Nigeria News

FG Inaugurates New Executive Management Team for FMBN

 The federal government weekend in Abuja inaugurated a four-man new executive management team for the Federal Mortgage Bank of Nigeria (FMBN).

The bank’s former Managing Director, Alhaji Gimba Ya’u Kumo, was returned to pilot its affairs till 2019. At the inauguration ceremony in Abuja, the Minister of Housing, Lands and Urban Development, Mrs. Akon Eyakenyi, said the essence of reconstituting the new executive management team for the bank was to reinvigorate and effectively reposition it to meet the present and future challenges.

The country has a housing deficit of over 17 million.

According to her, “This is in view of the bumpy and stormy nature of the economic climate in which only the pro-active, adaptive and innovative organisations will have the absorptive capacity to survive its harsh consequences.” She admitted that the challenges facing FMBN and other housing finance and mortgage institutions in Nigeria are real.

Eyakenyi urged the new board to create room for innovators and strategic thinkers in the bank to flourish by reconfiguring its human resource management architecture.

In a remark, Kumo expressed appreciation to President Goodluck Jonathan for the confidence and trust reposed in the newly appointed members.

He said: “On assumption of office in my tenure in 2010, we met an FMBN that was being run using manual mode of operations, underperformance in NHF collections, stiff opposition from the labour unions, strained relationships with strategic stakeholders, low staff morale and an adverse loss position in its books”.

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