Tuesday , March 28 2023


Garba Isa, Abuja.

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 home ownership 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 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 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 former President Goodluck Ebele Jonathan and resumed in April, 2015. It was also discovered that the FMBN Staff union 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. This newspaper 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.

We reliably gathered that the Senate Committee on Housing headed by Senator Barnabas Gemade has summoned the Acting MD, Mr. Esin to face the panel over the tussle. Insiders reveal that staff of the agency are planning a protest to seek redress from the federal government.

When our reporter contacted Mr. Isa Lawal K/Sauri, the head of Corporate Affairs of FMBN for the agency’s angle, he however denied the allegations. In his reaction, Mr. Sauri said that all is well within the organization, stressing further that all the executive directors, the unions and staff of the agency have pledged their support to the Acting DG.

The ICON Newspaper

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