President Muhammadu Buhari has approved the reconstitution of the Board of the Federal Mortgage Bank of Nigeria (FMBN).

The Senior Special Assistant to the President on, Media and Publicity, Malam Garba Shehu, in a statement issued Thursday, said the approval was given with a view to repositioning the bank as a core banking institution with core competence in mortgage finance.

He recalled that the President had, in January this year, appointed Mr Ayodeji Ariyo Gbeleyi, a Chartered Accountant and a well-known financial expert, as Chairman of the Board.

Shehu said in the new Board, Hamman Madu representing the Northeast zone with a background of over 30 years in the mortgage industry is the Managing Director/ Chief Executive Officer.

Other members, according to him, are: Umar Zubaida, Executive Director, Finance and Corporate Services representing the Northwest zone; Chukwuma Kingsley, Executive Director, Business Development & Portfolio Management (BD&PM) representing the Southsouth zone; Mustapha Lukman Olayiwola, Executive Director, Loans & Mortgage Services (L&MS) representing the Northcentral zone; Asein Abimbola from the Southwest zone representing the Federal Ministry of Works and Housing; Ejezie Sandra Nkechi, Southeast, representing the Public as well as two representatives of the Central Bank of Nigeria.

He said the appointment of the Board took effect from April 13, 2022 with the exception of the Chairman, Mr Ayodeji Ariyo Gbeleyi whose appointment took effect from January 5, this year.

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