BUSINESS

FMBN Gets New Acting MD

Mr Kabir Yagboyaju has assumed leadership of the Federal Mortgage Bank of Nigeria (FMBN) as the Acting Managing Director/Chief Executive.

Mr Yagboyaju’s emergence followed the expiration of the five-year tenure of  Mr Ahmed Dangiwa-led Executive Management Team on Friday, April 8, 2022.

The Head, Corporate Communications, FMBN, Mr Lawal Sauri, made this known in a statement on Saturday in Abuja.

According to Sauri, the  formal handing over ceremony was at the bank’s Corporate Headquarters in Abuja and in attendance was  the Chairman, FMBN Board of Directors, Mr Ayodeji Gbeleyi.

Prior to his appointment as the acting  Managing Director,  FMBN, Mr Yagboyaju was the most senior General Manager and the Group Head, Risk Management.

He is an economist, financial analyst, and customer service expert with almost 30 years of working experience in the banking industry involving commercial, merchant and mortgage banking institutions.

He has worked with the FMBN 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.

Yagboyaju had acquired various professional qualifications including  Chartered Institute of Bankers of Nigeria (CIBN), Nigerian Institute of Management (NIM – Chartered), Licensed International Financial Analyst (Canada), and Fellow Institute of Credit Administration, among other qualifications.

He had attended various training programmes both within and outside the country.

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Speaking at the ceremony, Yagboyaju outlined his immediate priorities to include: Monitoring of all on-going housing development projects to ensure the bank’s investments were properly recovered.

“Ensuring that the bank’s financial ratios with the regulatory authorities are positively improved, Speedy delivery of the bank’s computerization project, Repositioning and Recapitalization of the Bank.

“Turn-around time on service delivery, focus on the bank’s fiveq-year Strategy Plan (2020 – 2024) developed in collaboration with Messrs. KPMG to achieve set targets.

“This includes the delivery of 100,000 housing units, growing annual NHF collections from N50 billion to over N300 billion, expanding the NHF customer base from five million to 25 million.

“We must be profitable by delivering value to our loyal customers (NHF contributors) who have been with us through thick and thin,” the new FMBN boss said.

He added that the task of making FMBN a great institution was one that all the staff  must achieve.

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