FMBN

There is an indication that Federal Mortgage Bank of Nigeria (FMBN) is engulfed in leadership tussle, a situation that may lead to the collapse of the secondary mortgage institution.
FMBN is saddled with the responsibility of supplying the mortgage and housing markets with sustainable liquidity for the advancement of homeownership among Nigerians that is anchored on mortgage financing.
The succession battle came to limelight immediately after the disengagement of immediate past Managing Director of FMBN, Mr Gimba Yau’ Kumo by President Muhammadu Buhari.  Kumo who was re-appointed by immediate past President of Nigeria, Goodluck Ebele Jonathan on January 2015 having spent 4 years in his first tenure, was sacked alongside 25 Head of Federal Parastatals and Agencies before the expiration of their tenure.
Investigations by Housing News revealed that Kumo’s handover was enmeshed in crisis as the three Executive Directors in the Board of FMBN were political appointees and not career civil servants.
Gimba however handed over to Mr Ayobola Oluwafemi Abiola the executive Director, policy and strategy; which led to conflict of seniority among the three executive Directors.
Following this,The Federal Ministry of Power, Works and Housing in its letter to FMBN has approved Mr. Richard John Esin as the Acting Managing Director pending the appointment of a substantive MD.
However, the Ministry was said to have thrown their weight behind Esin on the basis that he resumed as the Executive Director before Abiola.
Mr Richard John Esin who is currently the Acting Managing Director/Chief Executive was appointed an Executive Director in Federal Mortgage Bank of Nigeria on 7th January by President Goodluck Ebele Jonathan.
Mr Charles M. Nyor-Ajiva who is currently the Executive Director, Loans Department/Securities Issuance & Market Development was also appointed an Executive Director, Federal Mortgage Bank of Nigeria on January 7th, 2015 by former President, Goodluck Ebele Jonathan.
Mr Ayobola Oluwafemi Abiola was  appointed an Executive Director of FMBN by the President Goodluck Ebele Jonathan and resumed in April, 2015.
It was also discovered that the FMBN Staff uni0n was caught up in a squabble that Kumo was not supposed to handover to any Executive director since they were political appointees even as they accused the Ministry of masterminding the appointment of Esin.
In a swift reaction, the Ministry said they acted in good faith saying that the position of acting MD was  just to  oversee the activities of the Apex mortgage institution pending the appointment of a substantive MD.
The ministry however appealed to the staff of FMBN to maintain peace given the importance of the apex mortgage institution to affordable housing in Nigeria.
Housing News can authoritatively report that the crisis of leadership in FMBN is receiving the urgent attention of the secretary to the government of the federation and that of the minister for Power, Works and Housing.

sliders004b

LEAVE A REPLY