Abuja: The Minister of Housing and Urban Development, Ahmed Dangiwa, has inaugurated the Chairman and Members of the Federal Mortgage Bank of Nigeria (FMBN) Board. Dangiwa, while inaugurating the Board, tasked them on mortgage disbursement efficiency. He described FMBN as the cornerstone of Nigeria’s affordable housing delivery system and implementing institution of the National Housing Fund (NHF) Scheme.
According to News Agency of Nigeria, through FMBN, Nigerians in both informal and formal sectors will be able to access mortgage loans with single-digit interest rates of six to seven percent, with repayment periods extending up to 30 years and equity contributions as low as zero to 10 percent. Dangiwa emphasized the board’s role in leading reforms, driving oversight, ensuring transparency, and unlocking the full potential of the bank.
Dangiwa expressed expectations for the board to holistically reposition FMBN. He stated that the board must transform, innovate, and lead a new era of inclusive housing finance in Nigeria. The board is tasked with driving the expansion of the NHF contributor base and strengthening its partnership ecosystem. The bank must improve mortgage disbursement efficiency, aiming for at least 20,000 Nigerians to access mortgage loans annually, with faster turnaround times and improved customer service.
Dangiwa highlighted the statutory responsibilities that empower the board to act as the bank’s strategic compass, setting direction, guiding execution, and ensuring results. He expects the board to provide strategic leadership in pushing forward legislative amendments and institutional reforms necessary to modernize the bank. The new board is also expected to deepen institutional reforms, strengthen governance, and expand impact in line with the statutory functions outlined in the FMBN Act and the expectations of the Renewed Hope Agenda.
Dangiwa charged the board with driving strategic targets in line with the Renewed Hope Agenda, such as moving forward with the long-delayed ?500 billion recapitalization to expand FMBN’s capacity to provide affordable housing finance. He urged the board to deepen the bank’s digital transformation journey, enabling NHF contributors to register, check balances, apply for loans, and track application progress online. The board must also ensure greater loan performance and accountability, with a commitment to expanded access to housing and delivering a minimum of 5,000 new homes annually.
Responding, the Chairman of the board, Dr. Nasir Gawuna, commended President Bola Tinubu for finding the board worthy and giving them the opportunity to serve the country. Gawuna expressed the board’s commitment to performing and assured the staff and management of FMBN of their cooperation in achieving the Renewed Hope Agenda. He emphasized the importance of having a roof over one’s head and assured the President that the board would deliver on its mandates.