He told the Speaker of the House of Representatives, Honourable Aminu Tambuwal, that there were six bills awaiting the attention of the lawmakers. He added that the passage of the bills would ease mortgage and property transactions, as well as help to streamline the registration and enforcement of laws binding mortgaged property in the case of loan default.
Some of the bills, according to the Economic Confidential findings, include a bill for an Act to make comprehensive provisions for the re-establishment of the FMBN and its Board of Directors and matters connected therewith; a mortgage institutions (amendment) Bill for the licensing and operations of mortgage institutions in Nigeria, and a Bill to provide for the amendment of the insurance Act 2003 for and other matters connected therewith.
Born on November 5, 1959 in Gombe, Gombe State, Mr. Gimba Ya’u Kumo is a holder of Bachelor of Science Degree in Business Administration from Ahmadu Bello University, Zaria in 1983 and a Master’s Degree in Business Administration and Management (MBA) from Abubakar Tafawa Balewa University, Bauchi (ATBU), in 1999.
After his graduation from the university he served in the National Youth Service Corps (NYSC) at the University of Ife, now Obafemi Awolowo University, Ile Ife between 1983 – 1984. He was later employed by government of Bauchi State as Education Officer in the Ministry of Education 1984 – 1985 and later as Investment Credit Analyst at Bauchi State Investment and Property Development Company Ltd from 1985 – 1987.
A banker who had wide experience in the financial world, he started his banking career with the United Bank for Africa Plc from 1987 – 1989 before moving to Inland Bank Nigeria Plc from 1989 – 1993. He held various positions in the banking sector including Credit Analyst (1989 – 90), Bauchi Branch Accountant (1990), Co-ordinator of New Branches; Manager, Gombe Branch (1992 – 93) and Credit Manager HOB (1993).
He also held some top positions in the public service where he was appointed Special Assistant to Honourable Minister of State for Power from 1999 – 2001 and later became Special Assistant to Executive Governor of Gombe State and State Liaison Officer Abuja from 2003 – 2008. It was in December 2008 that President Umaru Musa Yar’Adua appointed him Federal Commissioner representing North-East in the Fiscal Responsibility Commission before he left on December 13, 2010 for a new appointment by the Federal Government as Managing Director/Chief Executive Officer of the Federal Mortgage Bank of Nigeria (FMBN).
As a professional, he is a Member, Nigerian Institute of Management (NIM); Associate, Chartered Institute of Taxation of Nigeria (ACITN); Member, Institute of Management Executives and Administrators of Nigeria (MIMEA) and Member, Nigeria Institute of Certified Credit Administrators (AICCA)
Kumo has recently introduced a scheme that would facilitate access to affordable housing by many low-income earners in the informal sector.The Informal Sector Co-operative Housing Loan Scheme, was designed by the FMBN to assist people in the sector to own homes in their lifetime through their respective cooperative societies. The scheme was developed in recognition of the immense benefits inherent in the housing sector and the need to unleash its potential towards promoting a virile mortgage market in support of mass housing delivery.
Under the scheme, cooperative societies that have acquired parcels of land to develop houses for their members will be given mortgage loans at 10 per cent interest over a 24-month period with a moratorium of 12 months. After meeting all the requirements, FMBN will then finance the construction of the houses in the estates 100 per cent and fund the development of infrastructure to the tune of 90 per cent. The FMBN introduced the scheme when it realised that the most reliable and efficient mechanism of availing informal sector workers housing finance was by organising them into cooperative societies in order to confer credibility on their low credit ratings.
Through his agency’s intervention, the federal government has released N1.83 billion to finance housing projects in some parts of the Federal Capital Territory (FCT). He disclosed that :”The board of the bank has approved N1.83 billion to finance this project and has disbursed the first tranche. Upon completion, we expect this estate to deliver 272 housing units comprising 70 units of two bedroom semi-detached bungalows, 112 units of three bedroom semidetached and 90 units of three bedroom fully detached houses. I am assuring the contributors to this national housing project that this project serves as evidence to the relevant contributions of the housing delivery in Nigeria.”
Kumo has a vision to transform the bank towards positive economic development in the housing sector. He believes that employment generation and wealth creation potential embedded in housing are enormous. He said: “If we can jumpstart the housing sector in Nigeria and attain its GDP contribution target of 15 per cent under the Vision 20:2020 Project, incidences of corruption, widespread poverty and mass unemployment that we are battling with today will reduce significantly.”
