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FMBN gets a new Acting Managing Director

FMBN gets a new Acting Managing Director



FMBN has a new Acting Managing Director.



Mr Kabir Yagboyaju has formally assumed duty as the Acting Managing Director of the Federal Mortgage Bank of Nigeria (FMBN).

His emergence followed the stepping down of the immediate past Managing Director of the bank, Mr Ahmed Dangiwa, after the expiration of the 5-year tenure of the Executive Management Team on Friday, April 8, 2022.


This disclosure is contained in a statement issued by the Head, Corporate Communications, FMBN, Mr Lawal Sauri, on Saturday in Abuja.

Sauri said that the formal handing over ceremony took place at the bank’s Corporate Headquarters in Abuja and also had in attendance, the Chairman, FMBN Board of Directors, Mr Ayodeji Gbeleyi.


Profile of the new Acting Managing Director

  • 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.
  • Yagboyaju 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.

The new Acting Managing Director reveals his priorities

Yagboyaju, during the handover ceremony, outlined his immediate priorities to include: Monitoring of all ongoing housing development projects to ensure the bank’s investments were properly recovered.

He said, “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.’’


What you should know

  • Recall that in April 2017, Dangiwa, was appointed by President Muhammadu Buhari, as the Managing Director of FMBN, to take over from Richard Esin, who had been serving in an acting capacity following the exit of Alhaji Gimba Ya’u Kumo, as MD/CEO of Federal Mortgage Bank.
  • Until his appointment, Ahmed Dangiwa, who holds a Master’s degree in Architecture from Ahmadu Bello University Zaria, was the Principal Partner of AM design consults, with vast experience in architecture and marketing management.
  • Dangiwa a few days ago, at a town hall meeting with staff of the bank, reeled out some of the achievements recorded within the last 5 years under the outgoing Executive Management Committee which he led.
  • President Muhammadu Buhari has approved the appointment of Mr Ayodeji Ariyo Gbeleyi as the new Chairman of the Board of Directors of the Federal Mortgage of Bank of Nigeria (FMBN).

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