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Tuesday, May 17, 2022

BREAKING: Buhari makes new appointments, approves reconstitution of Federal Mortgage Bank board

President Muhammadu Buhari has approved the reconstitution of Federal Mortgage Bank board of directors.

The President made this known through his Senior Special Advisers on Media, Garba Shehu on Thursday.

According to the statement, the president appointed Hamman Madu, representing the Northeast zone with a background of over 30 years in the mortgage industry as the board’s Managing Director/ Chief Executive Officer.

Recall that in January, Muhammadu Buhari, appointed Mr Ayodeji Ariyo Gbeleyi, a Chartered Accountant and a well-known financial expert as Chairman of the Board.

It is gathered that the appointment of the Board took effect from April 13, 2022 with the exception of the Chairman, Mr Ayodeji Ariyo Gbeleyi whose appointment took effect from January 5, 2021.

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President Buhari’s statement read: “President Muhammadu Buhari has approved the reconstitution of the Board of the Federal Mortgage Bank of Nigeria. This is with a view to repositioning the bank as a core banking institution with core competence in mortgage finance.

“Recall that the President had, in January this year, appointed Mr Ayodeji Ariyo Gbeleyi, a Chartered Accountant and a well-known financial expert as Chairman of the Board.

“In the new Board, Hamman Madu representing the Northeast zone with a background of over 30 years in the mortgage industry is the Managing Director/ Chief Executive Officer.

“Other members are: Umar Zubaida, Executive Director, Finance and Corporate Services representing the Northwest zone; Chukwuma Kingsley, Executive Director, Business Development & Portfolio Management (BD&PM) representing the Southsouth zone; Mustapha Lukman Olayiwola.

“Executive Director, Loans & Mortgage Services (L&MS) representing the Northcentral zone; Asein Abimbola from the Southwest zone representing the Federal Ministry of works and Housing; Ejezie Sandra Nkechi, Southeast, representing the Public as well as two representatives of he Central Bank of Nigeria. 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.” Buhari said.

The Federal Mortgage Bank specializes in lending money against the mortgage for specific securities. They structure various loan products at a cheap rate or with better funding arrangements and involve various activities like loan origination, mortgage sale, and loan/mortgage servicing.

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