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FMBN has a new interim CEO


Mr. Kabir Yagboyaju has officially assumed his position as Acting Managing Director of the Federal Mortgage Bank of Nigeria (FMBN).

Its emergence follows the resignation of the outgoing Managing Director of the bank, Mr. Ahmed Dangiwa, after the expiry of the 5-year term of the management team on Friday, April 8, 2022.

This disclosure is contained in a statement issued by the Head of Corporate Communications, FMBN, Mr. Lawal Sauri, on Saturday in Abuja.

Sauri said the official handover ceremony was held at the bank’s head office in Abuja and also had the presence of FMBN’s Chairman of the Board, Mr. Ayodeji Gbeleyi.

Profile of the new interim CEO

  • Prior to his appointment as Acting Managing Director of FMBN, Mr. Yagboyaju was the most senior Managing Director and Group Head, Risk Management.
  • He is an economist, financial analyst and customer service expert with nearly 30 years of professional banking experience involving commercial, merchant and mortgage banking institutions.
  • He worked with the FMBN for nearly 16 years and gained extensive experience in managing the National Housing Fund (NHF) scheme.
  • FMBN branch operations, treasury services and capital market operations, human resources management, loans and mortgages and risk management.
  • Yagboyaju holds a B.Sc. degree in Economics and a Masters in Business Administration from Lagos State University, Ojo and University of Lagos, Akoka, respectively.
  • Yagboyaju had acquired various professional qualifications including Chartered Institute of Bankers of Nigeria (CIBN), Nigerian Institute of Management (NIM – Chartered), Chartered International Financial Analyst (Canada) and Fellow Institute of Credit Administration among other qualifications .
  • He had attended various training programs inside and outside the country.

The new interim CEO reveals his priorities

Yagboyaju, during the handover ceremony, outlined his immediate priorities to include: Oversight of all ongoing housing development projects to ensure that the bank’s investments have been properly recouped.

He said, “Ensure that the bank’s financial ratios with the supervisory authorities are positively improved. Rapid delivery of the bank’s computerization project. Repositioning and Recapitalization of the Bank.

“Timeframe for service delivery, focus on the bank’s five-year strategic plan (2020 – 2024) developed in collaboration with MM. KPMG to achieve the objectives set.

“This includes delivering 100,000 homes, growing NHF’s annual collections from 50 billion naira to over 300 billion naira, expanding NHF’s customer base from five million to 25 million.

“We need to be profitable by delivering value to our loyal customers (NHF contributors) who have stood with us through thick and thin.”

What you should know

  • Recall that in April 2017, Dangiwa, was appointed by President Muhammadu Buhari, as Managing Director of FMBN, to succeed Richard Esin, who held an interim position following the departure of Alhaji Gimba Ya’u Kumo, in as general manager. /CEO of Federal Mortgage Bank.
  • Until his appointment, Ahmed Dangiwa, who holds a master’s degree in architecture from the Ahmadu Bello University of Zaria, was the main partner of AM design consults, with extensive experience in architecture and marketing management.
  • Dangiwa a few days ago in a public meeting with bank staff unveiled some of the achievements recorded over the past 5 years under the outgoing Executive Management Committee which he headed.
  • President Muhammadu Buhari has approved the appointment of Mr. Ayodeji Ariyo Gbeleyi as the new Chairman of the Board of Federal Mortgage of Bank of Nigeria (FMBN).