$300bn Dead Capital: Tinubu Appoints New Heads for FMBN, FHA
President Bola Tinubu has reconstituted the executive management teams of parastatals under the Federal Ministry of Housing and Urban Development.
The President appointed Mr. Shehu Usman Osidi as Managing Director/CEO of the Federal Mortgage Bank of Nigeria (FMBN) and Hon. Oyetunde Oladimeji Ojo as the Managing Director/CEO of the Federal Housing Authority (FHA).
The new FMBN boss is a banker with over 30 years of work experience, including 13 years of experience in mortgage banking. He is an alumnus of Harvard University’s Kennedy School of Government as well as the University of Pennsylvania’s Wharton School of Housing Finance.
The new FHA boss is a former Member of the House of Representatives with over a decade of work experience in the housing and hospitality industries. He holds a Master’s degree in Peace and Conflict Studies from the University of Greenwich, United Kingdom.
The President also appointed executive directors for the two agencies.
Presidential spokesman, Ajuri Ngelale, said in a statement that the appointments were “part of a holistic approach to reposition the national housing and urban development sector to meet the present and future needs of Nigerian families nationwide.”
“In view of President Bola Tinubu’s historic approval of the establishment of Building Materials Hubs across all six of the nation’s geo-political zones; financing and establishment of a National Social Housing Fund for low income and vulnerable groups, and land reforms to collaboratively streamline access to land across all states and unlock nearly $300 billion of dead capital in the sector, his expectations are high that the above-named appointees will hit the ground running in the delivery of affordable housing for millions of Nigerians in need, while providing millions of new job opportunities for Nigeria’s talented youth population presently searching for work.” the statement read in part.
Details of the appointments are as follows:
Federal Mortgage Bank of Nigeria (FMBN):
(1) Managing Director / CEO — Mr. Shehu Usman Osidi
(2) Executive Director (Finance & Corporate Services) — Mr. Ibidapo Odojukan
(3) Executive Director (Loans & Mortgage Services) — Mr. Muhammad Sani Abdu
(4) Executive Director (Business Development & Portfolios) — Ms. Chinenye Anosike
Federal Housing Authority (FHA):
(1) Managing Director / CEO — Hon. Oyetunde Oladimeji Ojo
(2) Executive Director (Housing Finance & Accounts) — Mr. Mathias Terwase Byuan
(3) Executive Director (Business Development) — Mr. Umar Dankane Abdullahi
(4) Executive Director (Project Implementation) — Engr. Oluremi Omowaiye
(5) Executive Director (Estate Services) — Arc. Ezekiel Nya-Etok
