By Yinka Kolawole
The Federal Government has charged the newly reconstituted board of Federal Mortgage Bank of Nigeria (FMBN) to come up with effective mortgage system that will ensure that Nigerians are able to own houses with cheap and well structured facilities.

Minister of Lands, Housing and Urban Development, Mr. Nduese Essien, said that  President Goodluck Jonathan gave the directive while approving the reconstitution of the board. He urged members of the reconstituted board to abide by the provisions of the FMBN Act and other relevant regulations in the financial sector in the discharge of the duties.

“The board must come up with practical solutions to the nation’s mortgage problem and create opportunities for Nigerians to own houses with cheap and well structured facilities,” he stated.

The reconstituted board has Chief Atta Adedamola Adi retaining his position as Chairman, while Mr. Gimba Yau Kumo has been appointed Managing Director and chief executive officer. Other members of the board include: former acting Managing Director and longest serving General Manager of the bank, Mr. Mike Nwogbo, now an Executive Director; Mr. Newman Ordia, a lawyer and banker, reappointed as Executive Director; Mr. Bello, Yakubu Aminu, a former senior staff of the Central Bank of Nigeria; Mr. Bola Ogunsola, a deputy general manager and chief executive officer of Mortgages PHB and; Dr. John Udofia, former Managing Director of the erstwhile Cooperative Development Bank has been appointed into the board to represent general interest.

The Federal Ministry of Lands, Housing and Urban Development and the Central Bank of Nigeria are expected to appoint one and two persons respectively to represent them on the board. Until his appointment as the new helmsman of the apex mortgage bank, Kumo was a commissioner representing North East zone at the Fiscal Responsibility Commission.

Based on the provisions of the FMBN Act, the board of the apex mortgage bank is made up of nine members, including the Chairman, the MD, three executive directors, and four non-executive directors.

Section 2(1) of the FMBN Act provides for the composition of the board as follows, “A Chairman who shall be appointed by the President, one person to represent the Federal Ministry of Works and Housing, (now Federal Ministry of Lands, Housing and Urban Development), two persons to represent the Central Bank of Nigeria, one person to represent the general interest, the Managing Director of the Mortgage Bank, and three Executive Directors of the bank.”

However, Section 2(2) of the Act provides that members of the Board, other than the Chairman and ex-officio members, shall be appointed by the President on the recommendation of the body they represent.