By Angela Atabo

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 on Monday in Abuja, 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.

He said through FMBN, Nigerians in both informal and the formal sectors, would access mortgage loans with single-digit interest rates of six to seven per cent with repayment periods of up to 30 years, and equity contributions as low as zero to 10 per cent.

“FMBN must work and it must work better. That is why this board’s role is not just ceremonial. You are here to lead reforms, drive oversight, ensure transparency, and unlock the full potential of the bank.

“I expect this board to holistically reposition FMBN. This means that FMBN under your leadership must transform, it must innovate, and it must lead a new era of inclusive housing finance in Nigeria.

“The board must drive expansion of the NHF contributor base and strengthen its partnership ecosystem.

“The bank must improve mortgage disbursement efficiency. At least 20,000 Nigerians should be able to access mortgage loans annually, with faster turnaround times and a vastly improved customer service culture.”

Dangiwa said the statutory responsibilities empowered the board to act as the bank’s strategic compass setting direction, guiding execution, and ensuring results.

“I expect this board to provide strategic leadership in pushing forward the legislative amendments and institutional reforms necessary to modernise the bank.

“I expect the new board 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,” he said.

Dangiwa charged the board to drive some strategic targets in line with the Renewed Hope Agenda like moving forward with the long-delayed ₦500 billion recapitalisation to expand FMBN’s capacity to provide affordable housing finance.

“The board must deepen the bank’s digital transformation journey so NHF contributors could register, check balances, apply for loans, and track application progress online.

He urged the Board to also ensure greater loan performance and accountability and there must be a clear commitment to expanded access to housing, with the bank 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 said: “We are lucky to be in this board. We have no reason not to perform. God willingly, we are going to enjoy a lot in terms of cooperation and push for delivery; we will give our best.”

He assured the staff and management of FMBN of the board’s cooperation for the bank to achieve the Renewed Hope Agenda.

“This is because having a roof under your head is something that all will want to have. So, I am giving my word on behalf of the board to the President, that by God’s grace, we shall deliver to his mandates,” Gawuna assured. (NAN)(www.nannews.ng)

Edited by Shuaib Sadiq/Joe Idika