Federal Mortgage Bank gets new MD

Federal Mortgage Bank gets new MD

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Federal Mortgage Bank of Nigeria has said that Mr. Kabir Adeniyi Yagboyaju has assumed the role of acting managing director/chief executive of the bank.

According to a statement by the apex mortgage bank, Mr. Yagboyaju’s emergence followed the expiration of the five-year tenure of the Arc. Ahmed Musa Dangiwa-led Executive Management Team on Friday, April 8, 2022, and the formal handover ceremony at the bank’s corporate headquarters in Abuja.

Prior to his appointment as the Ag. managing director/chief executive, FMBN, Mr. Yagboyaju was the most senior general manager and the group head, Risk Management.

According to the statement, the new Acting MD/CEO, FMBN, is an economist, financial analyst, and customer service expert with almost 30 years of work experience in the Banking industry involving commercial, merchant, and mortgage banking institutions.

He has worked with the Federal Mortgage Bank of Nigeria for almost 16 years and acquired vast experience in the management of the National Housing Fund (NHF) Scheme, FMBN Branch Operations, Treasury Services and Capital Market Operations, Human Resources Management, Loans and Mortgages, and Risk Management.

He holds a B.Sc. degree in Economics and a master’s degree in Business Administration from Lagos State University, Ojo, and University of Lagos, Akoka, respectively.

In addition, he has acquired various professional qualifications including those of Chartered Institute of Bankers of Nigeria (CIBN), Nigerian Institute of Management (NIM – Chartered), Licensed International Financial Analyst (Canada), and Fellow Institute of Credit Administration.

Speaking on the objectives he hoped to accomplish during his tenure at the helm, the new FMBN Acting MD/CE said he would focus on the bank’s 5-year Strategy Plan (2020 – 2024) developed in collaboration with KPMG to achieve set targets.

This would include the delivery of 100,000 housing units, growing annual NHF collections from N50billion to over N300billion, expanding the NHF customer base from five million to 25 million new contributors to be drawn mostly from the informal sector.

“We must be profitable by delivering value to our loyal customers (NHF contributors) who have been with us through thick and thin. The task of making FMBN a great institution is one that we must achieve,” Yagboyaju said.

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