstitutes board

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1650000841 Buhari signs

President Muhammadu Buhari has approved the reconstitution of the board of the Federal Mortgage Bank of Nigeria (FMBN) with the appointment of a new Managing Director and Executive Directors.

The appointments are with a view to repositioning the bank as a core banking institution with core competence in mortgage finance.

The disclosure is contained in a statement issued by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, on Thursday, on his official Twitter account.

Shehu in the statement noted that earlier this year, Buhari had appointed Mr Ayodeji Ariyo Gbeleyi, a Chartered Accountant and a well-known financial expert, as Chairman of the Board, FMBN.

He said that the new board has Hamman Madu, representing North-East zone and with over 30 years experience in the mortgage industry, as the Managing Director/Chief Executive Officer.

Other members of the board include Umar Zubaida, Executive Director, Finance and Corporate Services – representing the North-West zone; Chukwuma Kingsley, Executive Director, Business Development and Portfolio Management – representing the South-South zone; Mustapha Lukman Olayiwola, Executive Director, Loans and Mortgage Services – representing the North-Central zone.

Others are Abimbola Asein from the South-West zone – representing the Federal Ministry of Works and Housing and Ejezie Sandra Nkechi, South-East.

What the Presidential Media Aide is saying

The statement from Garba Shehu partly reads, ”On the new Board, Hamman Madu, representing the North-East zone with a background of over 30 years in the mortgage industry, is the Managing Director and Chief Executive Officer.

”Other members are Umar Zubaida, Executive Director, Finance and Corporate Services – representing the North-West zone; Chukwuma Kingsley, Executive Director, Business Development and Portfolio Management – representing the South-South zone; Mustapha Lukman Olayiwola, Executive Director, Loans and Mortgage Services – representing the North-Central zone.

‘’Abimbola Asein from the South-West zone – representing the Federal Ministry of Works and Housing; Ejezie Sandra Nkechi, South-East – representing the Public, as well as two representatives of the Central Bank of Nigeria.’’

He said that the appointment of the Board takes effect from April 13, 2022, with the exception of the Chairman, Mr Ayodeji Ariyo Gbeleyi, whose appointment took effect from January 5, this year.

In case you missed it

  • Recall that a few days, Mr Kabir Yagboyaju, formally assumed duty as the Acting Managing Director of the FMBN following the stepping down of the immediate past Managing Director of the bank, Mr Ahmed Dangiwa, after the expiration of the 5-year tenure of the Executive Management Team on Friday, April 8, 2022.
  • Prior to his appointment as the acting Managing Director, FMBN, Mr Yagboyaju was the most senior General Manager and the Group Head, Risk Management.
  • Also in April 2017, Dangiwa, was appointed by President Muhammadu Buhari, as the Managing Director of FMBN, to take over from Richard Esin, who had been serving in an acting capacity following the exit of Alhaji Gimba Ya’u Kumo, as MD/CEO of Federal Mortgage Bank.