The President, Major General Muhammadu Buhari (retd.), 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.

The Senior Special Assistant to the President on Media and Publicity, Garba Shehu, made this disclosure in Abuja on Thursday.

Earlier this year, Buhari had appointed Mr Ayodeji Ariyo Gbeleyi, a Chartered Accountant and a virtuoso in finance, as Chairman of the Board, FMBN.

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. Others listed by the presidency included ”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. Accordingly, 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”.