Dangiwa Inaugurates New Board for  Federal Mortgage Bank of Nigeria (FMBN)   Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, has formally inaugurated new Board members of the Federal Mortgage Bank of Nigeria (FMBN), charging them with the critical responsibility of repositioning the Bank as a cornerstone of Nigeria’s housing finance system under the Renewed Hope Agenda of the Tinubu Administration.   Arc Dangiwa, while emphasizing the strategic role of the FMBN in delivering affordable housing to Nigerians through the National Housing Fund (NHF) Scheme, noted that FMBN is not just a lender but a regulator, an innovator, and a builder of housing finance systems.   He said that Nigerians in both formal and informal employment across the public and private sector can access mortgage loans at rates and terms that no commercial institutions can match.   “We are talking about single digit rates of 6 to 7 percent repayment periods of up to 30 years and equity contribution as low as zero to 10 percent. In contrast, commercial banks charge 18 to24 percent interest, require percent 30 percent equity, and offer tenor of 6 to 10 year,” he explained.   The Minister charged the new Board with pursuing and achieving seven key strategic priorities:   1.   Recapitalization: Push forward the long-awaited ₦500 billion recapitalization of FMBN. 2.   Digitalization: Accelerate full digital integration of customer-facing services. 3.   Loan Performance: Improve loan recovery and audit compliance. 4.   Housing Delivery: Facilitate the development of a minimum of 5,000 new homes annually. 5.   Mortgage Access: Target 20,000 annual mortgage disbursements with faster processing. 6.   NHF Expansion: Grow the contributor base, especially in the informal and diaspora sectors. 7.   Strategic Partnerships: Strengthen ties with institutional investors and international partners.   He reminded them that they were appointed to drive reform, ensure transparency and unlock the full potential of this national institution informing them that their responsibilities and powers are clearly defined in the FMBN Establishment Act, CAP F16, Laws of the Federation of Nigeria.   “The stakes are high. Millions of Nigerians are counting on FMBN—and on your leadership—to bridge the gap between aspiration and homeownership,” the Minister emphasized.    “The era of business-as-usual is over. This is the time for delivery,” he added. Dangiwa also commended the current FMBN Management for significant strides, including the full implementation of a Core Banking Application system that now enables NHF contributors to register, make contributions, apply for loans, and monitor their accounts entirely online, saying the digital transformation has reduced transaction turnaround time by 40 percent and improved public trust.   He further lauded FMBN’s recent achievements which are disbursing over ₦73 billion in housing finance, supporting over 30,000 beneficiaries, processing ₦30.7 billion in NHF refunds, mobilizing over ₦203 billion in contributions, registering nearly 374,000 new contributors and recording a ₦11.58 billion operational surplus (unaudited) for 2024   He also applauded the Bank’s collaboration with the Ministry on the Renewed Hope Housing Programme and its introduction of a ₦100 billion Bankable Off-taker Guarantee as innovative steps toward bridging Nigeria’s housing deficit.   The Minister recalled his previous experience as Managing Director of the Bank, highlighting the structural challenges that have historically hindered its performance. He noted that, upon assuming office as Minister, he initiated a comprehensive housing sector reform, including the establishment of a Housing Institutions Reform Task Team. The Task Team’s report includes recommendations to modernize the FMBN and NHF Acts, which the Minister urged the new Board to champion.   In his address, the Permanent Secretary Ministry of Housing and Urban Development, Dr. Shuaib Belgore, expressed warm congratulations to the newly appointed members of the board, highlighting their professional achievements, integrity, and capacity to offer strategic guidance in a sector as critical as housing and urban development.   He acknowledged the FMBN as the apex institution for mortgage finance in the country, whose role includes;  custodianship of the National Housing Fund, ensuring affordable housing finance for low and middle-income Nigerians.   Belgore  also emphasized on the central role of Housing in the social and economic stability of a nation, generating employment, building communities, promoting wealth creation, and enhancing dignity.   “In Nigeria, bridging the housing gap remains a top priority. That is why we view the FMBN not just as a bank, but as a national vehicle for inclusive growth, social protection, and economic opportunity”, he said.   Belgore further expressed the Ministry’s commitment to working hand in hand with the board and management to ensure that the bank's operations are aligned with national housing priorities, as well as ensuring that shared reform efforts remain people focused, sustainable, and transformational.   Responding on behalf of the new board members, the chairman,  Board of Directors and a former deputy Governor of Kano state, His Excellency, Dr. Nasiru Yusuf Gawuna expressed gratitude to President Bola Ahmed Tinubu and the Honorable Minister for the opportunity to serve the country.   He reiterated the importance of the housing sector and the need to deliver on the mandates given by the President, giving his word on behalf of the board, that they would be found worthy.   Dr. Gawuna promised that the Board would seek guidance from the best quarters when the need arises. He as well thanked the management of the FMBN under the leadership of the Managing Director, Alh. Shehu Usman Osidi. List of New FMBN Board Members: 1) H.E Nasiru Gawuna - Board Chairman 2) Alh. Shehu Usman Osidi - MD/CEO (FMBN) - Member 3) Muhammad Sani Abdu -Executive Director/LM&S - Member 4) Ibidapo Odujokan - Executive Director/Finance and Corporate Service - Member  5) Chinenye Chinedu Anosike, Executive Director/Business and Portfolio Management - Member  6) Arc. Abimbola Adenike Asein , Non Executive Director - Member 7) Nura Aliyu Tijjani - Non Executive Director - Member 8) Abdullahi Hamisu, Non Executive Director - Member 9) Momoh Jubril, Non Executive Director - Member   ...

Housing Minister Inaugurates Ministerial Committee On 753- Unit  Recovered Housing Estate    * Charges committee to approach assignment with urgency, dedication integrity and eliminate bureaucracy    Housing and Urban Development Minister,  Arc Ahmed Musa Dangiwa has inaugurated a twelve- member ministerial committee on the 753- unit recovered Housing Estate located at Lokogoma district, Abuja, FCT.   The estate was handed over to the ministry by the Economic and Financial Crimes Commission (EFCC) last week, in line with the directive of President Bola Ahmed Tinubu, GCFR.   Dangiwa told the inspection team during the physical hand over that, he will establish a technical committe to carry out quality assessment test of the estate, as well as complete and suggest how the Federal government will dispose the houses.   The Ministerial committee has Dr. Shuaib Belgore, the Permanent Secretary as Chairman.   Other members include;  i. Mr. Funsho Alabi, Director office of the Permanent Secretary – Alternate Chairman. iii.    QS Temitope Pemi, Director Public Building and Housing Development – Secretary. iv.    ESV Collins Alabi, Director Lands and Housing Development – Member iv.    Engr. Hikmat Toyin Aderibigbe, Director Engineering Services – Member vi.    Tpl. Margaret Ojewemimo Adejobi, Director Urban and Regional Planning – Member vii.    Okobiah Koriotaa Boyton, Director Procurement - Member viii.    Arc. Ibechille Christopher Egwudale,  Director, Federal Public Asset Maintenance (FPAM) - Member ix.    Mr. Osondu Peter, Director Finance & Accounts – Member x.    Mr. Haiba Badamasi, Director Press & Public Relations- Member xi.    Mr. Sanusi Dangiwa (Special Project Monitoring) to the Hon. Minister – Member xii.    Kabir Dutse, Special Assistant Technical to the Hon. Minister of State - Member. The Terms of Reference for the Committee are as follows; -To conduct a thorough structural and integrity test of the buildings; -To ascertain the number and status of the housing units; -To evaluate the value of existing work done through proper surveying and market valuation; -To assess the cost of completing internal roads, power, water, security infrastructure, and public amenities; -To develop standardized architectural and finishing guides for consistency and quality assurance; -To propose a clear, transparent, and inclusive strategy for the disposal and allocation of the housing units to Nigerians, special government needs based on  affordability, equity, and public access through the Renewed Hope Housing Portal; -To design a robust communication and public engagement plan that builds public confidence; -And to ensure inter-agency coordination with stakeholders like EFCC, FCTA, and utility providers, while submitting a preliminary report within four weeks from today.   " It is with a deep sense of duty and commitment to the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu, GCFR, that I welcome you all to this important occasion, the formal inauguration of the Ministerial Committee on the Technical Assessment, Completion Planning, and Disposal Strategy for the 753-unit Housing Estate located at the Cadastral Zone of the Federal Capital Territory" the Minister stated.   He explained that the Committee was constituted based on the vision of Mr. President and the housing reform drive of the Ministry, to ensure that the recovered property is quickly transformed into liveable, secure, and affordable homes for the benefit of Nigerians.   According to the minister, the high- level ministerial committee was carefully approved and constituted to comprise of the Management Staff and strategic officers, drawn from key departments of the Ministry to ensure bringing to bear the highest level of technical competence, integrity, and urgency.    " Your selection is a testament to the confidence the Ministry has in your capacity to drive this initiative with the seriousness and efficiency it demands" he said.   Dangiwa said to the committee "Nigerians are watching and they want to see results. They want to see homes completed and allocated transparently. They want to see government working for them"    He concluded with charging the committee to approach the assignment with urgency, dedication, and integrity, and work as a team to eliminate bureaucracy.    " Think outside the box. Be result-oriented", he charged.   In his remarks, Minister of State Ministry of Housing and Urban Development, Yusuf Abdullahi Ata, pointed out the need for the Committee to have powers to co-opt some members to assist them, giving the huge task ahead of them and the four werks timeline.    Also in this remarks and vote of thanks, the Chairman of the Committee, the Permanent Secretary of the Ministry, Dr. Shuaib Belgore stated that the committee has been tasked with ensuring that the recovered estate undergoes a thorough technical assessment, is strategically completed, and is disposed of, in a transparent andcost-effective manner, aligned with national housing delivery objectives.   He added that the successful execution of the assignment will serve as a model for converting recovered public assets into impactful infrastructure that directly benefits the people, while assuring Nigerians that the committee will carry out its duties diligently. ...

Confiscated 753 - Unit Housing Estate Not on Sale Yet, Beware of Scammers   *  No sale process started by the housing ministry yet.   *  Housing Minister to set up committee to carry out technical assessment, quality test, completion and suggest disposal strategy.    The Ministry of Housing and Urban Development wishes to alert the general public that it has not yet commenced any process for the sale of the 753 - unit housing estate linked to former CBN Governor, Godwin Emefiele which it has taken custody of from the EFCC, a few days ago.   This clarification became necessary as reports reaching the Ministry indicated that scammers were already on the move to defraud Nigerians, claiming they have slots  from the housing ministry to sell the houses, asking for N500,000 for purchase of non existent expression of interest form.   For avoidance of doubt, the Ministry has just taken over the estate from the EFCC as directed by Mr. President, the houses will be completed by the ministry and all the necessary infrastructure will be provided before offering to the public for sale and for special needs of the government.    The Hon Minister, Arc. Ahmed Musa Dangiwa had in that regard announced that the Ministry would set up a technical comittee to carry out physical assessment of the facility, conduct integrity test of the buidings and assertain the infrastructure needs that will make the estate habitable and finally come up with the disposal strategy.   The public is hereby informed that the Ministry will give a clear and adequate announcement, as well as strategy outlined for the sales of the houses, as directed by His Excellency President Bola Ahmed Tinubu, GCFR.   Accordingly, the general public is therefore warned not to fall victim to fraudsters, and are advised to directly contact the ministry's officials through the departments of Public Building and Housing Development, and the Press and Public Relations for clarification before they commit any resource as regards to the purchase of the houses.   The Ministry remains committed to ensuring that the process is guided by transparency, public accountability, and inclusivity, while delivering on the Renewed Hope Agenda in the housing sector.    We urge all Nigerians to remain vigilant and rely only on official communications from the Ministry.   ...