HomeNewsTinubu Overhauls Housing Parastatals to Boost Affordable Housing in Nigeria

Tinubu Overhauls Housing Parastatals to Boost Affordable Housing in Nigeria

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In a strategic push to revitalize the housing and urban development sector in Nigeria, President Bola Tinubu has sanctioned the reconstitution of the executive management teams for two pivotal parastatals: the Federal Mortgage Bank of Nigeria (FMBN) and the Federal Housing Authority (FHA). This significant move, detailed in a press release by presidential spokesperson Ajuri Ngelale, underscores the administration’s commitment to addressing the housing needs of Nigerian families and stimulating economic growth through job creation.

At the helm of the FMBN will be Mr. Shehu Usman Osidi, stepping in as the new Managing Director/Chief Executive Officer. He is joined by a robust team of executive directors, including Mr. Ibidapo Odojukan overseeing Finance & Corporate Services, Mr. Muhammad Sani Abdu responsible for Loans & Mortgage Services, and Ms. Chinenye Anosike in charge of Business Development & Portfolios. The FHA welcomes Hon Oyetunde Oladimeji Ojo as its new MD/CEO, with Mr. Mathias Terwase Byuan as Executive Director (Housing Finance & Accounts), Mr. Umar Dankane Abdullahi focusing on Business Development, Oluremi Omowaiye overseeing Project Implementation, and Ezekiel Nya-Etok as Executive Director of Estate Services.

This leadership overhaul aligns with President Tinubu’s broader housing policy initiatives, which include the approval of Building Materials Hubs across Nigeria’s six geo-political zones, the financing and establishment of a National Social Housing Fund aimed at aiding low-income and vulnerable groups, and implementing land reforms to ease access to land. These reforms are poised to unlock nearly $300 billion of previously inaccessible capital in the housing sector.

President Tinubu’s expectations are clear: he envisions these new appointees as catalysts for delivering affordable housing to millions of Nigerians in need, while simultaneously creating millions of new job opportunities for the country’s youth. As Nigeria faces pressing housing shortages and urban development challenges, these appointments mark a critical step towards achieving sustainable growth and development in the housing sector, reflecting the government’s dedication to improving the lives of its citizens through strategic policy implementation and leadership excellence.

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